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Audited Financial Statements for the Year Ended 31 March 2021 |
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Stint Ltd |
REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 31 March 2021 |
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Stint Ltd |
Stint Ltd (Registered number: 11022621) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Stint Ltd |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Orbital House |
20 Eastern Road |
Romford |
Essex |
RM1 3PJ |
Stint Ltd (Registered number: 11022621) |
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Balance Sheet |
31 March 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Stint Ltd (Registered number: 11022621) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Stint Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. |
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Changes in accounting estimates |
Changes to the depreciation policies have been adopted for the entire financial period ending March 2021. |
The previous year used a reducing balance method for computer equipment and plant and machinery at 25% and 15% respectively. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
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Intangible assets are being amortised evenly over their useful life of 3 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The company incurred a net loss of £4,280,292 during the year ended 31 March 2021 and, as of that date, the company had net assets of £759,748. The company is reliant upon its investors for support in meeting its liabilities and to continue to operate as a going concern. |
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The Covid-19 pandemic meant that revenues for the year were reduced substantially with much of the hospitality sector being closed for business. The directors expect revenues to grow as the United Kingdom emerges from the pandemic. |
Stint Ltd (Registered number: 11022621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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Functional currency |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
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Cash and cash equivalents |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Financial instruments |
All of the company's financial assets and liabilities are basic and measured at amortised cost. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current Tax |
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it futher excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Development |
costs | Website | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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AMORTISATION |
At 1 April 2020 |
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Amortisation for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Stint Ltd (Registered number: 11022621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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Disposals | ( |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | FIXED ASSET INVESTMENTS |
Own |
shares |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: 11281159 |
Nature of business:
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Class of shares: | holding |
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31.3.21 | 31.3.20 |
£ | £ |
Aggregate capital and reserves | ( |
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Loss for the year | ( |
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Stint Ltd (Registered number: 11022621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
value: | £ | £ |
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ordinary | 0.00001 | 223 | 223 |
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preference | 0.00001 | 50 | - |
273 | 223 |
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On 8 September 2020, the company issued 3,721,656 preference shares of £0.00001 at a premium of £1.21 per share. On 18 March 2021, the company issued 1,240,551 preference shares of £0.00001 at a premium of £1.21 per share. |
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Ordinary shares have attached to them full voting rights and rights to distribution of profits (dividends) and right to the distribution of capital (including on winding up, but subject to the rights attached to the preference shares). They do not confer any rights of redemption. |
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Preference shares have attached to them full voting rights and rights to distribution of profits (dividends) and right to the distribution of capital (including on winding up a right to receive a preferred amount comprised of the amount paid per share plus an annual investment return of 10% in accordance with article 50 of the company's articles of association). They do not confer any rights of redemption. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Stint Ltd (Registered number: 11022621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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11. | RELATED PARTY DISCLOSURES |
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The company has elected to take advantage of the exemption from the requirements of FRS 102 to disclose transactions with other members of its group. |
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12. | POST BALANCE SHEET EVENTS |
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On 1 April 2021, 2,264,705 shares (with a nominal value of £0.00001p per share) were bought back by the Company for total consideration of £1. The shares were then cancelled reducing the total number of issued shares from 27,292,139 to 25,072,434. |
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On 30 July 2021, the company issued 100,000 Class A preference shares of £0.000001 at a premium of £99.999999 per share. On the same date, the existing Preference shares were redesignated as Class B Preference shares. |
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On 30 July 2021, the Company sub-divided each £0.00001 Ordinary and £0.00001 Preference share into 10 £0.000001 Ordinary and £0.000001 Preference shares respectively. |