Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-313false2021-01-01No description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11999643 2021-01-01 2021-12-31 11999643 2020-01-01 2020-12-31 11999643 2021-12-31 11999643 2020-12-31 11999643 c:Director1 2021-01-01 2021-12-31 11999643 d:OfficeEquipment 2021-01-01 2021-12-31 11999643 d:OfficeEquipment 2021-12-31 11999643 d:OfficeEquipment 2020-12-31 11999643 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11999643 d:CurrentFinancialInstruments 2021-12-31 11999643 d:CurrentFinancialInstruments 2020-12-31 11999643 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11999643 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 11999643 d:ShareCapital 2021-12-31 11999643 d:ShareCapital 2020-12-31 11999643 d:SharePremium 2021-12-31 11999643 d:SharePremium 2020-12-31 11999643 d:RetainedEarningsAccumulatedLosses 2021-12-31 11999643 d:RetainedEarningsAccumulatedLosses 2020-12-31 11999643 c:OrdinaryShareClass1 2021-01-01 2021-12-31 11999643 c:OrdinaryShareClass1 2021-12-31 11999643 c:OrdinaryShareClass1 2020-12-31 11999643 c:OrdinaryShareClass2 2021-01-01 2021-12-31 11999643 c:OrdinaryShareClass2 2021-12-31 11999643 c:OrdinaryShareClass2 2020-12-31 11999643 c:OrdinaryShareClass3 2021-01-01 2021-12-31 11999643 c:OrdinaryShareClass3 2021-12-31 11999643 c:OrdinaryShareClass4 2021-01-01 2021-12-31 11999643 c:OrdinaryShareClass4 2021-12-31 11999643 c:FRS102 2021-01-01 2021-12-31 11999643 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 11999643 c:FullAccounts 2021-01-01 2021-12-31 11999643 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11999643









PENNY TECHNOLOGY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
PENNY TECHNOLOGY LIMITED
REGISTERED NUMBER:11999643

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,617
-

  
1,617
-

Current assets
  

Debtors
 5 
37,488
30,309

Cash at bank and in hand
  
1,912,495
232,135

  
1,949,983
262,444

Creditors: Amounts Falling Due Within One Year
 6 
(47,307)
(75,642)

Net current assets
  
 
 
1,902,676
 
 
186,802

  

Net assets
  
1,904,293
186,802


Capital and reserves
  

Called up share capital 
 7 
165
129

Share premium account
  
2,262,359
317,472

Profit and loss account
  
(358,231)
(130,799)

  
1,904,293
186,802


Page 1

 
PENNY TECHNOLOGY LIMITED
REGISTERED NUMBER:11999643
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J D C Stott
Director

Date: 9 September 2022

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PENNY TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Penny Technology Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office address is Eastwood Barn, Whitmore Avenue, Bristol, United Kingdom, BS4 4TG and its registered number is 11999643.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The board of directors have considered the company's ability to continue as a going concern in the wake of the COVID-19 pandemic and is satisfied that any disruptions to the ordinary activities of the business will not affect the company such that it will not be able to continue for at least 12 months.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
PENNY TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
PENNY TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 2).

Page 5

 
PENNY TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Office equipment

£



Cost 


Additions
1,882



At 31 December 2021

1,882



Depreciation


Charge for the year on owned assets
265



At 31 December 2021

265



Net book value



At 31 December 2021
1,617



At 31 December 2020
-


5.


Debtors

2021
2020
£
£


Trade debtors
-
2

Other debtors
-
573

Prepayments and accrued income
7,754
-

Deferred taxation
29,734
29,734

37,488
30,309


Page 6

 
PENNY TECHNOLOGY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
-
1

Corporation tax
10
10

PAYE/NI payable
21,227
3,971

Directors' loan account
-
64,960

Accruals and deferred income
26,070
6,700

47,307
75,642



7.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1,000,002 (2020 -1,000,000) Ordinary Shares of £0.0001 each
100
100
286,036 (2020 -286,036) Ordinary 'A' Shares of £0.0001 each
29
29
327,334 (2020 - 0)  Series Seed Shares of £0.0001 each  
32
-
37,877 (2020 - 0) EIS Series Seed Shares of £0.0001 each  
4
-

165

129


On 23 November 2021, the company issued 327,334 Series Seed shares at a premium of £5.14751 per share.
On 23 November 2021, the company issued 37,877 EIS Series Seed shares at a premium of £5.14751 per share.


8.


Pension commitments

The company operates a defined contributions scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,290 (2020 - £1,516). 

Page 7