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REGISTERED NUMBER: 11948926 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PIXLEE TURNTO LTD.

PIXLEE TURNTO LTD. (REGISTERED NUMBER: 11948926)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PIXLEE TURNTO LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: U P D Bennfors
O Hecht



REGISTERED OFFICE: 3rd Floor 1 Ashley Road
Altrincham
Chesire
WA14 2DT



REGISTERED NUMBER: 11948926 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Roy Davis FCA



AUDITORS: WD Audit Limited (Statutory Auditor)
5th Floor
111 Charterhouse Street
London
EC1M 6AW

PIXLEE TURNTO LTD. (REGISTERED NUMBER: 11948926)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 4 158,561 121,928
Cash at bank 53,144 16,982
211,705 138,910
CREDITORS
Amounts falling due within one year 5 (87,222 ) (67,313 )
NET CURRENT ASSETS 124,483 71,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

124,483

71,597

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Other reserves 1,211 1,211
Retained earnings 122,272 69,386
124,483 71,597

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





U P D Bennfors - Director


PIXLEE TURNTO LTD. (REGISTERED NUMBER: 11948926)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Pixlee Turnto 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
The Company is contracted with its immediate and ultimate parent company to provide sales and marketing services in the UK. The turnover represents revenue under the terms of the services agreement which is on a cost-plus basis. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1. the amount of revenue can be measured reliably;
2. it is probable that the Company will receive the consideration due under the contract;
3. the stage of completion of the contract at the end of the reporting period can be measured reliably; and
4. the costs incurred and the costs to complete the contract can be measured reliably.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

PIXLEE TURNTO LTD. (REGISTERED NUMBER: 11948926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Interest Income
Interest income is recognised in profit or loss using the effective interest method.

PIXLEE TURNTO LTD. (REGISTERED NUMBER: 11948926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 147,770 112,099
Other debtors 10,791 9,829
158,561 121,928

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 29,781 8,682
Taxation and social security 12,959 10,529
Other creditors 44,482 48,102
87,222 67,313

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis FCA (Senior Statutory Auditor)
for and on behalf of WD Audit Limited (Statutory Auditor)

PIXLEE TURNTO LTD. (REGISTERED NUMBER: 11948926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,482 (£17,846). Contributions totalling £4,080 (£4,080) were payable to the fund at the balance sheet date and are included in creditors.

8. RELATED PARTY DISCLOSURES

The total transaction with Pixlee TurnTo, Inc (Parent Company) was £848,731. At the financial year end the company was owed £1,085,656. by Pixlee TurnTo, Inc (Parent Company).

9. ULTIMATE CONTROLLING PARTY

The Company is wholly owned subsidiary of TurnTo Networks, Inc., a company incorporated in the United States of America. Pixlee TurnTo, Inc. is considered to be the parent company. The smallest group in which the results of the Company were consolidated as at 31 December 2022 was that headed by TurnTo Networks, Inc., with its registered office at 2443 Fillmore St, #380-18365, San Francisco, CA 94115, United States of America.

Pixlee TurnTo, Inc was acquired by Emplifi Inc in November 2022 which is considered the Ultimate parent company.

10. SHARE-BASED PAYMENT

The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

11. RESERVES

Retained earnings - represents accumulated profits and losses net of distribution to owners.

Other reserves - represents capital contributions in connection with the recharged
share-based payment expenses from TurnTo Nertworks Inc to employees of Pixlee TurnTo Limited.