REGISTERED NUMBER: 09852962 (England and Wales)

Pycom Ltd

Unaudited Financial Statements for the Year Ended 31 December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D G Campora

F De Haro

B R Slater

REGISTERED OFFICE:

2 Huxley Road

Surrey Research Park

Guildford

Surrey

GU2 7RE

REGISTERED NUMBER:

09852962 (England and Wales)

FIXED ASSETS

Tangible assets

4

38,693

20,040

CURRENT ASSETS

Stocks

5

112,911

145,412

Debtors

6

566,409

365,736

Cash at bank and in hand

233,868

178,086

913,188

689,234

CREDITORS

Amounts falling due within one year

7

(198,615

)

(87,410

)

NET CURRENT ASSETS

714,573

601,824

TOTAL ASSETS LESS CURRENT LIABILITIES

753,266

621,864

CAPITAL AND RESERVES

Called up share capital

1,067

1,000

Share premium

2,164,428

1,275,908

Retained earnings

(1,412,229

)

(655,044

)

753,266

621,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 September 2018 and were signed on its behalf by:

B R Slater - Director

1.	STATUTORY INFORMATION

Pycom Ltd is a private company, limited by shares and 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

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies

and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and

Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements is

sterling. All amounts in the financial statements have been rounded to the nearest £1.

These financial statements for the year ended 31 December 2017 are the first financial statements of Pycom Ltd prepared in accordance with

FRS 102. The date of transition to FRS 102 was 2 November 2015. In the transition to FRS 102 from the Financial Reporting Standard for

Smaller Entities (effective January 2015) the company has made no measurement and recognition adjustments.

Going concern

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or

support will be more then adequate for the company's needs. In assessing going concern, the directors have a reasonable expectation that the

company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date

of approval of these financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably

measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax

and other sales taxes.

Revenue from the sale of goods is recognised at point of sale when the significant risks and rewards of ownership have passed to the buyer.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

Interest receivable and payable

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount

of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised

immediately as an expense within the profit or loss.

Depreciation is charged to profit or loss on the following basis -

- Computer equipment - Over 3 years on a straight line basis.

- Fixtures and fittings - 25% per year on a reducing balance basis.

- Plant and machinery - Over 4 years on a straight line basis.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an

indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average

principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their

existing location and condition.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its estimated selling

price less costs to complete and sell. The impairment loss is recognised immediately within profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of

impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying

amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount

and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Foreign currencies

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional

currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

Leases

Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases.

All other leases are classified as operating leases.

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a

straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general

inflation; in which case the payments related to the structured increases are recognised as incurred.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company

pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The

contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in creditors as a liability in the

Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

3.	STAFF NUMBERS

The average number of employees during the year was 7 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2017

-

6,883

16,389

23,272

Additions

2,430

11,192

7,013

20,635

Adjustments for amounts

previously held incorrectly

in stock

12,328

-

-

12,328

At 31 December 2017

14,758

18,075

23,402

56,235

DEPRECIATION

At 1 January 2017

-

755

2,477

3,232

Charge for year

4,210

3,747

6,353

14,310

At 31 December 2017

4,210

4,502

8,830

17,542

NET BOOK VALUE

At 31 December 2017

10,548

13,573

14,572

38,693

At 31 December 2016

-

6,128

13,912

20,040

5.

STOCKS

31.12.17

31.12.16

£

£

Finished goods

112,911

145,412

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

245,658

36,432

Other debtors

206,066

322,697

Prepayments and accrued income

114,685

6,607

566,409

365,736

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

152,254

61,305

Social security and other taxes

35,031

15,189

Other creditors

11,330

10,916

198,615

87,410

8.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an

independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £644

(2016 - £Nil). Contributions totalling £869 (2016: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

9.	RELATED PARTY TRANSACTIONS

During the year the company received loans from directors of £nil (2016: £2,032) and repaid £2,032 (2016: £nil). As at 31 December 2017

the company owed £nil. (2016: £2,032) to the directors. All balances attracted a nil rate of interest, and were repayable on demand.

During the year the company made loans to a director of £nil (2016: £18,871) and received repayments of £nil (2016: £3,957). As at 31

December 2017 the company was owed £14,914 (2016: £14,914) by the director. All balances attract a nil rate of interest, and are repayable

on demand.