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REGISTERED NUMBER: 10345037 (England and Wales)















Financial Statements for the Year Ended 31 January 2023

for

Piccadilly Vaults Ltd

Piccadilly Vaults Ltd (Registered number: 10345037)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Piccadilly Vaults Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: S R MacLachlan
J T MacLachlan





REGISTERED OFFICE: 13 Piccadilly Arcade
St James
London
SW1Y 6NH





REGISTERED NUMBER: 10345037 (England and Wales)





ACCOUNTANTS: Geoffrey Cole & Co
4 Reading Road
Pangbourne
Reading
Berkshire
RG8 7LY

Piccadilly Vaults Ltd (Registered number: 10345037)

Statement of Financial Position
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,787 8,907

CURRENT ASSETS
Stocks 1,410,434 1,316,964
Debtors 5 183,239 122,631
Cash at bank and in hand 173,735 385,498
1,767,408 1,825,093
CREDITORS
Amounts falling due within one year 6 1,651,670 1,668,282
NET CURRENT ASSETS 115,738 156,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,525

165,718

CREDITORS
Amounts falling due after more than one
year

7

25,797

35,509
NET ASSETS 100,728 130,209

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 90,728 120,209
100,728 130,209

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

Piccadilly Vaults Ltd (Registered number: 10345037)

Statement of Financial Position - continued
31 January 2023


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 8 November 2023 and were signed on its behalf by:





S R MacLachlan - Director


Piccadilly Vaults Ltd (Registered number: 10345037)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Piccadilly Vaults Ltd 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. 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.

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.

As stated in notes the director has reviewed the impact of COVID-19 on the operations and financial position of the company and has a reasonable expectation that the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and Over life of lease

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

Piccadilly Vaults Ltd (Registered number: 10345037)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 123,764
Additions 7,033
At 31 January 2023 130,797
DEPRECIATION
At 1 February 2022 114,857
Charge for year 5,153
At 31 January 2023 120,010
NET BOOK VALUE
At 31 January 2023 10,787
At 31 January 2022 8,907

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 103,428 82,506
Other debtors 79,811 40,125
183,239 122,631

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,872 10,146
Trade creditors 323,035 116,598
Taxation and social security - 69,903
Other creditors 1,318,763 1,471,635
1,651,670 1,668,282

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,797 35,509

Piccadilly Vaults Ltd (Registered number: 10345037)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 2,264 -
Between one and five years 944 -
3,208 -

9. COVID-19

At the balance sheet date and of the approval of these financial statements the COVID-19 pandemic is having a significant detrimental impact on social and financial economies of the world. The impact of COVID-19 and the measures the UK Government have announced are likely to have an impact on the operations of the company and its customers for the forthcoming period. The duration of the measures announced to tackle the COVID-19 pandemic has not been defined and there is considerable uncertainty in measuring the potential impact of the measures on the company. These factors and any future policy by the UK Government are largely outside the control of the company's director, but could impact the company.

10. SECURED DEBTS

A E MacLachlan holds fixed and floating charges over the assets and undertakings of the company.