Company Registration No. 13062857 (England and Wales)
UsePixie Software UK Ltd
Unaudited accounts
for the period from 4 December 2020 to 31 December 2021
UsePixie Software UK Ltd
Unaudited accounts
Contents
UsePixie Software UK Ltd
Company Information
for the period from 4 December 2020 to 31 December 2021
Company Number
13062857 (England and Wales)
Registered Office
Withers Llp
3rd Floor, 20 Old Bailey
London
EC4M 7AN
United Kingdom
Accountants
Satori Accounting
120 Woodbrook
Derry
Northern Ireland
BT48 8FF
UsePixie Software UK Ltd
Statement of financial position
as at 31 December 2021
Cash at bank and in hand
1,629,773
Creditors: amounts falling due within one year
(90,843)
Net current assets
1,650,802
Called up share capital
160
Profit and loss account
(617,016)
Shareholders' funds
1,654,065
For the period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 August 2022 and were signed on its behalf by
Celso Pinto
Director
Company Registration No. 13062857
UsePixie Software UK Ltd
Notes to the Accounts
for the period from 4 December 2020 to 31 December 2021
UsePixie Software UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 13062857. The registered office is Withers Llp, 3rd Floor, 20 Old Bailey, London, EC4M 7AN, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Turnover from customer subscriptions are recognised over the period of the contract. Month-by-month subscriptions are measured based on monthly invoice value. Annual subscriptions are invoiced in advance and recorded as turnover equally over the annual period, with income deferred where appropriate.
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
UsePixie Software UK Ltd
Notes to the Accounts
for the period from 4 December 2020 to 31 December 2021
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Computer equipment
33% straight line
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
During the year, the company incurred a loss of £617,016. The loss reflects the fact that this was the company's first year of trading, growing its revenue from a base of £Nil whilst incurring high product development and other start-up costs.
The working capital of the company was funded by way of monies introduced in the company in September 2021 via external investors.
The board of directors are confident that the company's strategic plans for 2022 and beyond will assist the company by increasing recurring revenue and managing its cost base in order to move the financial results results towards a return to profitability.
Based on these assumptions, the financial statements are prepared on a going concern basis.
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 31 December 2021
605
3,528
4,133
Charge for the period
84
786
870
At 31 December 2021
84
786
870
At 31 December 2021
521
2,742
3,263
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Debtors: amounts falling due within one year
2021
Accrued income and prepayments
3,812
UsePixie Software UK Ltd
Notes to the Accounts
for the period from 4 December 2020 to 31 December 2021
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Creditors: amounts falling due within one year
2021
Taxes and social security
8,221
Allotted, called up and fully paid:
937,500 Ordinary shares of £0.0001 each
93.75
225,836 Ordinary shares 'A' of £0.0001 each
22.58
429,495 Ordinary shares 'B' of £0.0001 each
42.94
Shares issued during the period:
937,500 Ordinary shares of £0.0001 each
93.75
225,836 Ordinary shares 'A' of £0.0001 each
22.58
429,495 Ordinary shares 'B' of £0.0001 each
42.94
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Average number of employees
During the period the average number of employees was 5.