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Plyable Ltd

Registered Number
07941999
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Plyable Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

M P Oughton
M C Runciman
A D J Sleigh
P I Tyler

Registered Address

14 Fenchurch Court
Bobby Fryer Close
Oxford
OX4 6ZN

Registered Number

07941999 (England and Wales)
Plyable Ltd
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets391,36924,502
Investments417488
91,54324,590
Current assets
Debtors52,412,6232,387,973
Cash at bank and on hand556,495965,994
2,969,1183,353,967
Creditors amounts falling due within one year6(3,309,326)(2,188,358)
Net current assets (liabilities)(340,208)1,165,609
Total assets less current liabilities(248,665)1,190,199
Creditors amounts falling due after one year7(15,833)(25,843)
Net assets(264,498)1,164,356
Capital and reserves
Called up share capital5950
Share premium5,053,1903,662,910
Other reserves23,33023,330
Profit and loss account(5,341,077)(2,521,934)
Shareholders' funds(264,498)1,164,356
The financial statements were approved and authorised for issue by the Board of Directors on 2 April 2025, and are signed on its behalf by:
M C Runciman
Director
Registered Company No. 07941999
Plyable Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
Plyable Ltd 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.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The presentational and functional currency of the financial statements is the Pound Sterling (£).
Going concern
The financial statements have been prepared on a going-concern basis. The company incurred losses during the year. However, the company has been successful in raising additional funds during the year and the directors believe that the company has sufficient resources to meet its obligations, if and when, they become due. It is on this basis the directors are of the opinion that the company should continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
Share based payments as set out in the notes to the accounts have been made to the employees of the company. As disclosed in the Share Based Payments accounting policy, the fair value of any vested share options is recognised in the Income Statement. The fair value of the share options is estimated by applying the black scholes model to the price paid for shares during share transactions near to the date of granting options. There are no other significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Operating leases
Rentals payable under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Employee benefits
Contributions to define contribution plans are expensed in the period to which they relate.
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 except for when the cost is deemed to be immaterial to the financial statements. The total amount to be expensed over the option term 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.
Foreign currency translation
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
Current taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, 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 statement of financial position date. Tax credits disclosed on the income statement represent losses surrendered for research and development tax credits.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Straight line (years)
Fixtures and fittings3
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
Government grants or assistance
Grant income represents income received from government grants. A grant that does not impose specified future performance related conditions is recognised in other operating 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.
2.Average number of employees
As at the year end the company had 2,000,000 share options in issue (2023: 2,000,000), granted to 5 employees. Of the options in issue, 2,000,000 have vested (2023: 2,000,000), 160,000 have been exercised (2023: 160,000) and 920,000 have lapsed (2023: 160,000). Share options vest over a period of 4 years from the date of the grant with a 12-month cliff and are exercisable over the company’s Ordinary shares. In line with the company’s accounting policy for share-based payments, no amount has been charged to the income statement during the year in respect of the vested share options.

20242023
Average number of employees during the year1613
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 April 2322553,53653,761
Additions90,00620,400110,406
At 31 March 2490,23173,936164,167
Depreciation and impairment
At 01 April 2322529,03429,259
Charge for year25,47318,06643,539
At 31 March 2425,69847,10072,798
Net book value
At 31 March 2464,53326,83691,369
At 31 March 23-24,50224,502
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 238888
Additions8686
At 31 March 24174174
Net book value
At 31 March 24174174
At 31 March 238888

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,900,3551,520,710
Other debtors208,273697,358
Prepayments and accrued income303,995169,904
Total2,412,6232,387,972
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,484,7371,649,520
Bank borrowings and overdrafts11,83810,000
Taxation and social security96,75387,280
Other creditors1,486,926143,120
Accrued liabilities and deferred income229,072298,438
Total3,309,3262,188,358
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts15,83325,843
Total15,83325,843
Included within creditors are bank borrowings of £27,671 (2023: £35,843) which are secured by the UK Government under the Coronavirus Business Support Scheme.
8.Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year - £34,000 (2023 - £34,000) Between one and five years - £136,000 (2023 - £136,000) After five years - £121,833 (2023 - £150,167)
9.Events after reporting date
On 8th August 2024 the company issued 438,679 preferred shares at a nominal value of £0.0001 each, at a price of £1.58 per share.