Proda Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10548504 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Proda Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

P Bredthauer

C F Williams

Registered office:

Arquen House

4-6 Spicer Street

St. Albans, Hertfordshire

London

AL3 4PQ

Registered number:

10548504 (England and Wales)

Accountants:

Square Mile Accounting Limited

Arquen House

4-6 Spicer Street

St. Albans

AL3 4PQ

Fixed assets

Intangible assets

4

4,710

1,755

Tangible assets

5

13,753

15,084

18,463

16,839

Current assets

Debtors

6

66,149

75,688

Cash at bank

331,941

185,717

398,090

261,405

Creditors

Amounts falling due within one year

7

2,538,360

6,420

Net current (liabilities)/assets

(2,140,270

)

254,985

Total assets less current liabilities

(2,121,807

)

271,824

Creditors

Amounts falling due after more than one year

8

-

1,100,000

Net liabilities

(2,121,807

)

(828,176

)

Capital and reserves

Called up share capital

10

15,449

14,747

Share premium

945,764

945,764

Retained earnings

(3,083,020

)

(1,788,687

)

Shareholders' funds

(2,121,807

)

(828,176

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2021 and were signed on its behalf by:

P Bredthauer - Director

1.	Statutory information

Proda Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office

address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other

sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated

amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to

items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to

profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 17 (2020 - 14 ) .

4.	Intangible fixed assets

Development

costs

£

Cost

At 1 February 2020

7,020

Additions

6,280

At 31 January 2021

13,300

Amortisation

At 1 February 2020

5,265

Amortisation for year

3,325

At 31 January 2021

8,590

Net book value

At 31 January 2021

4,710

At 31 January 2020

1,755

5.	Tangible fixed assets

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 February 2020

836

25,664

26,500

Additions

-

7,059

7,059

At 31 January 2021

836

32,723

33,559

Depreciation

At 1 February 2020

453

10,963

11,416

Charge for year

209

8,181

8,390

At 31 January 2021

662

19,144

19,806

Net book value

At 31 January 2021

174

13,579

13,753

At 31 January 2020

383

14,701

15,084

6.

Debtors: amounts falling due within one year

31.1.21

31.1.20

£

£

Trade debtors

13,665

15,068

Rent deposit

39,200

30,100

VAT

9,373

11,836

Prepayments

3,911

18,684

66,149

75,688

7.

Creditors: amounts falling due within one year

31.1.21

31.1.20

£

£

Convertible loan

2,522,829

-

Trade creditors

(2,434

)

349

Social security and other taxes

(1,505

)

-

Pension payable

3,538

2,406

Directors' current accounts

2,050

1,711

Deferred income

1,298

-

Accrued expenses

12,584

1,954

2,538,360

6,420

8.

Creditors: amounts falling due after more than one year

31.1.21

31.1.20

£

£

Convertible loan

-

1,100,000

9.	Financial instruments

The company enters into financial instrument transactions in the form of convertible loans. The convertible loan notes have been classified

as a liability in their entirety and, as a non-basic financial liability, are measured at fair value through profit or loss. The loan notes accrue

interest at a rate of 5% per annum and shall accrue daily on the principal amount of the loan outstanding. The loan notes are expected to

convert into equity within 12 months of the balance sheet date when the company completes its next funding round. .

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

154,486

Ordinary

.10

15,449

14,747

7,012 Ordinary shares of .10 each were allotted and fully paid for cash at par during the year.

11.	Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational

existence for a period of at least 12 months from the date the statement of financial position is signed. During the period ended 31 January

2021 the company has been raising additional funding through convertible loans, which are expected to convert into equity by September

2021. The directors have reviewed the forecast for the company for a period beyond one year from the date of approval of these financial

statements. Based on this review the directors have concluded that the company will have sufficient cash reserves to meet daily obligations

and external liabilities as they fall due and that the going concern basis of preparation is therefore appropriate.