REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
PIXELMILL LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
PIXELMILL LTD |
PIXELMILL LTD (REGISTERED NUMBER: 04029108) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PIXELMILL LTD |
COMPANY INFORMATION |
for the year ended 30 April 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
St Andrews House |
3 Tarleton Office Park |
Windgate |
Tarleton |
PR4 6JF |
PIXELMILL LTD (REGISTERED NUMBER: 04029108) |
BALANCE SHEET |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PIXELMILL LTD (REGISTERED NUMBER: 04029108) |
BALANCE SHEET - continued |
30 April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PIXELMILL LTD (REGISTERED NUMBER: 04029108) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2023 |
1. | STATUTORY INFORMATION |
PixelMill Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis as the director has reviewed the twelve month period following the date of approval of these accounts and believes that the company is able to pay its debts as they fall due. |
Turnover |
Turnover comprises projects undertaken for clients together with ad hoc consultancy assignments. Turnover is recognised when work is completed except when the project is sizeable and long term in nature when an appropriate proportion of the income on the project is recognised on a prudent basis. |
Turnover represents the invoiced amount of goods and services provided within the company's ordinary activities, entirely within the United Kingdom or the European Union, stated net of Value Added Tax. |
Tangible fixed assets |
Office equipment | - |
Computer equipment | - |
Stocks |
Stock and work in progress represents work done but not invoiced. Work in progress is valued at cost of labour plus attributable third party expenditure but excludes attributable overheads which are expensed directly to the profit and loss account, unless they are reimbursed by the customer, in which case they are included in work in progress. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PIXELMILL LTD (REGISTERED NUMBER: 04029108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Development costs |
The company incurs costs in developing applications for its customers. Where these are specifically related to a project they are charged against the income arising on that project and all other general development costs are charged to the profit and loss account as incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
PIXELMILL LTD (REGISTERED NUMBER: 04029108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Social security and other taxes |
VAT | 78,903 | - |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Loan - 1-2 years |
Director's loan account | 182,118 | 82,372 |
Former directors' loan |
accounts | 7,638 | 7,638 |
The director and former directors provided the company with working capital and capital for investment in the year ended 30th April 2003 by way of directors' loans. These loans bear interest at 2% over the bank's base interest rate. |
The director continues to loan money to the company on a temporary basis at an interest rate of 2% over the bank's base interest rate. |
The company took an Enterprise Fund Loan, a government loan supported by the Regional Growth Fund, in the year to April 2018 of £100,000. This is being repaid over 5 years at 10% per annum. |
The Company took a Covid Support Bounce Back loan of £50,000 This has a 12 month repayment holiday followed by repayment over 5 years at 2.5% per annum |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1p | 18,000 | 18,000 |
10. | RELATED PARTY DISCLOSURES |
The director and major shareholder, V Sumner has provided a personal guarantee for the Enterprise Fund Loan. |
11. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the director, Mr V Sumner who owns 16,950 of the 18,000 shares in issue. |
PIXELMILL LTD (REGISTERED NUMBER: 04029108) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2023 |
12. | SHARE OPTIONS |
The company operates an Enterprise Management Incentive share option agreement pursuant to Schedule 5 to Income Tax (Earnings and Pensions) Act 2003. There are currently options to staff of 16,000 ordinary shares of 1p available to be taken up. |