Pixel Internet Limited Small abbreviated accounts

PIXEL INTERNET LIMITED - Company Information

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Company Registration Number 05980372

Pixel Internet Limited

Unaudited Abbreviated Accounts

31 October 2016

Pixel Internet Limited

Abbreviated Balance Sheet

31 October 2016

	2016		2015
Note	£	£	£

Fixed Assets	2
Intangible assets		6,000	7,500
Tangible assets		4,897	7,069
		--------	--------
		10,897	14,569
		--------	--------

Current Assets

Cash at bank and in hand	14,788		9,201

Creditors: Amounts Falling due Within One Year	( 25,206)		( 24,364)
	--------		--------
Net Current Liabilities		( 10,418)	( 15,163)

	--------	--------
Total Assets Less Current Liabilities	479	( 594)
	--------	--------

Capital and Reserves

Called up equity share capital	3	100	100
Profit and loss account		379	( 694)
		----	----
Shareholders' Funds/(Deficit)		479	( 594)
		----	----

For the year ended 31st October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 9 May 2017 , and are signed on their behalf by:

D Banks Director

Company Registration Number: 05980372

Pixel Internet Limited

Notes to the Abbreviated Accounts

Year Ended 31st October 2016

1. Accounting Policies

Basis of Accounting

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).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill-10 years straight line basis per annum

Fixed Assets

All fixed assets are initially recorded at cost .

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery-25% straight line basis per annum

Fixtures & Fittings-20% reducing balance basis per annum

Website-25% straight line basis per annum

Hire Purchase Agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating Lease Agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Deferred Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted 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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

2. Fixed Assets

Intangible Assets	Tangible Assets	Total
£	£	£

Cost

At 1st November 2015 and 31st October 2016	15,000	15,797	30,797
	--------	--------	--------

Depreciation

At 1st November 2015	7,500	8,728	16,228
Charge for year	1,500	2,172	3,672
	--------	--------	--------
At 31st October 2016	9,000	10,900	19,900
	--------	--------	--------

Net Book Value

At 31st October 2016	6,000	4,897	10,897
	-------	-------	--------

At 31st October 2015	7,500	7,069	14,569
	-------	-------	--------

3. Share Capital

Allotted, called up and fully paid:

2016		2015
No.	£	No.	£

Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----