Picasso Holdings Limited - Limited company accounts 18.2

REGISTERED NUMBER: 09509238 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2018

for

Picasso Holdings Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

H R Jackson

N J Hamilton

REGISTERED OFFICE:

The Glades

Festival Way

Festival Park

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

09509238 (England and Wales)

AUDITORS:

Mitten Clarke Audit Limited

Statutory Auditors

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

The directors present their strategic report for the year ended 30 April 2018.

ON BEHALF OF THE BOARD:

N J Hamilton - Director

22 October 2018

The directors present their report with the financial statements of the company for the year ended 30 April 2018.

DIVIDENDS

Interim dividends of £361,600 were paid during the year.

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2018 will be £361,600.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2017 to the date of this

report.

H R Jackson

N J Hamilton

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that

he ought to have taken as a director in order to make himself aware of any relevant audit information and to

establish that the company's auditors are aware of that information.

AUDITORS

Mitten Clarke Audit Limited, has indicated its willingness to continue in office and will be proposed for

re-appointment in accordance with section 485 Companies Act 2006.

ON BEHALF OF THE BOARD:

N J Hamilton - Director

22 October 2018

Opinion

We have audited the financial statements of Picasso Holdings Limited (the 'company') for the year ended

30 April 2018 which comprise the Statement of Comprehensive Income, Statement of Financial Position,

Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland' (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 30 April 2018 and of its profit 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 Auditors' 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of

the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 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.

Opinion 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report

of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, 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 members

those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Clarke BA FCA (Senior Statutory Auditor)

for and on behalf of Mitten Clarke Audit Limited

Statutory Auditors

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

22 October 2018

TURNOVER

-

-

OPERATING PROFIT

-

-

Income from shares in group undertakings

300,000

790,000

Interest receivable and similar income

100,044

77,400

400,044

867,400

400,044

867,400

Interest payable and similar expenses

5

76,402

40,530

PROFIT BEFORE TAXATION

323,642

826,870

Tax on profit

6

4,492

7,344

PROFIT FOR THE FINANCIAL YEAR

319,150

819,526

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

319,150

819,526

FIXED ASSETS

Investments

8

2,016,001

2,016,001

CURRENT ASSETS

Debtors

9

1,767,444

1,367,400

CREDITORS

Amounts falling due within one year

10

130,603

221,854

NET CURRENT ASSETS

1,636,841

1,145,546

TOTAL ASSETS LESS CURRENT LIABILITIES

3,652,842

3,161,547

CREDITORS

Amounts falling due after more than one year

11

1,349,774

816,029

NET ASSETS

2,303,068

2,345,518

CAPITAL AND RESERVES

Called up share capital

14

1,600,002

1,600,002

Retained earnings

15

703,066

745,516

SHAREHOLDERS' FUNDS

2,303,068

2,345,518

The financial statements were approved by the Board of Directors on 22 October 2018 and were signed on its behalf by:

N J Hamilton - Director

H R Jackson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2016

1,600,002

252,072

1,852,074

Changes in equity

Dividends

-

(326,082

)

(326,082

)

Total comprehensive income

-

819,526

819,526

Balance at 30 April 2017

1,600,002

745,516

2,345,518

Changes in equity

Dividends

-

(361,600

)

(361,600

)

Total comprehensive income

-

319,150

319,150

Balance at 30 April 2018

1,600,002

703,066

2,303,068

1.	STATUTORY INFORMATION

Picasso Holdings 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.

2.	STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity, have been prepared under the

historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry on

business as a going concern, which the directors consider appropriate having regard to the company's

current and expected performance.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic

of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value

with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

4.

EMPLOYEES

There were no staff costs for the year ended 30 April 2018 nor for the year ended 30 April 2017.

2018

2017

£

£

Directors' remuneration

-

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2018

2017

£

£

Other loan interest

76,402

40,530

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2018

2017

£

£

Current tax:

UK corporation tax

4,492

7,344

Tax on profit

4,492

7,344

7.

DIVIDENDS

2018

2017

£

£

Ordinary shares of £1 each

Interim

361,600

326,082

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2017

and 30 April 2018

2,016,001

NET BOOK VALUE

At 30 April 2018

2,016,001

At 30 April 2017

2,016,001

The company's investments at the Statement of Financial Position date in the share capital of companies

include the following:

PJ Colours (Holdings) Limited

Registered office:

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

PJ Colours Limited

Registered office:

Nature of business: Blending & processing iron oxides

%

Class of shares:

holding

Ordinary

100.00

The shares of PJ Colours Limited are owned by PJ Colours (Holdings) Limited.

9.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Amounts owed by group undertakings

1,767,444

1,367,400

The amounts owed by group undertakings are unsecured, repayable on demand and interest is being

charged at a commercial rate.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other loans (see note 12)

-

100,000

Tax

4,493

7,344

Directors' current accounts

126,110

114,510

130,603

221,854

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other loans (see note 12)

-

100,000

Amounts owed to group undertakings

1,349,774

716,029

1,349,774

816,029

The amounts owed to group undertakings are unsecured, repayable on demand and interest is being

charged at a commercial rate.

12.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Other loans

-

100,000

Amounts falling due between one and two years:

Other loans - 1-2 years

-

100,000

13.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Other loans

-

200,000

The other loans are secured by a debenture constituting fixed and floating charges.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1,600,002

Ordinary

£1

1,600,002

1,600,002

15.

RESERVES

Retained

earnings

£

At 1 May 2017

745,516

Profit for the year

319,150

Dividends

(361,600

)

At 30 April 2018

703,066

Retained earnings represents the accumulated profits less accumulated losses and distributions up to the

reporting date. This is a distributable reserve.