REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
PICFAIR LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
PICFAIR LIMITED |
PICFAIR LIMITED (REGISTERED NUMBER: 08474521) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PICFAIR LIMITED |
Company Information |
for the year ended 30 April 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
PICFAIR LIMITED (REGISTERED NUMBER: 08474521) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 7 |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PICFAIR LIMITED (REGISTERED NUMBER: 08474521) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | Statutory information |
Picfair Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Critical accounting judgements and key sources of estimation uncertainty |
The company has to measure the cost of the equity settled share based payment scheme and make a charge to the income statement for the incremental cost of the vested options at the end of the period. The market value of the shares over which options have been granted, at the date of grant, has been estimated based on the value of shares in issue around the grant date of the options. There have been no other significant judgements or estimates applied to the numbers contained within these 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. |
Tangible fixed assets |
Computer equipment | - |
PICFAIR LIMITED (REGISTERED NUMBER: 08474521) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | Accounting policies - continued |
Government grants |
Other operating income includes government grants received. A grant that does not impose specified future performance related conditions is recognised in income when the grant proceeds are received or receivable. |
In the case of performance related grants, income is recognised only when the performance related |
conditions are met. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however, the directors believe the company's cash position will be sufficient for the company to meet its future obligations, if and when they become due. On this basis, the directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements. |
PICFAIR LIMITED (REGISTERED NUMBER: 08474521) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | Accounting policies - continued |
Share-based payments |
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
PICFAIR LIMITED (REGISTERED NUMBER: 08474521) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
6. | Creditors: amounts falling due within one year - continued |
Included within creditors due within one year are convertible loan notes of £768,561, which are convertible into equity of the company on the occurance of a conversion event. The loan notes do not accrue interest. |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 0.000001 | 1 | 3 |
Series Seed | 0.000001 | 2 | - |
3 | 3 |
8. | Share-based payment transactions |
The company operates an EMI share option scheme, and as at the year end, the company had granted 191,100 (2023: 191,100) EMI qualifying share options to 12 employees of the company. At the statement of financial position date, of the 189,883 share options vested (2023: 128,838) 1,217 had been exercised (2023: 1,217) and 0 had lapsed (2023: 0). Share options generally vest over a 4 year period with a 1 year cliff from the date of grant. |