REGISTERED NUMBER: 10455176 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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

10,761,818

5,575,840

CURRENT ASSETS

Debtors: amounts falling due within one year

5

3,553,222

3,109,237

Debtors: amounts falling due after more than one year

5

98,265

98,265

Cash at bank

1,541,363

759,239

5,192,850

3,966,741

CREDITORS

Amounts falling due within one year

6

4,781,138

2,446,405

NET CURRENT ASSETS

411,712

1,520,336

TOTAL ASSETS LESS CURRENT LIABILITIES

11,173,530

7,096,176

CREDITORS

Amounts falling due after more than one year

7

(3,672,958

)

(1,658,945

)

PROVISIONS FOR LIABILITIES

9

(1,571,355

)

(905,438

)

NET ASSETS

5,929,217

4,531,793

CAPITAL AND RESERVES

Called up share capital

10

980

980

Share premium

264,000

264,000

Capital redemption reserve

20

20

Retained earnings

5,664,217

4,266,793

SHAREHOLDERS' FUNDS

5,929,217

4,531,793

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 2 July 2026 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

-

at varying rates 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 35 (2024 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Rental

Plant and

and

Computer

equipment

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

9,121,953

34,798

571,494

115,967

9,844,212

Additions

7,332,259

-

9,571

3,258

7,345,088

Disposals

(19,303

)

-

-

-

(19,303

)

At 31 December 2025

16,434,909

34,798

581,065

119,225

17,169,997

DEPRECIATION

At 1 January 2025

3,798,378

34,798

361,141

74,055

4,268,372

Charge for year

2,051,020

-

76,200

24,513

2,151,733

Eliminated on disposal

(11,926

)

-

-

-

(11,926

)

At 31 December 2025

5,837,472

34,798

437,341

98,568

6,408,179

NET BOOK VALUE

At 31 December 2025

10,597,437

-

143,724

20,657

10,761,818

At 31 December 2024

5,323,575

-

210,353

41,912

5,575,840

Included within the net book value of tangible fixed assets is £4,747,333 (2024 - £2,659,619) in respect of assets held under finance leases.

5.

DEBTORS

2025

2024

as restated

£

£

Amounts falling due within one year:

Trade debtors

465,948

359,568

Amounts owed by group undertakings

2,819,512

1,761,694

Other debtors

330

778,556

Tax

75

42,937

Accrued income

57,862

56,425

Prepayments

209,495

110,057

3,553,222

3,109,237

Amounts falling due after more than one year:

Other debtors

98,265

98,265

Aggregate amounts

3,651,487

3,207,502

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Bank loans and overdrafts

200,000

240,000

Finance leases (see note 8)

3,123,999

995,012

Trade creditors

341,702

136,773

Social security and other taxes

216,090

67,569

VAT

135,475

90,629

Other creditors

262,256

15,282

Accruals and deferred income

501,616

901,140

4,781,138

2,446,405

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

£

Bank loans

-

200,000

Finance leases (see note 8)

3,672,958

1,458,945

3,672,958

1,658,945

At 31 December 2025, security provided for the company's finance leases totalled £6,796,957 (2024 - £2,453,957). These are all secured on the assets to which they relate.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2025

2024

as restated

£

£

Net obligations repayable:

Within one year

3,123,999

995,012

Between one and five years

3,672,958

1,458,945

6,796,957

2,453,957

Non-cancellable

operating leases

2025

2024

as restated

£

£

Within one year

255,489

255,489

Between one and five years

425,815

681,304

681,304

936,793

The operating lease on the premises expires in August 2028.

9.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

£

Deferred tax

1,571,355

905,438

Deferred tax

£

Balance at 1 January 2025

905,438

Provided during year

665,917

Balance at 31 December 2025

1,571,355

These relate to accelerated capital allowances and unrelieved tax losses.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

2025

2024

Number:

Class:

Nominal value:

£

£

708

Ordinary A

£1

708

708

(2024 - 708)

171

Ordinary B

£1

171

171

(2024 - 171)

101

Ordinary C

£1

101

101

(2024 - 101)

980

980

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 £63,217 (2024 - £49,220). Contributions totalling £7,868 (2024 - £4,449) were payable to the funds at the reporting date and are included in creditors.

13.	RELATED PARTY DISCLOSURES

During the year, the company issued an interest-free loan of £111,856 to Universal Pixels Inc, an overseas connected entity. The loan is repayable on demand.

At the year-end date, the company was owed £2,707,656 (2024 - £1,761,694) from it's parent company, Universal Technology Group Ltd.

14.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking of the company is Universal Technology Group Ltd, a company incorporated in England and Wales.