Company Registration No. 10260251 (England and Wales)
PIXEL PRO MEDIA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PIXEL PRO MEDIA LTD
COMPANY INFORMATION
Director
Mr S Paiu
Company number
10260251
Registered office
Unit 18
All Saints Industrial Estate
All Saints Street
Birmingham
B18 7RJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank
Ariel House
2138 Coventry Road
Sheldon
Birmingham
B26 3JW
PIXEL PRO MEDIA LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PIXEL PRO MEDIA LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PIXEL PRO MEDIA LTD FOR THE YEAR ENDED 31 JULY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pixel Pro Media Ltd for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Pixel Pro Media Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pixel Pro Media Ltd and state those matters that we have agreed to state to the Board of Directors of Pixel Pro Media Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pixel Pro Media Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Pixel Pro Media Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pixel Pro Media Ltd. You consider that Pixel Pro Media Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pixel Pro Media Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
21 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PIXEL PRO MEDIA LTD
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,641
58,701
Current assets
Debtors
4
4,872
Cash at bank and in hand
8,134
2,440
8,134
7,312
Creditors: amounts falling due within one year
5
(39,465)
(35,505)
Net current liabilities
(31,331)
(28,193)
Total assets less current liabilities
31,310
30,508
Creditors: amounts falling due after more than one year
6
(3,813)
(6,177)
Provisions for liabilities
8
(10,125)
(5,490)
Net assets
17,372
18,841
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
17,272
18,741
Total equity
17,372
18,841
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PIXEL PRO MEDIA LTD
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 21 January 2024.
Mr S Paiu
Director
Company Registration No. 10260251
PIXEL PRO MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information
Pixel Pro Media Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 18, All Saints Industrial Estate, All Saints Street, Birmingham, B18 7RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets 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:
Plant and machinery
10% on cost
Fixtures and fittings
10% on cost
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 credited or charged to profit or loss.
1.4
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 profit and loss account 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.
PIXEL PRO MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2022
78,761
735
79,496
Additions
13,511
13,511
Disposals
(274)
(274)
At 31 July 2023
91,998
735
92,733
Depreciation and impairment
At 1 August 2022
20,447
348
20,795
Depreciation charged in the year
9,223
74
9,297
At 31 July 2023
29,670
422
30,092
Carrying amount
At 31 July 2023
62,328
313
62,641
At 31 July 2022
58,314
387
58,701
PIXEL PRO MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,872
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,180
2,180
Other creditors
37,285
33,325
39,465
35,505
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,813
6,177
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
5,993
8,357
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10,125
5,490
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 A of £1 each
100
100
100
100
PIXEL PRO MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
10
Ultimate controlling party
The ultimate controlling party is Mr S Paiu.