The only time reference is the one within the universe that is doing the banging, and within that universe, time has no beginning, right? Every microsecond has another microsecond before it.
There are two interwoven threads in the film, one in colour and the other in black-and-white. The B+W scenes are in chronological order, the colour scenes run backward in time. Colour and B+W scenes alternate. They meet up at the end - the murder scene, which in any sane movie would be near the beginning.
The protagonist has lost his memory, as a result of a bang on the head during the murder; he has no idea what happened "before the beginning".
It'd be horribly depressing.
Once everything in the old universe has been reduced to photons, and all the black holes have evaporated, the universe loses its sense of scale, and resumes operation as a universe the size of a grapefruit (or the size of the earth - I don't think it matters).
I don't know how Penfold thinks this resizing is supposed to happen, for example whether it's instantaneous or a slow process.
I'd love to have a few beers with Penfold; a lot of what he thinks about isn't maths or cosmology, and isn't all fit for publication, but I imagine it must be very interesting.
One could arguably say it's when there are no fermions from the previous one anymore, but that can be contested.