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REGISTERED NUMBER: 04029108 (England and Wales)















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: V Sumner





SECRETARY: Mrs C Sumner





REGISTERED OFFICE: 28 Moss Road
Alderley Edge
Cheshire
SK9 7HZ





REGISTERED NUMBER: 04029108 (England and Wales)





ACCOUNTANTS: Hayes & Co
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 3,687 6,582

CURRENT ASSETS
Stocks 5 81,037 67,650
Debtors 6 45,056 102,678
Cash at bank and in hand 32,473 631
158,566 170,959
CREDITORS
Amounts falling due within one year 7 385,998 378,976
NET CURRENT LIABILITIES (227,432 ) (208,017 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(223,745

)

(201,435

)

CREDITORS
Amounts falling due after more than one
year

8

264,958

142,813
NET LIABILITIES (488,703 ) (344,248 )

CAPITAL AND RESERVES
Called up share capital 9 18,000 18,000
Capital redemption reserve 2,000 2,000
Retained earnings (508,703 ) (364,248 )
SHAREHOLDERS' FUNDS (488,703 ) (344,248 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 March 2024 and were signed by:





V Sumner - Director


PIXELMILL LTD (REGISTERED NUMBER: 04029108)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2023

1. STATUTORY INFORMATION

PixelMill Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% on cost
Computer equipment - 50% on cost

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 11 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Office Computer
equipment equipment Totals
£    £    £   
COST
At 1 May 2022 1,648 42,962 44,610
Additions - 2,778 2,778
Disposals (26 ) (5,938 ) (5,964 )
At 30 April 2023 1,622 39,802 41,424
DEPRECIATION
At 1 May 2022 1,401 36,627 38,028
Charge for year 153 5,520 5,673
Eliminated on disposal (26 ) (5,938 ) (5,964 )
At 30 April 2023 1,528 36,209 37,737
NET BOOK VALUE
At 30 April 2023 94 3,593 3,687
At 30 April 2022 247 6,335 6,582

5. STOCKS
2023 2022
£    £   
Work-in-progress 81,037 67,650

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,000 5,164
Other debtors 30,000 94,103
Prepayments 12,056 3,411
45,056 102,678

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 13,015 9,543
Other loans 19,847 42,235
Trade creditors 65,879 24,175
Social security and other taxes 145,953 191,981
VAT 78,903 -
Other creditors 8,466 31,689
Accrued expenses 53,935 79,353
385,998 378,976

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Loan - 1-2 years 75,202 52,803
Director's loan account 182,118 82,372
Former directors' loan
accounts 7,638 7,638
264,958 142,813

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: £    £   
1,800,000 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.