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Registration number: 10192258

Pixelwave Creative Limited
Annual Report and
Unaudited Financial Statements

31 March 2022

 

Pixelwave Creative Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Pixelwave Creative Limited

Balance Sheet
31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

4,664

6,279

Current assets

 

Debtors

5

10,528

1,152

Cash at bank and in hand

 

26,865

14,681

 

37,393

15,833

Creditors: Amounts falling due within one year

6

(30,613)

(11,765)

Net current assets

 

6,780

4,068

Total assets less current liabilities

 

11,444

10,347

Creditors: Amounts falling due after more than one year

6

(10,523)

(12,500)

Net assets/(liabilities)

 

921

(2,153)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

920

(2,154)

Shareholders' funds/(deficit)

 

921

(2,153)

 

Pixelwave Creative Limited

Balance Sheet
31 March 2022

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 September 2022
 

.........................................
Mr J P Woffenden
Director

Company Registration Number: 10192258

 

Pixelwave Creative Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 3
Fernhills Business Centre
Todd Street
Bury
Lancashire
BL9 5BJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

These financial statements have been prepared on the going concern basis, on the understanding that the director will continue to financially support the company during this uncertain period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Pixelwave Creative Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Straight Line

Office equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Pixelwave Creative Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

 

Pixelwave Creative Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

 

Pixelwave Creative Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

13,566

23,616

37,182

Additions

773

-

773

At 31 March 2022

14,339

23,616

37,955

Depreciation

At 1 April 2021

7,287

23,616

30,903

Charge for the year

2,388

-

2,388

At 31 March 2022

9,675

23,616

33,291

Carrying amount

At 31 March 2022

4,664

-

4,664

At 31 March 2021

6,279

-

6,279

5

Debtors

2022
£

2021
£

Trade debtors

8,754

-

Other debtors

1,774

1,152

10,528

1,152

 

Pixelwave Creative Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

536

119

Taxation and social security

9,793

1,624

Accruals and deferred income

254

599

Other creditors

20,030

9,423

30,613

11,765

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

10,523

12,500

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

10,523

12,500

8

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.
The directors who are also shareholders receive dividends as part of this remuneration package.