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Registration number: 12543942

Pigment Global Limited

Annual Report and Financial Statements

for the Period from 1 January 2023 to 31 January 2024




 

 

Pigment Global Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 20

Detailed Profit and Loss Account

21 to 23

 

Pigment Global Limited

Company Information

Directors

R Niccoli

E Crespo

Registered office

Huckletree
199 Bishopsgate
Broadgate
London
EC2M 3TY

Bankers

Revolut Business
7 Westferry Circus
London
E14 4HD

Auditors

Baker Tilly Ireland Audit Limited
Chartered Certified Accountants and Statutory Auditors
9 Exchange Place
International Financial Service Centre
Dublin 1

 

Pigment Global Limited

Directors' Report for the Period from 1 January 2023 to 31 January 2024

The directors present their report and the financial statements for the period from 1 January 2023 to 31 January 2024.

Directors of the company

The directors who held office during the period were as follows:

R Niccoli

E Crespo

Principal activity

The principal activity of the company is software development.


Restatement of prior period financial statements
These financial statements include revisions to the financial statements for the year ended 31 December 2022 which were approved by the board on 18 July 2023. The statutory financial statements for the period 31 December 2022 have not been revised and replaced.

The amendment made is to recognise a share option charge in the year to 31 December 2022, as this had been omitted on the original financial statements to 31 December 2022. As a result this amendment reduces the company's profit after tax for the period ended 31 December 2022 from £177,027 (as previously reported) to a loss after tax for the period ended 31 December 2022 of £320,970. Total creditors as reported on the balance sheet at 31 December 2022 increases from £845,963 (as previously reported) to £172,534 (due within 1 year) and £1,171,426 (due after 1 year).

Political donations

During the period the Company did not make any political donations (2022: nil).

Important events after the financial period

There are no significant adjusting or non-adjusting events after the financial period to report.

Disclosure of information to the auditors

In accordance with Section 418 of the Companies Act 2006, each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.


Auditors
Pursuant to Section 485 of the Companies Act 2006, Baker Tilly Ireland Audit Limited have been appointed and are therefore in office as auditors.

Roberts Nathan resigned as auditors since the financial period end and the directors appointed Baker Tilly Ireland Audit Limited, (Chartered Certified Accountants), to fill the vacancy.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

 

Pigment Global Limited

Directors' Report for the Period from 1 January 2023 to 31 January 2024

.........................................
R Niccoli
Director

 

Pigment Global Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Pigment Global Limited

Independent Auditor's Report to the Members of Pigment Global Limited

Opinion

We have audited the financial statements of Pigment Global Limited (the 'company') for the period from 1 January 2023 to 31 January 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Pigment Global Limited

Independent Auditor's Report to the Members of Pigment Global Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Pigment Global Limited

Independent Auditor's Report to the Members of Pigment Global Limited

Performing analytical procedures to identify any unusual or unexpected relationship that may be indicate risk of a material misstatement due to fraud or error.

Enquiring of management concerning actual and potential claims that may be indicate risk of a material misstatement due to fraud or error.

Enquiring of management concerning actual and potential claims or instances of fraud or theft:

Reviewing correspondence with HMRC, and the company's legal advisors.

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as the body, for our audit work, for this report, or for the opinions we have formed. The report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matter we required to state to them in a Report of the Auditors and for no other purpose.

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (Ireland), we exercise professional judgement and maintain professional; scepticism throughout the audit. We also:

Identify and assess the risk of material misstatements of the financial statements, whether due to fraud or error, design and perform audit responsive to those risk, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting as material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,forgery,international omissions, misrepresentations, or the override of internal control.

......................................
Aidan Scollard (Senior Statutory Auditor)
For and on behalf of Baker Tilly Ireland Audit Limited, Statutory Auditor

Chartered Certified Accountants and Statutory Auditors
9 Exchange Place
International Financial Service Centre
Dublin 1

30 October 2024

 

Pigment Global Limited

Profit and Loss Account for the Period from 1 January 2023 to 31 January 2024

Note

31 January
2024
£

(As restated)

31 December
2022
£

Turnover

 

9,595,522

3,638,997

Gross profit

 

9,595,522

3,638,997

Administrative expenses

 

(9,142,817)

(3,762,787)

Operating profit/(loss)

 

452,705

(123,790)

Interest payable and similar expenses

 

(204,208)

(197,180)

Profit/(loss) before tax

4

248,497

(320,970)

Profit/(loss) for the financial period

 

248,497

(320,970)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Pigment Global Limited

Statement of Comprehensive Income for the Period from 1 January 2023 to 31 January 2024

31 January
2024
£

(As restated)

31 December
2022
£

Profit/(loss) for the period

248,497

(320,970)

Total comprehensive income for the period

248,497

(320,970)

 

Pigment Global Limited

(Registration number: 12543942)
Balance Sheet as at 31 January 2024

Note

31 January
2024
£

(As restated)

31 December
2022
£

Fixed assets

 

Tangible assets

7

94,071

43,198

Debtors

8

336,114

-

 

430,185

43,198

Current assets

 

Debtors

8

602,611

289,580

Cash at bank and in hand

 

174,950

472,393

 

777,561

761,973

Creditors: Amounts falling due within one year

9

(1,498,038)

(172,534)

Net current (liabilities)/assets

 

(720,477)

589,439

Total assets less current liabilities

 

(290,292)

632,637

Creditors: Amounts falling due after more than one year

9

-

(1,171,426)

Net liabilities

 

(290,292)

(538,789)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(290,293)

(538,790)

Shareholders' deficit

 

(290,292)

(538,789)

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.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
R Niccoli
Director

 

Pigment Global Limited

Statement of Changes in Equity for the Period from 1 January 2023 to 31 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

(538,790)

(538,789)

Profit for the period

-

248,497

248,497

At 31 January 2024

1

(290,293)

(290,292)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

(217,820)

(217,819)

Loss for the period

-

(320,970)

(320,970)

At 31 December 2022

1

(538,790)

(538,789)

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

1

General information

Pigment Global Limited is a private company, limited by shares, registered in England. 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 (£).

These financial statements were authorised for issue by the Board on 30 October 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Disclosure of long or short period

The company's accounting reference date has been extended to 31st January 2024, as required by the directors. Therefore these financial statements are for a 13 month period and not comparable to the previous period.

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

Critical accouting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates..

Adjusting events after the financial period

There are no significant adjusting or non-adjusting events after the financial period to report.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments" of FRS 102 to all of its financial instruments.
 Recognition and measurement
Financial instruments are recognised in the Company’s Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company’s cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

 

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

33% straight line method

Furniture and fittings

10% straight line method

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Debtors receivable after more than one year
Debtors with no stated interest rate and receivable after more than one year are recorded at transaction price as a non-current asset. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
 

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024


Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
 

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.

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.

Share based payments

The Group operates an equity-settled, share based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 50 (2022 - 24).

4

Profit/loss before tax

Arrived at after charging/(crediting)

31 January
2024
£

31 December
2022
£

Depreciation expense

34,563

14,316

5

Taxation

Factors that may affect future tax charges include the trading tax losses carried forward from the period ended 31 January 2024 totalling £356,865, which may reduce the Company's tax liability on profits generated from the same trade in future periods.

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

6

Prior period restatement

During the year, the Company discovered that a share option charge had been omitted in its financial statements to 31 December 2022. As a consequence, administrative expenses had been understated. This error has been corrected by restating each of the affected financial statement line items for the prior period. The following tables summarise the impacts on the Company's financial statements:
 

Balance Sheet at 31 December 2022

As previously reported

Adjustment

As restated

Fixed Assets

£43,198

-

£43,198

Current Assets

£761,973

-

£761,973

Creditors (due within one year)

(£172,534)

-

(£172,534)

Creditors (due after one year)

(£673,429)

(£497,997)

(£1,171,426)

Net Liabilities

(£40,792)

(£497,997)

(£538,789)

Capital and Reserves

(£40,792)

(£497,997)

(£538,789)



 

Profit and Loss Account for the YE 31 December 2022

As previously reported

Adjustment

As restated

Turnover

£3,638,997

-

£3,638,997

Gross profit

£3,638,997

-

£3,638,997

Administrative expenses

(£3,264,790)

(£497,997)

(£3,762,787)

Operating profit/(loss)

£374,207

(£497,997)

(£123,790)

Interest payable and similar expenses

(£197,180)

-

(£197,180)

Profit/(loss) before tax

£177,027

(£497,997)

(£320,970)

Profit/(loss) for the financial year

£177,027

(£497,997)

(£320,970)

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

7

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

59,533

59,533

Additions

85,436

85,436

At 31 January 2024

144,969

144,969

Depreciation

At 1 January 2023

16,335

16,335

Charge for the period

34,563

34,563

At 31 January 2024

50,898

50,898

Carrying amount

At 31 January 2024

94,071

94,071

At 31 December 2022

43,198

43,198

8

Debtors

Current

31 January
2024
£

31 December
2022
£

Prepayments

141,025

29,085

Other debtors

461,586

260,495

 

602,611

289,580


 

Non-current

Note

31 January
2024
£

31 December
2022
£

Amounts owed by related parties

13

336,114

-

   

336,114

-

Details of non-current trade and other debtors

£336,114 (2022 -£1,171,426 credit balance) of Loan to group undertaking is classified as non current. This comprises of a mutual loan between the Company and the parent company, Pigment SAS, which is interest bearing based on the current French interest rate. There is no pre-determined repayment date.

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

9

Creditors

Creditors: amounts falling due within one year

31 January
2024
£

31 December
2022
£

Due within one year

Trade creditors

3,321

54,669

Taxation and social security

195,641

98,338

Accruals and deferred income

1,270,763

4,585

Other creditors

28,313

14,942

1,498,038

172,534

Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
The term of the accruals and deferred income are based on the underlying contracts.
 

Creditors: amounts falling due after more than one year

31 January
2024
£

(As restated)

31 December
2022
£

Due after one year

Amounts owed to group undertakings

-

1,171,426

10

Share capital

Allotted, called up and fully paid shares

 

31 January
2024

31 December
2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

11

Going concern

On 31 January 2024, the Company had net liabilities. Despite this, the board of directors consider the Company to be a going concern because it continues to be financially supported by the Company's parent company, Pigment SAS.

12

Share based payments

Pigment SAS has share option schemes which are open to employees of the Company at the discretion of the President. The schemes are either tax-advantaged discretionary share option plan or non-tax advantaged discretionary share option plan under which Pigment SAS may grant share options of Pigment SAS to employees if certain conditions are met.

The schemes all include time-based vesting conditions pursuant to which the only vesting requirement is that the option holder remains in employment with the Group for a certain duration of time. The share options may be exercised from the date that they vest until either (x) 3 months after the option holder ceases employment or (y) the 10th anniversary of the date of the grant.

The movements in the number of share options during the year were as follows:

 

1 Jan 2023 - 31 Jan 2024

1 Jan 2022 - 31 Dec 2022

Number

Number

Outstanding, start of period

1,724,718

1,478,718

Granted during the period

1,753,657

311,000

Forfeited during the period

30,313

65,000

Exercised during the period

147,744

-

Outstanding, end of period

3,300,318

1,724,718

Share options granted in the period 1 January 2023 to 31 January 2024 used the following relevant exercise prices:
 

Name of plan

Transaction date

Amount granted

Exercise price

Options UK 2023

9 March 2023

1,491,000

€1,06

Options 2023-4 (UK)

22 September 2023

262,657

€1,49

The total expense recognised in profit or loss for the period was £1,087,608 (2022: £497,997).

The cumulative amount (£1,585,605) charged to profit or loss in respect of employee share option arrangements that have not yet been settled by awarding shares to individuals form part of the loan due from the parent company, Pigment SAS, and as such is recognised as a non-current asset (as specified in note 8 ).

 

Pigment Global Limited

Notes to the Financial Statements for the Period from 1 January 2023 to 31 January 2024

13

Related party transactions

The Company has taken advantage of the exemption in Section 33.1A of FRS 102 Related Party Transactions, from disclosing transactions with other members of the Group.

14

Parent and ultimate parent undertaking

The Company's immediate parent is Pigment SAS (formerly known as Strana SAS), incorporated in France.

 

Pigment Global Limited

Detailed Profit and Loss Account for the Period from 1 January 2023 to 31 January 2024

1 January 2023 to 31 January 2024
 £

(As restated)
Year ended 31 December 2022
 £

Turnover (analysed below)

9,595,522

3,638,997

Gross profit (%)

100%

100%

Administrative expenses

Employment costs (analysed below)

(8,230,965)

(3,224,455)

Establishment costs (analysed below)

(413,697)

(135,110)

General administrative expenses (analysed below)

(449,116)

(377,893)

Finance charges (analysed below)

(14,476)

(11,013)

Depreciation costs (analysed below)

(34,563)

(14,316)

(9,142,817)

(3,762,787)

Operating profit/(loss)

452,705

(123,790)

Interest payable and similar charges (analysed below)

(204,208)

(197,180)

Profit/(loss) before tax

248,497

(320,970)

 

Pigment Global Limited

Detailed Profit and Loss Account for the Period from 1 January 2023 to 31 January 2024

31 January
2024
£

31 December
2022
£

   

Turnover

Sales

9,595,522

3,638,997

   

Employment costs

Wages and salaries (excluding directors)

(6,053,436)

(2,254,512)

Staff NIC (Employers)

(763,813)

(302,347)

Staff pensions (Defined contribution)

(150,308)

(67,521)

Life insurance

(47,146)

(12,041)

Medical insurance

(92,302)

(41,519)

Recruitment costs

(30,626)

(44,810)

Share option charge

(1,087,607)

(497,998)

Staff training

(2,020)

(603)

Staff welfare

(3,707)

(3,104)

(8,230,965)

(3,224,455)

   

Establishment costs

Rent

(413,697)

(135,110)

   

General administrative expenses

Telephone and fax

(3,250)

(85)

Office expenses

(6,582)

(6,620)

Computer software and maintenance costs

(18,773)

(29,680)

Travel and subsistence

(115,288)

(93,062)

Advertising

(17,785)

(2,027)

Promotional expenses

(9,568)

(40,169)

Events and conferences

(151,290)

(63,482)

Entertaining

(55,931)

(9,405)

Accountancy fees

(12,830)

(10,130)

Consulting

(3,571)

(8,483)

Insurance

(3,667)

(2,266)

Legal and professional fees

(50,581)

(112,484)

(449,116)

(377,893)

   

Finance charges

Bank charges

(14,476)

(11,013)

   

Depreciation costs

Depreciation

(34,563)

(14,316)

 

Pigment Global Limited

Detailed Profit and Loss Account for the Period from 1 January 2023 to 31 January 2024

31 January
2024
£

31 December
2022
£

   

Interest payable and similar expenses

Other loan interest

(186,538)

(29,185)

Other interest payable

(2,406)

(5,504)

Foreign currency (gains)/losses

(15,264)

(162,491)

(204,208)

(197,180)