Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11840479 2023-03-01 2024-02-29 11840479 2022-03-01 2023-02-28 11840479 2024-02-29 11840479 2023-02-28 11840479 c:Director1 2023-03-01 2024-02-29 11840479 d:CurrentFinancialInstruments 2024-02-29 11840479 d:CurrentFinancialInstruments 2023-02-28 11840479 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11840479 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11840479 d:ShareCapital 2024-02-29 11840479 d:ShareCapital 2023-02-28 11840479 d:RetainedEarningsAccumulatedLosses 2024-02-29 11840479 d:RetainedEarningsAccumulatedLosses 2023-02-28 11840479 c:FRS102 2023-03-01 2024-02-29 11840479 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11840479 c:FullAccounts 2023-03-01 2024-02-29 11840479 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11840479 6 2023-03-01 2024-02-29 11840479 e:USDollar 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 11840479









INTELLECTUAL PIXELS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
INTELLECTUAL PIXELS LIMITED
REGISTERED NUMBER: 11840479

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
$
$

Fixed assets
  

Investments
 4 
368,000
368,000

  
368,000
368,000

Current assets
  

Debtors: amounts falling due within one year
 5 
375,566
358,787

Cash at bank and in hand
 6 
9,870
10,669

  
385,436
369,456

Creditors: amounts falling due within one year
 7 
(685,340)
(652,397)

Net current liabilities
  
 
 
(299,904)
 
 
(282,941)

Total assets less current liabilities
  
68,096
85,059

  

Net assets
  
68,096
85,059

Page 1

 
INTELLECTUAL PIXELS LIMITED
REGISTERED NUMBER: 11840479
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
$
$

Capital and reserves
  

Called up share capital 
  
130,663
130,663

Profit and loss account
  
(62,567)
(45,604)

  
68,096
85,059


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




O Kent
Director

Date: 21 November 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
INTELLECTUAL PIXELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Intellectual Pixels Limited ("the Company") is a company incorporated in the United Kingdom under the Companies Act. 
The Company is a private company limited by shares and is registered in England and Wales. The Company's registered office is 4 Windlebrook Park, Longcross Road, Chertsey, Surrey KT16 0DN.
The principal activity of the company in the year under review was that of monetarising patents.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD and financial statements are rounded to the nearest $.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
INTELLECTUAL PIXELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

 
2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

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
Page 4

 
INTELLECTUAL PIXELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Fixed asset investments








Investments in subsidiary companies

$



Cost or valuation


At 1 March 2023
368,000



At 29 February 2024
368,000





5.


Debtors

29 February
28 February
2024
2023
$
$


Other debtors
200,075
200,200

Called up share capital not paid
130,663
130,663

Prepayments and accrued income
44,828
27,924

375,566
358,787


Page 5

 
INTELLECTUAL PIXELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Cash and cash equivalents

29 February
28 February
2024
2023
$
$

Cash at bank and in hand
9,870
10,669



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
$
$

Trade creditors
14,541
176,141

Amounts owed to group undertakings
1,756
1,756

Other creditors
492,736
346,562

Accruals and deferred income
176,307
127,938

685,340
652,397



8.


Controlling party

The ultimate controlling party is O Kent

 
Page 6