Company Registration No. 11588402 (England and Wales)
Pocket Change Pioneers Ltd
Unaudited accounts
for the year ended 31 March 2022
Pocket Change Pioneers Ltd
Unaudited accounts
Contents
Pocket Change Pioneers Ltd
Company Information
for the year ended 31 March 2022
Directors
Brown, James Richard
Stancer, John Paul
Thomas, Benjamin Peter
Company Number
11588402 (England and Wales)
Registered Office
Coppergate House
10 Whites Row
London
E1 7NF
England
Pocket Change Pioneers Ltd
Statement of financial position
as at
31 March 2022
Tangible assets
106,792
77,311
Investments
8,967
161,859
Cash at bank and in hand
920,406
344,427
Creditors: amounts falling due within one year
(258,871)
(215,264)
Net current assets
862,419
214,088
Total assets less current liabilities
978,178
453,258
Creditors: amounts falling due after more than one year
(33,723)
(41,692)
Net assets
944,455
411,566
Called up share capital
362
301
Share premium
3,019,933
1,202,051
Profit and loss account
(2,075,840)
(790,786)
Shareholders' funds
944,455
411,566
For the year ending 31 March 2022 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 22 December 2022 and were signed on its behalf by
Brown, James Richard
Director
Company Registration No. 11588402
Pocket Change Pioneers Ltd
Notes to the Accounts
for the year ended 31 March 2022
Pocket Change Pioneers Ltd is a private company, limited by shares, registered in England and Wales, registration number 11588402. The registered office is Coppergate House, 10 Whites Row, London, E1 7NF, England.
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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.
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.
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
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
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.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Pocket Change Pioneers Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS I 02.
This relates to the Coronavirus outbreak bounce-back loan from 2020. No repayments or interest were due in the first 12 months of the loan. Interest is charged at the rate of 2.5% per annum.
Pocket Change Pioneers Ltd
Notes to the Accounts
for the year ended 31 March 2022
Government grants are received in relation to the Coronavirus Job Retention Scheme and in relation to the Kickstart Scheme which are credited to the profit and loss on receipt. The corresponding expense is also included within the profit and loss for the same period.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2021
74,658
-
4,794
79,452
Additions
45,447
500
8,729
54,676
At 31 March 2022
120,105
500
13,523
134,128
At 1 April 2021
2,036
-
105
2,141
Charge for the year
23,110
104
1,981
25,195
At 31 March 2022
25,146
104
2,086
27,336
At 31 March 2022
94,959
396
11,437
106,792
At 31 March 2021
72,622
-
4,689
77,311
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Investments
Subsidiary undertakings
Valuation at 1 April 2021
161,859
Valuation at 31 March 2022
8,967
This relates to the restructuring of the investment in subsidiaries.
Amounts falling due within one year
Trade debtors
94,397
5,038
Accrued income and prepayments
69,889
43,396
Pocket Change Pioneers Ltd
Notes to the Accounts
for the year ended 31 March 2022
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
8,308
8,308
Trade creditors
153,219
139,336
Taxes and social security
27,699
18,066
Other creditors
4,297
6,676
Loans from directors
-
24
8
Creditors: amounts falling due after more than one year
2022
2021
This relates to the Coronavirus outbreak bounce-back loan.
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Share capital
2022
2021
Allotted, called up and fully paid:
1,811,612 Ordinary shares of £0.0002 each
362.32
300.92
Shares issued during the period:
307,003 Ordinary shares of £0.0002 each
61.40
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Average number of employees
During the year the average number of employees was 15 (2021: 7).