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Pysa Limited

Annual Report and Unaudited Financial Statements
Period from 1 June 2022 to 30 November 2023

Registration number: 07646198

 

Pysa Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Pysa Limited

Balance Sheet

30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

-

138,506

Tangible assets

6

3,677

5,969

Other financial assets

7

10,000

10,000

 

13,677

154,475

Current assets

 

Debtors

8

81,268

22,824

Cash at bank and in hand

 

74,693

64,338

 

155,961

87,162

Creditors: Amounts falling due within one year

9

(107,519)

(189,171)

Net current assets/(liabilities)

 

48,442

(102,009)

Total assets less current liabilities

 

62,119

52,466

Creditors: Amounts falling due after more than one year

9

(20,161)

(30,750)

Net assets

 

41,958

21,716

Capital and reserves

 

Called up share capital

11

135

135

Share premium reserve

507,265

507,265

Profit and loss account

(465,442)

(485,684)

Total equity

 

41,958

21,716

 

Pysa Limited

Balance Sheet

30 November 2023

For the financial period ending 30 November 2023 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr R O Vaughton
Director

Company Registration Number: 07646198

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

1

General information

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

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The principal place of business is:
Science Park Centre
6 Babbage Way
Clyst Honiton
Exeter
Devon
EX5 2FN

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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 functional and presentational currency of the company is sterling.

Going concern

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when services are provided.

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Intangible assets

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life.

Development costs

Development costs are capitalised where they meet the criteria for recognition in FRS102.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Development costs

Over 5 years

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

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.

Share based payments

Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share payments is expensed on a straight-line basis over the vesting period, based on the company's estimate of the number of shares that will eventually vest.

The fair value of share options is measured using the Black-Scholes model on the grounds there are no market related vesting conditions.

Financial instruments

Classification
The company holds the following financial instruments:

• Contingent consideration;
• Short term other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic except contingent consideration.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Contingent consideration is initially measured at the amount estimated to be received and this estimate is adjusted at each susbsequent balance sheet date.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2022 - 3).

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

4

Government grants

During the period the company received £nil (2022 - £17,374) in Government Grants.

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

5

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 June 2022

156,140

275,563

431,703

Disposals

(156,140)

(275,563)

(431,703)

At 30 November 2023

-

-

-

Amortisation

At 1 June 2022

77,560

215,637

293,197

Amortisation eliminated on disposals

(77,560)

(215,637)

(293,197)

At 30 November 2023

-

-

-

Carrying amount

At 30 November 2023

-

-

-

At 31 May 2022

78,580

59,926

138,506

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

6

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 June 2022

22,593

22,593

Additions

157

157

Disposals

(960)

(960)

At 30 November 2023

21,790

21,790

Depreciation

At 1 June 2022

16,623

16,623

Charge for the period

2,206

2,206

Eliminated on disposal

(716)

(716)

At 30 November 2023

18,113

18,113

Carrying amount

At 30 November 2023

3,677

3,677

At 31 May 2022

5,969

5,969

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2022

10,000

10,000

At 30 November 2023

10,000

10,000

Impairment

Carrying amount

At 30 November 2023

10,000

10,000

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

8

Debtors

2023
£

2022
£

Trade debtors

1,308

13,083

Other debtors

79,960

9,741

81,268

22,824

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

9

Creditors

Note

30 November 2023
 £

31 May 2022
 £

Due within one year

 

Loans and borrowings

10

10,119

9,259

Social security and other taxes

 

341

2,892

Outstanding defined contribution pension costs

 

-

183

Other creditors

 

93,255

168,856

Director's current account

 

1,203

1,703

Accrued expenses

 

2,601

6,278

 

107,519

189,171

Due after one year

 

Loans and borrowings

10

20,161

30,750

10

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

20,161

30,750

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,119

9,259

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £0.00001 each

12,907,946

129

12,907,946

129

B Investment shares of £0.00001 each

614,969

6

614,969

6

 

13,522,915

135

13,522,915

135

 

Pysa Limited

Notes to the Unaudited Financial Statements

Period from 1 June 2022 to 30 November 2023

12

Related party transactions

Summary of transactions with entities with joint control or significant interest

VR Consultants Limited (a company controlled by a director, and his wife)
 The company has made loans to and received loans from VR Consultants Limited. At the balance sheet date the amount due to VR Consultants Limited was £47,856 (2022: £70,694).
 

13

Disposal of operations

In October 2023, the company disposed of certain of its operations.