Pixelution Limited Filleted accounts for Companies House (small and micro)

PIXELUTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02536682

PIXELUTION LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2021

PIXELUTION LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30th SEPTEMBER 2021

Contents	Page

Officers and professional advisers	1

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

PIXELUTION LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	G T Parker

Registered office	475 Salisbury House
	London Wall
	London
	England
	EC2M 5QQ

Accountants	Colne Valley Business Services LLP t/a Cloke & Co
	Chartered Certified Accountants
	475 Salisbury House
	London Wall
	London
	EC2M 5QQ

PIXELUTION LIMITED

CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PIXELUTION LIMITED

YEAR ENDED 30th SEPTEMBER 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pixelution Limited for the year ended 30th September 2021, which comprise the statement of financial position 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Pixelution Limited in accordance with the terms of our engagement letter dated 14th August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Pixelution Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pixelution Limited and its director for our work or for this report.

It is your duty to ensure that Pixelution 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 Pixelution Limited. You consider that Pixelution 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 Pixelution 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.

Colne Valley Business Services LLP t/a Cloke & Co Chartered Certified Accountants

475 Salisbury House London Wall London EC2M 5QQ

22 September 2022

PIXELUTION LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2021

	2021		2020
Note	£	£	£

FIXED ASSETS

Tangible assets	5		46,118	55,416

CURRENT ASSETS

Stocks		43,710	44,720
Debtors	6	49,712	22,604
Cash at bank and in hand		55,243	14,743
		---------	--------
		148,665	82,067

CREDITORS: amounts falling due within one year	7	186,142		157,515
		---------		---------
NET CURRENT LIABILITIES			37,477	75,448
			--------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES			8,641	( 20,032)

CREDITORS: amounts falling due after more than one year	8	37,500	40,000
		--------	--------
NET LIABILITIES		( 28,859)	( 60,032)
		--------	--------

PIXELUTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2021

	2021		2020
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	1,000	1,000
Profit and loss account	( 29,859)	( 61,032)
	--------	--------
SHAREHOLDERS DEFICIT	( 28,859)	( 60,032)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30th September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 September 2022 , and are signed on behalf of the board by:

G T Parker
Director

Company registration number: 02536682

PIXELUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30th SEPTEMBER 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 475 Salisbury House, London Wall, London, EC2M 5QQ, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

Going Concern These accounts have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. Although the company has suffered losses in the recent past, the director is confident that his expanding portfolio and services will generate good revenue to enable the company to continue trading for the foreseeable future.

Revenue recognition

The turnover shown in the profit and loss account represents the value of sales, exclusive of Value Added Tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible 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 the 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 profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is 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 calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	20% reducing balance
Furniture & Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the 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 purposes 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 groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1st October 2020	56,990	40,177	97,167
Additions	–	2,400	2,400
	--------	--------	--------
At 30th September 2021	56,990	42,577	99,567
	--------	--------	--------
Depreciation
At 1st October 2020	1,868	39,883	41,751
Charge for the year	11,025	673	11,698
	--------	--------	--------
At 30th September 2021	12,893	40,556	53,449
	--------	--------	--------
Carrying amount
At 30th September 2021	44,097	2,021	46,118
	--------	--------	--------
At 30th September 2020	55,122	294	55,416
	--------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	43,937	14,003
Other debtors	5,775	8,601
	--------	--------
	49,712	22,604
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	44,004	29,430
Social security and other taxes	21,413	11,278
Other creditors	56	354
Other creditors	110,669	106,453
	---------	---------
	186,142	157,515
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	37,500	40,000
	--------	--------

9. Director's advances, credits and guarantees

Included within other creditors is £102,820 ( 2020 - £101,594) due to the Director.

10. Related party transactions

The company is ultimately controlled by the company's director, GT Parker.