Company Registration No. 13669551 (England and Wales)
Pixomondo UK Limited
Annual report and financial statements
for the year ended 31 March 2025
Pixomondo UK Limited
Company information
Directors
D N Hopgood
A Webster
J K Tholen
Secretary
D N Hopgood
Company number
13669551
Registered office
12th Floor
Brunel Building
2 Canalside Walk
London
W2 1DG
Auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Pixomondo UK Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 21
Pixomondo UK Limited
Directors' report
For the year ended 31 March 2025
1

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company is to provide visual effects post-production services to its clients.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J M Slow
(Resigned 6 February 2026)
D N Hopgood
A Webster
J K Tholen
Future developments

SPE is winding down Pixomondo and integrating some of its capabilities into other areas of Sony. As part of this process, the company is reducing the scale of its operations, including a rationalisation of resources and a review of existing cost commitments.

Auditor

Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D N Hopgood
Director
7 August 2026
Pixomondo UK Limited
Directors' responsibilities statement
For the year ended 31 March 2025
2

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Pixomondo UK Limited
Independent auditor's report
To the member of Pixomondo UK Limited
3
Opinion

We have audited the financial statements of Pixomondo UK Limited (the 'company') for the year ended 31 March 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Pixomondo UK Limited
Independent auditor's report (continued)
To the member of Pixomondo UK Limited
4
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Pixomondo UK Limited
Independent auditor's report (continued)
To the member of Pixomondo UK Limited
5

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s member, those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member, for our audit work, for this report, or for the opinions we have formed.

Sinead McHugh
Senior Statutory Auditor
For and on behalf of Saffery LLP
13 August 2026
71 Queen Victoria Street
London
EC4V 4BE
Pixomondo UK Limited
Income statement
For the year ended 31 March 2025
6
2025
2024
Notes
£
£
Revenue
3
18,564,615
3,448,885
Cost of sales
(20,293,951)
(5,960,008)
Gross loss
(1,729,336)
(2,511,123)
Administrative expenses
331,139
39,859
Operating loss
4
(1,398,197)
(2,471,264)
Investment income
6
13,094
13,552
Finance costs
7
(535,975)
(350,381)
Loss before taxation
(1,921,078)
(2,808,093)
Tax on loss
8
480,270
709,345
Loss and total comprehensive income for the financial year
(1,440,808)
(2,098,748)
Pixomondo UK Limited
Statement of financial position
As at 31 March 2025
31 March 2025
7
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
9
5,671
39,722
Property, plant and equipment
10
359,661
822,734
Investments
11
42,693
-
0
Deferred tax asset
16
647,678
554,122
1,055,703
1,416,578
Current assets
Inventories
13
17,614
1,298,376
Trade and other receivables
14
4,607,758
5,182,519
Cash and cash equivalents
2,300,989
250,256
6,926,361
6,731,151
Current liabilities
15
(13,015,424)
(11,740,281)
Net current liabilities
(6,089,063)
(5,009,130)
Net liabilities
(5,033,360)
(3,592,552)
Equity
Called up share capital
18
1
1
Retained earnings
(5,033,361)
(3,592,553)
Total equity
(5,033,360)
(3,592,552)

These financial statements have been prepared 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 7 August 2026 and are signed on its behalf by:
D N Hopgood
Director
Company registration number 13669551 (England and Wales)
Pixomondo UK Limited
Statement of changes in equity
For the year ended 31 March 2025
8
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2023
1
(1,493,805)
(1,493,804)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(2,098,748)
(2,098,748)
Balance at 31 March 2024
1
(3,592,553)
(3,592,552)
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
(1,440,808)
(1,440,808)
Balance at 31 March 2025
1
(5,033,361)
(5,033,360)
Pixomondo UK Limited
Notes to the financial statements
For the year ended 31 March 2025
9
1
Accounting policies
Company information

Pixomondo UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Brunel Building, 2 Canalside Walk, London, W2 1DG. .

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. 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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- the effect of financial instruments on the statement of comprehensive income;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;

- comparative narrative information;

- for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and

- related party disclosures for transactions with the parent or wholly owned members of the group.

As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions

Where required, equivalent disclosures are given in the group accounts of Sony Group Corporation. The group accounts are available to the public and can be obtained as set out in note 20.

1.2
Going concern

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

Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
10
1.3
Revenue

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The company recognises revenue when performance obligations have been satisfied and for the company this is when the goods or services have transferred to the customer and the customer has control of these.

The company recognises revenue from the following major sources:

- Provision of visual effects post-production services to film and TV production companies.

1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use. Expenditure on training activities, identified inefficiencies and initial operating losses is expensed as it is incurred.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Internally generated computer software 3 year useful life (straight-line basis)

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer Equipment
3 year useful life (straight-line basis)
Light Stage Equipment
3 year useful life (straight-line basis)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
11
1.7
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Inventories

Work in progress represents production costs associated to undelivered episodes and is stated at the lower of cost and net realisable value. This is held on the balance sheet until successful delivery of a project.

Development costs relating to programmes that have not been commissioned, or where recovery of the costs is not expected over the life of the production, arecharged to the profit and loss account when incurred.

Production costs relating to programmes that have been commissioned, or where recovery of the costs is expected over the life of the production are deferred during the period of production and are released-over the period in which, the production is expected to generate revenue. Where costs are not deemed recoverable, a provision is made against these amounts and charged to the profit and loss account.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

Cash and cash equivalents 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. Bank overdrafts are shown within borrowings in current liabilities.

Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
12
1.10
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.11
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

- it has been incurred principally for the purpose of selling or repurchasing it in the near term, or

- on initial recognition it is part of a portfolio of identified financial instruments that the company manages together and has a recent actual pattern of short-term profit taking, or

- it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
13
1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to 'other comprehensive income', in which case the deferred tax is also dealt with in 'other comprehensive income'. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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 inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.

Defined contribution pension scheme

The company participates in the Pixomondo UK Limited Staff Pension and Life Assurance Scheme with Royal London. The company is unable to identify its share of the underlying assets and liabilities of the scheme on consistent and reasonable basis and therefore, in accordance with Section 28 of FRS 101, the Company accounts for the scheme as if it is a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the financial year.

Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
14
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practicable, else at the average rate over the period in which the transactions were incurred. 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 are included in the profit and loss account for the year.

1.16

New standards, amendments and IFRS interpretations

There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 March 20 25 that have had a material impact on the company.

1.17

Trade receivables

Trade and other receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they are recognised at fair value. The company holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.

The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

A provision for the impairment of trade receivables 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

1.18

Trade payables

Trade payables 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured-at amortised cost using the effective interest method.

Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
15
2
Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form a basis for making the judgements about carrying value of assets and liabilities that are not readily apparent from other sources.

The directors have reviewed the estimates and assumptions used in the preparation of the financial statements. The directors do not believe that there is a significant risk which would lead to material adjustments to the carrying value of any assets and liabilities in the next financial year due to the changes on the estimates or assumptions.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Post-production services
18,564,615
3,448,885
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
844,861
1,680,895
Europe
1,136,319
327,240
Rest of World
16,583,435
1,440,750
18,564,615
3,448,885
4
Operating loss
2025
2024
Operating loss for the period is stated after charging:
£
£
Exchange gains
(357,921)
(59,859)
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
17,500
Depreciation of property, plant and equipment
493,806
479,059
Amortisation of intangible assets (included within cost of sales)
34,051
34,055
5
Employees

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

2025
2024
Number
Number
Employees
63
36
Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
5
Employees (continued)
16

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,096,874
2,704,689
Social security costs
481,704
499,487
Pension costs
170,779
462,052
4,749,357
3,666,228
6
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
13,094
13,552
7
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
535,975
350,381
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
(655,174)
Deferred tax
Origination and reversal of temporary differences
(480,270)
(54,171)
Total tax (credit)
(480,270)
(709,345)
Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
Taxation (continued)
17

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(1,921,078)
(2,808,093)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(480,270)
(702,023)
Income not taxable
-
0
(7,321)
Roundings
-
(1)
Taxation credit for the year
(480,270)
(709,345)
9
Intangible fixed assets
Computer software
£
Cost
At 31 March 2024
102,157
At 31 March 2025
102,157
Amortisation and impairment
At 31 March 2024
62,435
Charge for the year
34,051
At 31 March 2025
96,486
Carrying amount
At 31 March 2025
5,671
At 31 March 2024
39,722
Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
18
10
Property, plant and equipment
Computer Equipment
Light Stage Equipment
Total
£
£
£
Cost
At 1 April 2024
60,762
1,400,000
1,460,762
Additions
30,733
-
0
30,733
At 31 March 2025
91,495
1,400,000
1,491,495
Accumulated depreciation and impairment
At 1 April 2024
20,039
617,989
638,028
Charge for the year
27,132
466,674
493,806
At 31 March 2025
47,171
1,084,663
1,131,834
Carrying amount
At 31 March 2025
44,324
315,337
359,661
At 31 March 2024
40,723
782,011
822,734
11
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Investments in subsidiaries
-
-
42,693
-
Fair value of financial assets carried at amortised cost

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
-
Additions
42,693
At 31 March 2025
42,693
Carrying amount
At 31 March 2025
42,693
At 31 March 2024
-
Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
19
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
shares held
% Held
Direct
Indirect
Pixomondo for Technical Productions LLC
3141 Anas Ibn Malik Rd, Al Malqa, Riyadh KSA
Ordinary
100.00
-
13
Inventories
2025
2024
£
£
Work in progress
17,614
1,298,376
14
Trade and other receivables
2025
2024
£
£
Trade receivables
97,783
75,098
Corporation tax recoverable
-
655,174
VAT recoverable
-
54,012
Amount owed by parent undertaking
14,757
708,733
Amounts owed by fellow group undertakings
3,892,261
439,149
Other receivables
558,995
3,232,542
Prepayments and accrued income
43,962
17,811
4,607,758
5,182,519

Amounts owed from parent and other group undertakings have no applicable interest and are repayable on demand.

15
Trade and other payables
2025
2024
£
£
Trade payables
357,174
854,970
Amounts owed to fellow group undertakings
11,361,046
9,853,421
Accruals and deferred income
762,020
645,080
Social security and other taxation
56,516
-
Other payables
478,668
65,017
13,015,424
11,418,488
Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
15
Trade and other payables (continued)
20

Amounts owed to parent and other group undertakings have no applicable interest and are repayable on demand.

16
Deferred taxation
Assets
2025
2024
£
£
Deferred tax balances
647,678
554,122
Deferred tax assets are expected to be recovered within one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Fixed assets
Tax losses
Other
Total
£
£
£
£
Asset at 1 April 2023
2,932
492,601
4,418
499,951
Deferred tax movements in prior year
Credit/(charge) to profit or loss
53,616
1,031
(476)
54,171
Asset at 1 April 2024
56,548
493,632
3,942
554,122
Deferred tax movements in current year
Credit/(charge) to profit or loss
-
-
93,556
93,556
Asset at 31 March 2025
56,548
493,632
97,498
647,678

Factors affecting future tax rates

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

Pillar Two legislation

The Company forms part of an international group, headed by Sony Group Corporation, Tokyo, Japan. The Company may in future be affected by to be implemented tax legislation following the Pillar Two model rules as published by the Organisation for Economic Cooperation and Development (OECD). Pillar Two legislation was enacted in England the jurisdiction in which the entity is incorporated and will come into effect from 1 January 2025. In the current year, the Company has not accounted for any Pillar Two tax. From a quantitative and qualitative perspective, management cannot yet assess what the future impact of Pillar Two will be.

Pixomondo UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
21
17
Deferred revenue
2025
2024
£
£
Arising from post-production contracts
568,700
321,793
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
19
Pension and other schemes

Defined contribution pension scheme

The company participates in the Pixomondo UK Limited Staff Pension and Life Assurance Scheme with Royal London. The company is unable to identify its share of the underlying assets and liabilities of the scheme on consistent and reasonable basis and therefore, in accordance with Section 28 of FRS 101, the Company accounts for the scheme as if it is a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the financial year.

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £170,779 (2024 - £462,052).

20
Controlling party

The parent company of Pixomondo UK Limited is PXO LLC registered at 251 Little Falls Drive, Wilmington, DE 19808, United States of America.

The ultimate holding company and controlling party is Sony Group Corporation, a company incorporated in Japan. Sony Group Corporation is the smallest and largest group for which group financial statements are drawn up. Copies of the group financial statements can be obtained from Baker & McKenzie, 100 New Bridge Street, London EC4V 6JA.

2025-03-31 2024-04-01 J M Slow A Webster J K Tholen J K Tholen D N Hopgood false false CCH Software iXBRL Review & Tag 2025.2 13669551 2024-04-01 2025-03-31 13669551 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 13669551 bus:Director2 2024-04-01 2025-03-31 13669551 bus:Director3 2024-04-01 2025-03-31 13669551 bus:CompanySecretary1 2024-04-01 2025-03-31 13669551 bus:Director1 2024-04-01 2025-03-31 13669551 bus:Director4 2024-04-01 2025-03-31 13669551 bus:RegisteredOffice 2024-04-01 2025-03-31 13669551 2025-03-31 13669551 2023-04-01 2024-03-31 13669551 core:ContinuingOperations 2024-04-01 2025-03-31 13669551 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 13669551 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 13669551 core:IntangibleAssetsOtherThanGoodwill 2025-03-31 13669551 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 13669551 core:ComputerSoftware 2025-03-31 13669551 core:ComputerSoftware 2024-03-31 13669551 2024-03-31 13669551 core:ComputerEquipment 2025-03-31 13669551 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-03-31 13669551 core:ContinuingOperations 2025-03-31 13669551 core:ComputerEquipment 2024-03-31 13669551 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 13669551 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 13669551 core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 13669551 core:RevaluationPropertyPlantEquipmentDeferredTax 2023-03-31 13669551 core:BetweenOneFiveYears 2024-03-31 13669551 core:CurrentFinancialInstruments 2025-03-31 13669551 core:CurrentFinancialInstruments 2024-03-31 13669551 core:ShareCapital 2025-03-31 13669551 core:ShareCapital 2024-03-31 13669551 core:RetainedEarningsAccumulatedLosses 2025-03-31 13669551 core:RetainedEarningsAccumulatedLosses 2024-03-31 13669551 2023-03-31 13669551 core:ComputerSoftware 2024-03-31 13669551 core:ComputerSoftware 2024-04-01 2025-03-31 13669551 core:ComputerEquipment 2024-03-31 13669551 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 13669551 2024-03-31 13669551 core:ComputerEquipment 2024-04-01 2025-03-31 13669551 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-04-01 2025-03-31 13669551 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 13669551 bus:FRS101 2024-04-01 2025-03-31 13669551 bus:Audited 2024-04-01 2025-03-31 13669551 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP