Company Registration No. 14411879 (England and Wales)
PIXWARD GAMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
PIXWARD GAMES LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 7
PIXWARD GAMES LTD
COMPANY INFORMATION
- 1 -
Directors
V Shevchuk
K Talashchuk
Company number
14411879
Registered office
71 - 75 Shelton Street
Covent Garden
London
WC2H 9JQ
PIXWARD GAMES LTD
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
3,129
291,971
Cash at bank and in hand
59,485
619,757
62,614
911,728
Creditors: amounts falling due within one year
4
(1,253,934)
(1,464,389)
Net current liabilities
(1,191,320)
(552,661)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(1,192,320)
(553,661)
Total equity
(1,191,320)
(552,661)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 26 May 2025 and are signed on its behalf by:
V Shevchuk
K Talashchuk
Director
Director
Company Registration No. 14411879
The notes on pages 3 to 7 form part of these financial statements
PIXWARD GAMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Pixward Games Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71 - 75 Shelton Street, Covent Garden, London, WC2H 9JQ.

1.1
Accounting convention

These financial statements have departed from the standards of 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, in order to report the use of cryptocurrency. Cryptocurrency is used by the company as its primary means to settle its obligations and the company holds its funds in a wallet, which it considers as a cash equivalent.

 

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view. Where applicable reference has been made to cryptocurrency.

 

The financial statements are prepared in sterling, which is the presentational currency of the company, whereas the functional currency of the company is cryptocurrency. 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
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover refers to the direct sales of digital assets from the company to players within the cryptocurrency market place. Revenue is recognised when the digital assets are delivered to the player of Boss Fighters, at which point the significant risks and rewards of ownership are transferred. The revenue is measured at the fair value of the consideration received or receivable, excluding VAT and other sales-related taxes. It is assessed that it is probable that the economic benefits associated with the sale will flow to the company, and the costs related to the transaction are measured reliably and considered in the recognition process.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

PIXWARD GAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

 

Additionally, cash and cash equivalents represent cryptocurrency held as a medium of payment. This is a departure from FRS102 accounting standards and acknowledges that the company uses cryptocurrency as a primary medium of payment for services in the development of the Boss Fighters video game. Cryptocurrency is of a non-monetary nature and lacks physical substance, making it subject to price volatility. The company recognises the unique characteristics and risks associated with holding cryptocurrency as part of its cash and cash equivalent and has made appropriate disclosures throughout these financial statements.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash, bank balances and crpytocurrency held as cash and cash equivalents, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PIXWARD GAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
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.

1.9
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.

1.10

Contingent liabilities

Contingent liabilities include a revenue share agreement with the primary funder of the company. It is not possible to accurately quantify future revenues and therefore no future revenue share or liability is recognised.

PIXWARD GAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,129
291,971
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
43
36,128
Other creditors
1,253,891
1,428,261
1,253,934
1,464,389

Other creditors include funding received to develop the “Boss Fighters” video game, originally provided in cryptocurrency, which is the company’s primary payment method. The company has entered into a revenue share agreement with Open Loot Ecosystem Fund I, Ltd, under which 50% of gross revenue is payable to the investor until a maximum cumulative revenue share amount of USD 7,300,000 million is reached.

 

Revenue is collected via the OL platform, and fees due under the agreement are either settled or accrued accordingly. At each reporting date, management reassesses the liability based on expected future outflows, with the liability re-measured to reflect estimated economic benefits to be given up.

 

The directors acknowledge this treatment represents a departure from FRS 102 due to the nature of cryptocurrency and platform revenue mechanisms, but consider it appropriate to reflect the substance of the arrangement

 

 

PIXWARD GAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
5
Directors' transactions

Creditors include a balance of £63,522 (2023 - £290,971 Debit) loaned from the director V Shevchuk. This amount was loaned in cryptocurrency, which is the primary means of payment used by the company, although the balance is presented in sterling, the presentational currency adopted by the directors. Interest is payable on the loan at the official rate of interest.

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