Company registration number 09785166 (England and Wales)
PAD INNOVATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAD INNOVATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PAD INNOVATION LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
485,701
485,701
Current assets
Cash at bank and in hand
14
Creditors: amounts falling due within one year
5
(320,929)
(319,893)
Net current liabilities
(320,929)
(319,879)
Total assets less current liabilities
164,772
165,822
Provisions for liabilities
137,919
137,919
Net assets
302,691
303,741
Capital and reserves
Called up share capital
109
109
Share premium account
781,282
781,282
Capital redemption reserve
50
50
Profit and loss reserves
(478,750)
(477,700)
Total equity
302,691
303,741
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr A Chin
Director
Company registration number 09785166 (England and Wales)
PAD INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Pad Innovation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.
1.1
Reporting period
The financial statements for the current period have been lengthened and prepared for the 17 months from 1 October 2021 to 28 February 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
As with most if not all Tech start-ups, the continued viability of the company relies on sourcing sufficienttrue
investment for the development. The directors consider that there is a reasonable expectation of receiving these
funds and the financial statements are therefore presented on the going concern basis.
1.4
Intangible fixed assets other than goodwill
Website and app development costs are recognised as intangible assets when the directors consider that
completion of the project is feasible, and that the company will benefit economically once implemented.
Development costs are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation of development costs commence once the project is complete and available for use.
Development costs
None until app is fully developed
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Fixtures and fittings
25 % On Cost
Computer Equipment
Straight Line over 3 years
PAD INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
These financial statements for the year ended 28 February 2024 are the first financial statements of Pad Innovation Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Development costs
£
Cost
At 1 March 2023 and 28 February 2024
485,701
Amortisation and impairment
At 1 March 2023 and 28 February 2024
Carrying amount
At 28 February 2024
485,701
At 28 February 2023
485,701
PAD INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
4
Tangible fixed assets
Fixtures and fittings
Computer Equipment
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
2,800
3,641
6,441
Depreciation and impairment
At 1 March 2023 and 28 February 2024
2,800
3,641
6,441
Carrying amount
At 28 February 2024
At 28 February 2023
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
320,929
319,893