Picketstones Limited - Period Ending 2022-04-30
Picketstones Limited - Period Ending 2022-04-30
Company registration number:
for the Year Ended
Picketstones Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Picketstones Limited
(Registration number: 07237770)
Balance Sheet as at 30 April 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Investments |
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- |
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Other financial assets |
266,667 |
266,667 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(122,045) |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
411,108 |
- |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Picketstones Limited
(Registration number: 07237770)
Balance Sheet as at 30 April 2022
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Picketstones Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover consists of profit share from Maitland Walker LLP, recognised on an accruals basis.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 timing 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 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.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Picketstones Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2022
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
20% straight line basis |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in unquoted businesses where fair value cannot be measured reliably is measured at cost less impairment.
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.
Debtors
Other debtors comprise amounts due from Maitland Walker LLP plus amounts owed to the company by its directors.
Other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method.
Stocks
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Picketstones Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2022
Creditors
Other creditors comprise amounts payable to Maitland Walker LLP, accruals for expenses payable and amounts owed to the directors. Other 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.
Other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Picketstones Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2021 |
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At 30 April 2022 |
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Depreciation |
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At 1 May 2021 |
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Charge for the year |
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At 30 April 2022 |
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Carrying amount |
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At 30 April 2022 |
- |
- |
At 30 April 2021 |
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Investment properties |
2022 |
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At 1 May 2021 |
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Additions |
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Fair value adjustments |
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At 30 April 2022 |
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The investment properties class of fixed assets was valued at £2,712,499 by the directors. The basis of this valuation was current market value.
There has been no valuation of investment property by an independent valuer.
Investments |
2022 |
2021 |
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Investments in associates |
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- |
Associates |
£ |
Cost |
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Additions |
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Carrying amount |
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At 30 April 2022 |
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Picketstones Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2022
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 May 2021 |
266,667 |
266,667 |
At 30 April 2022 |
266,667 |
266,667 |
Carrying amount |
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At 30 April 2022 |
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266,667 |
Debtors |
2022 |
2021 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Taxation and social security |
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Corporation tax |
145,169 |
127,742 |
Other creditors |
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Picketstones Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2022
Reserves reconciliation |
Fair value reserve |
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Movement in year : |
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Transfer of fair value adjustment from profit & loss |
533,153 |
Transfer of deferred tax on fair value adjustments |
(122,045) |
At 30 April 2022 |
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Related party transactions |
Transactions with directors |
2022 |
At 1 May 2021 |
Advances to directors |
Re- |
At 30 April 2022 |
J H Maitland-Walker |
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Director's current account |
3,847 |
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( |
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H E Coles |
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Director's current account |
3,847 |
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( |
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2021 |
At 1 May 2020 |
Advances to directors |
Re- |
At 30 April 2021 |
J H Maitland-Walker |
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Director's current account |
89,392 |
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( |
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H E Coles |
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Director's current account |
89,392 |
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( |
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