Stint Limited
Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 11022621 (England and Wales)
Stint Limited
Company Information
Directors
G Ciuccio
G H Edwards
K Nikkhah
B N Schlagman
S Schlagman
Z Bowley
(Appointed 1 November 2023)
Secretary
S Schlagman
Company number
11022621
Registered office
Labs
The Stables Market
London
United Kingdom
NW1 8AH
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romord
Essex
RM1 3PJ
Stint Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
Stint Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
651,230
1,748,142
Tangible assets
4
63,718
115,227
Investments
5
100
100
715,048
1,863,469
Current assets
Debtors
7
1,833,099
979,720
Cash at bank and in hand
1,235,456
383,849
3,068,555
1,363,569
Creditors: amounts falling due within one year
8
(13,342,135)
(4,777,411)
Net current liabilities
(10,273,580)
(3,413,842)
Total assets less current liabilities
(9,558,532)
(1,550,373)
Provisions for liabilities
(12,106)
(21,893)
Net liabilities
(9,570,638)
(1,572,266)
Capital and reserves
Called up share capital
9
316
286
Share premium account
19,129,928
19,129,928
Profit and loss reserves
(28,700,882)
(20,702,480)
Total equity
(9,570,638)
(1,572,266)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 December 2023 and are signed on its behalf by:
S Schlagman
Director
Company Registration No. 11022621
Stint Limited
Statement of Changes in Equity
For the year ended 31 March 2023
Page 2
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
273
9,129,929
(8,370,454)
759,748
Year ended 31 March 2022:
Loss for the financial year
-
-
(12,332,026)
(12,332,026)
Issue of share capital
9
36
9,999,999
-
10,000,035
Other movements
(23)
-
-
(23)
Balance at 31 March 2022
286
19,129,928
(20,702,480)
(1,572,266)
Year ended 31 March 2023:
Loss for the financial year
-
-
(7,998,402)
(7,998,402)
Issue of share capital
9
47
-
47
Other movements
(17)
-
-
(17)
Balance at 31 March 2023
316
19,129,928
(28,700,882)
(9,570,638)
Stint Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
Stint Limited is a private company limited by shares incorporated in England and Wales. The registered office and trading address is Labs, The Stables Market, London, NW1 8AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
1.2
Going concern
The company has incurred a net loss of £7,998,402 (2022: £12,332,026) during the year ended 31 March 2023 and, as of that date, the company had net liabilities of £9,570,638 (2022: £1,572,266). The company is reliant upon its investors in meeting its liabilities as they fall due and to continue to operate as a going concern.
At the time of approving the financial statements, the directors have a reasonable expectation with continued support from its investors, it shall have adequate resources to continue in operational existence for the foreseeable future and for at least a period of twelve months following the approval of these financial statements. Noting that it is reliant on the continued success of future capital raises, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
3 years straight line
Development costs
3 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office Equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Cash and cash equivalents
Cash and cash equivalents 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.
1.8
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on 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 further 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.
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
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.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 112 (2022 - 158).
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
3
Intangible fixed assets
Website
Development costs
Total
£
£
£
Cost
At 1 April 2022
38,400
2,421,254
2,459,654
Additions - internally developed
178
178
Additions - separately acquired
703,159
703,159
At 31 March 2023
38,578
3,124,413
3,162,991
Amortisation and impairment
At 1 April 2022
12,859
698,653
711,512
Amortisation charged for the year
12,859
853,825
866,684
Impairment losses
933,565
933,565
At 31 March 2023
25,718
2,486,043
2,511,761
Carrying amount
At 31 March 2023
12,860
638,370
651,230
At 31 March 2022
25,541
1,722,601
1,748,142
4
Tangible fixed assets
Office Equipment
£
Cost
At 1 April 2022
200,872
Additions
2,398
Disposals
(46,463)
At 31 March 2023
156,807
Depreciation and impairment
At 1 April 2022
85,645
Depreciation charged in the year
42,304
Eliminated in respect of disposals
(34,860)
At 31 March 2023
93,089
Carrying amount
At 31 March 2023
63,718
At 31 March 2022
115,227
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Stint Students Ltd
England & Wales
Recruitment and hire of workers
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Loss
£
£
Stint Students Ltd
(1,284,697)
(858,499)
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
308,744
116,304
Amounts owed by group undertakings
1,310,314
320,568
Other debtors
65,244
334,384
Prepayments and accrued income
148,797
208,464
1,833,099
979,720
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 8
8
Creditors: amounts falling due within one year
2023
2022
£
£
Convertible loans
12,700,000
Trade creditors
12,582
298,358
Taxation and social security
181,275
340,785
Other creditors
230,000
3,484,159
Accruals and deferred income
218,278
654,109
13,342,135
4,777,411
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.000001 each
266,069,738
236,562,980
266
236
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Class A Preference Shares of £0.000001 each
100,000
100,000
1
1
Class B Preference Shares of £0.000001 each
49,622,070
49,622,070
49
49
49,722,070
49,722,070
50
50
Preference shares classified as equity
50
50
Total equity share capital
316
286
On 14 April 2022, the company issued 46,792,742 Ordinary shares of £0.000001 at par.
On 16 November 2022, the company cancelled 17,285,984 Ordinary shares of £0.000001 at par value.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
10
Audit report information
(Continued)
Page 9
Senior Statutory Auditor:
Steven Rushmer
Statutory Auditor:
Moore Kingston Smith LLP
11
Related party transactions
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.
At the balance sheet date, included in other creditors is £12,930,000 (2022: £3,480,000) due to the shareholders of the company. No interest has been charged on these loans.
12
Events after the reporting date
Between the balance sheet date and date of signing the accounts, the company has issued 15,410,409 B Preference shares for a total of £1,300,000.
The company has also converted the £12,700,000 of 0% convertible loan notes into 150,547,850 B Preference shares since the balance sheet date.
2023-03-312022-04-01false01 December 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedG CiuccioG H EdwardsK NikkhahB N SchlagmanS SchlagmanZ BowleyZ BowleyS Schlagman110226212022-04-012023-03-3111022621bus:Director12022-04-012023-03-3111022621bus:Director22022-04-012023-03-3111022621bus:Director32022-04-012023-03-3111022621bus:Director42022-04-012023-03-3111022621bus:Director52022-04-012023-03-3111022621bus:Director62022-04-012023-03-3111022621bus:CompanySecretary12022-04-012023-03-3111022621bus:Director72022-04-012023-03-31110226212023-03-31110226212022-03-3111022621core:ComputerSoftware2023-03-3111022621core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3111022621core:ComputerSoftware2022-03-3111022621core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3111022621core:FurnitureFittings2023-03-3111022621core:FurnitureFittings2022-03-3111022621core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111022621core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3111022621core:ShareCapital2023-03-3111022621core:ShareCapital2022-03-3111022621core:SharePremium2023-03-3111022621core:SharePremium2022-03-3111022621core:RetainedEarningsAccumulatedLosses2023-03-3111022621core:RetainedEarningsAccumulatedLosses2022-03-3111022621core:ShareCapital2021-03-3111022621core:SharePremium2021-03-3111022621core:RetainedEarningsAccumulatedLosses2021-03-3111022621core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31110226212021-04-012022-03-3111022621core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3111022621core:ShareCapital2021-04-012022-03-3111022621core:SharePremium2021-04-012022-03-3111022621core:ShareCapital2022-04-012023-03-3111022621core:SharePremium2022-04-012023-03-3111022621core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3111022621core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-03-3111022621core:FurnitureFittings2022-04-012023-03-3111022621core:ComputerSoftware2022-03-3111022621core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-31110226212022-03-3111022621core:ComputerSoftwarecore:InternallyGeneratedIntangibleAssets2022-04-012023-03-3111022621core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssets2022-04-012023-03-3111022621core:InternallyGeneratedIntangibleAssets2022-04-012023-03-3111022621core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2022-04-012023-03-3111022621core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2022-04-012023-03-3111022621core:ExternallyAcquiredIntangibleAssets2022-04-012023-03-3111022621core:ComputerSoftware2022-04-012023-03-3111022621core:FurnitureFittings2022-03-3111022621core:CurrentFinancialInstruments2023-03-3111022621core:CurrentFinancialInstruments2022-03-3111022621bus:PrivateLimitedCompanyLtd2022-04-012023-03-3111022621bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111022621bus:FRS1022022-04-012023-03-3111022621bus:Audited2022-04-012023-03-3111022621bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP