Pixel Image Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC204703 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Pixel Image Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs C Smith

S N Smith

REGISTERED OFFICE:

15 Queen Street

Edinburgh

EH2 1JE

REGISTERED NUMBER:

SC204703 (Scotland)

ACCOUNTANTS:

T B Dunn & Co

308 Albert Drive

Pollokshields

GLASGOW

G41 5RS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

9,271

7,157

Investments

6

5,799

5,799

15,070

12,956

CURRENT ASSETS

Debtors

7

197,192

203,631

Cash at bank

38,819

26

236,011

203,657

CREDITORS

Amounts falling due within one year

8

176,961

185,053

NET CURRENT ASSETS

59,050

18,604

TOTAL ASSETS LESS CURRENT LIABILITIES

74,120

31,560

CREDITORS

Amounts falling due after more than one year

9

35,794

11,000

NET ASSETS

38,326

20,560

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

38,226

20,460

SHAREHOLDERS' FUNDS

38,326

20,560

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2021 and were signed on its behalf by:

Mrs C Smith - Director

1.	STATUTORY INFORMATION

Pixel Image Limited is a private company, limited by shares , registered in Scotland. 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

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

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

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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 6 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2019

and 31 March 2020

181,292

AMORTISATION

At 1 April 2019

and 31 March 2020

181,292

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

4,542

88,027

92,569

Additions

-

4,267

4,267

At 31 March 2020

4,542

92,294

96,836

DEPRECIATION

At 1 April 2019

468

84,944

85,412

Charge for year

611

1,542

2,153

At 31 March 2020

1,079

86,486

87,565

NET BOOK VALUE

At 31 March 2020

3,463

5,808

9,271

At 31 March 2019

4,074

3,083

7,157

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2019

and 31 March 2020

5,799

NET BOOK VALUE

At 31 March 2020

5,799

At 31 March 2019

5,799

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

109,423

113,475

Other debtors

87,769

90,156

197,192

203,631

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

42,896

74,319

Trade creditors

29,858

28,440

Taxation and social security

90,372

74,925

Other creditors

13,835

7,369

176,961

185,053

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

35,794

11,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

42,896

74,319

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1.00

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

Mrs C Smith and S N Smith

Balance outstanding at start of year

50,230

41,923

Amounts advanced

9,257

8,307

Amounts repaid

(12,400

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

47,087

50,230

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pixel Image Limited for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Pixel Image Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pixel Image Limited and state those matters that we have agreed to state to the Board of Directors of Pixel Image Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pixel Image Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pixel Image Limited. You consider that Pixel Image Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pixel Image Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

T B Dunn & Co

308 Albert Drive

Pollokshields

GLASGOW

G41 5RS

Date: .............................................