Pixel Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03237861 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PIXEL PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L W Mansfield

L M Mansfield

SECRETARY:

Mrs N M Mansfield

REGISTERED OFFICE:

Unit A6

Chaucer Business Park

Dittons Road

Polegate

East Sussex

BN26 6QH

REGISTERED NUMBER:

03237861 (England and Wales)

ACCOUNTANTS:

MDJ Services Limited

Unit A6

Chaucer Business Park

Dittons Road

Polegate

East Sussex

BN26 6QH

FIXED ASSETS

Tangible assets

4

325

406

Investment property

5

1,090,000

1,090,325

1,090,406

CURRENT ASSETS

Debtors

6

13,513

16,513

Cash at bank

10,179

6,170

23,692

22,683

CREDITORS

Amounts falling due within one year

7

180,590

189,911

NET CURRENT LIABILITIES

(156,898

)

(167,228

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

933,427

923,178

CREDITORS

Amounts falling due after more than one
year

8

(5,883

)

(7,660

)

PROVISIONS FOR LIABILITIES

(129,045

)

(129,060

)

NET ASSETS

798,499

786,458

CAPITAL AND RESERVES

Called up share capital

100

Fair value reserve

673,138

Retained earnings

125,261

113,220

SHAREHOLDERS' FUNDS

798,499

786,458

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 2 September 2022 and were signed on its behalf by:

L M Mansfield - Director

1.	STATUTORY INFORMATION

Pixel Properties Limited is a private company, limited by shares , 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

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 as modified by the revaluation of certain assets.

Turnover

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

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

Fixtures and fittings

-

20% on reducing balance

Investment property

Investment properties are those properties that are held either to earn rental income or for capital appreciation or both.

Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Statement of Comprehensive Income in the year in which they arise.

Investment properties are stated at fair value as determined by the directors. The fair value of the company's property portfolio is based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation. The fair value of each of the properties has been assessed by the directors. In determining the fair value of investment properties, the directors make use of historical and current market data as well as existing lease agreements.

Additions and disposals of investment properties are recognised in the accounts when contracts are completed.

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.

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 NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2021

and 31 December 2021

4,399

DEPRECIATION

At 1 January 2021

3,993

Charge for year

81

At 31 December 2021

4,074

NET BOOK VALUE

At 31 December 2021

325

At 31 December 2020

406

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

1,090,000

NET BOOK VALUE

At 31 December 2021

1,090,000

At 31 December 2020

1,090,000

Fair value at 31 December 2021 is represented by:

£

Valuation in 2016

802,121

Cost

287,879

1,090,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.21

31.12.20

£

Cost

287,879

The investment property was valued on an open market basis on 31 December 2016 by Mr L M Mansfield (director) .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

Other debtors

13,513

16,513

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

Bank loans and overdrafts

1,588

1,056

Trade creditors

1,007

685

Taxation and social security

2,949

2,524

Other creditors

175,046

185,646

180,590

189,911

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.21

31.12.20

£

Bank loans

5,883

7,660

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

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