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Registered Number:00857509













PICKERING ELECTRONICS LIMITED






ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023











 
PICKERING ELECTRONICS LIMITED
 

 
COMPANY INFORMATION


Directors
Keith Moore 
Poppy Elliott-Moore 
Glen Ball            
Ian Johnston       
Adam Mitchell 
Claire Key (appointed 4 April 2023)




Company secretary
Poppy Elliott-Moore



Registered number
00857509



Registered office
Stephenson Road
Clacton-On-Sea

Essex

CO15 4NL




Independent auditor
Sumer Auditco Limited

820 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ




Bankers
Barclays Bank plc
P.O. Box No 1

9 High Street

Colchester

CO1 1DD





Merck Finck & co

Post Fach 10-02-27

80327 Munchen

Germany






 
PICKERING ELECTRONICS LIMITED
 


CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Consolidated Statement of Comprehensive Income (including the Profit and Loss Account)
9
Consolidated Balance Sheet
10
Company Balance Sheet
11 - 12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Analysis of Net Debt
17
Notes to the Financial Statements
18 - 35



 
PICKERING ELECTRONICS LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report and financial statements for the year ended 31 December 2023.

Business review and future developments
 
Pickering Electronics Limited continues to invest heavily, focusing on automation and building on founder John Moore’s original vision, modernizing both the manufacturing facilities and sales channels to improve efficiencies, in addition to the substantial ongoing investment in global marketing. All investment funds are obtained only from cash flow and continuing substantial cash reserves. We fully expect that this investment will substantially grow the Group’s sales revenue and customer base, while also continuing to build cash reserves.
Pickering Electronics Limited are continuing a substantial reed relay development program to further expand new design reed relays featuring higher performance and density as required by the instrumentation and test market.
Within Pickering Electronics a process began to greatly expand distribution channels in Europe, North America and Asia which has recently accelerated. This is expected to substantially grow new sales, so at the same time making Pickering Electronics less vulnerable to downturns of existing customers.
We have continued to invest in new facilities in the UK and Czech Republic, product development and new products and markets. Marketing spend will continue at a high rate, especially for new products. Despite this we remain completely debt free.
One of the restraining factors the business faced during previous years was the industry wide supply chain shortages. Pickering was successful in mitigating these shortages by sourcing multiple suppliers and placing strategic stock purchases which proved successful in some areas. Due to this we have seen our component stock levels rise but this has enabled us to meet our customer demand with shorter lead times during these challenging times.  
Due to the component shortages many of our customers were purchasing stock in excess of their immediate requirements, this has resulted in a change in market conditions and a slowdown of order input throughout 2024. We have restructured our production team to improve efficiencies and should see the benefits of this when business conditions improve, as is expected in 2025. To support the ongoing investment required there remains a high level of intercompany debt which can be drawn upon to improve company liquidity if required. 
The business outlook for 2024 remains positive despite the obstacles created through decreased order input and increasing component prices. We will continue to invest heavily into automation, developing new products and our marketing efforts to improve the company performance for future years.
Financial Highlights
Turnover
Year to Dec 23 - £12,211,586
Year to Dec 22 - £10,881,410
Gross Profit Margins
Year to Dec 23 – 45.6% 
Year to Dec 22 – 45.1%
Operating Profit
Year to Dec 23 - £1,187,437
Year to Dec 22 – £776,910


- 1 -



 
PICKERING ELECTRONICS LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
There are risks and uncertainties relevant to the Group's business, financial conditions and results of operations that may affect its performance and ability to achieve its objectives. The factors listed below are among those that the directors believe could cause the Group's actual results to differ from expected and historical results. Although it would not be possible for the Group to implement controls to respond to all the risks that it may face in the opinion of the directors the strategies employed reduce those risks to an acceptable level.
Risk
Product quality failure: The Group operates in highly regulated markets with strict quality requirements. Any quality failure involving the Group's products could lead to loss of reputation, reduction in revenues, and recall costs.
Strategy
The Group has rigorous quality assurance processes. Incoming materials are analysed, production processes are controlled, and products are sampled for testing prior to release.
Risk
Currency risk: The Group has significant transactions in Euro and US dollar and as such has an exposure to fluctuations in currency variances.
Strategy
The Group maintains significant assets in Euro and US dollar to manage translational exposure.
Risk
Supply Chain Shortages: The Group is aware of the potential risk generated through material shortages and the impact on their manufacturing processes.
Strategy
The Group has made the strategic decision to purchase components above amounts required in order to build resilience to the potential component shortages in future years. Alternative suppliers have been sourced to minimise potential disruption as well as alternative components to extend product ranges and maintain a consistent production line.

Development and performance
 
Pickering Electronics Limited has continued to invest significantly in research and development during the period and is constantly seeking to develop its products further.


This report was approved by the board on 19 September 2024 and signed on its behalf.



Keith Moore
Director


- 2 -



 
PICKERING ELECTRONICS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,014,672 (2022 - £406,336).

During the year the group paid dividends totalling £285,342 (2022: £105,118). The directors do not propose that any further dividend be declared in respect of the year under review.

Directors

The directors who served during the year were:

Keith Moore 
Poppy Elliott-Moore 
Glen Ball 
Ian Johnston 
Adam Mitchell 
Claire Key (appointed 4 April 2023)

Future developments

Information on future developments is disclosed in the strategic report. 


- 3 -



 
PICKERING ELECTRONICS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 September 2024 and signed on its behalf.
 





Keith Moore
Director


- 4 -



 
PICKERING ELECTRONICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PICKERING ELECTRONICS LIMITED

Opinion


We have audited the financial statements of Pickering Electronics Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.



- 5 -



 
PICKERING ELECTRONICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PICKERING ELECTRONICS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.



- 6 -



 
PICKERING ELECTRONICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PICKERING ELECTRONICS LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's 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 an Auditor's Report 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 Group financial statements.


The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosure in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: compliance with ISO 9001, REACH, CE and ROH compliance, health and safety, import and export laws, anti-bribery and corruption, human rights and employment law and GDPR compliance. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquires of management and those charged with governance as to whether the company complies with such regulations; enquires of management and those charged with governance concerning any actual or potential litigations or claims, inspection of relevant legal documentation, review of board minutes, testing appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.

- 7 -



 
PICKERING ELECTRONICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PICKERING ELECTRONICS LIMITED (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


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 2006Our 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 an Auditor's Report 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.





Timothy O'Connor (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ

23 September 2024

- 8 -



 
PICKERING ELECTRONICS LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Revenue
 4 
12,211,586
10,881,410

Cost of sales
  
(6,637,990)
(5,969,106)

Gross profit
  
5,573,596
4,912,304

Distribution costs
  
(40,725)
(36,401)

Administrative expenses
  
(4,345,434)
(4,107,993)

Other operating income
 5 
-
9,000

Operating profit
 6 
1,187,437
776,910

Interest receivable and similar income
 10 
27,445
5,284

Profit before taxation
  
1,214,882
782,194

Tax on profit
 11 
(200,210)
(375,858)

Profit for the financial year
  
1,014,672
406,336

  

Foreign exchange differences on translation of subsidiary
  
16,918
113,888

Other comprehensive income for the year
  
16,918
113,888

Total comprehensive income for the year
  
1,031,590
520,224

Profit for the year attributable to:
  

Owners of the parent Company
  
1,014,672
406,336

  
1,014,672
406,336

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,031,590
520,224

  
1,031,590
520,224

The notes on pages 18 to 35 form part of these financial statements.


- 9 -



 
PICKERING ELECTRONICS LIMITED
REGISTERED NUMBER:00857509


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
4,034
1,367

Tangible assets
 13 
806,692
796,670

  
810,726
798,037

Current assets
  

Stocks
 15 
3,672,885
2,488,883

Debtors: amounts falling due after more than one year
 16 
871,532
871,696

Debtors: amounts falling due within one year
 16 
1,523,205
1,712,766

Cash at bank and in hand
 17 
2,307,189
2,575,794

  
8,374,811
7,649,139

Creditors: amounts falling due within one year
 18 
(1,278,866)
(1,282,474)

Net current assets
  
 
 
7,095,945
 
 
6,366,665

Total assets less current liabilities
  
7,906,671
7,164,702

Deferred taxation
 19 
(110,550)
(114,829)

  
 
 
(110,550)
 
 
(114,829)

Net assets
  
7,796,121
7,049,873


Capital and reserves
  

Called up share capital 
 20 
11,000
11,000

Profit and loss account
  
7,785,121
7,038,873

Equity attributable to owners of the
parent Company
  
7,796,121
7,049,873


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.



Keith Moore
Director

The notes on pages 18 to 35 form part of these financial statements.


- 10 -



 
PICKERING ELECTRONICS LIMITED
REGISTERED NUMBER:00857509


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
476,680
470,413

Investments
 14 
6,750
6,750

  
483,430
477,163

Current assets
  

Stocks
 15 
1,986,075
1,458,936

Debtors: amounts falling due after more than one year
 16 
1,352,436
1,316,472

Debtors: amounts falling due within one year
 16 
1,300,312
1,603,453

Cash at bank and in hand
 17 
2,118,863
2,351,444

  
6,757,686
6,730,305

Creditors: amounts falling due within one year
 18 
(894,106)
(1,167,651)

Net current assets
  
 
 
5,863,580
 
 
5,562,654

Total assets less current liabilities
  
6,347,010
6,039,817

  

Deferred taxation
 19 
(102,269)
(97,162)

  
 
 
(102,269)
 
 
(97,162)

Net assets
  
6,244,741
5,942,655


- 11 -



 
PICKERING ELECTRONICS LIMITED
REGISTERED NUMBER:00857509

    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 20 
11,000
11,000

Profit and loss account brought forward
  
5,931,655
5,757,233

Profit for the year
  
587,428
279,540

Dividends

  

(285,342)
(105,118)

Profit and loss account carried forward
  
6,233,741
5,931,655

  
6,244,741
5,942,655


The company has taken advantage of the exemption in s408 of the Companies Act 2006 from presenting its own profit and loss account.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.


Keith Moore
Director

The notes on pages 18 to 35 form part of these financial statements.


- 12 -



 
PICKERING ELECTRONICS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
11,000
7,038,873
7,049,873


Comprehensive income for the year

Profit for the year
-
1,014,672
1,014,672

Currency translation differences
-
16,918
16,918
Total comprehensive income for the year
-
1,031,590
1,031,590

Dividends
-
(285,342)
(285,342)


At 31 December 2023
11,000
7,785,121
7,796,121


The notes on pages 18 to 35 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
11,000
6,623,767
6,634,767


Comprehensive income for the year

Profit for the year
-
406,336
406,336

Currency translation differences
-
113,888
113,888
Total comprehensive income for the year
-
520,224
520,224

Dividends
-
(105,118)
(105,118)


At 31 December 2022
11,000
7,038,873
7,049,873


The notes on pages 18 to 35 form part of these financial statements.


- 13 -



 
PICKERING ELECTRONICS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
11,000
5,931,655
5,942,655


Comprehensive income for the year

Profit for the year
-
587,428
587,428


Contributions by and distributions to owners

Dividends
-
(285,342)
(285,342)


At 31 December 2023
11,000
6,233,741
6,244,741


The notes on pages 18 to 35 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
11,000
5,757,233
5,768,233


Comprehensive income for the year

Profit for the year
-
279,540
279,540


Contributions by and distributions to owners

Dividends
-
(105,118)
(105,118)


At 31 December 2022
11,000
5,931,655
5,942,655


The notes on pages 18 to 35 form part of these financial statements.


- 14 -



 
PICKERING ELECTRONICS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,014,672
406,336

Adjustments for:

Amortisation of intangible assets
2,070
3,783

Depreciation of tangible assets
243,675
220,248

Loss on disposal of tangible assets
(4,566)
(59,167)

Interest received
(27,445)
(5,284)

Taxation charge
200,210
375,858

(Increase) in stocks
(1,184,002)
(709,451)

Decrease in debtors
387,375
473,400

(Decrease) in creditors
(398,119)
(193,686)

Foreign exchange movement on translation of subsidiary
16,918
113,888

Corporation tax (paid)
(7,628)
(34,133)

Net cash generated from operating activities

243,160
591,792


Cash flows from investing activities

Purchase of intangible fixed assets
(4,737)
-

Purchase of tangible fixed assets
(261,427)
(186,122)

Sale of tangible fixed assets
12,296
37,882

Interest received
27,445
5,284

Net cash used in investing activities

(226,423)
(142,956)

- 15 -



 
PICKERING ELECTRONICS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Loans to group companies
-
(318,000)

Dividends paid
(285,342)
(105,118)

Net cash used in financing activities
(285,342)
(423,118)

Net (decrease)/increase in cash and cash equivalents
(268,605)
25,718

Cash and cash equivalents at beginning of year
2,575,794
2,550,076

Cash and cash equivalents at the end of year
2,307,189
2,575,794


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,307,189
2,575,794

2,307,189
2,575,794


The notes on pages 18 to 35 form part of these financial statements.


- 16 -



 
PICKERING ELECTRONICS LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,575,794

(268,605)

2,307,189


2,575,794
(268,605)
2,307,189

The notes on pages 18 to 35 form part of these financial statements.


- 17 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Pickering Electronics Limited is a private limited company incorporated in England and Wales.
Its registered office is Pickering, Stephenson Road, Clacton-on-Sea, Essex, England, CO15 4NL.
Its principal activity is that of electrical components manufacturing. The Group that this company heads and for which these consolidated financial statements are prepared consists of Pickering Electronics Limited and its subsidiary Pickering Electronics SRO. Details of the subsidiary can be found in note 14.

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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The company has not prepared its individual Statement of Cash Flows as the exemptions available for qualifying entities have been taken.

 
2.3

Going concern

The financial statements have been drawn up on a going concern basis. The future of the world economy is unclear at this present time and it is therefore difficult to evaluate all of the potential implications on the company’s trade, customers, suppliers and the wider economy.


- 18 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
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.

Depreciation is provided on the following basis:

Plant and machinery
-
10% straight line
Fixtures, fittings and equipment
-
25% straight line

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.


- 19 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
3
years
Other intangible fixed assets
-
6
years

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

Financial instruments

The Group 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.


- 20 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 

 
2.13

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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

Operating leases: the Group as lessee

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


- 21 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.17

Interest income

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

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit; and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


- 22 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.20

Research and development

Research and development expenditure is written off to profit and loss in the year in which it is incurred.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 


- 23 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Revenue

2023
2022
£
£

Sales
12,211,586
10,881,410

12,211,586
10,881,410


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
893,327
1,023,151

Rest of Europe
5,609,922
4,854,363

North America
2,239,008
2,419,325

Rest of the World
3,469,329
2,584,571

12,211,586
10,881,410



5.


Other operating income

2023
2022
£
£

Grants receivable
-
9,000

-
9,000



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
332,919
348,478

Depreciation of tangible fixed assets
243,675
220,248

Amortisation of intangible assets
2,070
3,783

Profit on disposal of fixed assets
(12,063)
(59,167)

Exchange differences
113,336
(562,413)

Other operating lease rentals
97,000
97,000

Defined contribution pension costs
233,823
215,745


- 24 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Group's auditor for the audit of the Group's annual financial statements
27,240
22,655


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,207,018
4,973,905
2,975,308
2,870,190

Social security costs
1,004,375
954,363
261,607
259,857

Cost of defined contribution scheme
233,823
215,745
74,534
73,360

6,445,216
6,144,013
3,311,449
3,203,407


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administration, management and manufacturing
289
290
99
99


- 25 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£



Directors' remuneration
74,828
57,487

Group contributions to defined contribution pension schemes
2,229
1,717

77,057
59,204

During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.
During the year recharges relating to directors' fees were incurred from within the Pickering Group amounting to £80,000 (2022 - £80,000) which are not included within the figures disclosed above.
Directors remuneration represents key management personnel remuneration.


10.


Interest receivable

2023
2022
£
£


Bank and other interest receivable
27,445
5,284

27,445
5,284


- 26 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
106,440
-


106,440
-

Foreign tax


Foreign tax on income for the year
88,663
46,675

88,663
46,675

Total current tax
195,103
46,675

Deferred tax


Origination and reversal of timing differences
5,107
329,183

Total deferred tax
5,107
329,183


Taxation on profit on ordinary activities
200,210
375,858

- 27 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year differs from the standard rate of corporation tax in the UK of 25%
 (2022 -19%). The standard rate of corporation tax in the UK increased from 19% to 25% on 1 April 2023 and therefore the rate used to calculate the tax charge for the year ended 31 December 2023 was 23.52%, being the average rate.
 The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,214,882
782,194


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
285,740
148,617

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,453
456

Non-taxable income
(653)
-

Adjustment in research and development tax credit leading to an decrease in the tax charge
(69,959)
(86,074)

Group relief
-
252,094

Change in tax rates
(32,371)
60,765

Total tax charge for the year
200,210
375,858


12.


Dividends

2023
2022
£
£


Interim paid
285,342
105,118

285,342
105,118


- 28 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
1,809,976
609,118
2,419,094


Additions
204,727
56,700
261,427


Disposals
(57,046)
-
(57,046)



At 31 December 2023

1,957,657
665,818
2,623,475



Depreciation


At 1 January 2023
1,134,419
488,005
1,622,424


Charge for the year
173,996
69,679
243,675


Disposals
(49,316)
-
(49,316)



At 31 December 2023

1,259,099
557,684
1,816,783



Net book value



At 31 December 2023
698,558
108,134
806,692



At 31 December 2022
675,557
121,113
796,670


- 29 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Plant and machinery
Fixtures, fittings and equipment
Total

£
£
£

Cost or valuation


At 1 January 2023
1,076,778
609,118
1,685,896


Additions
93,071
56,700
149,771


Disposals
(17,500)
-
(17,500)



At 31 December 2023

1,152,349
665,818
1,818,167



Depreciation


At 1 January 2023
727,478
488,005
1,215,483


Charge for the year
66,095
69,679
135,774


Disposals
(9,770)
-
(9,770)



At 31 December 2023

783,803
557,684
1,341,487



Net book value



At 31 December 2023
368,546
108,134
476,680



At 31 December 2022
349,300
121,113
470,413







- 30 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary company

£



Cost or valuation


At 1 January 2023
6,750



At 31 December 2023
6,750





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Pickering Electronics SRO
Smetanove 525, Trinec, 73961
100%

This subsidiary has been included in these consolidated financial statements





15.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
2,358,622
1,729,121
1,373,315
852,456

Work in progress (goods to be sold)
214,868
200,057
160,058
169,350

Finished goods and goods for resale
1,099,395
559,705
452,702
437,130

3,672,885
2,488,883
1,986,075
1,458,936


The difference between purchase price or production cost of stocks and their replacement cost is not material.


- 31 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
868,023
868,023
1,352,436
1,316,472

Other debtors
3,509
3,673
-
-

871,532
871,696
1,352,436
1,316,472


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
1,258,025
1,294,646
922,007
1,196,114

Amounts owed by group undertakings
51,331
15,151
268,356
126,279

Other debtors
68,349
248,448
43,541
248,117

Prepayments and accrued income
145,500
154,521
66,408
32,943

1,523,205
1,712,766
1,300,312
1,603,453



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,307,189
2,575,794
2,118,863
2,351,444

2,307,189
2,575,794
2,118,863
2,351,444



- 32 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
356,876
515,077
331,257
509,145

Amounts owed to group undertakings
341,147
338,857
340,622
524,472

Corporation tax
219,744
22,883
106,440
-

Other taxation and social security
142,704
154,779
63,331
62,549

Other creditors
165,508
189,169
6,833
11,980

Accruals and deferred income
52,887
61,709
45,623
59,505

1,278,866
1,282,474
894,106
1,167,651



19.


Deferred taxation


Group



2023


£






At beginning of year
(114,829)


Charged to profit or loss
9,386


Utilised in year
(5,107)



At end of year
(110,550)


- 33 -



 
PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
19.Deferred taxation (continued)

Company


2023


£






At beginning of year
(97,162)


Utilised in year
(5,107)



At end of year
(102,269)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(110,550)
(114,829)
(102,269)
(97,162)

(110,550)
(114,829)
(102,269)
(97,162)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



11,000 (2022 - 11,000) Ordinary shares of £1.00 each
11,000
11,000



21.


Contingent liabilities

Pickering Electronics have placed forward orders with suppliers and estimate a liability in respect of
these at the year end totalling £475,016 (2022: £642,051).


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PICKERING ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Company
Company
2023
2022
£
£

Not later than 1 year
97,000
97,000

Later than 1 year and not later than 5 years
388,000
388,000

Later than 5 years
291,000
388,000

776,000
873,000


23.


Related party transactions

The Group has taken advantage of the exemption from disclosing transactions with wholly owned Group members.
Balances with Group undertakings are disclosed in notes 16 and 18.


24.


Controlling party

The company is a wholly owned subsidiary of Pickering Group Limited, a company under the control of Mr K T Moore.

 

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