Registration number:
Pocket App Ltd
for the Year Ended 31 March 2021
Pocket App Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pocket App Ltd
Company Information
Directors |
P Swaddle J Leathers A Hull |
Registered office |
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Accountants |
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Pocket App Ltd
(Registration number: 07432479)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Other investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
38,523 |
38,523 |
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Share premium reserve |
1,404,529 |
1,404,529 |
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Profit and loss account |
(1,284,240) |
(1,398,219) |
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Total equity |
158,812 |
44,833 |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Pocket App Ltd
(Registration number: 07432479)
Balance Sheet as at 31 March 2021
Approved and authorised by the
Director
Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
Group accounts not prepared
Going concern
We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak and the directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.
The company has received Government support during the period in the form of the Coronavirus Job Retention Scheme grant which has been accounted for under the accruals method within other operating income.
The company has also received Government support during the period in the form of the Bounce Back Loan Scheme.
Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Government grants
Grants represent income received in respect of the Government support for businesses in light of the Covid-19 pandemic. Grants are accounted for when approved for payment.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Research and development tax credits are recognised on an accruals basis.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
3 years straight line |
Office equipment |
3 years straight line |
Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
20% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Research and development
Expenditure on new product development, which meets the criteria within section 18 of FRS102 for deferral to future periods, is capitalised as an intangible fixed asset.
General expenditure on research and development which does not meet the criteria is written off in the year in which it is incurred.
Work in progress
Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first forseen.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Summary of significant judgements and key accounting estimates
The significant judgements and sources of key accounting estimates that have been applied in the preparation of these financial statements are set out below. These have been deemed appropriate and consistently applied to all the years presented.
Judgements
The amortisation rates of development projects are based on the directors judgements as to how long the projects will provide economic benefit to the company. |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 April 2020 |
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At 31 March 2021 |
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Amortisation |
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At 1 April 2020 |
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Amortisation charge |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2020 |
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Provision |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Associates |
£ |
Cost |
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At 1 April 2020 |
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Provision |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Other investments |
Other investments at cost less impairment |
Total |
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Non-current other investments |
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Cost or valuation |
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At 1 April 2020 |
60,000 |
60,000 |
Additions |
12,842 |
12,842 |
Disposals |
(40,000) |
(40,000) |
At 31 March 2021 |
32,842 |
32,842 |
Impairment |
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Carrying amount |
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At 31 March 2021 |
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32,842 |
At 31 March 2020 |
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60,000 |
Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Corporation tax recoverable |
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Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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38,523 |
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38,523 |
Pocket App Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
- |
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Other borrowings |
- |
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