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Registration number: 09391487

Prepared for the registrar
Rawpixel Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 31 January 2025

Rawpixel Ltd

(Registration number: 09391487)
Balance Sheet as at 31 January 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 2,342,217 | 2,029,344
Tangible assets | 5 | 2,190 | 4,102
Investments | 6 | 43,427 | 43,427
Other financial assets | 7 | 44,772 | 44,772
|  | 2,432,606 | 2,121,645
Current assets |  |  |
Debtors | 8 | 130,516 | 124,176
Cash at bank and in hand |  | 275,643 | 710,269
|  | 406,159 | 834,445
Creditors: Amounts falling due within one year | 9 | (805,438) | (763,316)
Net current (liabilities)/assets |  | (399,279) | 71,129
Total assets less current liabilities |  | 2,033,327 | 2,192,774
Creditors: Amounts falling due after more than one year | 9 | (1,151,331) | (1,587,078)
Deferred tax liabilities | 13 | (201,988) | -
Net assets |  | 680,008 | 605,696
Capital and reserves |  |  |
Called up share capital |  | 240 | 240
Retained earnings |  | 679,768 | 605,456
Shareholders' funds |  | 680,008 | 605,696

For the financial year ending 31 January 2025 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 Profit and Loss Account.

Approved and authorised by the Board on 24 October 2025 and signed on its behalf by:

L L Churchill Director |  |

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

| 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:
Hanover Green Studios
Hanover
Redmarley
Gloucester
GL19 3JZ

| 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

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 and after eliminating sales within the company.
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.

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Furniture, fittings and equipment | 33.33/25% Straight line

Intangible assets

Intangible assets comprise trademark, capitalised images and image management software costs. These costs have a finite useful life and are carried at cost less accumulated amortisation and any impairment losses.

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
Image management software | 33% Straight line
Trademarks | Over 8/10 years
Capitalised images | 10% Straight line

Investments

Investments in rare books are classified at fair value.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 profit and loss account 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.

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.

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.

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

| 4 | Intangible assets

| Trademarks £ | Capitalised images £ | Image management software £ | Total £
Cost
At 1 February 2024 | 4,636 | 2,318,085 | 945,391 | 3,268,112
Additions acquired separately | - | 609,189 | 66,122 | 675,311
At 31 January 2025 | 4,636 | 2,927,274 | 1,011,513 | 3,943,423
Amortisation
At 1 February 2024 | 2,750 | 414,731 | 821,286 | 1,238,767
Amortisation charge | 501 | 269,541 | 92,397 | 362,439
At 31 January 2025 | 3,251 | 684,272 | 913,683 | 1,601,206
Carrying amount
At 31 January 2025 | 1,385 | 2,243,002 | 97,830 | 2,342,217
At 31 January 2024 | 1,886 | 1,903,355 | 124,103 | 2,029,344

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

| 5 | Tangible assets

| Furniture, fittings and equipment £
Cost
At 1 February 2024 | 57,303
At 31 January 2025 | 57,303
Depreciation
At 1 February 2024 | 53,201
Charge for the year | 1,912
At 31 January 2025 | 55,113
Carrying amount
At 31 January 2025 | 2,190
At 31 January 2024 | 4,102

| 6 | Investments

| 2025 £ | 2024 £
Investments in associates | 43,427 | 43,427

Associates | £
Cost
At 1 February 2024 and 31 January 2024 | 43,427
Carrying amount
At 31 January 2025 | 43,427
At 31 January 2024 | 43,427

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024

Subsidiary undertakings
Photomorphic Services Company Limited | Thailand | Common shares | 39.5% | 39.5%

Subsidiary undertakings
Photomorphic Services Company Limited The principal activity of Photomorphic Services Company Limited is photography production and editing.

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

| 7 | Other financial assets

| Rare Books £
Non-current financial assets
Cost or valuation
At 1 February 2024 | 44,772
At 31 January 2025 | 44,772
Carrying amount
At 31 January 2025 | 44,772
At 31 January 2024 | 44,772

| 8 | Debtors

| 2025 £ | 2024 £
Prepayments | 185 | 12,924
Other debtors | 14,562 | 19,894
Accrued income | 115,769 | 91,358
| 130,516 | 124,176

| 9 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 501,841 | 455,078
Trade creditors |  | 4,056 | 14,794
Accrued expenses |  | 75,816 | 110,246
Other creditors |  | 11,163 | 13,821
Deferred income |  | 212,562 | 169,377
|  | 805,438 | 763,316

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 10 | 1,151,331 | 1,587,078

Rawpixel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

| 10 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 435,746 | 388,983
Other borrowings | 66,095 | 66,095
| 501,841 | 455,078

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 1,151,331 | 1,587,078

| 11 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,006 (2024 - £5,028).

| 12 | Related party transactions

Summary of transactions with other related parties

At 31 January 2025, the company owed the director L Churchill £16,095 (2024: £16,095) in the form of a director's loan account. No interest is charged and it is repayable on demand.

| 13 | Deferred tax

Deferred tax assets and liabilities

2025 | Asset £
Fixed asset timing differences | 569,901
Losses and other deductions | (367,913)
| 201,988