Pixology Outdoor Ltd - Accounts to registrar (filleted) - small 22.3

Pixology Outdoor Ltd

Previously known as

SMF Digital Ltd

Audited Financial Statements for the Year Ended 30 June 2022

DIRECTORS:

R K Spence

R E Thomas

R E James

REGISTERED OFFICE:

Unit 60, Dyffryn Business Park

Llantwit Major Road

Llandow

Cowbridge

Vale of Glamorgan

CF71 7PY

REGISTERED NUMBER:

07217939 (England and Wales)

SENIOR STATUTORY AUDITOR:

John Huw Palin FCA

AUDITORS:

BPU Limited

Chartered Accountants

Statutory Auditor

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

FIXED ASSETS

Tangible assets

3

4,010,478

-

CURRENT ASSETS

Debtors

4

118,981

-

Cash at bank

93,520

1

212,501

1

CREDITORS

Amounts falling due within one year

5

1,026,695

-

NET CURRENT (LIABILITIES)/ASSETS

(814,194

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

3,196,284

1

CREDITORS

Amounts falling due after more than one year

6

(157,000

)

-

PROVISIONS FOR LIABILITIES

(802,298

)

-

NET ASSETS

2,236,986

1

CAPITAL AND RESERVES

Called up share capital

1

1

Non-distributable reserve

8

2,231,001

-

Retained earnings

5,984

-

2,236,986

1

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2023 and were signed on its behalf by:

R E James - Director

1.	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.

Plant and machinery

-

not provided

Plant and machinery includes certain assets recorded at a valuation and have not been depreciated which is contrary to the Companies Act 2006.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 1 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST OR VALUATION

Additions

977,179

Revaluations

3,033,299

At 30 June 2022

4,010,478

NET BOOK VALUE

At 30 June 2022

4,010,478

Cost or valuation at 30 June 2022 is represented by:

Plant and

machinery

£

Valuation in 2022

3,033,299

Cost

977,179

4,010,478

Plant and machinery represents bus shelters including either static or digital advertising panels. These bus shelters has been revalued by the Directors at 30 June 2022 based on discounted anticipated net revenues receivable by the company under a 15 year agreement which allows the company to sell advertising space on the bus shelters.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

9,818

-

Other debtors & prepayments

109,163

-

118,981

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

443,000

-

Trade creditors

1,563

-

Amounts owed to group undertakings

570,752

-

Other creditors & accruals

11,380

-

1,026,695

-

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

157,000

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

600,000

-

The bank loan is secured over the fixed and floating assets of the company.

8.

RESERVES

Non-distributable

reserve

£

Arising on revaluation

3,033,299

Deferred tax on revaluation

(802,298

)

At 30 June 2022

2,231,001

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

The Report of the Auditors was unqualified.

John Huw Palin FCA (Senior Statutory Auditor)

for and on behalf of BPU Limited

10.	ULTIMATE PARENT UNDERTAKING

The company's immediate parent undertaking at the balance sheet date was Bus Shelters Limited. The company's ultimate parent undertaking at the balance sheet date was BSW Holdings Limited.