Company registration number 07510759 (England and Wales)
PIMORONI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PIMORONI LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
PIMORONI LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,832
24,897
Tangible assets
4
312,038
396,903
325,870
421,800
Current assets
Stocks
935,212
1,297,524
Debtors
5
325,415
345,728
Cash at bank and in hand
361,252
270,704
1,621,879
1,913,956
Creditors: amounts falling due within one year
6
(1,193,799)
(1,518,924)
Net current assets
428,080
395,032
Total assets less current liabilities
753,950
816,832
Creditors: amounts falling due after more than one year
7
(107,888)
(210,876)
Provisions for liabilities
(180,000)
(180,000)
Net assets
466,062
425,956
Capital and reserves
Called up share capital
9
469
469
Share premium account
340,316
340,316
Other reserves
58,754
47,330
Profit and loss reserves
66,523
37,841
Total equity
466,062
425,956
PIMORONI LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
J S Williamson
Director
Company registration number 07510759 (England and Wales)
PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Pimoroni Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 9th Floor, 107 Cheapside, London, EC2V 6DN.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
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:

Software and development
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% - 33% reducing balance

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.

PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.9
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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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. Where equity instruments have been sold at greater than its nominal value, the excess is reflected in share premium

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
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.

 

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

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.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
30
37
PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Intangible fixed assets
Software and development
£
Cost
At 1 July 2023 and 30 June 2024
33,196
Amortisation and impairment
At 1 July 2023
8,299
Amortisation charged for the year
11,065
At 30 June 2024
19,364
Carrying amount
At 30 June 2024
13,832
At 30 June 2023
24,897
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2023
78,446
794,655
60,532
69,114
1,002,747
Additions
-
0
2,310
9,742
8,691
20,743
Disposals
-
0
-
0
(5,287)
(304)
(5,591)
At 30 June 2024
78,446
796,965
64,987
77,501
1,017,899
Depreciation and impairment
At 1 July 2023
18,103
504,143
41,270
42,328
605,844
Depreciation charged in the year
7,871
78,982
7,032
11,698
105,583
Eliminated in respect of disposals
-
0
-
0
(5,287)
(279)
(5,566)
At 30 June 2024
25,974
583,125
43,015
53,747
705,861
Carrying amount
At 30 June 2024
52,472
213,840
21,972
23,754
312,038
At 30 June 2023
60,343
290,512
19,262
26,786
396,903
PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,894
62,587
Corporation tax recoverable
90,582
78,286
Other debtors
77,777
81,798
235,253
222,671
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
90,162
94,857
Deferred tax asset
-
0
28,200
90,162
123,057
Total debtors
325,415
345,728
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
293,921
185,144
Trade creditors
638,391
895,873
Corporation tax
8,480
-
0
Other taxation and social security
76,406
197,354
Other creditors
176,601
240,553
1,193,799
1,518,924

The bank loan is secured by way of personal guarantees by J Williamson and P Beech. Along with the personal guarantee the bank loan is also covered via a Government EFG guarantee.

 

Included within Other Creditors are hire purchase contracts amounting to £79,261 (2023: £78,749) which are secured on the assets to which they relate.

 

Included within Other Creditors is a loan due to a director of £2,326 (2023: £435). This amount is unsecured, repayable on demand and no interest is charged on the account.

PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
58,199
88,564
Other creditors
49,689
122,312
107,888
210,876

The bank loan is secured by way of personal guarantees by J Williamson and P Beech. Along with the personal guarantee the bank loan is also covered via a Government EFG guarantee.

 

Included within Other Creditors are hire purchase contracts amounting to £49,689 (2023: £122,312) which are secured on the assets to which they relate.

8
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023
483,853
483,853
-
0
0.18
Forfeited
(130,542)
0
-
0
0.19
-
0
Outstanding at 30 June 2024
353,311
483,853
-
0
-
0
Exercisable at 30 June 2024
241,132
241,132
0.20
0.20

There is no outstanding options at the year-end date.

Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £11,424 (2023: £47,330) which related to equity settled share based payment transactions. The credit entry is included in other reserves on the Statement of Changes in Equity on Page 6.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.0001p each
4,330,290
4,330,290
433
433
Ordinary B shares of 0.0001p each
357,500
357,500
36
36
4,687,790
4,687,790
469
469
PIMORONI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
1,057,641
1,173,294
11
Directors' transactions

An interest free loan has been granted by the company to a director as follows:

Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Director
4,371
(683)
3,688
4,371
(683)
3,688

The loan is recognised in Other debtors and has no fixed repayment terms.

 

12
Prior period adjustment

A prior period adjustment has been made to restate a previously understated provision for liabilities.

 

The impact of the restatement was to reduce administrative expenses previously reported in the 2023 financial statements by £40,000 this increased previously reported profit and loss reserves by the same figure.

 

As part of the same restatement the profit and loss reserves as at 1 July 2022 were reduced by £126,667 with an equal increase in provision for liabilities.

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