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Registration number: 04870006

Pikcells Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Pikcells Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Pikcells Limited

Company Information

Directors

Mr S J Mooney

Mr R Benson

Mr M J Fell

Registered office

Unit 17, Heritage Exchange
Wellington Mills,70 Plover Road
Lindley
Huddersfield
HD3 3HR

Accountants

Fitton & Co
Chartered Certified AccountantsCallis Mill
Woodland View
Hebden Bridge
West Yorks
HX7 6PJ

 

Pikcells Limited

(Registration number: 04870006)
Statement of financial position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

201,188

312,920

Tangible assets

5

92,062

127,125

 

293,250

440,045

Current assets

 

Debtors

327,760

607,776

Cash at bank and in hand

 

107,982

155,939

 

435,742

763,715

Creditors: Amounts falling due within one year

(233,936)

(407,567)

Net current assets

 

201,806

356,148

Total assets less current liabilities

 

495,056

796,193

Creditors: Amounts falling due after more than one year

(64,587)

(113,470)

Net assets

 

430,469

682,723

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

430,269

682,523

Shareholders' funds

 

430,469

682,723

 

Pikcells Limited

(Registration number: 04870006)
Statement of financial position as at 31 August 2024

For the financial year 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 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 and 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 Income Statement.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
Mr R Benson
Director

 

Pikcells Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 17, Heritage Exchange
Wellington Mills,70 Plover Road
Lindley
Huddersfield
HD3 3HR
England

These financial statements were authorised for issue by the Board on 29 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

 

Pikcells Limited

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

Tax

The tax expense for the period comprises 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

33% straight line

Motor vehicles

25% reducing balance

Office equipment

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

Research and development

20% straight line

 

Pikcells Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pikcells Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 33).

 

Pikcells Limited

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

4

Intangible assets

Research & development
 £

Total
£

Cost or valuation

At 1 September 2023

926,722

926,722

At 31 August 2024

926,722

926,722

Amortisation

At 1 September 2023

613,802

613,802

Amortisation charge

111,732

111,732

At 31 August 2024

725,534

725,534

Carrying amount

At 31 August 2024

201,188

201,188

At 31 August 2023

312,920

312,920

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

9,537

245,971

160,159

415,667

Additions

-

6,829

-

6,829

Disposals

(3,751)

(108,207)

-

(111,958)

At 31 August 2024

5,786

144,593

160,159

310,538

Depreciation

At 1 September 2023

8,034

214,493

66,015

288,542

Charge for the year

736

15,102

23,602

39,440

Eliminated on disposal

(3,379)

(106,127)

-

(109,506)

At 31 August 2024

5,391

123,468

89,617

218,476

Carrying amount

At 31 August 2024

395

21,125

70,542

92,062

At 31 August 2023

1,503

31,478

94,144

127,125

 

Pikcells Limited

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

Note

2024
 £

2023
 £

Motor vehicles net book value relating to assets held under hire purchase agreements.

 

47,144

62,917

 

47,144

62,917

6

Debtors

2024
 £

2023
 £

Trade debtors

180,946

364,970

Other debtors

1,239

28,502

Prepayments

6,359

6,459

Accrued income

139,216

207,845

Total current trade and other debtors

327,760

607,776

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

89,057

121,956

Trade creditors

 

14,943

22,272

Amounts due to related parties

11

1,226

1,226

Social security and other taxes

 

54,745

102,000

Outstanding defined contribution pension costs

 

4,043

6,242

Other payables

 

3,450

1,803

Accrued expenses

 

7,496

7,794

Deferred income

 

58,976

144,274

 

233,936

407,567

Due after one year

 

Loans and borrowings

9

64,587

113,470

 

Pikcells Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

47,343

113,470

Hire purchase contracts

17,244

-

64,587

113,470

Current loans and borrowings

2024
£

2023
£

Bank borrowings

66,127

61,576

Hire purchase contracts

22,930

60,380

89,057

121,956

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

59,796

45,096

Later than one year and not later than five years

-

11,400

59,796

56,496

The amount of non-cancellable operating lease payments recognised as an expense during the year was £34,002 (2023 - £31,020).

 

Pikcells Limited

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

10

Dividends

Dividends paid during the year:

Note

2024
 £

2023
 £

Dividends on B shares

 

78,160

92,000

Dividends on C shares

 

78,166

92,000

Dividends on D shares

 

30,000

73,000

 

186,326

257,000

Dividends proposed after the year end and not recognised as a liability:

Note

2024
 £

2023
 £

Dividends on B shares

 

44,416

78,160

Dividends on C shares

 

44,416

78,160

Dividends on D shares

 

32,000

23,000

 

120,832

179,320

11

Related party transactions

The company was under the control of S Mooney and R Benson who own 85% of the called up
share capital.
MooDigital Limited is a company owned by S Mooney, one of the directors, provided
consultancy services of £55,874 during the year, (2023: £55,839).
Dividends paid to the directors during the year totalled £186,326 (2023: £257,000).
No other transactions with related parties were undertaken such as are required to be disclosed
under FRS 102.

 

Pikcells Limited

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

Transactions with directors

2024

At 1 September 2023
£

At 31 August 2024
£

Mr S J Mooney

Loan provided by the director to the company

508

508

Mr M J Fell

Loan provided by the director to the company

719

719

2023

At 1 September 2022
£

At 31 August 2023
£

Mr S J Mooney

Loan provided by the director to the company

508

508

Mr M J Fell

Loan provided by the director to the company

719

719

 

Pikcells Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

125,000

125,048

Contributions paid to money purchase schemes

188

2,250

125,188

127,298

Note

2024
 £

2023
 £

Defined contribution plans

 

2

2

 

2

2