Company registration number 10983758 (England and Wales)
POCKET PLANET LTD
Unaudited financial statements
For the year ended 29 February 2024
Pages for filing with registrar
POCKET PLANET LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
POCKET PLANET LTD
BALANCE SHEET
As at 29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
193,399
Tangible assets
5
227,565
1,134
420,964
1,134
Current assets
Debtors
6
30,973
22,626
Cash at bank and in hand
11,345
209
42,318
22,835
Creditors: amounts falling due within one year
7
(317,743)
(124,300)
Net current liabilities
(275,425)
(101,465)
Total assets less current liabilities
145,539
(100,331)
Creditors: amounts falling due after more than one year
8
(455,000)
-
Net liabilities
(309,461)
(100,331)
Capital and reserves
Called up share capital
26,550
25,167
Share premium account
763,450
494,833
Profit and loss reserves
(1,099,461)
(620,331)
Total equity
(309,461)
(100,331)
POCKET PLANET LTD
BALANCE SHEET (CONTINUED)
As at 29 February 2024
- 2 -
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 16 May 2025
Mr M C A Vlassopulos
Director
Company registration number 10983758 (England and Wales)
POCKET PLANET LTD
STATEMENT OF CHANGES IN EQUITY
For the year ended 29 February 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
20,000
494,833
(551,797)
(36,964)
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(68,534)
(68,534)
Issue of share capital
5,167
-
5,167
Balance at 28 February 2023
25,167
494,833
(620,331)
(100,331)
Year ended 29 February 2024:
Loss and total comprehensive income
-
-
(479,130)
(479,130)
Issue of share capital
1,383
268,617
-
270,000
Balance at 29 February 2024
26,550
763,450
(1,099,461)
(309,461)
POCKET PLANET LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 29 February 2024
- 4 -
1
Accounting policies
Company information
Pocket Planet Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
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
The financial statements have been prepared on a going concern basis. Pocket Planet Limited has net current liabilities, the director has confirmed that he will continue to offer support to the business for a period of 12 months from the date of approval of the accountstrue.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Design and Intellectual property
10% on a straightline basis
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Plant and equipment
10% on a straightline basis
Computers
33% on a straightline basis
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.
1.5
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. 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). 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.
POCKET PLANET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and 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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
POCKET PLANET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
POCKET PLANET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
- 7 -
4
Intangible fixed assets
Design and Intellectual property
£
Cost
At 1 March 2023
Additions
194,493
At 29 February 2024
194,493
Amortisation and impairment
At 1 March 2023
Amortisation charged for the year
1,094
At 29 February 2024
1,094
Carrying amount
At 29 February 2024
193,399
At 28 February 2023
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
4,063
Additions
245,315
At 29 February 2024
249,378
Depreciation and impairment
At 1 March 2023
2,929
Depreciation charged in the year
18,884
At 29 February 2024
21,813
Carrying amount
At 29 February 2024
227,565
At 28 February 2023
1,134
POCKET PLANET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
30,973
22,626
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
187,500
1,214
Taxation and social security
1,117
1,507
Other creditors
129,126
121,579
317,743
124,300
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
455,000
Non-current creditors relates to money received for shares not yet issued as at year end. These shares have been subsequently issued in March 2025.