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Registration number: SC204703

Pixel Image Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pixel Image Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

Accountants' Report

11

 

Pixel Image Limited

Company Information

Directors

Mrs Catriona Smith

Mr Stephen Smith

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Pixel Image Limited

(Registration number: SC204703)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

80,000

90,000

Tangible assets

5

3,898

4,820

Other financial assets

6

5,799

5,799

 

89,697

100,619

Current assets

 

Stocks

7

150,913

-

Debtors

8

147,664

87,825

Cash at bank and in hand

 

66,220

173,858

 

364,797

261,683

Creditors: Amounts falling due within one year

9

(382,988)

(303,609)

Net current liabilities

 

(18,191)

(41,926)

Total assets less current liabilities

 

71,506

58,693

Creditors: Amounts falling due after more than one year

9

(66,858)

(31,668)

Provisions for liabilities

(858)

(915)

Net assets

 

3,790

26,110

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,690

26,010

Shareholders' funds

 

3,790

26,110

For the financial year ending 31 March 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 5 November 2024 and signed on its behalf by:
 

 

Pixel Image Limited

(Registration number: SC204703)
Balance Sheet as at 31 March 2024

.........................................
Mrs Catriona Smith
Director

 

Pixel Image Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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.

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.

Tax

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

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Pixel Image Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Furniture and fittings

Reducing balance at 25%

Office equipment

Cost at 33%

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

Development costs

Cost at 33%

Intangible assets

Cost at 10%

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Pixel Image Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either 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.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 12).

 

Pixel Image Limited

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

4

Intangible assets

Development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

181,292

100,000

281,292

At 31 March 2024

181,292

100,000

281,292

Amortisation

At 1 April 2023

181,292

10,000

191,292

Amortisation charge

-

10,000

10,000

At 31 March 2024

181,292

20,000

201,292

Carrying amount

At 31 March 2024

-

80,000

80,000

At 31 March 2023

-

90,000

90,000

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

4,542

100,001

104,543

Additions

1,849

-

1,849

At 31 March 2024

6,391

100,001

106,392

Depreciation

At 1 April 2023

2,886

96,837

99,723

Charge for the year

876

1,895

2,771

At 31 March 2024

3,762

98,732

102,494

Carrying amount

At 31 March 2024

2,629

1,269

3,898

At 31 March 2023

1,656

3,164

4,820

 

Pixel Image Limited

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

6

Other financial assets (current and non-current)

Other investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

5,799

5,799

At 31 March 2024

5,799

5,799

Impairment

Carrying amount

At 31 March 2024

5,799

5,799

7

Stocks

2024
£

2023
£

Work in progress

150,913

-

8

Debtors

Current

2024
£

2023
£

Trade debtors

127,762

83,418

Other debtors

19,902

4,407

 

147,664

87,825

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

26,271

21,922

Trade creditors

 

11,589

-

Taxation and social security

 

84,449

81,814

Accruals and deferred income

 

6,122

24,723

Other creditors

 

254,557

175,150

 

382,988

303,609

 

Pixel Image Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

66,858

31,668

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,561

23,376

Other borrowings

44,297

8,292

66,858

31,668

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

Other borrowings

15,623

11,274

26,271

21,922

11

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mrs Catriona Smith

Loan

-

9,951

9,951

Mr Stephen Smith

Loan

-

9,951

9,951

 

Pixel Image Limited

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

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mrs Catriona Smith

Loan

9,516

(9,516)

-

Mr Stephen Smith

Loan

9,516

(9,516)

-

The directors have confirmed that the loan will be repaid in full within nine months of the company's year end.

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mrs Catriona Smith

-

393

Mr Stephen Smith

-

392

 

-

785

The maximum balance outstanding during the year amounted to £785.

The directors current accounts are repayable on demand.

Summary of transactions with other related parties

Other creditors include an amount of £245,351 (2023: £166,008) which is owed to a related company, Pixel Image (INDIA) Private Ltd, in which the company has invested.

 The above loan is repayable on demand.
 

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pixel Image Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pixel Image Limited for the year ended 31 March 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Pixel Image Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pixel Image Limited and state those matters that we have agreed to state to the Board of Directors of Pixel Image Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pixel Image Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pixel Image Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pixel Image Limited. You consider that Pixel Image Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pixel Image Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

5 November 2024