REGISTERED NUMBER: 10455176 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

UNIVERSAL PIXELS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G W A Jeanne

P D Mercer

R J Burford

REGISTERED OFFICE:

Unit 4, Tring Industrial Estate

Icknield Way

Tring

Hertfordshire

HP23 4JX

REGISTERED NUMBER:

10455176 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

FIXED ASSETS

Tangible assets

4

5,575,840

4,559,661

CURRENT ASSETS

Debtors: amounts falling due within one year

5

1,347,543

932,533

Debtors: amounts falling due after more than one year

5

98,265

98,265

Cash at bank

759,239

2,469,137

2,205,047

3,499,935

CREDITORS

Amounts falling due within one year

6

2,446,405

2,122,752

NET CURRENT (LIABILITIES)/ASSETS

(241,358

)

1,377,183

TOTAL ASSETS LESS CURRENT LIABILITIES

5,334,482

5,936,844

CREDITORS

Amounts falling due after more than one year

7

(1,658,945

)

(462,544

)

PROVISIONS FOR LIABILITIES

9

(905,438

)

(980,977

)

NET ASSETS

2,770,099

4,493,323

CAPITAL AND RESERVES

Called up share capital

10

980

1,000

Share premium

264,000

264,000

Capital redemption reserve

20

-

Retained earnings

2,505,099

4,228,323

SHAREHOLDERS' FUNDS

2,770,099

4,493,323

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2025 and were signed on its behalf by:

G W A Jeanne - Director

1.	STATUTORY INFORMATION

Universal Pixels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover for the rental of musical equipment is recognised on a straight line basis over the period the goods and services are being provided. The period starts when goods leave the company's warehouse and ends when those goods are returned to the company's warehouse.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Rental equipment

-

20% on cost

Plant and machinery

-

33% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument,

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

PROVISIONS

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as en expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Rental

Plant and

and

Computer

equipment

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

9,349,983

34,798

572,895

106,276

10,063,952

Additions

3,022,115

-

16,945

19,276

3,058,336

Disposals

(3,250,145

)

-

(18,346

)

(9,585

)

(3,278,076

)

At 31 December 2024

9,121,953

34,798

571,494

115,967

9,844,212

DEPRECIATION

At 1 January 2024

5,124,366

34,798

284,739

60,388

5,504,291

Charge for year

1,523,055

-

90,374

22,442

1,635,871

Eliminated on disposal

(2,849,043

)

-

(13,972

)

(8,775

)

(2,871,790

)

At 31 December 2024

3,798,378

34,798

361,141

74,055

4,268,372

NET BOOK VALUE

At 31 December 2024

5,323,575

-

210,353

41,912

5,575,840

At 31 December 2023

4,225,617

-

288,156

45,888

4,559,661

Included within the net book value of tangible fixed assets is £2,659,619 (2023 - £189,186) in respect of assets held under finance leases.

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

359,568

349,046

Other debtors

778,556

391,309

Tax

42,937

-

VAT

-

78,755

Accrued income

56,425

85,000

Prepayments

110,057

28,423

1,347,543

932,533

Amounts falling due after more than one year:

Other debtors

98,265

98,265

Aggregate amounts

1,445,808

1,030,798

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

240,000

240,000

Finance leases (see note 8)

995,012

169,104

Trade creditors

136,773

404,480

Tax

-

42,862

Social security and other taxes

67,569

50,804

VAT

90,629

-

Other creditors

15,282

9,729

Accruals and deferred income

901,140

1,205,773

2,446,405

2,122,752

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

200,000

440,000

Finance leases (see note 8)

1,458,945

22,544

1,658,945

462,544

At 31 December 2024, security provided for the company's finance leases totalled £2,453,957 (2023 - £191,648). These are all secured on the assets to which they relate.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2024

2023

£

£

Net obligations repayable:

Within one year

995,012

169,104

Between one and five years

1,458,945

22,544

2,453,957

191,648

Non-cancellable

operating leases

2024

2023

£

£

Within one year

255,489

266,469

Between one and five years

681,304

936,793

936,793

1,203,262

The operating lease on the premises expires in August 2028.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

905,438

980,977

Deferred tax

£

Balance at 1 January 2024

980,977

Credit to Income Statement during year

(75,539

)

Balance at 31 December 2024

905,438

These relate to accelerated capital allowances and unrelieved tax losses.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

2024

2023

Number:

Class:

Nominal value:

£

£

708

Ordinary A

£1

708

809

(2023 - 809)

171

Ordinary B

£1

171

191

(2023 - 191)

101

Ordinary C

£1

101

-

(2023 - nil)

980

1,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Kerins FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

12.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £49,220 (2023 - £48,301). Contributions totalling £14,454 (2023 - £6,883) were payable to the funds at the reporting date and are included in creditors.