Pixel Image Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC204703 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31st March 2016

for

Pixel Image Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr S. N. Smith

Mrs C. Smith

SECRETARY:

None Appointed

REGISTERED OFFICE:

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

REGISTERED NUMBER:

SC204703 (Scotland)

ACCOUNTANTS:

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

4,577

4,705

Investments

4

5,799

10,376

10,504

CURRENT ASSETS

Debtors

52,520

64,379

Prepayments and accrued income

40,985

22,482

Cash at bank

13,738

3,448

107,243

90,309

CREDITORS

Amounts falling due within one year

5

121,965

113,276

NET CURRENT LIABILITIES

(14,722

)

(22,967

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,346

)

(12,463

)

CAPITAL AND RESERVES

Called up share capital

6

100

Profit and loss account

(4,446

)

(12,563

)

SHAREHOLDERS' FUNDS

(4,346

)

(12,463

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14th December 2016 and were signed on its behalf
by:

Mrs C. Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Preparation of consolidated financial statements

The financial statements contain information about Pixel Image Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Intangible fixed assets

The intangible asset is the development of an online management system. This ongoing project has been

assessed, is technically feasible and has an ultimate commercial viability therefore the costs were capitalised and

amortised on a straight line basis over 3 years. Expenditure on the asset has currently ceased and the asset is fully

amortised.

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

Equipment

-

25% on reducing balance

Deferred tax

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

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date

of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

The company has continued to manage its historical debt and continues to make profits. The company invested in

new employees and marketing and although sales have increased the additional costs of new markets and staff

have brought down profit. The directors however are confident the current team can produce higher profits going

forward. The accounts are therefore presented on a going concern basis.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2015

and 31st March 2016

181,292

AMORTISATION

At 1st April 2015

and 31st March 2016

181,292

NET BOOK VALUE

At 31st March 2016

-

At 31st March 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2015

84,282

Additions

1,302

At 31st March 2016

85,584

DEPRECIATION

At 1st April 2015

79,577

Charge for year

1,430

At 31st March 2016

81,007

NET BOOK VALUE

At 31st March 2016

4,577

At 31st March 2015

4,705

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1st April 2015

and 31st March 2016

5,799

NET BOOK VALUE

At 31st March 2016

5,799

At 31st March 2015

5,799

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Pixel Image (India) Private Limited

Country of incorporation: India

Nature of business: design visualisation

%

Class of shares:

holding

Ordinary

99.70

31.3.16

31.3.15

£

Aggregate capital and reserves

137,354

63,896

Profit for the year

2,045

6,933

5.

CREDITORS

Creditors include an amount of £ 51,636 (31.3.15 - £ 59,327 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

1

100

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2016 and

31st March 2015:

31.3.16

31.3.15

£

Mr S. N. Smith and Mrs C. Smith

Balance outstanding at start of year

36,424

46,607

Amounts advanced

5,064

6,687

Amounts repaid

-

(16,870

)

Balance outstanding at end of year

41,488

36,424

No interest was charged and there are no fixed repayment terms on the directors' loan.