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Registered Number:01580435













PICKERING GROUP LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023











 
PICKERING GROUP LIMITED
 

 
COMPANY INFORMATION


Director
Keith Moore 




Company secretary
Poppy Elliott-Moore



Registered number
01580435



Registered office
Pickering
Stephenson Road

Clacton-On-Sea

Essex

CO15 4NL




Independent auditors
Sumer Auditco Limited
Statutory Auditor

820 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ






 
PICKERING GROUP LIMITED
 


CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 6
Independent Auditors' Report
7 - 10
Consolidated Profit and Loss Account
11
Consolidated Statement of Comprehensive Income
12
Consolidated Balance Sheet
13 - 14
Company Balance Sheet
15
Consolidated Statement of Changes in Equity
16 - 17
Company Statement of Changes in Equity
18 - 19
Consolidated Statement of Cash Flows
20 - 21
Consolidated Analysis of Net Debt
22
Notes to the Financial Statements
23 - 38



 
PICKERING GROUP LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director presents the strategic report and financial statements for the year ended 31 December 2023.
The purpose of Pickering Group Limited is to bring together the previously separate businesses of Pickering Electronics and Pickering Interfaces together under common share ownership. This has the benefit of increasing the co-operation and synergies of the 2 businesses, so as to maximise cross-pollination and efficiencies across the businesses, in the UK and in all overseas subsidiaries.

Fair review of the business
 
Pickering Group Limited existed as a holding company and did not trade in its own right during the year. It received dividends from its subsidiaries and distributed these to its shareholders. 
Pickering Electronics Limited continues to invest heavily, modernising both the manufacturing infrastructure and sales channels to improve efficiencies. The company continues its 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. The 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, and at the same time, making Pickering Electronics Limited less vulnerable to downturns of existing customers.
Pickering Interfaces Limited continues to invest heavily in research and development. 

Business model

The Group is 100% family-owned, now in its third generation. The business model is to remain completely family-owned for the long term, to continue reinvesting the bulk of the profits and to further enhance the balance sheet to give the group maximum resilience, whilst retaining a very employee orientated company. The business model and objectives most closely resemble that of the German Mittelstand.

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 amongst those that the director 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 director the strategies employed minimise 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 a 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.


- 1 -



 
PICKERING GROUP LIMITED
 


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

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 translation exposure.

Development and performance

The Group has continued to invest significantly in research & development, advertising and marketing during the year and is constantly seeking to market and develop its products further. Taking into account all factors, the directors consider that the Group remains ideally placed to grow both revenue and profitability for the year 2024.
The Pickering Group will offer more resilience to the subsidiary companies as Pickering Group continues to invest and grow by:
o consistently building up the balance sheet year by year in order to maximise the group’s ability to withstand shocks, investing within the business, and maximising employees job security.
o over time developing a forward looking CSR policy to give back to the communities local to Pickering facilities, targeting 5% of Annual Net Profit.
o acting as a holding company for any future companies that Pickering Group may create in adjacent markets.
o fostering continued investment in the business, specifically in product innovation and development and product marketing.

Section 172 statement

The company is a holding company and has no suppliers, customers or employees. Its subsidiary companies are exempt from the reporting requirements of Section 172.

Key performance indicators

The Group uses the following KPI’s to monitor and manage the performance of the Group:
        Target Net Pre-Tax Operating Profit: 15%
        Target minimum cash levels: 25% of total sales revenue of each subsidiary.
        Debt to Capital ratio under 15%
Group cash levels are targeted at 25% of total revenue, due to strategic investment to support the ongoing, future growth of the Group Pickering did not meet this required target at year end. Since then, the cash position has strengthened and remains above the minimum target set in 2024.
The increased level of reserves maintained by the Group mean the debt to capital ratio is being maintained at below the 15% level set.


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



Keith Moore
Director


- 2 -



 
PICKERING GROUP LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activities of the Group are the development, manufacture and supply of interconnection solutions and electronic products for the test and measurement industry.

Director

The director who served during the year was:

Keith Moore 

Results and dividends

The profit for the year, after taxation, amounted to £5,421,681 (2022 - £7,649,359).

During the year the Group proposed dividends totaling £1,035,759 (2022 - £244,386). The directors do not propose that any further dividend be declared in respect of the year under review.

Research and development activities

Research and development work continues to be directed towards the introduction of new and improved products, the application of new technology to reduce unit and operating cost and to improve service to customers.

Future developments

Information on future developments is included in the strategic report.

Engagement with suppliers, customers and others

The Pickering Group continues to engage with its employees by fully supporting education and the development of staff. The group has 614 (2022 - 582) total employees with a number of employees currently undertaking further professional development as the Group looks to continue to support and increase our employees skill set.
Customers are central to the Pickering business and without them we would not exist. Pickering aims to deliver a consistently high performance in an efficient and improving way to meet our customers needs. Engagement with our customers in the early stages of a project allows Pickering to bring the most value to them and provide the customer with the correct solution for their needs.
Pickering builds strong relationships with our suppliers to ensure the best value, service and quality is obtained. Pickering works with companies who understand our business and our ways of working. Pickering’s procurement team work hard to understand our supply chain and develop deep and strategic relationships with our key suppliers.

Qualifying third party indemnity provisions

During the year, there was directors' indemnity insurance in place.


- 3 -



 
PICKERING GROUP LIMITED
 

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

Greenhouse gas emissions, energy consumption and energy efficiency

The Board recognises its responsibility to minimise the impact of the Group’s activities on the environment.
 
The Group seeks to reduce its environmental impact in a way that benefits a broad group of stakeholders, including customers, shareholders, employees, and the local community. 
The Group places great emphasis on ensuring that it conducts its operations such that: 
- Emissions to air, releases to water and land filling of waste do not cause unacceptable environmental impacts and do not offend the community.
- Significant plant and process changes are assessed and positively pursued to prevent adverse   environmental impacts.
- Energy is used efficiently, and consumption is monitored. 
- Natural resources are used efficiently. 
- Raw material waste is minimised.
- Waste is reduced, reused, or recycled where practicable.
- The amount of packaging used for our products is minimised.
This is reviewed by senior management and a programme of continuous improvement for the benefit of customers, employees and the environment has been adopted. 
We remain focussed on reducing our energy usage and maintain detailed records of electricity consumption with the aim of taking prompt action if any unexplained increase is observed. 
2023 UK Clacton Site Annual Kwh usage & Co2 Kg/Tonne emissions 
615,104 Kwh usage
127.37 Tonnes
Ratios
0.58 Tonnes of Co2 Waste per Employee (PIL and PEL UK)
4.33 Tonnes of Waste per £1m of Revenue Generated (PIL and PEL UK)
We do not have responsibility for any emission sources outside of our consolidated financial reporting. 
We have used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition), data gathered to fulfil our requirements under the CRC Energy Efficiency scheme, and emission factors from UK Government’s GHG Conversion Factors for Company Reporting 2023. 
We have taken action over recent years to reduce our environmental footprint and will continue to do so. 
Actions we have already taken include:
 
- Installation of LED lighting throughout the Clacton site.
- We offer EV cars to staff through a salary sacrifice scheme, we have EV charging points installed at our Clacton Site.
- Replacement of older fixed asset plant and machinery with new, more efficient units where possible.
- We have an ongoing initiative to reduce single use packaging for raw material supplies and have replaced our own plastic packaging with either cardboard or recycled plastic, wherever possible. 
- We are striving to reduce waste by continually recycling and sorting waste into specific areas, scrap metal, plastics, toner cartridges are recycled through Hewlett Packard recycling scheme, cardboard is baled and sent specifically for recycling via our waste carrier.

 

- 4 -



 
PICKERING GROUP LIMITED
 

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

Future plans:
- We are still looking to invest in solar panels, these panels will generate electricity, which we use within the factory or sell back to the National Grid
- We are still currently looking into offsetting our carbon footprint via different schemes, decision on which type is still to be decided.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 auditors are 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 Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


- 5 -



 
PICKERING GROUP LIMITED
 

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

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



Keith Moore
Director


- 6 -



 
PICKERING GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED

Opinion


We have audited the financial statements of Pickering Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.



- 7 -



 
PICKERING GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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 Director's 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 Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 5, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

- 8 -



 
PICKERING GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED (CONTINUED)



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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the companies regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit.
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's subsidiaries are 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, AEO, Intertek certification, 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.
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.
 

- 9 -



 
PICKERING GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED (CONTINUED)



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 Auditors' 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 Auditors' 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

- 10 -



 
PICKERING GROUP LIMITED
 

 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
45,034,698
40,777,462

Cost of sales
  
(16,644,999)
(13,914,387)

Gross profit
  
28,389,699
26,863,075

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

Administrative expenses
  
(21,669,546)
(17,709,780)

Other operating income
 5 
96,745
18,086

Operating profit
 6 
6,776,173
9,134,980

Interest receivable and similar income
  
103,034
41,144

Other finance income
  
23,877
-

Profit before tax
  
6,903,084
9,176,124

Tax on profit
 9 
(1,481,403)
(1,526,765)

Profit for the financial year
  
5,421,681
7,649,359

Profit for the year attributable to:
  

Owners of the parent
  
5,421,681
7,649,359

  
5,421,681
7,649,359

The notes on pages 23 to 38 form part of these financial statements.


- 11 -



 
PICKERING GROUP LIMITED
 


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

2023
2022
Note
£
£


Profit for the financial year

  

5,421,681
7,649,359

Other comprehensive income
  


Currency translation differences
  
(256,782)
381,708

Other comprehensive income
  
(175)
(66,951)

Other comprehensive income for the year
  
(256,957)
314,757

Total comprehensive income for the year
  
5,164,724
7,964,116

Profit for the year attributable to:
  


Owners of the parent Company
  
5,421,681
7,649,359

  
5,421,681
7,649,359

Total comprehensive income attributable to:
  


Owners of the parent Company
  
5,164,724
7,964,116

  
5,164,724
7,964,116

The notes on pages 23 to 38 form part of these financial statements.


- 12 -



 
PICKERING GROUP LIMITED
REGISTERED NUMBER:01580435


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
4,034
1,367

Tangible assets
 11 
10,709,726
7,277,515

Investments
 12 
50
50

  
10,713,810
7,278,932

Current assets
  

Stocks
 13 
11,959,498
10,249,610

Debtors: amounts falling due after more than one year
 14 
3,509
3,673

Debtors: amounts falling due within one year
 14 
9,455,133
8,488,548

Current asset investments
 15 
115,747
-

Cash at bank and in hand
 16 
10,881,841
12,347,635

  
32,415,728
31,089,466

Creditors: amounts falling due within one year
 17 
(4,613,275)
(4,135,218)

Net current assets
  
 
 
27,802,453
 
 
26,954,248

Total assets less current liabilities
  
38,516,263
34,233,180

Deferred taxation
 18 
(430,645)
(276,527)

  
 
 
(430,645)
 
 
(276,527)

Net assets
  
38,085,618
33,956,653


- 13 -



 
PICKERING GROUP LIMITED
REGISTERED NUMBER:01580435

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 19 
28,950
28,950

Foreign exchange reserve
  
151,100
424,800

Other reserves
  
17,013
17,188

Profit and loss account
  
37,888,555
33,485,715

Equity attributable to owners of the parent Company
  
38,085,618
33,956,653

  
38,085,618
33,956,653


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 23 to 38 form part of these financial statements.


- 14 -



 
PICKERING GROUP LIMITED
REGISTERED NUMBER:01580435


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 12 
594,020
594,020

  
594,020
594,020

Current assets
  

Cash at bank and in hand
 16 
357,751
425,110

  
357,751
425,110

Creditors: amounts falling due within one year
 17 
(922,821)
(990,180)

Net current liabilities
  
 
 
(565,070)
 
 
(565,070)

Total assets less current liabilities
  
28,950
28,950

  

  

Net assets
  
28,950
28,950


Capital and reserves
  

Called up share capital 
 19 
28,950
28,950

Profit for the year
  
1,035,759
244,386

Dividends
  
(1,035,759)
(244,386)

  
 
 
28,950
 
 
28,950


The company has taken advantage of section 408 of the Companies Act not to include its individual statement of comprehensive income.
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 23 to 38 form part of these financial statements.


- 15 -



 
PICKERING GROUP LIMITED
 


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


Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
28,950
424,800
17,188
33,485,715
33,956,653


Comprehensive income for the year

Profit for the year

-
-
-
5,421,681
5,421,681

Currency translation differences
-
(273,700)
-
16,918
(256,782)

Other reserves movement
-
-
(175)
-
(175)


Other comprehensive income for the year
-
(273,700)
(175)
16,918
(256,957)


Total comprehensive income for the year
-
(273,700)
(175)
5,438,599
5,164,724

Dividends
-
-
-
(1,035,759)
(1,035,759)


Total transactions with owners
-
-
-
(1,035,759)
(1,035,759)


At 31 December 2023
28,950
151,100
17,013
37,888,555
38,085,618


The notes on pages 23 to 38 form part of these financial statements.


- 16 -



 
PICKERING GROUP LIMITED
 


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


Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
28,950
156,980
84,139
25,966,854
26,236,923


Comprehensive income for the year

Profit for the year

-
-
-
7,649,359
7,649,359

Currency translation differences
-
267,820
-
113,888
381,708

Other reserves movement
-
-
(66,951)
-
(66,951)


Other comprehensive income for the year
-
267,820
(66,951)
113,888
314,757


Total comprehensive income for the year
-
267,820
(66,951)
7,763,247
7,964,116

Dividends
-
-
-
(244,386)
(244,386)


Total transactions with owners
-
-
-
(244,386)
(244,386)


At 31 December 2022
28,950
424,800
17,188
33,485,715
33,956,653


The notes on pages 23 to 38 form part of these financial statements.


- 17 -



 
PICKERING GROUP 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
28,950
-
28,950


Comprehensive income for the year

Profit for the year
-
1,035,759
1,035,759
Total comprehensive income for the year
-
1,035,759
1,035,759

Dividends
-
(1,035,759)
(1,035,759)


Total transactions with owners
-
(1,035,759)
(1,035,759)


At 31 December 2023
28,950
-
28,950


The notes on pages 23 to 38 form part of these financial statements.


- 18 -



 
PICKERING GROUP LIMITED
 


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
28,950
-
28,950


Comprehensive income for the year

Profit for the year
-
244,386
244,386
Total comprehensive income for the year
-
244,386
244,386

Dividends
-
(244,386)
(244,386)


Total transactions with owners
-
(244,386)
(244,386)


At 31 December 2022
28,950
-
28,950


The notes on pages 23 to 38 form part of these financial statements.


- 19 -



 
PICKERING GROUP 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
5,421,681
7,649,359

Adjustments for:

Amortisation of intangible assets
2,070
3,783

Depreciation of tangible assets
937,924
816,850

Profit on disposal of tangible assets
(10,328)
(28,259)

Interest received
(103,034)
(41,144)

Taxation charge
1,481,403
1,526,765

(Increase) in stocks
(1,709,888)
(3,432,413)

(Increase) in debtors
(1,036,583)
(1,239,815)

Increase/(decrease) in creditors
123,239
(149,406)

Net fair value (gains)/losses recognised in P&L
(256,957)
314,757

Corporation tax (paid)
(902,305)
(654,755)

Net cash generated from operating activities

3,947,222
4,765,722


Cash flows from investing activities

Purchase of intangible fixed assets
(4,737)
-

Purchase of tangible fixed assets
(4,608,974)
(975,764)

Sale of tangible fixed assets
249,167
308,985

Purchase of current asset investments
(115,747)
-

Purchase of fixed asset investments
-
(50)

Interest received
103,034
41,144

Net cash from investing activities

(4,377,257)
(625,685)

- 20 -



 
PICKERING GROUP LIMITED
 


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


2023
2022

£
£



Cash flows from financing activities

Dividends paid
(1,035,759)
(244,386)

Net cash used in financing activities
(1,035,759)
(244,386)

Net (decrease)/increase in cash and cash equivalents
(1,465,794)
3,895,651

Cash and cash equivalents at beginning of year
12,347,635
8,451,984

Cash and cash equivalents at the end of year
10,881,841
12,347,635


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,881,841
12,347,635

10,881,841
12,347,635


The notes on pages 23 to 38 form part of these financial statements.


- 21 -



 
PICKERING GROUP 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

12,347,635

(1,465,794)

10,881,841


12,347,635
(1,465,794)
10,881,841

The notes on pages 23 to 38 form part of these financial statements.


- 22 -



 
PICKERING GROUP LIMITED
 

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

1.


General information

Pickering Group 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 a holding company. The group consists of Pickering Group Limited and its
subsidiaries. Details of these subsidiaries can be found in note 12.

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 Profit and Loss Account 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 introduction of Pickering Group Limited as holding company constituted a Group reconstruction and was accounted for using merger accounting principles. Therefore, the consolidated financial statements are presented as if Pickering Electronics Limited and Pickering Interfaces Limited had always been part of the same Group. The consolidated financial statements include the results of Pickering Group Limited and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the income statement from the effective date of acquisition or disposal.

 
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.


- 23 -



 
PICKERING GROUP 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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Long-term leasehold property
-
10%
Straight line
Plant and machinery
-
25%
Reducing balance / 10% Straight line
Motor vehicles
-
25%
Reducing balance / 20% Straight line
Fixtures and fittings
-
25%
Reducing balance / 25%-33% 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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


- 24 -



 
PICKERING GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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

 
2.8

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.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


- 25 -



 
PICKERING GROUP 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. 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.

 
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.


- 26 -



 
PICKERING GROUP 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

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.

 
2.18

Research and development

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


- 27 -



 
PICKERING GROUP LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience 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.


4.


Revenue

The whole of revenue is attributable to one class of business.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,863,057
1,998,794

Rest of Europe
15,245,775
14,045,694

North America
19,974,906
14,074,095

Asia
4,320,354
7,850,453

Rest of the world
3,630,606
2,808,426

45,034,698
40,777,462



5.


Other operating income

2023
2022
£
£

Grants receivable
-
9,000

Sundry income
96,745
9,086

96,745
18,086



- 28 -



 
PICKERING GROUP LIMITED
 

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
1,983,730
1,991,898

Exchange differences
529,558
(1,472,483)

Other operating lease rentals
260,092
366,687

Depreciation of tangible fixed assets
937,924
816,850

Amortisation of intangible fixed assets
2,070
3,783

Profit on disposal of fixed assets
(10,328)
(49,160)

Defined contribution pension costs
233,823
215,745


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Group's auditor and its associates for the audit of the
Group's annual financial statements
11,545
11,000

Fees payable to the Company's auditors and their associates in respect of:

Audit fees for the audit of subsidiaries within the group
78,635
77,900

All other services provided to subsidiaries within the group
36,462
26,035


8.


Employees

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


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


Wages and salaries
17,127,580
14,180,657
-
-

Social security costs
2,840,403
2,457,848
-
-

Cost of defined contribution scheme
719,986
597,587
-
-

20,687,969
17,236,092
-
-


- 29 -



 
PICKERING GROUP LIMITED
 

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




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



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









Management
614
582
1
1


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
338,193
91,430

Adjustments in respect of previous periods
48,443
-


386,636
91,430

Foreign tax


Foreign tax on income for the year
966,546
709,472

966,546
709,472

Total current tax
1,353,182
800,902

Deferred tax


Origination and reversal of timing differences
128,221
725,863

Total deferred tax
128,221
725,863


Tax on profit
1,481,403
1,526,765

- 30 -



 
PICKERING GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.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.

2023
2022
£
£


Profit on ordinary activities before tax
6,903,084
9,176,124


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,623,605
1,743,464

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
129,208
190,347

Adjustments to tax charge in respect of prior periods
48,443
-

Non-taxable income
(9,781)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(456,042)
(491,999)

Other adjustments
-
27,170

Changes in tax rates and other overseas tax
145,970
57,783

Total tax charge for the year
1,481,403
1,526,765


10.


Dividends

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


Dividends
1,035,759
244,386
1,035,759
244,386



- 31 -



 
PICKERING GROUP LIMITED
 

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

11.


Tangible fixed assets

Group






Freehold land and buildings
Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
4,737,812
743,025
4,323,892
82,077
2,056,108
11,942,914


Additions
3,202,267
77,147
989,034
-
340,526
4,608,974


Disposals
(227,029)
-
(100,101)
-
(41,147)
(368,277)



At 31 December 2023

7,713,050
820,172
5,212,825
82,077
2,355,487
16,183,611



Depreciation


At 1 January 2023
498,601
398,085
2,244,621
41,675
1,482,417
4,665,399


Charge for the year on owned assets
152,963
74,617
445,551
22,928
241,865
937,924


Disposals
-
-
(92,371)
-
(37,067)
(129,438)



At 31 December 2023

651,564
472,702
2,597,801
64,603
1,687,215
5,473,885



Net book value



At 31 December 2023
7,061,486
347,470
2,615,024
17,474
668,272
10,709,726



At 31 December 2022
4,239,211
344,940
2,079,271
40,402
573,691
7,277,515

Within Freehold land and buildings are assets in the course of construction with a cost of £880,528 (2022
- £113,538) that are not being depreciated.


- 32 -



 
PICKERING GROUP LIMITED
 

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

12.


Fixed asset investments

Group





Investment in joint venture

£



Cost or valuation


At 1 January 2023
50



At 31 December 2023
50




Pickering (Property) Limited has a 50% owned joint venture in the name of Pickering Ohrwall Investments Limited. The investment in the joint venture company comprises 50 ordinary £1 shares representing 50% of share capital.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
594,020



At 31 December 2023
594,020





- 33 -



 
PICKERING GROUP LIMITED
 

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Pickering Interfaces Limited
Pickering, StephensonRoad, Clacton-On-Sea,Essex, UnitedKingdom, CO15 4NL
100%
Pickering Electronics Limited
Pickering, Stephenson
Road, Clacton-On-Sea,
Essex, United
Kingdom, CO15 4NL
100%
Pickering Interfaces GMBH (owned by Pickering Interfaces Limited)
Johann-Karg-Str. 30,Haar-Salmdorf, D-85540
100%
Pickering Interfaces SARL (owned by Pickering Interfaces Limited)
 Le Triade III,
19 Boulevard Robert
Thiboust, Serris, 77700
100%
Pickering Connect SRO (owned by Pickering Interfaces Limited)
Bystrice 1571, Bystric, 73995
100%
Pickering Interfaces Inc (owned by Pickering Interfaces Limited)
221 Chelmsford Street, Suite 6, Chelmsford, MA, 01824
100%
Pickering Instruments (Beijing) Limited (owned by Pickering Interfaces
Limited)
Room 1803, Xingchuang Building, No 6 Jinxing West Road, Daxing District, Beijing, 102627
100%
Pickering Interfaces SRO (owned by Pickering Interfaces Limited)
c.p. 1571, Bystrice, 73995
100%
Pickering Electronics SRO (owned by Pickering Electronics Limited)
Smetanove 525, Trinec, 73961
100%
Pickering (Property) Limited
Pickering, StephensonRoad, Clacton-On-Sea,Essex, UnitedKingdom, CO15 4NL
100%
Pickering (Services) Limited
Pickering, StephensonRoad, Clacton-On-Sea,Essex, UnitedKingdom, CO15 4NL
100%


- 34 -



 
PICKERING GROUP LIMITED
 

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

13.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
2,358,622
1,729,121

Work in progress (goods to be sold)
785,595
765,982

Finished goods and goods for resale
8,815,281
7,754,507

11,959,498
10,249,610


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


- 35 -



 
PICKERING GROUP LIMITED
 

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

14.


Debtors

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

Due after more than one year

Other debtors
3,509
3,673
-
-

3,509
3,673
-
-


Group
Group
2023
2022
£
£

Due within one year

Trade debtors
6,923,994
6,504,186

Other debtors
1,750,917
1,348,573

Prepayments and accrued income
780,222
635,789

9,455,133
8,488,548



15.


Current asset investments

Group
Group
2023
2022
£
£

Unlisted investments
115,747
-

115,747
-



16.


Cash and cash equivalents

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

Cash at bank and in hand
10,881,841
12,347,635
357,751
425,110

10,881,841
12,347,635
357,751
425,110



- 36 -



 
PICKERING GROUP LIMITED
 

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

17.


Creditors: Amounts falling due within one year

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

Trade creditors
1,006,869
1,129,622
-
-

Amounts owed to group undertakings
-
-
260,505
69,736

Corporation tax
731,136
376,318
-
-

Other taxation and social security
509,813
557,691
-
-

Other creditors
1,278,672
1,484,424
662,316
920,444

Accruals and deferred income
1,086,785
587,163
-
-

4,613,275
4,135,218
922,821
990,180



18.


Deferred taxation


Group



2023


£






At beginning of year
(276,527)


Charged to profit or loss
(154,118)



At end of year
(430,645)




Group
Group
2023
2022
£
£

Accelerated capital allowances
(430,645)
(276,527)

(430,645)
(276,527)


- 37 -



 
PICKERING GROUP LIMITED
 

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

19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



25,753 (2022 - 25,753) Ordinary shares of £1.00 each
25,753
25,753
3,197 (2022 - 3,197) Ordinary A shares of £1.00 each
3,197
3,197

28,950

28,950



20.


Contingent liabilities

Both Pickering Interfaces and Pickering Electronics have placed forward orders with suppliers and
estimate a combined liability in respect of these at the year end totalling £1,486,959 (2022: £2,013,815).


21.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
174,086
133,759

Later than 1 year and not later than 5 years
241,324
149,975

415,410
283,734

22.


Related party transactions

The Group has taken advantage of the exemption from disclosing transactions and balances with wholly
owned group members.
Balances with group undertakings are disclosed in notes 14 and 17.


23.


Controlling party

The company is under the control of Mr K T Moore by virtue of his shareholding.

 

- 38 -