PXTECH LIMITED

Company Registration Number:
03828076 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2021

Period of accounts

Start date: 1 October 2020

End date: 31 December 2021

PXTECH LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

PXTECH LIMITED

Directors' report period ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Principal activities of the company

The challenges faced by the charity and hospitality sectors in the period to 31 December 2021 have been significant. PXtech has continued to invest in existing and new products and the Wil-U brand and products are now well established in the charity retail sector.Total revenue was £2.45M in the 15 months (2020 - £2.25M), and gross margins were improved at 98% (2020 -94%). Net profits increased to £540k (2020- £25K).Considerable investment has been made for the future along with reduced fixed costs in line with current flexible working practices. Restructuring has enabled the majority of employees to become shareholders in the business and the future is looking very bright.

Additional information

The company’s investments at the Balance Sheet date in the share capital of Wil-U Solutions Ltd is £100 in Ordinary Shares of £1 which represents a 100% holding. The company was dormant throughout the period.



Directors

The directors shown below have held office during the whole of the period from
1 October 2020 to 31 December 2021

Richard Dorf
Peter Hughes
Ian Neal


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
25 August 2022

And signed on behalf of the board by:
Name: Ian Neal
Status: Director

PXTECH LIMITED

Profit And Loss Account

for the Period Ended 31 December 2021

15 months to 31 December 2021 2020


£

£
Turnover: 2,450,379 2,257,978
Cost of sales: ( 47,540 ) ( 121,321 )
Gross profit(or loss): 2,402,839 2,136,657
Administrative expenses: ( 1,895,403 ) ( 2,113,098 )
Other operating income: 32,237
Operating profit(or loss): 539,673 23,559
Interest receivable and similar income: 1,036 2,174
Profit(or loss) before tax: 540,709 25,733
Tax: 51,501
Profit(or loss) for the financial year: 592,210 25,733

PXTECH LIMITED

Balance sheet

As at 31 December 2021

Notes 15 months to 31 December 2021 2020


£

£
Fixed assets
Intangible assets: 3 174,375 202,500
Tangible assets: 4 122,539 54,758
Investments: 5 100 100
Total fixed assets: 297,014 257,358
Current assets
Stocks: 6 118,697 23,530
Debtors: 7 1,487,730 411,560
Cash at bank and in hand: 202,746 826,910
Total current assets: 1,809,173 1,262,000
Prepayments and accrued income: 41,530 102,571
Creditors: amounts falling due within one year: 8 ( 118,704 ) ( 106,878 )
Net current assets (liabilities): 1,731,999 1,257,693
Total assets less current liabilities: 2,029,013 1,515,051
Creditors: amounts falling due after more than one year:   0
Provision for liabilities: 0
Accruals and deferred income: ( 117,217 ) ( 129,865 )
Total net assets (liabilities): 1,911,796 1,385,186
Capital and reserves
Called up share capital: 820 820
Share premium account: 70,400
Other reserves: 180
Profit and loss account: 1,910,976 1,313,786
Total Shareholders' funds: 1,911,796 1,385,186

The notes form part of these financial statements

PXTECH LIMITED

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption 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 directors acknowledge their 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.

This report was approved by the board of directors on 25 August 2022
and signed on behalf of the board by:

Name: Ian Neal
Status: Director

The notes form part of these financial statements

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover isrecognised in the period in which the goods and services were provided.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Plant and machinery - 25% on costFixtures and fittings - 25% on costComputer equipment - 25% on costWil-U Hardware – 33% on cost

    Intangible fixed assets amortisation policy

    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 ten years.

    Other accounting policies

    StocksStocks are valued at the lower of cost and net realisable value, after making due allowance for slowmoving and obsolete items. Cost represents the invoiced cost of materials and parts on a first in first out basis and an appropriate amount of fixed and variable overheads.Deferred taxProvision is made at current rates for taxation deferred in respect of all timing differences.Foreign currenciesAssets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling atthe balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ofexchange ruling at the date of transaction. Exchange differences are taken into account in arriving atthe operating result.Pension costs and other post-retirement benefitsThe company operates a defined contribution pension scheme. Contributions payable to thecompany's pension scheme are charged to profit or loss in the period to which they relate.Leasing commitmentsRentals paid under operating leases are charged to profit or loss on a straight line basis over theperiod of the lease.

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees

    15 months to 31 December 2021 2020
    Average number of employees during the period 30 39

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 October 2020 239,167 239,167
Additions
Disposals
Revaluations
Transfers
At 31 December 2021 239,167 239,167
Amortisation
At 1 October 2020 36,667 36,667
Charge for year 28,125 28,125
On disposals
Other adjustments
At 31 December 2021 64,792 64,792
Net book value
At 31 December 2021 174,375 174,375
At 30 September 2020 202,500 202,500

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 October 2020 2,930 104,328 269,898 377,156
Additions 110,675 3,633 114,308
Disposals
Revaluations
Transfers
At 31 December 2021 2,930 215,003 273,531 491,464
Depreciation
At 1 October 2020 2,472 68,425 251,501 322,398
Charge for year 452 36,708 9,367 46,527
On disposals
Other adjustments
At 31 December 2021 2,924 105,133 260,868 368,925
Net book value
At 31 December 2021 6 109,870 12,663 122,539
At 30 September 2020 458 35,903 18,397 54,758

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Fixed assets investments note

The company’s investments at the Balance Sheet date in the share capital of Wil-U Solutions Ltd is £100 in Ordinary Shares of £1 which represents a 100% holding. The company was dormant throughout the period.

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Stocks

15 months to 31 December 2021 2020
£ £
Stocks 118,697 23,530
Total 118,697 23,530

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

7. Debtors

15 months to 31 December 2021 2020
£ £
Trade debtors 395,230 338,733
Other debtors 1,092,500 72,827
Total 1,487,730 411,560

PXTECH LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

8. Creditors: amounts falling due within one year note

15 months to 31 December 2021 2020
£ £
Trade creditors 29,729 23,223
Taxation and social security 43,140 55,110
Other creditors 45,835 28,545
Total 118,704 106,878