POQ STUDIO LTD.

Company Registration Number:
07791197 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

POQ STUDIO LTD.

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

POQ STUDIO LTD.

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 14,296 20,479
Total fixed assets: 14,296 20,479
Current assets
Debtors: 4 1,430,352 1,721,828
Cash at bank and in hand: 176,317 231,177
Total current assets: 1,606,669 1,953,005
Creditors: amounts falling due within one year:   (2,920,742) (4,153,866)
Net current assets (liabilities): (1,314,073) (2,200,861)
Total assets less current liabilities: (1,299,777) (2,180,382)
Creditors: amounts falling due after more than one year:   (3,738,971) (2,568,888)
Total net assets (liabilities): (5,038,748) (4,749,270)
Capital and reserves
Called up share capital: 14,418 14,418
Share premium account: 19,300,763 19,300,730
Revaluation reserve:514,00014,000
Profit and loss account: (24,367,929) (24,078,418)
Shareholders funds: (5,038,748) (4,749,270)

The notes form part of these financial statements

POQ STUDIO LTD.

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 March 2024
and signed on behalf of the board by:

Name: James Johnston
Status: Director

The notes form part of these financial statements

POQ STUDIO LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

The turnover shown in the consolidated statement of comprehensive income represents amounts earned and earnable during the year on the sale of software license subscriptions and services, (including managed services) exclusive of value added tax and other discounts. Software license subscription contracts are recognised straight line over the course of the subscription contract license period. Services turnover is recognised when the company obtains the right to consideration as the services are delivered.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Fixtures, fittings & equipment 3 Years Computer equipment 3 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Valuation and information policy

Investments in subsidiaries are measured at cost less accumulated impairment.

Other accounting policies

Cash and cash equivalents Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Taxation The charge for taxation is the sum of the tax currently payable and deferred tax payable. Current tax is measured at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted by the reporting period end date. Tax credits in respect of Research & Development Tax Relief are recognized when it is considered probable the amount will be received. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the period end reporting date except that the recognition of deferred tax assets is limited to the extent that the group anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying differences. Leases Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the consolidated statement of comprehensive income for the year. Financial Liabilities Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities. Financial liabilities are stated at fair value with differences taken to the consolidated statement of comprehensive income. Interest on financial liabilities up to maturity is included in the finance costs line item in the consolidated statement of comprehensive income. Other financial liabilities are initially measured at fair value, net of transaction costs. For Convertible loan notes, the amount initially attributed to debt component is at fair value, net of transaction costs and the conversion and redemption features are measured at fair value through profit or loss.

POQ STUDIO LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 40 44

POQ STUDIO LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 204,687
Additions 9,095
Disposals (1,706)
At 31 December 2023 212,076
Depreciation
At 01 January 2023 184,208
Charge for year 13,572
At 31 December 2023 197,780
Net book value
At 31 December 2023 14,296
At 31 December 2022 20,479

POQ STUDIO LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
££
Debtors due after more than one year: 2,880 2,880

POQ STUDIO LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Revaluation reserve

2023
£
Balance at 01 January 2023 14,000
Surplus or deficit after revaluation 0
Balance at 31 December 2023 14,000