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PENNY BLACK TECHNOLOGY LTD

Registered Number
13942953
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

PENNY BLACK TECHNOLOGY LTD
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

FRANKLIN, Douglas Robert
VAN DE VELDE, Pieter

Registered Address

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Registered Number

13942953 (England and Wales)
PENNY BLACK TECHNOLOGY LTD
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets341,775-
Tangible assets47,59924,980
49,37424,980
Current assets
Debtors5155,305182,982
Cash at bank and on hand67,695594,500
223,000777,482
Creditors amounts falling due within one year6(60,669)(64,538)
Net current assets (liabilities)162,331712,944
Total assets less current liabilities211,705737,924
Creditors amounts falling due after one year7-(3,131,739)
Net assets211,705(2,393,815)
Capital and reserves
Called up share capital411
Share premium4,040,549-
Profit and loss account(3,828,885)(2,393,816)
Shareholders' funds211,705(2,393,815)
The financial statements were approved and authorised for issue by the Board of Directors on 14 April 2025, and are signed on its behalf by:
FRANKLIN, Douglas Robert
Director
Registered Company No. 13942953
PENNY BLACK TECHNOLOGY LTD
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and 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
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the time of approving the financial statements, having taken into consideration the current and forecasted performance and position of the company, in combination with the available additional funding should this be considered necessary, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
2.Average number of employees

20242023
Average number of employees during the year1212
3.Intangible assets

Other

Total

££
Cost or valuation
Additions41,77541,775
At 31 December 2441,77541,775
Net book value
At 31 December 2441,77541,775
At 31 December 23--
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2441,66441,664
Additions969969
Disposals(16,503)(16,503)
At 31 December 2426,13026,130
Depreciation and impairment
At 01 January 2416,68416,684
Charge for year13,29513,295
On disposals(11,448)(11,448)
At 31 December 2418,53118,531
Net book value
At 31 December 247,5997,599
At 31 December 2324,98024,980
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables35,19739,407
Other debtors111,547115,055
Prepayments and accrued income8,56128,520
Total155,305182,982
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,5178,295
Taxation and social security35,49139,779
Other creditors216394
Accrued liabilities and deferred income22,44516,070
Total60,66964,538
7.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties-3,131,739
Total-3,131,739
8.Operating lease commitments
At 31 December 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £2,691 (2023 – £58,080).
9.Related party transactions
During the year, a loan of £4,040,590 from the parent company, Penny Black BV, based in Belgium, was converted into 4,040,590 ordinary shares of £0.00001 each. The transaction was undertaken to strengthen the company's capital base. The loan was interest-free and repayable on demand prior to conversion. No balances remained outstanding as at 31 December 2024.