Pixid Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 02207340 (England and Wales)
Pixid Limited
Contents
Page
Directors' report
1 - 3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 13
Pixid Limited
Directors' Report
For the year ended 31 December 2024
Page 1
The directors present their annual report and financial statements for the year ended 31 December 2024.
The principal activity of the company during the year continues to be that of online recruitment and related internet technology services (software as a service - SaaS). The results for the year and financial position of the company are as shown in the annexed financial statements.
Business Review
The business of the company continues to be the sale of internet-based recruitment and related solutions for major employers and primarily recruitment agencies supplying into both the public and private sectors on an international basis. The introduction of our fast-to-deploy agency led vendor management system (PixidVMS) continues to gain significant traction and has been successfully deployed in more than 30 countries including UK. This follows significant financial investment in ongoing product development and additional resource. In the short term significant planned investment by the Company continued to impact on profitability and created a deficit.
In July 2024, Pixid Group acquired VectorVMS for $50 million USD, a global platform developed in the USA and with a portion of its operations in the UK. Part of this transaction consisted of an asset deal in the UK, where the company took over all the UK customers contracts and a team of new employees. The revenue from these existing substantial blue-chip customers has positively impacted the company from 1st July, and the company will benefit further as VectorVMS operations outside of the USA are planned to be run by the company from the UK.
Management are very confident of a successful 2025, both PixidVMS and VectorVMS start the year with a full pipeline and anticipate increased traction, new business and growing revenue throughout the year ahead. The company’s strategy is now focusing on the sale of these two complementary VMS solutions. Significantly our PixidVMS remains as the only mid-market VMS platform to offer full 2-way integration with a world leading global recruitment agency CRM/ATS. With the addition of VectorVMS we can now address the needs of much larger and complex opportunities with significant revenue potential.
Company operations are centralised in our offices in the City of London, directly opposite Liverpool Street Station. This central location impacts positively on new business and our ability to recruit good talent.
Pixid Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 2
Pixid Limited's perspectives within Pixid Group
Pixid Group (www.pixid.com) is a Global leading provider of SaaS HCM (Human Capital Management) solutions enabling clients to securely underpin and optimise their end to end multi channel sourcing and recruitment management of permanent and flexible workforces throughout major European markets and with a significant presence in the USA.
Pixid Group’s systems provide distinct services:
Vendor Management System (VMS) : Innovative, cloud based workforce management solutions allowing businesses, staffing agencies and MSPs (managed service providers) to maximize productivity, efficiency, compliance and profitability through use of streamlined processes and enhanced analytics;
Pixid Group’s proprietary technology is currently responsible for:
One out of every three temporary/contingent worker positions in France is managed on the Pixid platform
Over 280,000 worker assignments in more than 30 countries are managed every day on the Pixid platform.
Over €15bn of spend under management accross our Pixid owned VMS platforms
Being deployed by over 9,000 recruitment agency branches across over 140,000 client locations across the globe, with a pool of 3+ million temporary workers registered;
Securely handling and holding over 115 million digitised personal documents;
With a consolidated revenue reaching €48m in 2024, Pixid Group continues to show a strong development in its activity over the last years, with more than 50% of its revenue generated outside France.
The combined business is serving customers from offices in Paris, London, Rotterdam and Antwerp, Raleigh (North Carolina) with a forecasted turnover of €59m in 2025. Pixid Group’s growth is expected across Europe and notably in the UK where it has clear ambitions to establish itself as the market leading digital platform for the management of temporary/contingent workforce. Its platform enables clients of all sizes to efficiently manage their temporary workers and contractors via simple to use , yet sophisticated and cost-effective platforms (pixid-vms.com / vectorvms.com).
Pixid Limited, is the unique distributor of our PixidVMS solution in the UK and Ireland. Pixid Limited is at the core of Pixid Group’s International development strategy.
Pixid Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 3
Partnership with The Airline Pilot Club Limited (“APC”)
APC is an Irish company which developed a community platform dedicated to training and recruitment for ATO’s (Airline training organisations) around the globe. On November 1st 2022, the Company and APC signed an agreement in which (i) the Company sells to APC the IP of its application Amris (excluding the brand name Amris), (ii) APC grants to the Company a license to use Amris IP for free for two years and (iii) the Company becomes a shareholder of APC by receiving 9% of its shares. This agreement allowed APC to build and embed its own ATS into its platform and allowed the Company to lighten its involvement in Amris technology while focusing on increased PixidVMS activity which also provides an ATS solution utilising different technology from Pixid Group, forming part of our TTA (Total Talent Acquisition) strategy going forward. As of 1st November 2024 and with mutual agreement, the majority of Amris customers transferred to APC in a relatively seamless process, so Pixid has been able to maximise its Amris revenue in 2024 up until 31st October 2024.
Ultimate controlling party
The Company is controlled by Pixcorp SAS by virtue of its shareholding.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C-H Bernard
E Colella
(Resigned 27 March 2024)
M S Kieve
J Maman
(Appointed 27 March 2024)
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C-H Bernard
Director
Pixid Limited
Balance Sheet
As at 31 December 2024
Page 4
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
919,770
Tangible assets
4
4,110
78
Investments
5
30,155
31,155
954,035
31,233
Current assets
Debtors
6
270,502
96,805
Cash at bank and in hand
202,437
102,677
472,939
199,482
Creditors: amounts falling due within one year
7
(490,018)
(329,967)
Net current liabilities
(17,079)
(130,485)
Net assets/(liabilities)
936,956
(99,252)
Capital and reserves
Called up share capital
8
1,870,000
300,000
Profit and loss reserves
(933,044)
(399,252)
Total equity
936,956
(99,252)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
C-H Bernard
Director
Company Registration No. 02207340
Pixid Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 5
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
300,000
57,134
357,134
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(456,386)
(456,386)
Balance at 31 December 2023
300,000
(399,252)
(99,252)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(533,792)
(533,792)
Conversion of loan to shares
8
1,570,000
-
1,570,000
Balance at 31 December 2024
1,870,000
(933,044)
936,956
Pixid Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 6
1
Accounting policies
Company information
Pixid Limited is a private company limited by shares incorporated in England and Wales. The registered office is 154 Bishopsgate, London, EC2M 4LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
1.3
Going concern
The company has net current liabilities at year-end of £17,079 (2023: £130,485) and made a loss of £533,792 (2023: £456,386). The company has received written confirmation of ongoing support from the parent company. As a result, these financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the financial statements.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, as adjusted for accrued and deferred income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Pixid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 7
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the period of lease
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Pixid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 8
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pixid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 9
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
Additions
1,021,966
At 31 December 2024
1,021,966
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
102,196
At 31 December 2024
102,196
Carrying amount
At 31 December 2024
919,770
At 31 December 2023
Pixid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
3
Intangible fixed assets
(Continued)
Page 10
See note 10 for further details of the goodwill acquired.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
42,736
15,875
58,611
Additions
4,571
4,571
At 31 December 2024
42,736
20,446
63,182
Depreciation and impairment
At 1 January 2024
42,736
15,797
58,533
Depreciation charged in the year
539
539
At 31 December 2024
42,736
16,336
59,072
Carrying amount
At 31 December 2024
4,110
4,110
At 31 December 2023
78
78
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
Other investments other than loans
30,155
30,155
30,155
31,155
Pixid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
5
Fixed asset investments
(Continued)
Page 11
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
1,000
30,155
31,155
Disposals
(1,000)
-
(1,000)
At 31 December 2024
-
30,155
30,155
Carrying amount
At 31 December 2024
-
30,155
30,155
At 31 December 2023
1,000
30,155
31,155
The subsidiary of the company, Amris Limited, was dissolved on 6 February 2024. The investment held at cost of £1,000 has been disposed of in the year.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
146,694
41,057
Amounts owed by group undertakings
24,900
Other debtors
13,659
13,892
Prepayments and accrued income
85,249
41,856
270,502
96,805
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
37,032
11,133
Amounts owed to group undertakings
212,100
89,064
Taxation and social security
54,270
18,455
Other creditors
10,193
23,616
Accruals and deferred income
176,423
187,699
490,018
329,967
Pixid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 12
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,870,000
300,000
1,870,000
300,000
On 11 July 2024, following a written resolution of the shareholders, the Company allotted 1,570,000 shares in the company at an aggregate nominal value of £1,570,000. This converted a loan due to its parent company into equity.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Joanna Cosgrove
Statutory Auditor:
Moore Kingston Smith LLP
10
Acquisition
On 25 June 2024 the company acquired the business of UK trade and assets of VectorVMS 1 LLC.
Fair Value
£
Trade and other receivables
60,602
Deferred income
(36,388)
Total identifiable net assets
24,214
Goodwill
1,021,966
Total consideration
1,046,180
Satisfied by:
£
Cash
996,122
Directly attributable costs
50,058
1,046,180
Pixid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 13
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
56,267
59,175
12
Related party transactions
The company has taken the exemption, in accordance with FRS 102 - Section 33 "Related Party Disclosures", from disclosing related party transactions entered into between members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
During the year, the company had purchases of £35,200 (2023: £84,960) from The Airline Pilot Club Limited, which is a related party by virtue of the company's shareholding in it. During the year, the company made sales of £7,000 (2023: £Nil) to The Airline Pilot Club Limited. At the year end the company was owed £3,500 (2023: £Nil) by The Airline Pilot Club Limited.
13
Parent company
At the 31 December 2024 the immediate parent company was Pixsight SAS, a company registered in 53-55 rue du Capitaine Guynemer, 92400 Courbevoie, France.
At the 31 December 2024 the ultimate parent company and ultimate controlling party was Pixcorp SAS, a company registered in 53-55 rue du Capitaine Guynemer, 92400 Courbevoie, France.
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