Company Registration No. 11588402 (England and Wales)
Pocket Change Pioneers Ltd
Unaudited accounts
for the year ended 31 March 2023
Pocket Change Pioneers Ltd
Unaudited accounts
Contents
Pocket Change Pioneers Ltd
Company Information
for the year ended 31 March 2023
Directors
Brown, James Richard
Stancer, John Paul
Thomas, Benjamin Peter
Allen, Henry Anthony
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 2023
Tangible assets
120,032
106,792
Cash at bank and in hand
1,491,926
920,406
Creditors: amounts falling due within one year
(945,956)
(258,871)
Net current assets
753,750
862,419
Total assets less current liabilities
931,002
978,178
Creditors: amounts falling due after more than one year
(24,025)
(33,723)
Net assets
906,977
944,455
Called up share capital
411
362
Share premium
4,476,578
3,019,933
Profit and loss account
(3,570,012)
(2,075,840)
Shareholders' funds
906,977
944,455
For the year ending 31 March 2023 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 28 December 2023 and were signed on its behalf by
Thomas, Benjamin Peter
Director
Company Registration No. 11588402
Pocket Change Pioneers Ltd
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
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 successfully qualified for the 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, shown in the comparative year.
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 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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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 2022
120,105
500
13,523
134,128
Additions
47,605
-
6,996
54,601
At 31 March 2023
167,710
500
20,519
188,729
At 1 April 2022
25,146
104
2,086
27,336
Charge for the year
37,098
(104)
3,867
40,861
At 31 March 2023
62,244
500
5,953
68,697
At 31 March 2023
105,466
-
14,566
120,032
At 31 March 2022
94,959
396
11,437
106,792
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Investments
Subsidiary undertakings
Valuation at 1 April 2022
8,967
Valuation at 31 March 2023
57,220
This relates to the restructuring of the investment in subsidiaries.
Amounts falling due within one year
Trade debtors
143,773
94,397
Accrued income and prepayments
-
69,889
Other debtors
34,511
30,359
Pocket Change Pioneers Ltd
Notes to the Accounts
for the year ended 31 March 2023
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
8,308
8,308
Trade creditors
80,629
153,219
Taxes and social security
114,035
27,699
Other creditors
567,376
4,297
Deferred income
171,958
59,391
8
Creditors: amounts falling due after more than one year
2023
2022
This relates to the Coronavirus outbreak bounce-back loan.
Allotted, called up and fully paid:
2,057,609 Ordinary shares of £0.0002 each
411.52
362.32
Shares issued during the period:
245,997 Ordinary shares of £0.0002 each
49.19
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Average number of employees
During the year the average number of employees was 18 (2022: 15).