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Registered number: 02236996
PICKETT LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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PICKETT LIMITED
Company Information
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T R Pickett (Managing Director)
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PICKETT LIMITED
Registered number: 02236996
Balance sheet
As at 31 March 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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PICKETT LIMITED
Registered number: 02236996
Balance sheet (continued)
As at 31 March 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2018.
................................................
A A Duma
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The notes on pages 3 to 9 form part of these financial statements.
Page 2
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PICKETT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
Pickett Limited is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The accounts have been prepared under the going concern basis despite an excess of liabilities over total assets. The directors consider this to be appropriate as they have agreed to support the company for at least the next twelve months from the date of approval of these financial statements.
The turnover shown in the profit and loss account represents sales made during the year exclusive of Value Added Tax.
Website costs are capitalised to the extent that they lead to the creation of an enduring asset delivering benefits to the company and are stated at cost less amortisation. Amortisation is provided at 10% straight line which is the estimated life of the website.
Trademarks are capitalised by the company and amortised at 20% straight line.
Page 3
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PICKETT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
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over unexpired period of lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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PICKETT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, including directors, during the year was 19 (2017 - 21).
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Page 5
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PICKETT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
Page 6
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PICKETT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Charge for the year on owned assets
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Investment in subsidiary company
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Page 7
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PICKETT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Called up share capital not paid
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The bank loans and overdraft are secured by way of guarantee and debenture and fixed and floating charges over all property and assets of the company, and with personal guarantees from certain directors of the company.
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Creditors: Amounts falling due after more than one year
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The bank loans are secured by way of guarantee and debenture and fixed and floating charges over all property and assets of the company, and with personal guarantees from certain directors of the company.
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Page 8
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PICKETT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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260,000 (2017 - 150,000) Ordinary A shares of £1.00 each
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145,000 (2017 - 145,000) Ordinary B shares of £1.00 each
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20,000 (2017 - 20,000) Ordinary B shares shares of £1.00 each
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During the year the company issued 110,000 £1 Ordinary A shares at par value.
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Commitments under operating leases
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At 31 March 2018 the Company had future minimum lease payments under non-cancellable operating leases amounting to £2,379,725 (2017: £2,694,625).
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Related party transactions
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At 31 March 2018 loans from directors and companies in which the directors have an interest totalled £83,683 (2017: £50,500) and £61,995 (2017: £154,000), respectively.
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Page 9
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