Registered number
11812197
Pich Group Ltd (formerly Pich Telecoms Ltd)
Filleted Accounts
30 April 2024
Pich Group Ltd (formerly Pich Telecoms Ltd)
Registered number: 11812197
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 339,377 207,963
Current assets
Stocks - 446,217
Debtors 4 310,503 375,295
Cash at bank and in hand 905,684 342,517
1,216,187 1,164,029
Creditors: amounts falling due within one year 5 (618,008) (576,379)
Net current assets 598,179 587,650
Total assets less current liabilities 937,556 795,613
Creditors: amounts falling due after more than one year 6 - (299,999)
Provisions for liabilities (45,610) (45,610)
Net assets 891,946 450,004
Capital and reserves
Called up share capital 400 400
Profit and loss account 891,546 449,604
Shareholders' funds 891,946 450,004
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Dibley
Director
Approved by the board on 21 October 2024 and signed on its behalf
Pich Group Ltd (formerly Pich Telecoms Ltd)
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 15% - 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 122,063 166,700 288,763
Additions 10,215 240,766 250,981
Disposals (29,290) (19,945) (49,235)
At 30 April 2024 102,988 387,521 490,509
Depreciation
At 1 May 2023 45,666 35,134 80,800
Charge for the year 20,002 71,722 91,724
On disposals (14,694) (6,698) (21,392)
At 30 April 2024 50,974 100,158 151,132
Net book value
At 30 April 2024 52,014 287,363 339,377
At 30 April 2023 76,397 131,566 207,963
4 Debtors 2024 2023
£ £
Trade debtors 168,449 272,388
Other debtors 142,054 102,907
310,503 375,295
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,866 46,854
Obligations under finance lease and hire purchase contracts 253,150 20,863
Trade creditors 33,225 103,052
Taxation and social security costs 307,713 372,324
Other creditors 3,054 33,286
618,008 576,379
Of the creditors falling due within and after more than one year, the net obligations under finance leases and hire purchase contracts totalling £253,150 (2023 - £111,379) are secured on the assets concerned.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 209,483
Obligations under finance lease and hire purchase contracts - 90,516
- 299,999
7 Pension commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently managed fund. At the balance sheet date contributions of £nil (2023 - £2,505) were due to the fund.
8 Other information
Pich Group Ltd (formerly Pich Telecoms Ltd) is a private company limited by shares and incorporated in England. Its registered office is:
57 Hopes Lane
Ramsgate
CT12 6UW
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