Company Registration No. 09982582 (England and Wales)
POAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
POAN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
POAN LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
17,953
28,540
Tangible assets
4
18,827
18,678
Current assets
Stocks
517,288
307,850
Debtors
5
86,739
79,724
Cash at bank and in hand
13,286
20,710
617,313
408,284
Creditors: amounts falling due within one year
6
(3,934,658)
(3,099,978)
Net current liabilities
(3,317,345)
(2,691,694)
Total assets less current liabilities
(3,280,565)
(2,644,476)
Creditors: amounts falling due after more than one year
7
(7,501)
(13,500)
Net liabilities
(3,288,066)
(2,657,976)
Capital and reserves
Called up share capital
542
542
Share premium account
1,259,758
1,259,758
Profit and loss reserves
(4,548,366)
(3,918,276)
Total equity
(3,288,066)
(2,657,976)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 year 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.
POAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 November 2024 and are signed on its behalf by:
G Weissacher
Director
Company Registration No. 09982582
POAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
POAN Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Queens Gate, No.4, London, United Kingdom, SW7 5JE.
1.1
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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The validity of this assumption is on the basis that the company will continued to be supported by its shareholders.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Intangible fixed assets other than goodwill
Development expenditure is capitalised to the extent that the technical and financial feasibility can be demonstrated.
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:
Website development
Over 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20% Reducing balance
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.
POAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
POAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expenses 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.
1.14
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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
3
Intangible fixed assets
Website development
£
Cost
At 1 March 2023
76,272
Additions
5,000
At 29 February 2024
81,272
Amortisation and impairment
At 1 March 2023
47,732
Amortisation charged for the year
15,587
At 29 February 2024
63,319
Carrying amount
At 29 February 2024
17,953
At 28 February 2023
28,540
POAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 March 2023
45,551
Additions
4,716
At 29 February 2024
50,267
Depreciation and impairment
At 1 March 2023
26,873
Depreciation charged in the year
4,567
At 29 February 2024
31,440
Carrying amount
At 29 February 2024
18,827
At 28 February 2023
18,678
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,254
Other debtors
84,485
79,724
86,739
79,724
Included within other debtors is an amount of £49,631 (2023: £49,516) due from the director of the company, which is repayable on demand. Interest at the HMRC official rate has been charged on the overdrawn balance.
POAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
6,000
Trade creditors
61,587
114,213
Corporation tax
108
560
Other taxation and social security
4,594
15,025
Other creditors
3,655,800
2,836,567
Accruals
206,569
127,613
3,934,658
3,099,978
Included in other creditors is £3,655,000 (2023: £2,836,000) due to shareholders of the company. The loans are interest free and payable on demand.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
7,501
13,500
The Bounce Back Loan Scheme is unsecured and 100% guaranteed by the government. The bank loan interest rate is 2.50% per annum.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
32,933
32,933
9
Events after the reporting date
On 30 July 2024, the company's share capital was reduced following the cancellation of 12,109 Ordinary shares of £0.01 each at par. In addition, a shareholder agreed to fully irrevocably release and discharge Poan Limited from its obligation and liability for an outstanding loan of £1,813,500 made by the shareholder to the company.