0 13/06/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-06-13 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 14865045 2023-06-13 2024-08-31 14865045 2024-08-31 14865045 2023-06-12 14865045 bus:RegisteredOffice 2023-06-13 2024-08-31 14865045 bus:LeadAgentIfApplicable 2023-06-13 2024-08-31 14865045 bus:Director1 2023-06-13 2024-08-31 14865045 bus:Director2 2023-06-13 2024-08-31 14865045 bus:Director3 2023-06-13 2024-08-31 14865045 core:IntangibleAssetsOtherThanGoodwill 2024-08-31 14865045 core:ShareCapital 2023-06-13 2024-08-31 14865045 core:RetainedEarningsAccumulatedLosses 2023-06-13 2024-08-31 14865045 core:WithinOneYear 2024-08-31 14865045 core:ShareCapital 2024-08-31 14865045 core:RetainedEarningsAccumulatedLosses 2024-08-31 14865045 core:PreviouslyStatedAmount core:ShareCapital 2024-08-31 14865045 bus:Director2 2024-08-31 14865045 bus:Director3 2024-08-31 14865045 bus:SmallEntities 2023-06-13 2024-08-31 14865045 bus:AuditExempt-NoAccountantsReport 2023-06-13 2024-08-31 14865045 bus:SmallCompaniesRegimeForAccounts 2023-06-13 2024-08-31 14865045 bus:PrivateLimitedCompanyLtd 2023-06-13 2024-08-31 14865045 bus:FullAccounts 2023-06-13 2024-08-31
Company registration number: 14865045
PXC Ltd
Unaudited filleted financial statements
31 August 2024
PXC Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PXC Ltd
Directors and other information
Directors Mr S Phillips
Mr C Phillips (Appointed 10 November 2023)
Mr R Walker (Appointed 1 November 2023)
Company number 14865045
Registered office Hare Street
Buntingford
Hertfordshire
SG8 0EA
Accountant Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
PXC Ltd
Statement of financial position
31 August 2024
31/08/24
Note £ £
Fixed assets
Intangible assets 4 24,333
_______
24,333
Current assets
Debtors 5 ( 115,698)
Cash at bank and in hand 846
_______
( 114,852)
Creditors: amounts falling due
within one year 6 ( 1,620)
_______
Net current liabilities ( 116,472)
_______
Total assets less current liabilities ( 92,139)
_______
Net liabilities ( 92,139)
_______
Capital and reserves
Called up share capital 1
Profit and loss account ( 92,140)
_______
Shareholders deficit ( 92,139)
_______
For the period ending 31 August 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr S Phillips
Director
Company registration number: 14865045
PXC Ltd
Statement of changes in equity
Period ended 31 August 2024
Called up share capital Profit and loss account Total
£ £ £
At 13 June 2023 - - -
Loss for the period ( 92,140) ( 92,140)
_______ _______ _______
Total comprehensive income for the period - ( 92,140) ( 92,140)
Issue of shares 1 1
_______ _______ _______
Total investments by and distributions to owners 1 - 1
_______ _______ _______
At 31 August 2024 1 ( 92,140) ( 92,139)
_______ _______ _______
PXC Ltd
Notes to the financial statements
Period ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is M J Warner, Hare Street, Buntingford, Hertfordshire, SG8 0EA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Intangible assets
Other intangible assets Total
£ £
Cost
At 13 June 2023 - -
Additions 24,333 24,333
_______ _______
At 31 August 2024 24,333 24,333
_______ _______
Amortisation
At 13 June 2023 and 31 August 2024 - -
_______ _______
Carrying amount
At 31 August 2024 24,333 24,333
_______ _______
5. Debtors
31/08/24
£
Other debtors ( 115,698)
_______
6. Creditors: amounts falling due within one year
31/08/24
£
Other creditors 1,620
_______
7. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Year ended 31/08/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr C Phillips - ( 14,836) ( 14,836)
Mr R Walker - ( 2,988) ( 2,988)
_______ _______ _______
- ( 17,824) ( 17,824)
_______ _______ _______