Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31No description of principal activity2022-11-01false10true10trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 6186140 2022-11-01 2023-10-31 6186140 2021-11-01 2022-10-31 6186140 2023-10-31 6186140 2022-10-31 6186140 c:Director1 2022-11-01 2023-10-31 6186140 d:FurnitureFittings 2022-11-01 2023-10-31 6186140 d:FurnitureFittings 2023-10-31 6186140 d:FurnitureFittings 2022-10-31 6186140 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 6186140 d:CurrentFinancialInstruments 2023-10-31 6186140 d:CurrentFinancialInstruments 2022-10-31 6186140 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 6186140 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 6186140 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 6186140 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 6186140 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 6186140 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 6186140 d:ShareCapital 2023-10-31 6186140 d:ShareCapital 2022-10-31 6186140 d:RetainedEarningsAccumulatedLosses 2023-10-31 6186140 d:RetainedEarningsAccumulatedLosses 2022-10-31 6186140 c:FRS102 2022-11-01 2023-10-31 6186140 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 6186140 c:FullAccounts 2022-11-01 2023-10-31 6186140 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 6186140 6 2022-11-01 2023-10-31 6186140 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 6186140









PICO IN-CREATIVE (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
PICO IN-CREATIVE (UK) LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PICO IN-CREATIVE (UK) LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pico In-Creative (UK) Limited for the year ended 31 October 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of Pico In-Creative (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 26th June 2014Our work has been undertaken solely to prepare for your approval the financial statements of Pico In-Creative (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Pico In-Creative (UK) Limited, as a body, in this report with the requirements of the Institute
of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical -resources /framework-for-thepreparation -of-accounts -revised-january -2017
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pico In-Creative (UK) Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Pico In-Creative (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pico In-Creative (UK) Limited. You consider that Pico In-Creative (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Pico In-Creative (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Milton Avis LLP
 
Chartered Accountants
  
Pitt House
120 Baker Street
London
W1U 6TU
2 October 2024
Page 1

 
PICO IN-CREATIVE (UK) LIMITED
REGISTERED NUMBER: 6186140

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
1,844
5,226

Investments
 4 
86
86

  
1,930
5,312

Current assets
  

Debtors: amounts falling due within one year
 5 
1,960,378
3,390,972

Cash at bank and in hand
 6 
165,465
331,522

  
2,125,843
3,722,494

Creditors: amounts falling due within one year
 7 
(2,228,809)
(4,017,588)

Net current liabilities
  
 
 
(102,966)
 
 
(295,094)

Total assets less current liabilities
  
(101,036)
(289,782)

Creditors: amounts falling due after more than one year
  
-
(27,816)

  

Net liabilities
  
(101,036)
(317,598)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(101,037)
(317,599)

  
(101,036)
(317,598)


Page 2

 
PICO IN-CREATIVE (UK) LIMITED
REGISTERED NUMBER: 6186140
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




................................................
Chee Mun Liew
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
PICO IN-CREATIVE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is a private company limited by shares and was incorporated on 27 March 2007 and is registered in England and Wales. Its registered office is 120 Baker Street, London, W1U 6TU.

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 presentation currency is pounds sterling.



 
2.2

Going concern

The financial statements have been prepared on the going concern basis. Due to the financial position of the company where liabilities exceed assets by £101,036, the validity of the going concern basis is conditional upon the continued support of the parent company.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is sterling.

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.

Page 4

 
PICO IN-CREATIVE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

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

 
2.8

Taxation

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 operates and generates income.

Page 5

 
PICO IN-CREATIVE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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.

 
2.12

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.

Page 6

 
PICO IN-CREATIVE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

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.

  
2.14

Taxation

Tax is recognised in the Profit and Loss Account, 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 operates and generates income.

  
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company 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.

Page 7

 
PICO IN-CREATIVE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 November 2022
77,113



At 31 October 2023

77,113



Depreciation


At 1 November 2022
71,887


Charge for the year on owned assets
3,382



At 31 October 2023

75,269



Net book value



At 31 October 2023
1,844



At 31 October 2022
5,226


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
86



At 31 October 2023
86




This represents the whole of the issued share capital of 100 ordinary shares of €1 each in Picoplus Europe Limited, a company registered in the Republic of Ireland. The company has not yet commenced to trade. 

Page 8

 
PICO IN-CREATIVE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
146,186
2,046,993

Amounts owed by group undertakings
241,695
633,034

Other debtors
227,930
116,370

Prepayments and accrued income
1,344,567
594,575

1,960,378
3,390,972



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
165,465
331,522

165,465
331,522


Security given to HSBC bank includes debenture including Fixed Charge over all present freehold and leasehold property; First Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 3 October 2007.  

Page 9

 
PICO IN-CREATIVE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,458
10,648

Trade creditors
44,985
195,458

Amounts owed to group undertakings
1,704,525
1,299,631

Corporation tax
63,584
57,101

Other taxation and social security
-
188,254

Other creditors
237,924
2,032,558

Accruals and deferred income
167,333
233,938

2,228,809
4,017,588


2023
2022
£
£

Other taxation and social security

PAYE/NI control
-
188,254

-
188,254



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,458
10,648


10,458
10,648


Amounts falling due 2-5 years

Bank loans
-
27,816


-
27,816


10,458
38,464


 
Page 10