Company registration number 09962912 (England and Wales)
PICKWELL MANOR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PICKWELL MANOR LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PICKWELL MANOR LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
305,250
342,250
Tangible assets
4
1,748,379
1,788,729
2,053,629
2,130,979
Current assets
Debtors
5
432,435
589,323
Cash at bank and in hand
202
7,931
432,637
597,254
Creditors: amounts falling due within one year
6
(1,321,343)
(1,232,263)
Net current liabilities
(888,706)
(635,009)
Total assets less current liabilities
1,164,923
1,495,970
Creditors: amounts falling due after more than one year
7
(1,908,571)
(1,966,451)
Net liabilities
(743,648)
(470,481)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(743,748)
(470,581)
Total equity
(743,648)
(470,481)
PICKWELL MANOR LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr S P Baker
Mr R I Elliott
Director
Director
Company registration number 09962912 (England and Wales)
PICKWELL MANOR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Pickwell Manor Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pickwell Manor, Georgeham, Braunton, Devon, EX33 1LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through continued financial support from its directors and the borrowing facilities provided by an external lender. The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows.
On the basis of continued support from the directors and availability of external borrowing, the board consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Deposits received in connection with holidays paid for in advance are deferred and recognised as turnover once the entitlement to the income becomes unconditional, typically when the holiday takes place.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line (Buildings)/No depreciation on land
Leasehold improvements
10% straight line
Fixtures and fittings
15% straight line
Computers
15% straight line
Motor vehicles
20% straight line
PICKWELL MANOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
PICKWELL MANOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
370,000
Amortisation and impairment
At 1 February 2023
27,750
Amortisation charged for the year
37,000
At 31 January 2024
64,750
Carrying amount
At 31 January 2024
305,250
At 31 January 2023
342,250
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
1,993,379
193,762
2,187,141
Additions
80,253
5,510
85,763
At 31 January 2024
2,073,632
199,272
2,272,904
Depreciation and impairment
At 1 February 2023
270,008
128,404
398,412
Depreciation charged in the year
103,373
22,740
126,113
At 31 January 2024
373,381
151,144
524,525
Carrying amount
At 31 January 2024
1,700,251
48,128
1,748,379
At 31 January 2023
1,723,371
65,358
1,788,729
PICKWELL MANOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
393,173
359,547
Other debtors
39,262
177,314
432,435
536,861
Deferred tax asset
52,462
432,435
589,323
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
38,527
38,997
Trade creditors
31,575
44,170
Taxation and social security
71,778
83,753
Other creditors
1,179,463
1,065,343
1,321,343
1,232,263
Bank loans include a balance of £28,345 (2023 - £28,347) relating to the current portion of a loan secured on the company's freehold property.
Bank loans include a balance of £10,182 (2023 - £10,650) relating to the current portion of the company's Bounce Back Loan.
Other creditors includes a balance of £539,340 (2023: £548,653) owed to directors.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,908,571
1,966,451
Bank loans include a balance of £1,895,420 (2023 - £1,943,768) relating to the non-current portion of a loan secured on the company's freehold property.
Bank loans include a balance of £13,151 (2023 - £22,683) relating to the non-current portion of the company's Bounce Back Loan.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,757,727
1,804,315
PICKWELL MANOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
4,223
10,557