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REGISTERED NUMBER: 11951258 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

POLYN TECHNOLOGY LIMITED

POLYN TECHNOLOGY LIMITED (REGISTERED NUMBER: 11951258)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POLYN TECHNOLOGY LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: Mr M A Smith
Mr A Timofejevs





Registered office: Polyn Technology Limited Engine Shed
Station Approach
Bristol
BS1 6QH





Registered number: 11951258 (England and Wales)





Accountants: NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

POLYN TECHNOLOGY LIMITED (REGISTERED NUMBER: 11951258)

Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 376,724 222,901
Tangible assets 5 22,505 10,081
Investments 6 855 -
400,084 232,982

CURRENT ASSETS
Debtors 7 901,571 550,780
Cash at bank 82,368 3,150,165
983,939 3,700,945
CREDITORS
Amounts falling due within one year 8 957,033 573,707
NET CURRENT ASSETS 26,906 3,127,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

426,990

3,360,220

CREDITORS
Amounts falling due after more than one year 9 825,824 534,176
NET (LIABILITIES)/ASSETS (398,834 ) 2,826,044

CAPITAL AND RESERVES
Called up share capital 10 1,899 1,804
Share premium 10,443,341 8,974,723
Other reserves 2,986,299 2,040,900
Retained earnings (13,830,373 ) (8,191,383 )
SHAREHOLDERS' FUNDS (398,834 ) 2,826,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

POLYN TECHNOLOGY LIMITED (REGISTERED NUMBER: 11951258)

Balance Sheet - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Mr M A Smith - Director


POLYN TECHNOLOGY LIMITED (REGISTERED NUMBER: 11951258)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Polyn Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have adopted the going concern basis in preparing these financial statements. They have assessed the 12 month period from the signing date of the financial statements and have prepared detailed budgets and cash flow forecasts.

Preparation of consolidated financial statements
The financial statements contain information about Polyn Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible fixed assets are initially recorded at cost. After initial recognition, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is calculated by reference to the estimated useful life of the assets.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated by reference to the estimated useful life of the assets.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.

The company’s liability for current tax is calculated using the tax rates and laws that have been
enacted or substantively enacted at the reporting date.

Current and deferred tax assets and liabilities are not discounted.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

POLYN TECHNOLOGY LIMITED (REGISTERED NUMBER: 11951258)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.

Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Patents
£   
COST
At 1 January 2023 233,773
Additions 170,041
At 31 December 2023 403,814
AMORTISATION
At 1 January 2023 10,872
Amortisation for year 16,218
At 31 December 2023 27,090
NET BOOK VALUE
At 31 December 2023 376,724
At 31 December 2022 222,901

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023 11,587
Additions 22,414
At 31 December 2023 34,001
DEPRECIATION
At 1 January 2023 1,506
Charge for year 9,990
At 31 December 2023 11,496
NET BOOK VALUE
At 31 December 2023 22,505
At 31 December 2022 10,081

POLYN TECHNOLOGY LIMITED (REGISTERED NUMBER: 11951258)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 855
At 31 December 2023 855
NET BOOK VALUE
At 31 December 2023 855

7. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Other debtors 853,808 550,780

Amounts falling due after more than one year:
Other debtors 47,763 -

Aggregate amounts 901,571 550,780

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 707,349 280,242
Taxation and social security 55,449 426
Other creditors 194,235 293,039
957,033 573,707

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 825,824 534,176

Other creditors falling due in more than one year include convertible loans of £792,808 and a intercompany creditor of £33,016.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
189,883 Ordinary 1p 1,899 1,804

9,436 Ordinary shares of 1p were issued during the period for cash of £1,468,712 generating share premium of £1,468,617.