Pixi Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03676924 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

PIXI LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs Petra Strand-Oppe

Anthony Oppe

REGISTERED OFFICE:

1 Little Marlborough Street

London

W1F 7BH

REGISTERED NUMBER:

03676924 (England and Wales)

INDEPENDENT AUDITORS:

Nunn Hayward LLP

Chartered Accountants

Statutory Auditor

2-4 Packhorse Road

Gerrards Cross

Buckinghamshire

SL9 7QE

FIXED ASSETS

Tangible assets

4

85,391

69,083

Investments

5

1

-

85,392

69,083

CURRENT ASSETS

Stocks

6

2,922,910

1,784,545

Debtors

7

6,652,556

2,580,375

Cash at bank and in hand

368,735

1,365,387

9,944,201

5,730,307

CREDITORS

Amounts falling due within one year

8

3,165,083

1,649,844

NET CURRENT ASSETS

6,779,118

4,080,463

TOTAL ASSETS LESS CURRENT LIABILITIES

6,864,510

4,149,546

PROVISIONS FOR LIABILITIES

16,224

-

NET ASSETS

6,848,286

4,149,546

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

6,848,284

4,149,544

SHAREHOLDERS' FUNDS

6,848,286

4,149,546

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 on 10 December 2019 and were signed on its behalf by:

Anthony Oppe - Director

1.	STATUTORY INFORMATION

The presentation currency of the financial statements is the Pound Sterling (£) and they are rounded to the

nearest Pound.

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.

Preparation of consolidated financial statements

The financial statements contain information about Pixi 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and excludes sales

allowances, discounts or credits offered to customers and excludes valued added tax and other sales taxes.

For wholesale sales, the company records sales when products are shipped from the company warehouse, the

amount of revenue can be measured reliably and collection of revenues is probable.

Sales made directly to consumers are made through the company's own retail premises, the company's online

shop and at individual sales events attended by the company. Revenue is recognised when finished cosmetic

products are passed to the consumer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

14% on cost

Computer equipment

-

Straight line over 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of average cost and net realisable value, after making due allowance for obsolete

and slow moving items. Stocks consist of finished cosmetic products.

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.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 35 (2018 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2018

79,789

3,710

83,499

Additions

32,194

-

32,194

At 31 May 2019

111,983

3,710

115,693

DEPRECIATION

At 1 June 2018

14,120

296

14,416

Charge for year

15,144

742

15,886

At 31 May 2019

29,264

1,038

30,302

NET BOOK VALUE

At 31 May 2019

82,719

2,672

85,391

At 31 May 2018

65,669

3,414

69,083

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1

At 31 May 2019

1

NET BOOK VALUE

At 31 May 2019

1

6.

STOCKS

2019

2018

£

£

Stocks

2,922,910

1,784,545

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

4,119,973

2,259,481

Amounts owed by related

undertakings

2,406,681

191,021

Other debtors

17,596

28,086

Prepayments and accrued income

108,306

101,787

6,652,556

2,580,375

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

797,692

501,987

Amounts owed to related

undertakings

-

51,592

Amounts owed to group undertakings

1

-

Corporation tax

959,001

541,753

VAT

268,968

217,852

Other creditors

606,978

290,292

Directors' current accounts

1,830

725

Accruals and deferred income

530,613

45,643

3,165,083

1,649,844

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Independent Auditors' Report was unqualified. The auditors were Nunn Hayward LLP and Daniel Palmer

(Senior Statutory Auditor) signed the auditor's report for and on behalf of Nunn Hayward LLP.

11.	OTHER FINANCIAL COMMITMENTS

As at the year end, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £249,767 (2018 : £435,857).

12.	ULTIMATE HOLDING COMPANY

The parent company is Quiqpip Limited, a company that is incorporated in Jersey.