Picocom Technology Limited - Period Ending 2020-12-31

Picocom Technology Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 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

Picocom Technology Limited

(Registration number: 11497275)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	1,567,426	1,465,199
Tangible assets	5	13,296	6,184
		1,580,722	1,471,383
Current assets
Debtors	6	340,405	58,824
Cash at bank and in hand		1,684,032	1,042,460
		2,024,437	1,101,284
Creditors: Amounts falling due within one year	7	(858,690)	(1,678,124)
Net current assets/(liabilities)		1,165,747	(576,840)
Net assets		2,746,469	894,543
Capital and reserves
Called up share capital		9,460,800	1,000,200
Other reserves		-	1,000,000
Profit and loss account		(6,714,331)	(1,105,657)
Total equity		2,746,469	894,543

Picocom Technology Limited

(Registration number: 11497275)
Balance Sheet as at 31 December 2020

For the financial year ending 31 December 2020 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 year 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 September 2021 and signed on its behalf by:
 

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

A P J Claydon
Director

Picocom Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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 £.

These financial statements cover the 12 month period to 31 December 2020. The comparatives represent the period from 2 August 2018 to 31 December 2019. The comparative amounts presented in these financial statements (including related notes) are therefore not directly comparable to the amounts presented in the current period.
 

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.

Picocom Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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

Intangible fixed assets

Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any
accumulated impairment losses.

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

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

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.

Picocom Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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 year, was 10 (2019 - 4).

4	Intangible fixed assets

	Software  £	Licenses £	Total £
Cost or valuation
At 1 January 2020	444,505	1,375,768	1,820,273
Additions acquired separately	64,571	858,728	923,299
At 31 December 2020	509,076	2,234,496	2,743,572
Amortisation
At 1 January 2020	49,348	305,726	355,074
Amortisation charge	166,089	654,983	821,072
At 31 December 2020	215,437	960,709	1,176,146
Carrying amount
At 31 December 2020	293,639	1,273,787	1,567,426
At 31 December 2019	395,157	1,070,042	1,465,199

 

Picocom Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

5	Tangible fixed assets

	Furniture, fittings and equipment  £	Total £
Cost
At 1 January 2020	7,020	7,020
Additions	11,053	11,053
At 31 December 2020	18,073	18,073
Depreciation
At 1 January 2020	836	836
Charge for the year	3,941	3,941
At 31 December 2020	4,777	4,777
Carrying amount
At 31 December 2020	13,296	13,296
At 31 December 2019	6,184	6,184

Picocom Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

6	Debtors: amounts falling due within one year

	Note	2020 £	2019 £
Amounts owed by group undertakings	9	10,000	-
Other debtors		5,250	-
Prepayments		146,046	20,540
VAT		179,109	38,184
Directors' loan accounts		-	100
		340,405	58,824

7

Creditors

	2020 £	2019 £
Trade creditors	799,232	963,979
Social security and other taxes	57,458	25,570
Accruals	2,000	688,575
	858,690	1,678,124

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares shares of £1 each	9,460,800	9,460,800	1,000,200	1,000,200

during the year 8,460,600 ordinary shares were issued at par for a total aggregate consideration of £8,460,600.

Picocom Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

9	Related party transactions

Loans to related parties

2020	Parent £
Advanced	10,000