Caseware UK (AP4) 2021.0.152 2021.0.152 2021-09-302020-10-01falseNo description of principal activity1018falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02236996 2020-10-01 2021-09-30 02236996 2019-10-01 2020-09-30 02236996 2021-09-30 02236996 2020-09-30 02236996 c:CompanySecretary1 2020-10-01 2021-09-30 02236996 c:Director1 2020-10-01 2021-09-30 02236996 c:Director2 2020-10-01 2021-09-30 02236996 c:RegisteredOffice 2020-10-01 2021-09-30 02236996 c:Agent1 2020-10-01 2021-09-30 02236996 d:Buildings 2020-10-01 2021-09-30 02236996 d:Buildings 2021-09-30 02236996 d:Buildings 2020-09-30 02236996 d:Buildings d:OwnedOrFreeholdAssets 2020-10-01 2021-09-30 02236996 d:PlantMachinery 2020-10-01 2021-09-30 02236996 d:PlantMachinery 2021-09-30 02236996 d:PlantMachinery 2020-09-30 02236996 d:PlantMachinery d:OwnedOrFreeholdAssets 2020-10-01 2021-09-30 02236996 d:OwnedOrFreeholdAssets 2020-10-01 2021-09-30 02236996 d:PatentsTrademarksLicencesConcessionsSimilar 2021-09-30 02236996 d:PatentsTrademarksLicencesConcessionsSimilar 2020-09-30 02236996 d:CopyrightsPatentsTrademarksServiceOperatingRights 2021-09-30 02236996 d:CopyrightsPatentsTrademarksServiceOperatingRights 2020-09-30 02236996 d:CurrentFinancialInstruments 2021-09-30 02236996 d:CurrentFinancialInstruments 2020-09-30 02236996 d:Non-currentFinancialInstruments 2021-09-30 02236996 d:Non-currentFinancialInstruments 2020-09-30 02236996 d:CurrentFinancialInstruments d:WithinOneYear 2021-09-30 02236996 d:CurrentFinancialInstruments d:WithinOneYear 2020-09-30 02236996 d:Non-currentFinancialInstruments d:AfterOneYear 2021-09-30 02236996 d:Non-currentFinancialInstruments d:AfterOneYear 2020-09-30 02236996 d:ShareCapital 2021-09-30 02236996 d:ShareCapital 2020-09-30 02236996 d:RetainedEarningsAccumulatedLosses 2021-09-30 02236996 d:RetainedEarningsAccumulatedLosses 2020-09-30 02236996 c:OrdinaryShareClass1 2020-10-01 2021-09-30 02236996 c:OrdinaryShareClass1 2021-09-30 02236996 c:OrdinaryShareClass1 2020-09-30 02236996 c:OrdinaryShareClass2 2020-10-01 2021-09-30 02236996 c:OrdinaryShareClass2 2021-09-30 02236996 c:OrdinaryShareClass2 2020-09-30 02236996 c:FRS102 2020-10-01 2021-09-30 02236996 c:AuditExempt-NoAccountantsReport 2020-10-01 2021-09-30 02236996 c:FullAccounts 2020-10-01 2021-09-30 02236996 c:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 02236996 2 2020-10-01 2021-09-30 02236996 6 2020-10-01 2021-09-30 02236996 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2020-10-01 2021-09-30 02236996 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2020-10-01 2021-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02236996










PICKETT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021




















 
PICKETT LIMITED
 
 
Company Information


Directors
A A Duma (Chairman) 
T R Pickett (Managing Director) 




Company secretary
A A Duma



Registered number
02236996



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW




Bankers
Barclays Bank Plc
50 Pall Mall

London

SW1Y 5AX





 
PICKETT LIMITED
Registered number: 02236996

Balance sheet
As at 30 September 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
14,937
18,132

Tangible assets
 5 
96,152
111,893

Investments
 6 
1
1

  
111,090
130,026

Current assets
  

Stocks
  
298,133
542,742

Debtors: amounts falling due within one year
 7 
70,536
27,514

  
368,669
570,256

Creditors: amounts falling due within one year
 8 
(523,311)
(493,049)

Net current (liabilities)/assets
  
 
 
(154,642)
 
 
77,207

Total assets less current liabilities
  
(43,552)
207,233

Creditors: amounts falling due after more than one year
 9 
(544,552)
(491,818)

  

Net liabilities
  
(588,104)
(284,585)


Capital and reserves
  

Called up share capital 
 10 
797,400
797,400

Profit and loss account
  
(1,385,504)
(1,081,985)

  
(588,104)
(284,585)


Page 1

 
PICKETT LIMITED
Registered number: 02236996
    
Balance sheet (continued)
As at 30 September 2021

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 the 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 6 September 2022.




................................................
A A Duma (Chairman)
Director


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PICKETT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2021

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis despite a loss for the year of £303,519 and the material impact of COVID-19 on the company's activities. These circumstances, extraordinary in nature and extent, have had and will have very significant direct and indirect repercussions on economic activity in general and on the company's activities. 
However, the directors and shareholders consider the going concern basis to be appropriate as they have agreed to continue to provide  whatever financial support to the company requires to continue in business for at least the next twelve months from the date of approval of these financial statements.

 
2.3

Turnover

The turnover shown in the profit and loss account represents sales made during the year exclusive of Value Added Tax.

 
2.4

Intangible assets

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

 
PICKETT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2021

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods..

Depreciation is provided on the following basis:

Leasehold Property
-
over unexpired period of lease
Plant & Machinery etc.
-
20% reducing balance

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 profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

 
2.8

Debtors

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.

 
2.9

Financial instruments

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, loans to related parties and investments in ordinary shares.

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.

 
2.10

Creditors

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

 
PICKETT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2021

2.Accounting policies (continued)

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.12

Foreign currency translation

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.13

Finance costs

Finance costs are charged to profit or loss 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.

 
2.14

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.15

Pensions

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 profit or loss 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.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
PICKETT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2021

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2020 - 18).


4.


Intangible assets




Website
Trademarks
Total

£
£
£



Cost


At 1 October 2020
31,948
300
32,248



At 30 September 2021

31,948
300
32,248



Amortisation


At 1 October 2020
13,816
300
14,116


Charge for the year
3,195
-
3,195



At 30 September 2021

17,011
300
17,311



Net book value



At 30 September 2021
14,937
-
14,937



At 30 September 2020
18,132
-
18,132



Page 6

 
PICKETT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2021

5.


Tangible fixed assets





Land & buildings
Other plant   & machinery
Total

£
£
£



Cost or valuation


At 1 October 2020
277,701
278,142
555,843


Additions
-
3,927
3,927



At 30 September 2021

277,701
282,069
559,770



Depreciation


At 1 October 2020
213,208
230,742
443,950


Charge for the year
9,403
10,265
19,668



At 30 September 2021

222,611
241,007
463,618



Net book value



At 30 September 2021
55,090
41,062
96,152



At 30 September 2020
64,493
47,400
111,893


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2020
1



At 30 September 2021
1




Page 7

 
PICKETT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2021

7.


Debtors

2021
2020
£
£


Trade debtors
18,781
9,201

Other debtors
10,763
11,243

Prepayments and accrued income
40,992
7,070

70,536
27,514



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
134,155
152,617

Bank loans
76,230
49,465

Trade creditors
184,435
44,519

Other taxation and social security
125,838
70,525

Other creditors
653
171,423

Accruals and deferred income
2,000
4,500

523,311
493,049


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 the directors of the company.


9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
35,833
124,948

Other creditors
508,719
366,870

544,552
491,818


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 the directors of the company.

Page 8

 
PICKETT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2021

10.


Share capital

2021
2020
£
£
Allotted and fully paid



260,000 (2020 - 260,000) Ordinary A shares of £1.00 each
260,000
260,000
537,400 (2020 - 537,400) Ordinary B shares of £1.00 each
537,400
537,400

797,400

797,400



11.


Commitments under operating leases

At 30 September 2021 the Company had future minimum lease payments under non-cancellable operating leases amounting to £1,532,450 (2020: £1,788,850).


12.


Related party transactions

At 30 September 2021 loans from directors totalled £9,566 (2020: £16,276). 

 
Page 9