REGISTERED NUMBER: 11951258 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

POLYN TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr M A Smith

Mr A Timofejevs

Registered office:

Polyn Technology Limited Engine Shed

Station Approach

Bristol

BS1 6QH

Registered number:

11951258 (England and Wales)

Accountants:

Cowgills Limited

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

FIXED ASSETS

Intangible assets

4

503,879

376,724

Tangible assets

5

22,117

22,505

Investments

6

855

855

526,851

400,084

CURRENT ASSETS

Debtors

7

878,595

901,571

Cash at bank

122,235

82,368

1,000,830

983,939

CREDITORS

Amounts falling due within one year

8

1,638,354

957,033

NET CURRENT (LIABILITIES)/ASSETS

(637,524

)

26,906

TOTAL ASSETS LESS CURRENT LIABILITIES

(110,673

)

426,990

CREDITORS

Amounts falling due after more than one year

9

4,372,813

825,824

NET LIABILITIES

(4,483,486

)

(398,834

)

CAPITAL AND RESERVES

Called up share capital

10

3,000

1,899

Share premium

12,194,669

10,443,341

Capital redemption reserve

21

-

Other reserves

4,470,803

2,986,299

Retained earnings

(21,151,979

)

(13,830,373

)

SHAREHOLDERS' FUNDS

(4,483,486

)

(398,834

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 29 September 2025 and were signed on its behalf by:

Mr M A Smith - Director

1.	STATUTORY INFORMATION

Polyn Technology Limited 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.

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.

Going Concern

The directors have adopted the going concern basis in preparing these financial statements. They have assessed the 12 month period from the signing date of the financial statements and have prepared detailed budgets and cash flow forecasts.

Preparation of consolidated financial statements

The financial statements contain information about Polyn Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

Intangible assets

Intangible fixed assets are initially recorded at cost. After initial recognition, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is calculated by reference to the estimated useful life of the assets.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated by reference to the estimated useful life of the assets.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.

The company’s liability for current tax is calculated using the tax rates and laws that have been

enacted or substantively enacted at the reporting date.

Current and deferred tax assets and liabilities are not discounted.

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.

Research and development expenditure

Research and development expenditure is charged to the income statement in the period in which it is incurred.

Foreign currencies

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

£

COST

At 1 January 2024

403,814

Additions

150,738

At 31 December 2024

554,552

AMORTISATION

At 1 January 2024

27,090

Amortisation for year

23,583

At 31 December 2024

50,673

NET BOOK VALUE

At 31 December 2024

503,879

At 31 December 2023

376,724

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

34,001

Additions

12,185

At 31 December 2024

46,186

DEPRECIATION

At 1 January 2024

11,496

Charge for year

12,573

At 31 December 2024

24,069

NET BOOK VALUE

At 31 December 2024

22,117

At 31 December 2023

22,505

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

855

NET BOOK VALUE

At 31 December 2024

855

At 31 December 2023

855

7.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Other debtors

596,437

853,808

Amounts falling due after more than one year:

Other debtors

282,158

47,763

Aggregate amounts

878,595

901,571

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,183,666

707,349

Taxation and social security

51,167

55,449

Other creditors

403,521

194,235

1,638,354

957,033

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

4,372,813

825,824

Other creditors falling due in more than one year include convertible loans of £4,339,797 and a intercompany creditor of £33,016.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

30

3,000

1,899

(31.12.23 - 189,883 )

112,211 Ordinary shares of 1p were issued during the period for cash of £1,752,144 generating share premium of £1,751,328. During the same period there was a share buy back of 2,094 1p shares. The remaining 300,000 shares were consolidated into 100 shares with a nominal value of £30.