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Registered Number:01029133













PICKERING INTERFACES LIMITED






ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023











 
PICKERING INTERFACES LIMITED
 

 
COMPANY INFORMATION


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




Company secretary
Steven Edwards



Registered number
01029133



Registered office
Pickering
Stephenson Road

Clacton-On-Sea

Essex

CO15 4NL




Independent auditor
Sumer Auditco Limited
Statutory Auditor

820 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ




Bankers
Barclays Bank plc
P.O.Box No1

9 High Street

Colchester

CO1 1DD






 
PICKERING INTERFACES LIMITED
 


CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 10
Consolidated Profit and Loss Account
11
Consolidated Statement of Comprehensive Income
12
Consolidated Balance Sheet
13 - 14
Company Balance Sheet
15 - 16
Consolidated Statement of Changes in Equity
17 - 18
Company Statement of Changes in Equity
19 - 20
Consolidated Statement of Cash Flows
21 - 22
Consolidated Analysis of Net Debt
23
Notes to the Financial Statements
24 - 42



 
PICKERING INTERFACES 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
 
The Pickering Interfaces Group operates through seven connected companies based in the UK, USA, France, Germany, the Czech Republic and China.
During the year, group revenue increased by 14% compared with the previous accounting year, the largest growth being within the US market. 
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 continued industry wide supply chain shortages. Pickering was successful in mitigating these shortages by sourcing multiple suppliers and placing strategic stock purchases to ensure the supply of critical components into the business. Due to this we have seen our component stock levels rise but this enabled us to meet customer demand with shorter lead times during these challenging times. 
Financial Highlights 
Turnover
Year to Dec 23 - £37,313,050
Year to Dec 22 - £32,693,013
Gross Profit Margins
Year to Dec 23 – 61.16%
Year to Dec 22 – 67.18%
Operating Profit
Year to Dec 23 - £5,488,160
Year to Dec 22 - £8,289,693


- 1 -



 
PICKERING INTERFACES LIMITED
 


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

Section 172 Report

In accordance with Section 172 of the Companies Act, the directors have a duty to promote the success of the Company. This requires each director of the company to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefits of its members as a whole and in doing so have regard to the:
• Likely consequences of any decision in the long-term.
• Interests of the company’s employees.
• Need to foster the Company's business relationships with suppliers, customers and others.
• Desirability of the Company maintaining a reputation for high standards of business conduct.
• Impact of the Company's operations on the community and the environment.
• And the need to act fairly between members of the company. Key stakeholders and how we engage:-
Customers
Customers are at the center of everything Pickering does. We work closely with our customers, worldwide, from first contact through to delivery and support for the lifetime of the product or service provided. We place particular emphasis on understanding new requirements, developing new products and services where needed via our extensive R&D program. Our business model of Mass Customisation allows us to offer our customers a very wide range of products, tuned closely to their exact needs from a standard range of products. We also support most products from introduction through to end of life, which usually exceeds 25 years, including form and fit updates, especially important for our Aerospace and Defence customers amongst others.
Employees
Employees are the heart of Pickering, we maintain a close family atmosphere in all our operations, investing heavily in individual employees to enhance their experience and inclusiveness within Pickering. We offer many additional employee benefits to all our employees, including training, social activities, and particular regard to proactive employee health, welfare and development. We now have many employees who have spent a significant part of their working lives with Pickering. This year  Pickering has built Senior Leadership teams in both the UK and Czechia to grow the next generation of leaders and to further trickle-down responsibility in response to our recent rapid growth.
Suppliers
Suppliers are key stakeholders at Pickering, we work closely with our main suppliers always fostering a friendly, cooperative partnership and strongly encouraging innovation. We always try to encourage a great outcome for the supplier as well as for Pickering.
Many of Pickering’s key suppliers have worked with us for 20, 30 or even 40 years, 2-way loyalty with our suppliers is important at Pickering. We take pride in paying our suppliers quickly.
Communities
Pickering work quite extensively in the communities of our main facilities in Clacton, UK and Trinec/Bystrice in Czechia. We engage with the local schools and communities, of particular importance is our volunteering and charitable giving now running at typically £150k/year which is all focused locally with employee selected charities.
Shareholder
Pickering is a privately held company, which is best described as being very close to the German Mittelstand business model:
- Independent family ownership with family-like corporate culture, this allows us to take a very long term and holistic view of the companies’ activities and responsibilities.
- Strong balance sheet with long term investment strategy.
- Generational continuity.
- Worldwide sales in all major markets, with a physical presence in the major markets.
- Nimbleness, flexibility and Innovation.
 

- 2 -



 
PICKERING INTERFACES LIMITED
 


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

- Investment into our workforce
- Flat management structure
- Strong customer focus
- Social responsibility
- Strong regional ties to our two main facilities in the UK and Czechia

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 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 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.
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. Component obsolescence can affect long term product support, the Group recognises the importance of this and the implications to customers. Should obsolescence occur updates, where possible, will be performed with the product enhanced by the inclusion of new / additional features. Considering all factors, the directors consider that the Group remains ideally placed to grow both revenue and profitability.


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



Ian Johnston
Director


- 3 -



 
PICKERING INTERFACES 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;

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 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 £4,417,514 (2022 - £7,174,646).

During the year the Group paid dividends totaling £793,231 (2022: £161,333). 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 
Ian Johnston 
Adam Mitchell 
Glen Ball 
Claire Key (appointed 4 April 2023)

Future developments

Information on future developments is included in the strategic report.


- 4 -



 
PICKERING INTERFACES LIMITED
 

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

Engagement with suppliers, customers and others

Information on engagement with suppliers, customers and others is included in the strategic report.

Qualifying third party indemnity provisions

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

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.
 




Ian Johnston
Director


- 5 -



 
PICKERING INTERFACES LIMITED
 

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

Opinion


We have audited the financial statements of Pickering Interfaces 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 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.



- 6 -



 
PICKERING INTERFACES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PICKERING INTERFACES 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.



- 7 -



 
PICKERING INTERFACES LIMITED
 

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

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.



- 8 -



 
PICKERING INTERFACES LIMITED
 

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

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 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 is subject to many other laws and regulations where the consequences of noncompliance 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, WEEE 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 charges 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.


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.



- 9 -



 
PICKERING INTERFACES LIMITED
 

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

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.





Tim 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 INTERFACES LIMITED
 

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

2023
2022
Note
£
£

  

Turnover
 4 
37,313,050
32,693,013

Cost of sales
  
(14,491,166)
(10,729,196)

Gross profit
  
22,821,884
21,963,817

Administrative expenses
  
(17,430,469)
(13,683,210)

Other operating income
  
96,745
9,086

Operating profit
 5 
5,488,160
8,289,693

Interest receivable and similar income
  
163,806
35,860

Other finance income
  
23,877
-

Profit before tax
  
5,675,843
8,325,553

Tax on profit
 9 
(1,258,329)
(1,150,907)

Profit for the financial year
  
4,417,514
7,174,646

Profit for the year attributable to:
  

Owners of the parent
  
4,417,514
7,174,646

  
4,417,514
7,174,646

The notes on pages 24 to 42 form part of these financial statements.


- 11 -



 
PICKERING INTERFACES LIMITED
 


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

2023
2022
Note
£
£


Profit for the financial year

  

4,417,514
7,174,646

Other comprehensive income
  


Currency translation differences
  
(273,700)
267,820

Other comprehensive income
  
(175)
(66,951)

Other comprehensive income for the year
  
(273,875)
200,869

Total comprehensive income for the year
  
4,143,639
7,375,515

Profit for the year attributable to:
  


Owners of the parent Company
  
4,417,514
7,174,646

  
4,417,514
7,174,646

Total comprehensive income attributable to:
  


Owners of the parent Company
  
4,143,639
7,375,515

  
4,143,639
7,375,515

The notes on pages 24 to 42 form part of these financial statements.


- 12 -



 
PICKERING INTERFACES LIMITED
REGISTERED NUMBER:01029133


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
5,493,883
4,851,405

  
5,493,883
4,851,405

Current assets
  

Stocks
 12 
8,305,440
7,773,773

Debtors due after more than 1 year
 13 
3,493,573
2,369,036

Debtors due within 1 year
 13 
7,383,804
6,806,950

Current asset investments
 14 
115,747
-

Cash at bank and in hand
  
8,208,094
7,636,635

  
27,506,658
24,586,394

Creditors: amounts falling due within one year
 15 
(2,638,900)
(2,266,929)

Net current assets
  
 
 
24,867,758
 
 
22,319,465

Total assets less current liabilities
  
30,361,641
27,170,870

Deferred taxation
 16 
(334,544)
(161,698)

  
 
 
(334,544)
 
 
(161,698)

Net assets
  
30,027,097
27,009,172


- 13 -



 
PICKERING INTERFACES LIMITED
REGISTERED NUMBER:01029133

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 17 
100
100

Foreign exchange reserve
  
151,100
424,800

Other reserves
  
17,013
17,188

Profit and loss account
  
29,858,884
26,567,084

  
30,027,097
27,009,172


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




Ian Johnston
Director

The notes on pages 24 to 42 form part of these financial statements.


- 14 -



 
PICKERING INTERFACES LIMITED
REGISTERED NUMBER:01029133


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
1,617,784
1,132,063

Investments
 11 
459,746
459,746

  
2,077,530
1,591,809

Current assets
  

Stocks
 12 
4,011,933
4,169,734

Debtors: amounts falling due after more than one year
 13 
5,169,099
4,175,657

Debtors: amounts falling due within one year
 13 
6,480,008
7,448,498

Cash at bank and in hand
  
3,721,791
2,938,124

  
19,382,831
18,732,013

Creditors: amounts falling due within one year
 15 
(871,973)
(938,589)

Net current assets
  
 
 
18,510,858
 
 
17,793,424

Total assets less current liabilities
  
20,588,388
19,385,233

  

Provisions for liabilities
  

Deferred taxation
 16 
(307,283)
(179,680)

  
 
 
(307,283)
 
 
(179,680)

Net assets
  
20,281,105
19,205,553


- 15 -



 
PICKERING INTERFACES LIMITED
REGISTERED NUMBER:01029133

    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 17 
100
100

Profit and loss account brought forward
  
19,205,453
14,933,496

Profit for the year
  
2,201,266
4,756,963

Dividends and distributions

  

(1,125,714)
(485,006)

Profit and loss account carried forward
  
20,281,005
19,205,453

  
20,281,105
19,205,553


This 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.


Ian Johnston
Director

The notes on pages 24 to 42 form part of these financial statements.


- 16 -



 
PICKERING INTERFACES 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
100
424,800
17,188
26,567,084
27,009,172


Comprehensive income for the year

Profit for the year

-
-
-
4,417,514
4,417,514

Currency translation differences
-
(273,700)
-
-
(273,700)

Other reserves
-
-
(175)
-
(175)


Other comprehensive income for the year
-
(273,700)
(175)
-
(273,875)


Total comprehensive income for the year
-
(273,700)
(175)
4,417,514
4,143,639

Dividends and distributions
-
-
-
(1,125,714)
(1,125,714)


At 31 December 2023
100
151,100
17,013
29,858,884
30,027,097


The notes on pages 24 to 42 form part of these financial statements.


- 17 -



 
PICKERING INTERFACES 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
100
156,980
84,139
19,877,444
20,118,663


Comprehensive income for the year

Profit for the year

-
-
-
7,174,646
7,174,646

Currency translation differences
-
267,820
-
-
267,820

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


Other comprehensive income for the year
-
267,820
(66,951)
-
200,869


Total comprehensive income for the year
-
267,820
(66,951)
7,174,646
7,375,515

Dividends and distributions
-
-
-
(485,006)
(485,006)


At 31 December 2022
100
424,800
17,188
26,567,084
27,009,172


The notes on pages 24 to 42 form part of these financial statements.


- 18 -



 
PICKERING INTERFACES 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
100
19,205,453
19,205,553


Comprehensive income for the year

Profit for the year
-
2,201,266
2,201,266
Total comprehensive income for the year
-
2,201,266
2,201,266

Dividends and distributions
-
(1,125,714)
(1,125,714)


At 31 December 2023
100
20,281,005
20,281,105


The notes on pages 24 to 42 form part of these financial statements.


- 19 -



 
PICKERING INTERFACES 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
100
14,933,496
14,933,596


Comprehensive income for the year

Profit for the year
-
4,756,963
4,756,963
Total comprehensive income for the year
-
4,756,963
4,756,963

Dividends and distributions
-
(485,006)
(485,006)


At 31 December 2022
100
19,205,453
19,205,553


The notes on pages 24 to 42 form part of these financial statements.


- 20 -



 
PICKERING INTERFACES 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
4,417,514
7,174,646

Adjustments for:

Depreciation of tangible assets
637,221
562,922

Loss on disposal of tangible assets
1,735
10,007

Interest received
(163,806)
(35,860)

Taxation charge
1,258,329
1,150,907

(Increase) in stocks
(531,667)
(2,736,008)

(Increase) in debtors
(1,063,874)
(1,111,493)

Increase/(decrease) in creditors
251,327
(397,585)

Net fair value (gains)/losses recognised in P&L
(273,875)
200,869

Corporation tax (paid)
(964,839)
(620,622)

Net cash generated from operating activities

3,568,065
4,197,783


Cash flows from investing activities

Purchase of tangible fixed assets
(1,510,808)
(789,642)

Sale of tangible fixed assets
229,374
271,102

Purchase of short-term unlisted investments
(115,747)
-

Interest received
163,806
35,860

Net cash from investing activities

(1,233,375)
(482,680)

- 21 -



 
PICKERING INTERFACES LIMITED
 


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


2023
2022

£
£



Cash flows from financing activities

Loans made in the year
(970,000)
(1,816,200)

Dividends paid
(793,231)
(161,333)

Net cash used in financing activities
(1,763,231)
(1,977,533)

Net increase in cash and cash equivalents
571,459
1,737,570

Cash and cash equivalents at beginning of year
7,636,635
5,899,065

Cash and cash equivalents at the end of year
8,208,094
7,636,635


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,208,094
7,636,635

8,208,094
7,636,635


The notes on pages 24 to 42 form part of these financial statements.


- 22 -



 
PICKERING INTERFACES 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

7,636,635

571,459

8,208,094


7,636,635
571,459
8,208,094

The notes on pages 24 to 42 form part of these financial statements.


- 23 -



 
PICKERING INTERFACES LIMITED
 

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

1.


General information

Pickering Interfaces 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 consists of Pickering
Interfaces Limited and its subsidiaries. Details of these subsidiaries can be found in note 11.

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 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 Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Company is included in the consolidated financial statements, and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The disclosure exemption from preparing a separate Company statement of cash flows has been applied.

 
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.


- 24 -



 
PICKERING INTERFACES 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:

Freehold property
-
1%
Straight line
Leasehold property improvements
-
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.


- 25 -



 
PICKERING INTERFACES LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

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 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.

 
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, with the net amounts presented in the financial statements, when there is a legally 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.

Financial assets

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are

- 26 -



 
PICKERING INTERFACES LIMITED
 

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

2.Accounting policies (continued)


2.11
Financial instruments (continued)

subsequently measured at fair value through the profit or loss.

 
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.


- 27 -



 
PICKERING INTERFACES 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.


- 28 -



 
PICKERING INTERFACES 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.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Revenue
37,313,050
32,693,013

37,313,050
32,693,013


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,121,752
1,094,442

Rest of Europe
13,668,897
11,842,802

North America
18,040,770
11,681,461

Asia Pacific
4,320,354
7,850,453

Rest of the world
161,277
223,855

37,313,050
32,693,013



- 29 -



 
PICKERING INTERFACES LIMITED
 

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

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
637,221
562,922

Loss on disposal of fixed assets
1,735
10,007

Exchange differences
416,222
(910,070)

Other operating lease rentals
163,092
269,687

Research & Development charged as an expense
1,650,811
1,643,420


6.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Group's auditor and its associates for the audit of the
Group's annual financial statements
40,425
38,500
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


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


Wages and salaries
11,920,562
9,206,752
5,129,650
3,923,174

Social security costs
1,836,028
1,503,485
584,932
480,623

Cost of defined contribution scheme
486,163
381,842
158,697
133,422

14,242,753
11,092,079
5,873,279
4,537,219


- 30 -



 
PICKERING INTERFACES LIMITED
 

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



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.









Management and production
325
292
120
107


8.


Directors' remuneration

2023
2022
£
£



Directors' emoluments
651,284
539,728

Company contributions to defined contribution pension schemes
29,548
26,117

680,832
565,845

During the year retirement benefits were accruing to 5 directors (2022 - 4) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £218,088 (2022 - £202,294).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,389 (2022 - £16,061).
Of the directors' remuneration stated above £80,000 (2022 - £80,000) was recharged within the Pickering Group.


- 31 -



 
PICKERING INTERFACES LIMITED
 

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

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
194,440
91,430

Adjustments in respect of previous periods
48,443
-


242,883
91,430

Foreign tax


Foreign tax on income for the year
877,883
662,797

877,883
662,797

Total current tax
1,120,766
754,227

Deferred tax


Origination and reversal of timing differences
137,563
396,680

Total deferred tax
137,563
396,680


Tax on profit
1,258,329
1,150,907

- 32 -



 
PICKERING INTERFACES 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 diffes to the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,675,843
8,325,553


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,334,958
1,581,855

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
111,755
189,891

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

Non-taxable income
(9,128)
-

Adjustment in research and development tax credit leading to an decrease in the tax charge
(386,083)
(405,925)

Group relief
-
(214,243)

Changes in tax rates and other overseas tax
158,384
(671)

Total tax charge for the year
1,258,329
1,150,907


- 33 -



 
PICKERING INTERFACES LIMITED
 

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

10.


Tangible fixed assets

Group






Land and buildings freehold
Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
2,831,722
743,025
2,513,916
82,077
1,446,990
7,617,730


Additions
365,528
77,147
784,307
-
283,826
1,510,808


Disposals
(227,029)
-
(43,055)
-
(41,147)
(311,231)



At 31 December 2023

2,970,221
820,172
3,255,168
82,077
1,689,669
8,817,307



Depreciation


At 1 January 2023
221,951
398,085
1,110,202
41,675
994,412
2,766,325


Charge for the year on owned assets
95,935
74,617
271,555
22,928
172,186
637,221


Disposals
-
-
(43,055)
-
(37,067)
(80,122)



At 31 December 2023

317,886
472,702
1,338,702
64,603
1,129,531
3,323,424



Net book value



At 31 December 2023
2,652,335
347,470
1,916,466
17,474
560,138
5,493,883



At 31 December 2022
2,609,771
344,940
1,403,714
40,402
452,578
4,851,405

Within Freehold Land and Buildings are assets in the course of construction with a cost of £45,043 (2022 - £113,538) that are not being depreciated.
Within Fixtures and fittings  are assets in the course of construction with a cost of £20,111 (2022 - £Nil) that are not being depreciated.


- 34 -



 
PICKERING INTERFACES LIMITED
 

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

           10.Tangible fixed assets (continued)


Company






Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
743,025
1,283,778
48,308
502,658
2,577,769


Additions
77,147
627,281
-
117,835
822,263



At 31 December 2023

820,172
1,911,059
48,308
620,493
3,400,032



Depreciation


At 1 January 2023
398,085
708,408
18,918
320,295
1,445,706


Charge for the year on owned assets
74,617
143,197
12,077
106,651
336,542



At 31 December 2023

472,702
851,605
30,995
426,946
1,782,248



Net book value



At 31 December 2023
347,470
1,059,454
17,313
193,547
1,617,784



At 31 December 2022
344,940
575,370
29,390
182,363
1,132,063

Within Fixtures and fittings  are assets in the course of construction with a cost of £20,111 (2022 - £Nil) that are not being depreciated.







- 35 -



 
PICKERING INTERFACES LIMITED
 

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

11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
459,746



At 31 December 2023
459,746





- 36 -



 
PICKERING INTERFACES 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 GMBH
Johann-Karg-Str. 30,Haar-Salmdorf, D-85540, Germany
100%
Pickering Interfaces SARL
Le Triade III, 19 Boulevard Robert Thiboust, Serris, 77700
100%
Pickering Connect SRO
Bystrice 1571, Bystric, 73995
100%
Pickering Interfaces Inc
221 Chelmsford Street,
Suite 6, Chelmsford,
MA, 01824
100%
Pickering Instruments (Beijing) Limited
Room 1803, Xingchuang
Building, No 6 Jinxing
West Road, Daxing
District, Beijing, 102627
100%
Pickering Interfaces SRO
c.p. 1571, Bystrice,
73995
100%

All of the above named subsidiaries are included within these consolidated financial statements.
In addition to the above named subsidiaries, the company also holds shares in Pickering Interfaces AB, a company based in Sweden.










- 37 -



 
PICKERING INTERFACES LIMITED
 

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

12.


Stocks

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

Work in progress
570,727
565,925
162,530
417,232

Finished goods and goods for resale
7,734,713
7,207,848
3,849,403
3,752,502

8,305,440
7,773,773
4,011,933
4,169,734


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


13.


Debtors

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

Due after more than one year

Amounts owed by group undertakings
3,493,573
2,369,036
5,169,099
4,175,657

3,493,573
2,369,036
5,169,099
4,175,657


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

Due within one year

Trade debtors
5,688,797
5,222,788
369,067
575,962

Amounts owed by group undertakings
180,022
383,775
5,313,782
6,128,065

Other debtors
884,678
719,119
309,889
428,334

Prepayments and accrued income
630,307
481,268
487,270
316,137

7,383,804
6,806,950
6,480,008
7,448,498


Included within amounts owed by group undertakings are interest free loans of £3,078,059 measured at fair value.


- 38 -



 
PICKERING INTERFACES LIMITED
 

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

14.


Current asset investments

Group
Group
2023
2022
£
£

Unlisted investments
115,747
-

115,747
-



15.


Creditors: Amounts falling due within one year

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

Trade creditors
697,516
614,545
157,727
260,268

Amounts owed to group undertakings
-
4,272
228,892
279,314

Corporation tax
474,079
353,435
-
91,430

Other taxation and social security
367,109
402,912
143,153
131,809

Other creditors
450,848
374,811
130,540
62,656

Accruals and deferred income
649,348
516,954
211,661
113,112

2,638,900
2,266,929
871,973
938,589



16.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(161,698)
219,488


Charged to profit or loss
(172,846)
(381,186)



At end of year
(334,544)
(161,698)


- 39 -



 
PICKERING INTERFACES LIMITED
 

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

Company


2023
2022


£

£






At beginning of year
(179,680)
197,844


Charged to profit or loss
(127,603)
(377,524)



At end of year
(307,283)
(179,680)

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

Accelerated capital allowances
(334,544)
(161,698)
(307,283)
(179,680)

(334,544)
(161,698)
(307,283)
(179,680)


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100



18.


Dividends

2023
2022
£
£


Distribution
1,125,714
485,006

1,125,714
485,006

The 2023 dividend figure above comprises of £793,231 (2022: £161,333) which relates to interim dividends payable to the shareholder and £332,483 (2022: £323,673) which is a capital contribution to a fellow group subsidiary.


- 40 -



 
PICKERING INTERFACES LIMITED
 

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

19.


Contingent liabilities

Pickering Interfaces have placed forward orders with suppliers and estimate a liabilty in respect of these at
the year end totalling £1,011,943 (2022: £1,371,764).


20.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Company
Company
2023
2022
£
£

Contracted for but not provided in these financial statements
-
253,102

-
253,102

21.


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:


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

Not later than 1 year
287,586
247,259
152,000
156,735

Later than 1 year and not later than 5 years
695,324
603,975
524,583
553,167

Later than 5 years
340,500
454,000
340,500
454,000

1,323,410
1,305,234
1,017,083
1,163,902


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 13 and 15.
At the year end, the Company owed £50,892 (2022 - £50,892) to the estate of the previous director, John Moore. At the beginning on the year a director owed the company £63,461, advances were made to the director during the year of £361,010 and repayments were made of £479,138. At the year end, the Company owed the director £54,667. 
The directors consider the key management personnel of the Group to consist solely of the directors of the company, therefore key management personnel remuneration is the same as directors' remuneration disclosed in note 8.


- 41 -



 
PICKERING INTERFACES LIMITED
 

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

23.


Controlling party

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

 

- 42 -