Registered number
08261221
Italic Pig Ltd
Unaudited Filleted Accounts
for the year ended
31 December 2021
Italic Pig Ltd
Registered number: 08261221
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 4 4,648 1,967
Current assets
Debtors 5 247,455 192,061
Cash at bank and in hand 227,618 274,802
475,073 466,863
Creditors: amounts falling due within one year 6 (378,718) (458,315)
Net current assets 96,355 8,548
Net assets 101,003 10,515
Capital and reserves
Called up share capital 150,180 150,180
Profit and loss account (49,177) (139,665)
Shareholders' funds 101,003 10,515
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K. A. Beimers
Director
Approved by the board on 13 September 2022
Italic Pig Ltd
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from publishing video games, exclusive of trade discounts. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Research and development
Expenditure on the research phase of an internal project is recognised as an expense in the period in which it is incurred. Development costs incurred on specific projects are capitalised when all the following conditions are satisfied:
Completion of the asset is technically feasible so that it will be available for use or sale
The company intends to complete the asset and use or sell it
The company has the ability to use or sell the asset and the asset will generate probable future economic benefits (over and above cost)
There are adequate technical, financial and other resources to complete the development and to use or sell the asset, and
The expenditure attributable to the asset during its development can be measured reliably.

Development costs not meeting the criteria for capitalisation are expensed as incurred. The cost of an internally generated asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. Directly attributable costs include employee costsincurred along with third party costs.

Careful judgement by the directors is applied when deciding whether the recognition requirements for development costs have been met. Judgements are based on the information available at each balance sheet date. In addition, all internal activities related to the research and development of new projects are continuously monitored by the directors.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. They are amortised over 3 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% on cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 17 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2021 848,916
At 31 December 2021 848,916
Amortisation
At 1 January 2021 848,916
At 31 December 2021 848,916
Net book value
At 31 December 2021 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2021 4,101
Additions 3,222
At 31 December 2021 7,323
Depreciation
At 1 January 2021 2,134
Charge for the year 541
At 31 December 2021 2,675
Net book value
At 31 December 2021 4,648
At 31 December 2020 1,967
5 Debtors 2021 2020
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 95,022 191,881
Other debtors 16,834 180
Accrued income 135,599 -
247,455 192,061
6 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 6,351 4,121
Taxation and social security costs 84,760 105,276
Directors current account 148 -
Other creditors 287,459 255,407
Deferred income - 93,511
378,718 458,315
7 Related party transactions
At 31 March 2022 Paleo Pines Ltd, a company in common ownership, owed the company £95,022 (2021:£191,881).
8 Controlling party
Mr. K. A. Beimers is the ultimate controlling party by virtue of his equity interest in Italic Pug Ltd which owns the shares of the company.
9 Other information
Italic Pig Ltd is a private company limited by shares and incorporated in England. Its registered office is:
59-60 Grosvenor Street
London
W1K 3HZ
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