Piggy Technologies United Kingdom Limited
Unaudited Financial Statements
For the period ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 14033781 (England and Wales)
Piggy Technologies United Kingdom Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Piggy Technologies United Kingdom Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,000
7,000
Current assets
Debtors
4
15,507
7,384
Cash at bank and in hand
68,424
20,860
83,931
28,244
Creditors: amounts falling due within one year
5
(81,204)
(79,595)
Net current assets/(liabilities)
2,727
(51,351)
Net assets/(liabilities)
8,727
(44,351)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
8,627
(44,451)
Total equity
8,727
(44,351)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
C F Bilthof
Director
Company Registration No. 14033781
Piggy Technologies United Kingdom Limited
Notes to the Financial Statements
For the period ended 31 December 2023
Page 2
1
Accounting policies
Company information
Piggy Technologies United Kingdom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.
1.1
Reporting period
These financial statements are presented for a period shorter than one year, due to a change in accounting period from 30 April 2024 to 31 December 2023. The current financial statements are presented for an 8 month period and the previous financial statements for a 13 month period, therefore the comparative information (including the related notes) is not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years straight line
Piggy Technologies United Kingdom Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents 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.
1.8
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Piggy Technologies United Kingdom Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2023
Number
Number
Total
1
1
Piggy Technologies United Kingdom Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 5
3
Intangible fixed assets
Software
£
Cost
At 1 May 2023 and 31 December 2023
7,500
Amortisation and impairment
At 1 May 2023
500
Amortisation charged for the period
1,000
At 31 December 2023
1,500
Carrying amount
At 31 December 2023
6,000
At 30 April 2023
7,000
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
15,507
7,384
5
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
4,125
1,440
Amounts owed to group undertakings
39,006
39,490
Corporation tax
2,551
Other taxation and social security
10,024
13,481
Other creditors
370
501
Accruals and deferred income
25,128
24,683
81,204
79,595
6
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
Piggy Technologies United Kingdom Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 6
7
Related party transactions
Included within other creditors is an amount of £39,006 (April 2023: £39,490) due to the parent company.
8
Parent company
The parent and ultimate controlling party is Piggy International BV, a company registered in the Netherlands. The registered address is Bisonspoor 3002, Maarssen, Netherlands, B901.