0 false false false false false false false false false true false false false false true true No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 10,825 14,935 25,760 2,371 2,869 5,240 20,520 8,454 xbrli:pure xbrli:shares iso4217:GBP 09952199 2019-04-01 2020-03-31 09952199 2020-03-31 09952199 2019-03-31 09952199 2019-03-31 09952199 core:PlantMachinery 2019-04-01 2020-03-31 09952199 bus:Director1 2019-04-01 2020-03-31 09952199 core:PlantMachinery 2019-03-31 09952199 core:PlantMachinery 2020-03-31 09952199 core:WithinOneYear 2020-03-31 09952199 core:WithinOneYear 2019-03-31 09952199 core:AfterOneYear 2020-03-31 09952199 core:AfterOneYear 2019-03-31 09952199 core:ShareCapital 2020-03-31 09952199 core:ShareCapital 2019-03-31 09952199 core:SharePremium 2020-03-31 09952199 core:SharePremium 2019-03-31 09952199 core:RetainedEarningsAccumulatedLosses 2020-03-31 09952199 core:RetainedEarningsAccumulatedLosses 2019-03-31 09952199 core:PlantMachinery 2019-03-31 09952199 bus:SmallEntities 2019-04-01 2020-03-31 09952199 bus:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 09952199 bus:FullAccounts 2019-04-01 2020-03-31 09952199 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 09952199 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31
COMPANY REGISTRATION NUMBER: 09952199
Plum Fintech Limited
Filleted Unaudited Financial Statements
31 March 2020
Plum Fintech Limited
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
4
20,520
8,454
Current assets
Debtors
5
848,701
356,183
Cash at bank and in hand
585,462
1,463,597
------------
------------
1,434,163
1,819,780
Creditors: amounts falling due within one year
6
503,498
184,693
------------
------------
Net current assets
930,665
1,635,087
---------
------------
Total assets less current liabilities
951,185
1,643,541
Creditors: amounts falling due after more than one year
7
3,144
17,403
---------
------------
Net assets
948,041
1,626,138
---------
------------
Capital and reserves
Called up share capital
3
2
Share premium account
6,788,080
4,328,070
Profit and loss account
( 5,840,042)
( 2,701,934)
------------
------------
Shareholders funds
948,041
1,626,138
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Plum Fintech Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 15 March 2021 , and are signed on behalf of the board by:
Mr Victor Trokoudes
Director
Company registration number: 09952199
Plum Fintech Limited
Notes to the Financial Statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor, 5-8 Dysart Street, Moorgate House, London, England, EC2A2BX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery
£
Cost
At 1 April 2019
10,825
Additions
14,935
--------
At 31 March 2020
25,760
--------
Depreciation
At 1 April 2019
2,371
Charge for the year
2,869
--------
At 31 March 2020
5,240
--------
Carrying amount
At 31 March 2020
20,520
--------
At 31 March 2019
8,454
--------
5. Debtors
2020
2019
£
£
Trade debtors
14,646
5,994
Other debtors
834,055
350,189
---------
---------
848,701
356,183
---------
---------
6. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
469,890
184,693
Other creditors
33,608
---------
---------
503,498
184,693
---------
---------
7. Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
3,144
17,403
-------
--------
8. Director's advances, credits and guarantees
During the financial year ended 31/03/2020, the directors had access to the directors' loan account which was in credit of £3,036.33 at the reporting date and shown under other creditors on the statement of financial position.