Picocom Technology Limited - Period Ending 2019-12-31

Registration number: 11497275

Picocom Technology Limited

Annual Report and Unaudited Financial Statements

for the Period from 2 August 2018 to 31 December 2019

Pages for filing with Registrar

Picocom Technology Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

Picocom Technology Limited

Company Information

Directors

A P J Claydon W P Robbins Y Jiang

Registered office

c/o VWV LLP Narrow Quay House Narrow Quay Bristol BS1 4QA

Registered number

11497275

Accountants

Corrigan Accountants Limited The Tramshed 25 Lower Park Row Bristol BS1 5BN

Page 1

Picocom Technology Limited

(Registration number: 11497275)
Balance Sheet as at 31 December 2019

	Note	2019 £
Fixed assets
Intangible assets	4	1,465,199
Tangible assets	5	6,184
		1,471,383
Current assets
Debtors	6	58,824
Cash at bank and in hand		1,042,460
		1,101,284
Creditors: Amounts falling due within one year	7	(1,678,124)
Net current liabilities		(576,840)
Net assets		894,543
Capital and reserves
Called up share capital		1,000,200
Other reserves		1,000,000
Profit and loss account		(1,105,657)
Total equity		894,543

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 2

Picocom Technology Limited

(Registration number: 11497275)
Balance Sheet as at 31 December 2019

For the financial period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	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.

Approved and authorised for issue by the Board on 29 April 2020 and signed on its behalf by:
 

.........................................

A P J Claydon
Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Picocom Technology Limited

Statement of Changes in Equity for the Period from 2 August 2018 to 31 December 2019

	Share capital £	Capital contribution reserve £	Profit and loss account £	Total £
Loss for the period	-	-	(1,105,657)	(1,105,657)
Other comprehensive income	-	1,000,000	-	1,000,000
Total comprehensive income	-	1,000,000	(1,105,657)	(105,657)
New share capital subscribed	1,000,200	-	-	1,000,200
At 31 December 2019	1,000,200	1,000,000	(1,105,657)	894,543

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Picocom Technology Limited

Notes to the Financial Statements for the Period from 2 August 2018 to 31 December 2019

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o VWV LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

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.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Disclosure of long or short period

These financial statements have been prepared for the extended period from incorporation to the first accounting reference date, being 31 March 2018.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the next 12 months and have the support of the parent company.

Page 5

Picocom Technology Limited

Notes to the Financial Statements for the Period from 2 August 2018 to 31 December 2019

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets as follows:

Computer equipment	25% straight line

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Licenses	33% straight line
Computer software	33% straight line

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

Page 6

Picocom Technology Limited

Notes to the Financial Statements for the Period from 2 August 2018 to 31 December 2019

4	Intangible fixed assets

	Software  £	Licenses £	Total £
Cost or valuation
Additions acquired separately	444,505	1,375,768	1,820,273
At 31 December 2019	444,505	1,375,768	1,820,273
Amortisation
Amortisation charge	49,348	305,726	355,074
At 31 December 2019	49,348	305,726	355,074
Carrying amount
At 31 December 2019	395,157	1,070,042	1,465,199

 

5	Tangible fixed assets

	Furniture, fittings and equipment  £	Total £
Cost
Additions	7,020	7,020
At 31 December 2019	7,020	7,020
Depreciation
Charge for the period	836	836
At 31 December 2019	836	836
Carrying amount
At 31 December 2019	6,184	6,184

Page 7

Picocom Technology Limited

Notes to the Financial Statements for the Period from 2 August 2018 to 31 December 2019

6	Debtors: amounts falling due within one year

	2019 £
Prepayments	20,540
VAT	38,184
Directors' loan accounts	100
	58,824

7

Creditors

Creditors: amounts falling due within one year

	2019 £
Trade creditors	963,979
Social security and other taxes	25,570
Accruals	688,575
	1,678,124

8	Share capital

Allotted, called up and fully paid shares

	2019
	No.	£
Ordinary shares of £1 each	1,000,200	1,000,200

Page 8

Picocom Technology Limited

Notes to the Financial Statements for the Period from 2 August 2018 to 31 December 2019

9

Reserves

The capital contribution reserve represents funds received in advance of an issue of shares at par on 6 January 2020.

	Capital contribution reserve £
Capital contribution	1,000,000

Page 9