Company Registration No. 10713969 (England and Wales)
Fiit Limited
Unaudited accounts
for the year ended 31 December 2021
Fiit Limited
Unaudited accounts
Contents
Fiit Limited
Company Information
for the year ended 31 December 2021
Directors
Sammi Adhami
Ian Robert Milroy McCaig
Noam Ohana
Daniel Robert Shellard
Sitar Hemendra Teli
Company Number
10713969 (England and Wales)
Registered Office
14 East Bay Lane
The Press Centre
Queen Elizabeth Olympic Park
London
E15 2GW
Accountants
Barnes & Scott
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Fiit Limited for the year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Fiit Limited for the year ended
31 December 2021 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Fiit Limited, as a body, in accordance with the terms of our engagement letter dated 3 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of Fiit Limited and state those matters that we have agreed to state to the Board of Directors of Fiit Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fiit Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Fiit Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Fiit Limited. You consider that Fiit Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Fiit Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott
Chartered Accountants
86-90 Paul Street
Shoreditch
London
EC2A 4NE
10 February 2022
Fiit Limited
Statement of financial position
as at
31 December 2021
Intangible assets
11,814
13,191
Tangible assets
421,061
488,782
Inventories
280,766
259,832
Cash at bank and in hand
530,770
1,747,148
Creditors: amounts falling due within one year
(3,581,698)
(2,525,296)
Net current (liabilities)/assets
(2,010,718)
218,386
Total assets less current liabilities
(1,577,843)
720,359
Creditors: amounts falling due after more than one year
(4,740,861)
(3,631,890)
Provisions for liabilities
Deferred tax
(72,731)
(89,032)
Net liabilities
(6,391,435)
(3,000,563)
Called up share capital
293,558
289,365
Share premium
9,237,782
8,797,782
Capital contribution reserve
363,363
360,070
Profit and loss account
(16,286,138)
(12,447,780)
Shareholders' funds
(6,391,435)
(3,000,563)
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2022 and were signed on its behalf by
Daniel Robert Shellard
Director
Company Registration No. 10713969
Fiit Limited
Notes to the Accounts
for the year ended 31 December 2021
Fiit Limited is a private company, limited by shares, registered in England and Wales, registration number 10713969. The registered office is 14 East Bay Lane, The Press Centre, Queen Elizabeth Olympic Park, London, E15 2GW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These accounts show a 12 month period from 1 January 2021 to 31 December 2021. The comparative figures cover a 8 month period from 1 May 2020 to 31 December 2020.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fiit Limited
Notes to the Accounts
for the year ended 31 December 2021
During the financial year, Fiit Ltd received a tax credit of £481,086 for qualifying expenditure under the Research and Development (R&D) tax relief scheme, relating to development work conducted in the period ending 31 December 2020. This is included as a tax repayment in the Income Statement in line with disclosure requirements under FRS 102 (1A).
The company is expecting to receive an R&D tax credit of £792,936, relating to development activity conducted during the year ending 31 December 2021. As this credit is dependent on HMRC's acceptance of the claim it is classified as a contingent asset and is not recognised in the financial statements until the funds have been received from HMRC, which is expected to be during the year ending 31 December 2022.
Expenditure on research and development is written off through the Income Statement in the year in which it is incurred.
Employee Share Option Scheme
The company has an employee share option scheme in place. The scheme consists of an EMI approved option scheme for those who are eligible, and an 'unapproved' scheme for others. The options vest evenly over a maximum of four years and are settled by equity upon exercise.
At the year end there were 18,386,642 options in issue, with 8,692,555 having vested. The company has entered a credit to the profit and loss account of £324,545, being the fair value of shares exercised or forfeited during the period. The company has also entered a debit of £308,059 through the profit and loss account, being the estimated fair value of the net movement in share options this period.
The number and weighted average exercise prices of the share options are as follows:
(i) outstanding at the beginning of the year: 22,694,374 options at a weighted average exercise price of £0.001;
(ii) granted during the year: 4,289,701 options at a weighted average exercise price of £0.001;
(iii) forfeited during the year: 4,412,492 options at a weighted average exercise price of £0.001;
(iv) exercised during the year: 4,184,941 options at a weighted average exercise price of £0.001;
(v) expired during the year: Nil;
(vi) outstanding at the end of the year 18,386,642 options at a weighted average exercise price of £0.001; and
(vii) exercisable at the end of the year: 9,000,663 options at a weighted average exercise price of £0.001.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The directors consider the going concern basis to be appropriate having paid due regard to the Company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
Fiit Limited
Notes to the Accounts
for the year ended 31 December 2021
4
Intangible fixed assets
Other
At 31 December 2021
13,765
Charge for the year
1,377
At 31 December 2021
1,951
At 31 December 2021
11,814
At 31 December 2020
13,191
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2021
32,214
647,283
108,768
788,265
Additions
21,121
15,827
64,375
101,323
At 31 December 2021
53,335
663,110
173,143
889,588
At 1 January 2021
9,348
258,933
31,202
299,483
Charge for the year
8,210
131,365
29,469
169,044
At 31 December 2021
17,558
390,298
60,671
468,527
At 31 December 2021
35,777
272,812
112,472
421,061
At 31 December 2020
22,866
388,350
77,566
488,782
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
15,871
14,360
Amounts due from group undertakings etc.
10,205
-
Accrued income and prepayments
648,656
577,909
Other debtors
84,712
144,433
Fiit Limited
Notes to the Accounts
for the year ended 31 December 2021
7
Creditors: amounts falling due within one year
2021
2020
Trade creditors
324,871
208,398
Taxes and social security
122,596
291,827
Other creditors
635,092
32,456
Deferred income
1,483,765
1,511,416
8
Creditors: amounts falling due after more than one year
2021
2020
Other creditors
4,740,861
3,631,890
Creditors falling due after one year include unsecured convertible loan notes totalling £4,024,315 (2020: £3,631,890). This balance includes interest of £114,315 (2020: £71,890) accrued in relation to the loans.
9
Operating lease commitments
2021
2020
At 31 December 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
155,406
135,452
Within two to five years
204,813
360,219
Included in debtors is £4,460 owed by a director of the company. This will be repaid within nine months of year end.
11
Average number of employees
During the year the average number of employees was 67 (2020: 58).