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REGISTERED NUMBER: 02567156 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PICCADILLY GREETINGS GROUP LIMITED

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


PICCADILLY GREETINGS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Kaneria
D Kaneria
K Kaneria
C Kaneria





SECRETARY: J Kaneria





REGISTERED OFFICE: 4 Horizon Point
Swallowdale Lane
Hemel Hempstead
Hertfordshire
HP2 7FZ





REGISTERED NUMBER: 02567156 (England and Wales)





AUDITORS: Haines Watts, Statutory Auditor
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Directors view 2023 performance as positive with revenue increasing on 2022 as a result of maintaining a diversified customer base across multiple sales channels. Profitability reduced due to continuing cost pressures across a number of direct costs as well as operating costs.

In light of the economic slowdown and the tightening of consumer disposable income, the business absorbed the majority of the significant cost increase across raw materials, labour and energy to continue to provide the best possible value to our retail and wholesale customers.

We continue to maintain a conservative balance sheet with net cash position.

PRINCIPAL RISKS AND UNCERTAINTIES
The broader economic climate and consumer spending remains the creates uncertainty for the business. We expect the current economic slowdown to remain for the medium term but retail trading data is demonstrating the resilience of consumer demand for greeting cards in the main retail channels.

Any further increases in raw material costs would be difficult to absorb and may need to be passed on through higher pricing. Whilst energy prices remain relatively high, the installation of solar panels will contribute at least 33% of electricity usage, therefore partially mitigating the risk against any future price volatility.

Trade debtors are managed via continuous credit limit reviews and monitoring of outstanding balance. The risk of bad debts will increase in the current economic climate, but these do not pose a material risk to the business.

DEVELOPMENT AND PERFORMANCE
Continued investment in new production equipment along with software implementations and upgrades have increased capacity as well as created operating efficiencies to counteract cost pressures. With significant increases in commercial property rental rates in recent years, increasing output from the same production and warehousing space is essential along with driving energy and environmental efficiency.

In addition, the continued investment in management processes and colleagues provides efficiencies and resilience for the business.

FINANCIAL KEY PERFORMANCE INDICATORS
The business operates a number of financial and operating KPIs which are monitored and reviewed frequently. The KPIs are used to ensure short term performance as well as longer term planning across sales, production, warehousing and financial forecasting.

ON BEHALF OF THE BOARD:





J Kaneria - Director


26 September 2024

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J Kaneria
D Kaneria
K Kaneria
C Kaneria

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




J Kaneria - Director


26 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PICCADILLY GREETINGS GROUP LIMITED


Opinion
We have audited the financial statements of Piccadilly Greetings Group Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other matters
The financial statements of the Company for the year ended 31 December 2022 were audited by another auditor who expressed an unmodified opinion of those statements on 28 September 2023.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PICCADILLY GREETINGS GROUP LIMITED


Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PICCADILLY GREETINGS GROUP LIMITED


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 a Report of the Auditors 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 financial statements.

We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PICCADILLY GREETINGS GROUP LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Jacqueline Biggs (Senior Statutory Auditor)
for and on behalf of Haines Watts, Statutory Auditor
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

26 September 2024

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

TURNOVER 3 6,300,497 5,944,978

Cost of sales 3,798,889 3,548,770
GROSS PROFIT 2,501,608 2,396,208

Administrative expenses 2,180,008 2,048,806
321,600 347,402

Other operating income - 42,343
OPERATING PROFIT 321,600 389,745

Interest receivable and similar income 33,271 -
354,871 389,745

Interest payable and similar expenses 5 18,529 24,199
PROFIT BEFORE TAXATION 6 336,342 365,546

Tax on profit 7 87,184 133,502
PROFIT FOR THE FINANCIAL YEAR 249,158 232,044

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

PROFIT FOR THE YEAR 249,158 232,044


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

249,158

232,044

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 3,134,765 3,128,509

CURRENT ASSETS
Stocks 9 665,269 957,387
Debtors 10 1,095,261 865,827
Cash in hand 1,362,539 1,378,500
3,123,069 3,201,714
CREDITORS
Amounts falling due within one year 11 636,440 865,817
NET CURRENT ASSETS 2,486,629 2,335,897
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,621,394

5,464,406

CREDITORS
Amounts falling due after more than one
year

12

-

(100,184

)

PROVISIONS FOR LIABILITIES 15 (292,313 ) (284,299 )
NET ASSETS 5,329,081 5,079,923

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 5,328,981 5,079,823
SHAREHOLDERS' FUNDS 5,329,081 5,079,923

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





J Kaneria - Director


PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 100 4,847,779 4,847,879

Changes in equity
Total comprehensive income - 232,044 232,044
Balance at 31 December 2022 100 5,079,823 5,079,923

Changes in equity
Total comprehensive income - 249,158 249,158
Balance at 31 December 2023 100 5,328,981 5,329,081

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 515,843 577,306
Interest paid (18,529 ) (24,199 )
Tax paid (74,064 ) 989
Net cash from operating activities 423,250 554,096

Cash flows from investing activities
Purchase of tangible fixed assets (321,896 ) (205,768 )
Sale of tangible fixed assets - 1,104
Interest received 33,271 -
Net cash from investing activities (288,625 ) (204,664 )

Cash flows from financing activities
Loan repayments in year (150,586 ) (138,928 )
Net cash from financing activities (150,586 ) (138,928 )

(Decrease)/increase in cash and cash equivalents (15,961 ) 210,504
Cash and cash equivalents at
beginning of year

2

1,378,500

1,167,996

Cash and cash equivalents at end of
year

2

1,362,539

1,378,500

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£ £
Profit before taxation 336,342 365,546
Depreciation charges 315,640 289,489
Finance costs 18,529 24,199
Finance income (33,271 ) -
637,240 679,234
Decrease/(increase) in stocks 292,118 (288,675 )
(Increase)/decrease in trade and other debtors (229,434 ) 83,337
(Decrease)/increase in trade and other creditors (184,081 ) 103,410
Cash generated from operations 515,843 577,306

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 1,362,539 1,378,500
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 1,378,500 1,167,996


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 1,378,500 (15,961 ) 1,362,539
1,378,500 (15,961 ) 1,362,539
Debt
Debts falling due within 1 year (150,276 ) 50,402 (99,874 )
Debts falling due after 1 year (100,184 ) 100,184 -
(250,460 ) 150,586 (99,874 )
Total 1,128,040 134,625 1,262,665

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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


1. STATUTORY INFORMATION

Piccadilly Greetings Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key sources of estimation uncertainty and judgements
In preparing these financial statements, the directors have had to make the following judgements in applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and projected disposal values.

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

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

L/Term leasehold property 50 years straight line
Plant & machinery25% reducing balance/ 33% straight line

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

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Going concern
The Directors have identified no material uncertainties that cast significant doubt about the ability of the company to continue as a going concern.

Operating lease commitments
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 5,544,437 5,352,406
Rest of the world 756,060 592,572
6,300,497 5,944,978

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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


4. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 1,768,714 1,539,191
Social security costs 162,988 151,423
Other pension costs 216,642 195,335
2,148,344 1,885,949

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Sales and admin 19 17
Production and warehousing 51 39
74 60

2023 2022
£ £
Directors' remuneration 240,000 240,000
Directors' pension contributions to money purchase schemes - 36,400

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 4

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 60,000 60,000
Pension contributions to money purchase schemes - 36,400

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£ £
Bank interest 18,529 24,199

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 315,640 289,489
Auditors' remuneration 9,000 9,020
Foreign exchange differences 93 (10,514 )

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 79,170 74,065
Over provision in prior year - (989 )
Total current tax 79,170 73,076

Deferred tax 8,014 60,426
Tax on profit 87,184 133,502

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 336,342 365,546
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

79,108

69,454

Effects of:
Expenses not deductible for tax purposes 4,393 705
Capital allowances in excess of depreciation (3,978 ) -
Depreciation in excess of capital allowances - 2,917
Charges paid (353 ) -
Movement in deferred tax 8,014 60,426
Total tax charge 87,184 133,502

As of 1 April 2023, the UK Government has increased the main tate of corporation tax from 19% to 25%.

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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


8. TANGIBLE FIXED ASSETS
Long Plant and
leasehold machinery Totals
£ £ £
COST
At 1 January 2023 2,936,667 3,288,911 6,225,578
Additions - 321,896 321,896
Disposals - (10,191 ) (10,191 )
At 31 December 2023 2,936,667 3,600,616 6,537,283
DEPRECIATION
At 1 January 2023 726,833 2,370,236 3,097,069
Charge for year 68,242 247,398 315,640
Eliminated on disposal - (10,191 ) (10,191 )
At 31 December 2023 795,075 2,607,443 3,402,518
NET BOOK VALUE
At 31 December 2023 2,141,592 993,173 3,134,765
At 31 December 2022 2,209,834 918,675 3,128,509

9. STOCKS
2023 2022
£ £
Raw materials 76,589 224,157
Finished goods 588,680 733,230
665,269 957,387

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 980,624 785,471
Other debtors 1,500 650
Prepayments and accrued income 113,137 79,706
1,095,261 865,827

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 13) 99,874 150,276
Trade creditors 177,531 500,387
Tax 79,171 74,065
Social security and other taxes 51,421 46,877
VAT 170,166 63,092
Other creditors 34,267 -
Accruals and deferred income 24,010 31,120
636,440 865,817

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans (see note 13) - 100,184

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 99,874 150,276

Amounts falling due between one and two years:
Bank loans - 1-2 years - 100,184

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 109,451 187,630
Between one and five years - 117,269
109,451 304,899

15. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 292,313 284,299

PICCADILLY GREETINGS GROUP LIMITED (REGISTERED NUMBER: 02567156)

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


15. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 January 2023 284,299
Charge to Income Statement during year 8,014
Balance at 31 December 2023 292,313

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary 1 100 100

17. RESERVES
Retained
earnings
£

At 1 January 2023 5,079,823
Profit for the year 249,158
At 31 December 2023 5,328,981

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within other creditors is an amount of £27,070 (2022: £Nil) owed to a director.

19. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Floret Holdings Limited, a company registered to the British Virgin Islands.

The company is under day to day the control of the directors.