Pixelution Limited Small abridged accounts

Pixelution Limited Small abridged accounts

PIXELUTION LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Pixelution Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30th September 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 02536682
PIXELUTION LIMITED
UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2017
PIXELUTION LIMITED
ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2017
Contents
Page
Officers and professional advisers
1
Director's report
2
Chartered certified accountants report to the director on the preparation of the unaudited statutory abridged financial statements
3
Abridged statement of income and retained earnings
4
Abridged statement of financial position
5
Notes to the abridged financial statements
7
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
11
Notes to the detailed abridged income statement
0
PIXELUTION LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
G T Parker
Registered office
Office 5
Business Centre West
Avenue One
Letchworth Garden City
Herts
SG6 2HB
Accountants
Cloke & Co
Chartered Certified Accountants
475 Salisbury House
London Wall
London
EC2M 5QQ
PIXELUTION LIMITED
DIRECTOR'S REPORT
YEAR ENDED 30th SEPTEMBER 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended 30 September 2017 .
Director
The director who served the company during the year was as follows:
G T Parker
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 June 2018 and signed on behalf of the board by:
G T Parker
Director
Registered office:
Office 5
Business Centre West
Avenue One
Letchworth Garden City
Herts
SG6 2HB
PIXELUTION LIMITED
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF PIXELUTION LIMITED
YEAR ENDED 30th SEPTEMBER 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Pixelution Limited for the year ended 30th September 2017, which comprise the abridged statement of income and retained earnings, abridged 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 abridged 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 abridged 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 abridged 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 abridged financial statements.
Cloke & Co Chartered Certified Accountants
475 Salisbury House London Wall London EC2M 5QQ
29 June 2018
PIXELUTION LIMITED
ABRIDGED STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30th SEPTEMBER 2017
2017
2016
Note
£
£
GROSS PROFIT
154,325
84,112
Administrative expenses
( 111,531)
( 90,512)
---------
--------
OPERATING PROFIT/(LOSS)
42,794
( 6,400)
Interest payable and similar expenses
( 12,686)
( 10,781)
---------
--------
PROFIT/(LOSS) BEFORE TAXATION
5
30,108
( 17,181)
Tax on profit/(loss)
–
–
--------
--------
PROFIT/(LOSS) FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
30,108
( 17,181)
--------
--------
RETAINED LOSSES AT THE START OF THE YEAR
( 91,371)
( 74,190)
--------
--------
RETAINED LOSSES AT THE END OF THE YEAR
( 61,263)
( 91,371)
--------
--------
All the activities of the company are from continuing operations.
PIXELUTION LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 September 2017
2017
2016
Note
£
£
£
FIXED ASSETS
Tangible assets
6
61
82
CURRENT ASSETS
Stocks
36,228
32,433
Debtors
30,103
8,798
--------
--------
66,331
41,231
CREDITORS: amounts falling due within one year
126,655
131,684
---------
---------
NET CURRENT LIABILITIES
60,324
90,453
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 60,263)
( 90,371)
--------
--------
NET LIABILITIES
( 60,263)
( 90,371)
--------
--------
PIXELUTION LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 September 2017
2017
2016
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
( 61,263)
( 91,371)
--------
--------
SHAREHOLDERS DEFICIT
( 60,263)
( 90,371)
--------
--------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30th September 2017 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 abridged 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 29 June 2018 , and are signed on behalf of the board by:
G T Parker
Director
Company registration number: 02536682
PIXELUTION LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 5, Business Centre West, Avenue One, Letchworth Garden City, Herts, SG6 2HB.
2. Statement of compliance
These abridged 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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:
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
5. Profit before taxation
Profit/(loss) before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
21
27
----
----
6. Tangible assets
£
Cost
At 1st October 2016
39,819
Additions
4,675
Disposals
( 4,675)
--------
At 30th September 2017
39,819
--------
Depreciation
At 1st October 2016
39,737
Charge for the year
21
--------
At 30th September 2017
39,758
--------
Carrying amount
At 30th September 2017
61
--------
At 30th September 2016
82
--------
7. Director's advances, credits and guarantees
Included within other creditors is £26,004 ( 2016 - £15,437) due to the Director.
8. Related party transactions
The company is ultimately controlled by the company's director, GT Parker.
9. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st October 2015.
No transitional adjustments were required in equity or profit or loss for the year.
PIXELUTION LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 30th SEPTEMBER 2017
The following pages do not form part of the abridged financial statements.
PIXELUTION LIMITED
DETAILED ABRIDGED INCOME STATEMENT
YEAR ENDED 30th SEPTEMBER 2017
2017
2016
£
£
TURNOVER
526,527
458,123
COST OF SALES
Opening stock - raw materials
32,433
42,713
Purchases
375,247
362,581
Repairs for customers
750
1,150
---------
---------
408,430
406,444
Closing stock - resale
36,228
32,433
---------
---------
372,202
374,011
---------
---------
---------
--------
GROSS PROFIT
154,325
84,112
OVERHEADS
ADMINISTRATIVE EXPENSES
Rent and rates
266
2,607
Light and heat
284
752
Insurance
1,309
1,397
Repairs and maintenance
2,989
1,135
Staff salaries
40,000
40,000
Employers national insurance
367
2,199
Motor expenses
5,133
3,173
Travel and subsistence
11,085
5,589
Hire costs
2,503
570
Telephone
1,636
2,034
Carriage and delivery
6,190
4,813
Computer expenses
515
160
Consultancy
8,000
–
General expenses
17
25
VAT surcharges
2,947
–
Advertising
11,055
15,252
Entertaining
84
18
Other financial costs
1,910
918
Bank charges
712
869
(Profit)/Loss on foreign exchange
–
(1)
Legal and professional fees
1,257
–
Commissions paid
1,157
–
Accountancy fees
1,500
1,500
Directors salaries
10,869
7,475
Depreciation
21
27
(Gain)/loss on disposal of tangible assets
(275)
–
---------
--------
111,531
90,512
--------
-------
OPERATING PROFIT/(LOSS)
42,794
( 6,400)
Interest payable and similar expenses
(12,686)
(10,781)
--------
--------
PROFIT/(LOSS) BEFORE TAXATION
30,108
(17,181)
--------
--------