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Registered number: 07339618
Painting Pixels Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Suffolk Tax Accountants Ltd
Hadleigh Office
9 Byford Court
Crockatt Road
Hadleigh, Ipswich
IP7 6RD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07339618
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,917 5,131
4,917 5,131
CURRENT ASSETS
Debtors 5 58,825 45,200
Cash at bank and in hand 734 4,626
59,559 49,826
Creditors: Amounts Falling Due Within One Year 6 (44,180 ) (31,047 )
NET CURRENT ASSETS (LIABILITIES) 15,379 18,779
TOTAL ASSETS LESS CURRENT LIABILITIES 20,296 23,910
Creditors: Amounts Falling Due After More Than One Year 7 (19,262 ) (22,621 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (934 ) (975 )
NET ASSETS 100 314
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account - 214
SHAREHOLDERS' FUNDS 100 314
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Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alamgir Miah
Director
29th August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Painting Pixels Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07339618 . The registered office is Leiston Enterprise Centre, Eastlands Industrial Estate, Leiston, IP16 4US.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2022 23,897 1,071 24,968
Additions 1,140 285 1,425
As at 31 August 2023 25,037 1,356 26,393
Depreciation
As at 1 September 2022 19,400 437 19,837
Provided during the period 1,409 230 1,639
As at 31 August 2023 20,809 667 21,476
Net Book Value
As at 31 August 2023 4,228 689 4,917
As at 1 September 2022 4,497 634 5,131
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 52,557 24,794
Other debtors 6,268 20,406
58,825 45,200
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 4,967
Bank loans and overdrafts 3,121 3,039
Other creditors 8,395 5,289
Taxation and social security 32,664 17,752
44,180 31,047
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 19,262 22,621
19,262 22,621
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2022 Amounts advanced Amounts repaid Amounts written off As at 31 August 2023
£ £ £ £ £
Mr Alamgir Miah 20,406 18,815 33,753 - 5,468
No S455 tax has been charged on the balance as this has been repaid within 9 months of the year end. 
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