Rawpixel Ltd 09391487 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is photography and print production and services Digita Accounts Production Advanced 6.30.9574.0 true true true 09391487 2023-02-01 2024-01-31 09391487 2024-01-31 09391487 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-01-31 09391487 core:CurrentFinancialInstruments 2024-01-31 09391487 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09391487 core:Non-currentFinancialInstruments 2024-01-31 09391487 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09391487 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 09391487 core:OtherResidualIntangibleAssets 2024-01-31 09391487 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 09391487 core:FurnitureFittingsToolsEquipment 2024-01-31 09391487 bus:SmallEntities 2023-02-01 2024-01-31 09391487 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09391487 bus:FilletedAccounts 2023-02-01 2024-01-31 09391487 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09391487 bus:RegisteredOffice 2023-02-01 2024-01-31 09391487 bus:Director1 2023-02-01 2024-01-31 09391487 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09391487 core:ComputerSoftware 2023-02-01 2024-01-31 09391487 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 09391487 core:IntangibleAssetsOtherThanGoodwill 2023-02-01 2024-01-31 09391487 core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 09391487 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-01 2024-01-31 09391487 core:ComputerEquipment 2023-02-01 2024-01-31 09391487 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 09391487 core:OtherRelatedParties 2023-02-01 2024-01-31 09391487 core:Subsidiary1 2023-02-01 2024-01-31 09391487 countries:EnglandWales 2023-02-01 2024-01-31 09391487 2023-01-31 09391487 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 09391487 core:OtherResidualIntangibleAssets 2023-01-31 09391487 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 09391487 core:FurnitureFittingsToolsEquipment 2023-01-31 09391487 2022-02-01 2023-01-31 09391487 2023-01-31 09391487 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-01-31 09391487 core:CurrentFinancialInstruments 2023-01-31 09391487 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09391487 core:Non-currentFinancialInstruments 2023-01-31 09391487 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09391487 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 09391487 core:OtherResidualIntangibleAssets 2023-01-31 09391487 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 09391487 core:CostValuation 2023-01-31 09391487 core:FurnitureFittingsToolsEquipment 2023-01-31 09391487 core:Subsidiary1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 09391487



Rawpixel Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Rawpixel Ltd

(Registration number: 09391487)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,029,344

1,377,388

Tangible assets

5

4,102

7,448

Investments

6

43,427

43,427

Other financial assets

7

44,772

44,772

 

2,121,645

1,473,035

Current assets

 

Debtors

8

124,176

137,758

Cash at bank and in hand

 

710,269

735,416

 

834,445

873,174

Creditors: Amounts falling due within one year

9

(763,316)

(775,479)

Net current assets

 

71,129

97,695

Total assets less current liabilities

 

2,192,774

1,570,730

Creditors: Amounts falling due after more than one year

9

(1,587,078)

(604,654)

Net assets

 

605,696

966,076

Capital and reserves

 

Called up share capital

240

240

Retained earnings

605,456

965,836

Shareholders' funds

 

605,696

966,076

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

L L Churchill
Director

   
     
 

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hanover Green Studios
Hanover
Redmarley
Gloucester
GL19 3JZ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33.33/25% Straight line

Intangible assets

Intangible assets comprise trademark, capitalised images and image management software costs. These costs have a finite useful life and are carried at cost less accumulated amortisation and any impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Image management software

33% Straight line

Trademarks

Over 8/10 years

Capitalised images

10% Straight line

Investments

Investments in rare books are classified at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

4

Intangible assets

Trademarks
 £

Capitalised images
 £

Image management software
 £

Total
£

Cost

At 1 February 2023

4,636

1,373,561

876,391

2,254,588

Additions acquired separately

-

944,524

68,997

1,013,521

At 31 January 2024

4,636

2,318,085

945,388

3,268,109

Amortisation

At 1 February 2023

2,250

223,397

651,553

877,200

Amortisation charge

500

191,333

169,732

361,565

At 31 January 2024

2,750

414,730

821,285

1,238,765

Carrying amount

At 31 January 2024

1,886

1,903,355

124,103

2,029,344

At 31 January 2023

2,386

1,150,164

224,838

1,377,388

 

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 February 2023

55,538

Additions

1,765

At 31 January 2024

57,303

Depreciation

At 1 February 2023

48,090

Charge for the year

5,111

At 31 January 2024

53,201

Carrying amount

At 31 January 2024

4,102

At 31 January 2023

7,448

 

6

Investments

2024
£

2023
£

Investments in associates

43,427

43,427

Associates

£

Cost

At 1 February 2023 and 31 January 2024

43,427

Carrying amount

At 31 January 2024

43,427

At 31 January 2023

43,427

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Photomorphic Services Company Limited

Thailand

Common shares

39.5%

39.5%

 

     

Subsidiary undertakings

Photomorphic Services Company Limited

The principal activity of Photomorphic Services Company Limited is photography production and editing.

 

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

7

Other financial assets

Rare Books
£

Non-current financial assets

Cost or valuation

At 1 February 2023

44,772

At 31 January 2024

44,772

Carrying amount

At 31 January 2024

44,772

At 31 January 2023

44,772

 

8

Debtors

2024
£

2023
£

Prepayments

12,924

6,858

Other debtors

19,894

15,874

Accrued income

91,358

115,026

124,176

137,758

 

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

455,078

428,841

Trade creditors

 

14,794

9,415

Accrued expenses

 

110,246

78,606

Other creditors

 

13,821

12,507

Deferred income

 

169,377

246,110

 

763,316

775,479

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,587,078

604,654

 

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

388,983

362,746

Other borrowings

66,095

66,095

455,078

428,841

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,587,078

604,654

 

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,028 (2023 - £9,064).

 

12

Related party transactions

Summary of transactions with other related parties


At 31 January 2024, the company owed the director L Churchill £16,095 (2023: £16,095) in the form of a director's loan account. No interest is charged and it is repayable on demand.