PIXEL JUNKIE DESIGNS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08987912 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2019

FOR

PIXEL JUNKIE DESIGNS LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

5

FIXED ASSETS

Tangible assets

4

-

8,241

CURRENT ASSETS

Stocks

-

1,300

Debtors

5

4,250

-

Cash at bank

2,756

1,414

7,006

2,714

CREDITORS

Amounts falling due within one year

6

(5,288

)

(8,533

)

NET CURRENT ASSETS/(LIABILITIES)

1,718

(5,819

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,718

2,422

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

1,619

2,323

1,718

2,422

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2020 and were signed on its behalf by:

S A Parker - Director

1.	STATUTORY INFORMATION

PIXEL JUNKIE DESIGNS LIMITED is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

08987912

Registered office:

Unit 1

The Old Wedgewood Building

Pelham Street

Stoke on Trent

Staffordshire

ST1 3LL

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.

Critical accounting judgements and key sources of estimation uncertainty

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting

estimates will, by definition, seldom equal the related actual results. The estimates and assumptions

that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful

economic lives and residual values of the assets. The useful economic lives and residual values are

re-assessed annually. They are amended when necessary to reflect current estimates, based on

technological advancement, future investments, economic utilisation and physical condition of the

assets. See tangible assets note for the carrying amount of the assets and the accounting policy for

the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing

impairment of trade and other debtors, management considers factors including the current credit

rating of the debtor, the ageing profile of debtors and historical experience. See debtors note for the

net carrying amount of the debtors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed 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

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 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 provided at the following annual rates in order to write off each asset over its estimated

useful life.

Equipment - 20% on reducing balance

Plant and Machinery - 20% on reducing balance

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with 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 purpose 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

group of assets.

Stocks

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

obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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.

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 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 August 2018

14,500

221

14,721

Disposals

(14,500

)

(221

)

(14,721

)

At 31 July 2019

-

-

-

DEPRECIATION

At 1 August 2018

6,436

44

6,480

Eliminated on disposal

(6,436

)

(44

)

(6,480

)

At 31 July 2019

-

-

-

NET BOOK VALUE

At 31 July 2019

-

-

-

At 31 July 2018

8,064

177

8,241

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Other debtors

4,250

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans and overdrafts

67

-

Trade creditors

1,500

-

Taxation and social security

2,221

6,503

Other creditors

1,500

2,030

5,288

8,533

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2019 and

31 July 2018:

31.7.19

31.7.18

£

£

S A Parker and Y Parker

Balance outstanding at start of year

(590

)

(1,987

)

Amounts advanced

45,782

45,632

Amounts repaid

(40,942

)

(44,235

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,250

(590

)

8.	RELATED PARTY DISCLOSURES

Transactions with directors are under normal market conditions and/or not material.

9.	POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statements by the board.