Silverfin false 01 April 2025 01 April 2025 Nikinder Baller Praxis 2,131,815 1,790,396 false true 31/12/2024 01/01/2024 31/12/2024 John Chester Botts 22/01/2018 Daniel James Lee 10/07/2017 William Lytle 14/10/2022 Charles Ponsonby 05/10/2017 01 April 2025 The principal activity of the Company during the financial year was software development. 10857918 2024-12-31 10857918 bus:Director1 2024-12-31 10857918 bus:Director2 2024-12-31 10857918 bus:Director3 2024-12-31 10857918 bus:Director4 2024-12-31 10857918 2023-12-31 10857918 core:CurrentFinancialInstruments 2024-12-31 10857918 core:CurrentFinancialInstruments 2023-12-31 10857918 core:Non-currentFinancialInstruments 2024-12-31 10857918 core:Non-currentFinancialInstruments 2023-12-31 10857918 core:ShareCapital 2024-12-31 10857918 core:ShareCapital 2023-12-31 10857918 core:SharePremium 2024-12-31 10857918 core:SharePremium 2023-12-31 10857918 core:OtherCapitalReserve 2024-12-31 10857918 core:OtherCapitalReserve 2023-12-31 10857918 core:RetainedEarningsAccumulatedLosses 2024-12-31 10857918 core:RetainedEarningsAccumulatedLosses 2023-12-31 10857918 core:OfficeEquipment 2023-12-31 10857918 core:ComputerEquipment 2023-12-31 10857918 core:OfficeEquipment 2024-12-31 10857918 core:ComputerEquipment 2024-12-31 10857918 core:CostValuation 2023-12-31 10857918 core:AdditionsToInvestments 2024-12-31 10857918 core:CostValuation 2024-12-31 10857918 bus:OrdinaryShareClass1 2024-12-31 10857918 bus:OrdinaryShareClass2 2024-12-31 10857918 bus:OrdinaryShareClass3 2024-12-31 10857918 bus:OrdinaryShareClass4 2024-12-31 10857918 bus:OrdinaryShareClass5 2024-12-31 10857918 2024-01-01 2024-12-31 10857918 bus:FilletedAccounts 2024-01-01 2024-12-31 10857918 bus:SmallEntities 2024-01-01 2024-12-31 10857918 bus:Audited 2024-01-01 2024-12-31 10857918 2023-01-01 2023-12-31 10857918 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10857918 bus:Director1 2024-01-01 2024-12-31 10857918 bus:Director2 2024-01-01 2024-12-31 10857918 bus:Director3 2024-01-01 2024-12-31 10857918 bus:Director4 2024-01-01 2024-12-31 10857918 core:OfficeEquipment core:TopRangeValue 2024-01-01 2024-12-31 10857918 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 10857918 core:OfficeEquipment 2024-01-01 2024-12-31 10857918 core:ComputerEquipment 2024-01-01 2024-12-31 10857918 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 10857918 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 10857918 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 10857918 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10857918 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 10857918 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 10857918 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 10857918 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 10857918 bus:OrdinaryShareClass4 2024-01-01 2024-12-31 10857918 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 10857918 bus:OrdinaryShareClass5 2024-01-01 2024-12-31 10857918 bus:OrdinaryShareClass5 2023-01-01 2023-12-31 10857918 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10857918 (England and Wales)

PLANDEK LIMITED

Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PLANDEK LIMITED

Financial Statements

For the financial year ended 31 December 2024

Contents

PLANDEK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
PLANDEK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS John Chester Botts
Daniel James Lee
William Lytle
Charles Ponsonby
REGISTERED OFFICE C/O Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
COMPANY NUMBER 10857918 (England and Wales)
AUDITOR Praxis
Statutory Auditor
1 Poultry
London
EC2R 8EJ
United Kingdom
PLANDEK LIMITED

BALANCE SHEET

As at 31 December 2024
PLANDEK LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 31,063 16,081
Investments 4 2,500,681 0
2,531,744 16,081
Current assets
Debtors 5 641,452 584,351
Cash at bank and in hand 1,320,058 2,307,827
1,961,510 2,892,178
Creditors: amounts falling due within one year 6 ( 1,587,145) ( 1,129,476)
Net current assets 374,365 1,762,702
Total assets less current liabilities 2,906,109 1,778,783
Creditors: amounts falling due after more than one year 7 ( 5,833) ( 15,833)
Net assets 2,900,276 1,762,950
Capital and reserves
Called-up share capital 8 643 535
Share premium account 12,859,770 9,839,770
Other reserves 510,103 261,070
Profit and loss account ( 10,470,240 ) ( 8,338,425 )
Total shareholders' funds 2,900,276 1,762,950

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Plandek Limited (registered number: 10857918) were approved and authorised for issue by the Board of Directors on 01 April 2025. They were signed on its behalf by:

Charles Ponsonby
Director
PLANDEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PLANDEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Plandek Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for software subscriptions provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover relating to software subscriptions is recognised over the subscription period.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black-Scholes Model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments are measured at fair value through the Statement of Income and Retained Earnings.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 27

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 January 2024 1,580 36,876 38,456
Additions 14,541 11,143 25,684
At 31 December 2024 16,121 48,019 64,140
Accumulated depreciation
At 01 January 2024 1,506 20,869 22,375
Charge for the financial year 579 10,123 10,702
At 31 December 2024 2,085 30,992 33,077
Net book value
At 31 December 2024 14,036 17,027 31,063
At 31 December 2023 74 16,007 16,081

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 0 0
Additions 2,500,681 2,500,681
At 31 December 2024 2,500,681 2,500,681
Carrying value at 31 December 2024 2,500,681 2,500,681
Carrying value at 31 December 2023 0 0

5. Debtors

2024 2023
£ £
Trade debtors 322,616 518,752
Other debtors 318,836 65,599
641,452 584,351

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 156,643 32,940
Other taxation and social security 96,266 166,757
Other creditors 1,324,236 919,779
1,587,145 1,129,476

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,833 15,833

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
433,554 A ordinary shares of £ 0.001 each 433.55 433.55
10,526 B ordinary shares of £ 0.001 each 10.53 10.53
91,105 C ordinary shares of £ 0.001 each 91.11 91.11
20,337 D1 ordinary shares of £ 0.001 each (2023: nil shares) 20.34 0
87,482 D2 ordinary shares of £ 0.001 each (2023: nil shares) 87.48 0
643.01 535.19

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 41,331 0

10. Related party transactions

Sales of £Nil (2023: £7,200) were made in the year to Artirix Limited, a company with common directorship.

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

12. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Nikinder Baller on behalf of Praxis.