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REGISTERED NUMBER: 06013475 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

POSCODE LTD

POSCODE LTD (REGISTERED NUMBER: 06013475)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


POSCODE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: T J M Duburcq
C A A Bruneau





REGISTERED OFFICE: 50 Seymour Street
London
W1H 7JG





REGISTERED NUMBER: 06013475 (England and Wales)





AUDITORS: Orcom Civvals Audit Limited
Chartered Accountants and
Statutory Auditors
50 Seymour Street
London
W1H 7JG

POSCODE LTD (REGISTERED NUMBER: 06013475)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 11,744 4,840
Investments 5 175,306 -
187,050 4,840

CURRENT ASSETS
Stocks 6 163,605 88,846
Debtors 7 1,123,192 765,179
Cash at bank 103,723 278,352
1,390,520 1,132,377
CREDITORS
Amounts falling due within one year 8 (1,483,576 ) (1,082,160 )
NET CURRENT (LIABILITIES)/ASSETS (93,056 ) 50,217
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,994

55,057

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 93,894 54,957
93,994 55,057

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:





T J M Duburcq - Director


POSCODE LTD (REGISTERED NUMBER: 06013475)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Poscode 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 33% on cost and 25% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.


POSCODE LTD (REGISTERED NUMBER: 06013475)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 5 ) .

POSCODE LTD (REGISTERED NUMBER: 06013475)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 41,838 65,406 107,244
Additions 6,015 4,288 10,303
At 31 December 2023 47,853 69,694 117,547
DEPRECIATION
At 1 January 2023 41,838 60,566 102,404
Charge for year 1,002 2,397 3,399
At 31 December 2023 42,840 62,963 105,803
NET BOOK VALUE
At 31 December 2023 5,013 6,731 11,744
At 31 December 2022 - 4,840 4,840

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
Additions 175,306
At 31 December 2023 175,306
NET BOOK VALUE
At 31 December 2023 175,306

POSCODE LTD (REGISTERED NUMBER: 06013475)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. FIXED ASSET INVESTMENTS - continued

Poscode purchased a 60% share in Clarion Communications systems limited.
Poscode set up a joint venture with Unicomp to create Tekhub Ltd.


Company
Registered
Office

Principle Activity
Class of
Shares

Holdings

Clarion Communications systems
Limited


UK
Other
Telecommunications
activities


Ordinary


60%
Tekhub Ltd UK Repair computers Ordinary 50%

The aggregate of the share capital and resereves as at 31 December 2023 and the profit or loss for the year


Aggregate of share capital
and reserves

Profil/Loss
Clarion Communications systems Limited (£565,240 ) (£344,026 )
Tekhub Ltd (£190,658 ) (£190,668 )
Total (£755,898 ) (£534694 )


6. STOCKS
2023 2022
£    £   
Stocks 163,605 88,846

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 625,398 646,957
Amounts owed by group undertakings 280,836 -
Other debtors 155,775 6,942
VAT 61,183 56,333
Prepayments and accrued income - 54,947
1,123,192 765,179

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 603,049 679,393
Amounts owed to group undertakings 173,961 -
Taxation and social security 26,143 20,407
Other creditors 680,423 382,360
1,483,576 1,082,160

POSCODE LTD (REGISTERED NUMBER: 06013475)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. AUDITORS INFORMATION

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
Because we were appointed auditors of the Company after the year ended December 2023, we were not able to observe the counting of the physical inventories at the beginning of that period or satisfy ourselves concerning those inventory quantities by alternative means. Since opening inventories affect the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for the year ended 31 December 2022.

Our audit opinion on the financial statements for the year ended 31 December 2022 is modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures.

Philip Jones (FCA) (Senior Statutory Auditor)
for and on behalf of Orcom Civvals Audit Limited

The auditors report on the financial statements was unqualified.

Philip Jones (Senior Statutory Auditor) for and on behalf of Orcom Civvals Audit Limited signed the accounts on the

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owes the director, T Duburcq £263,933 (2022: £41,861).
Duburcq is also the owner and director of Wellcom Services Limited who provided professional services to the company.

11. ULTIMATE CONTROLLING PARTY

The controlling party is RHONE TRADING SARL a company registered in France.