Pixel Image Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC204703 (Scotland)

Unaudited Financial Statements for the Year Ended 31st March 2017

for

Pixel Image Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

Mr S. N. Smith

Mrs C. Smith

SECRETARY:

None Appointed

REGISTERED OFFICE:

7 Belgrave Mews

Edinburgh

Midlothian

EH4 3AX

REGISTERED NUMBER:

SC204703 (Scotland)

ACCOUNTANTS:

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,782

4,577

Investments

6

5,799

5,799

10,581

10,376

CURRENT ASSETS

Debtors

7

126,089

52,520

Prepayments and accrued income

11,444

40,985

Cash at bank

2,461

13,738

139,994

107,243

CREDITORS

Amounts falling due within one year

8

141,431

121,965

NET CURRENT LIABILITIES

(1,437

)

(14,722

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,144

(4,346

)

CREDITORS

Amounts falling due after more than one year

9

23,000

-

NET LIABILITIES

(13,856

)

(4,346

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(13,956

)

(4,446

)

SHAREHOLDERS' FUNDS

(13,856

)

(4,346

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15th December 2017 and were signed on its behalf by:

Mrs C. Smith - Director

1.	STATUTORY INFORMATION

Pixel Image Limited is a private company, limited by shares , registered in Scotland. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Intangible fixed assets

The intangible asset was the development of an online management system. 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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 to all financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provision of the instrument.

Financial assets and liabilities are offset with the net amounts presented in the financial statements when there is a

legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction price

including transaction costs and are subsequently carried at amortised cost using the effective interest method

unless the arrangement constitutes a financing transaction where the transaction is measured at the present value

of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one

year are not amortised.

Classification of Financial Liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic Financial Liabilities

Basic financial liabilities including creditors, bank loans, loans from fellow group companies and preference shares

that are classified as debt are initially recognised at a transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market value of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less and are not amortised. If not, they are presented as non-current liabilities. Trade creditors are recognised

initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has continued to manage its historical debt and has significantly increased turnover however the

directors are disappointed with the profitability in th year. During the year the company has taken on new

employees and incurred much greater marketing and travelling costs. The directors however are still confident

the current team can produce better results going forward. The accounts are therefore presented on a going

concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1st April 2016

and 31st March 2017

181,292

AMORTISATION

At 1st April 2016

and 31st March 2017

181,292

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

Equipment

Totals

£

£

£

COST

At 1st April 2016

6,928

78,656

85,584

Additions

-

1,718

1,718

At 31st March 2017

6,928

80,374

87,302

DEPRECIATION

At 1st April 2016

6,317

74,690

81,007

Charge for year

92

1,421

1,513

At 31st March 2017

6,409

76,111

82,520

NET BOOK VALUE

At 31st March 2017

519

4,263

4,782

At 31st March 2016

611

3,966

4,577

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2016

and 31st March 2017

5,799

NET BOOK VALUE

At 31st March 2017

5,799

At 31st March 2016

5,799

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

75,897

5,148

Other debtors

50,192

47,372

126,089

52,520

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

53,726

51,636

Trade creditors

41,292

46,323

Taxation and social security

38,225

23,506

Other creditors

8,188

500

141,431

121,965

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Other creditors

23,000

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

53,726

51,636

all bank borrowings are secured by a bond and floating charge over all company assets.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2017 and

31st March 2016:

31.3.17

31.3.16

£

£

Mr S. N. Smith and Mrs C. Smith

Balance outstanding at start of year

41,488

36,424

Amounts advanced

1,554

5,064

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

43,042

41,488

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

12.	RELATED PARTY DISCLOSURES

Pixel Image India Ltd

99% Subsidiary

Pixel Image India Ltd provided design services of £100,030 during the year

31.3.17

31.3.16

£

£

Amount due to related party at the balance sheet date

35,972

46,323

13.	FIRST YEAR ADOPTION

The transition from FRSSE 2015 to FRS 102(Section 1A) has not affected the company's financial position or its

performance.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st March 2017 set out on pages three to sixteen and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

15th December 2017