Picardy Enterprises Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC433174 (Scotland)

Picardy Enterprises Limited

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

G S Mackie

Mrs C A Mackie

REGISTERED OFFICE:

6 Castle Street

Edinburgh

Midlothian

EH2 3AT

REGISTERED NUMBER:

SC433174 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

FIXED ASSETS

Tangible assets

4

28,957

33,080

Investments

5

400

400

Investment property

6

1,680,401

1,672,341

1,709,758

1,705,821

CURRENT ASSETS

Debtors

7

382,635

392,464

Cash at bank

3,767

6,486

386,402

398,950

CREDITORS

Amounts falling due within one year

8

60,763

78,285

NET CURRENT ASSETS

325,639

320,665

TOTAL ASSETS LESS CURRENT LIABILITIES

2,035,397

2,026,486

CREDITORS

Amounts falling due after more than one year

9

2,664,088

2,561,541

NET LIABILITIES

(628,691

)

(535,055

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(629,691

)

(536,055

)

SHAREHOLDERS' FUNDS

(628,691

)

(535,055

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 29 September 2022 and were signed on its behalf by:

G S Mackie - Director

1.	STATUTORY INFORMATION

Picardy Enterprises Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover and revenue recognition

Turnover represents as that of recharged service cost.

Tangible fixed assets

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

Land and buildings

-

Nil

Plant and machinery etc

-

10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern

The financial statements have been prepared under the going concern basis. This is dependent on the continued support of the holding company, which has given assurances they will support the company to enable it to meet its liabilities as they fall due.

The director's going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

100

41,225

41,325

DEPRECIATION

At 1 April 2021

-

8,245

8,245

Charge for year

-

4,123

4,123

At 31 March 2022

-

12,368

12,368

NET BOOK VALUE

At 31 March 2022

100

28,857

28,957

At 31 March 2021

100

32,980

33,080

Included in cost of land and buildings is freehold land of £ 100 (2021 - £ 100 ) which is not depreciated.

The land was bought on a hope value basis. The directors have written the value of the land down to a market value for inclusion in the financial statements.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

400

NET BOOK VALUE

At 31 March 2022

400

At 31 March 2021

400

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

1,672,341

Additions

8,060

At 31 March 2022

1,680,401

NET BOOK VALUE

At 31 March 2022

1,680,401

At 31 March 2021

1,672,341

In the directors opinion the market value of the investment properties at 31 March 2022 is not significantly different from cost.

7.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

54,475

54,475

Other debtors

46,157

55,985

100,632

110,460

Amounts falling due after more than one year:

Amounts owed by group undertakings

282,003

282,004

Aggregate amounts

382,635

392,464

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

-

7,538

Amounts owed to group undertakings

59,858

59,858

Other creditors

905

10,889

60,763

78,285

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

2,664,088

2,561,541

The capital repayment on the group undertakings loan is repayable by instalments based on the company's turnover. As these figures cannot be accurately ascertained the loan balance has not been split into the various annual repayment categories.

Interest is charged on the loan at 5% per annum.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2022 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

29 September 2022