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Registered number: 12659627










PICTURECRAFT OF HOLT LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
PICTURECRAFT OF HOLT LTD
 
 
COMPANY INFORMATION


Directors
M J Hill 
T M Hill 




Registered number
12659627



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
PICTURECRAFT OF HOLT LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10


 
PICTURECRAFT OF HOLT LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PICTURECRAFT OF HOLT LTD
FOR THE YEAR ENDED 31 AUGUST 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Picturecraft of Holt Ltd for the year ended 31 August 2024 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 in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Picturecraft of Holt Ltd, as a body, in accordance with the terms of our engagement letter dated 2 October 2023Our work has been undertaken solely to prepare for your approval the financial statements of Picturecraft of Holt Ltd and state those matters that we have agreed to state to the Board of Directors of Picturecraft of Holt Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Picturecraft of Holt Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Picturecraft of Holt Ltd 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 Picturecraft of Holt Ltd. You consider that Picturecraft of Holt Ltd 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 Picturecraft of Holt Ltd. 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.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
17 October 2024
Page 1

 
PICTURECRAFT OF HOLT LTD
REGISTERED NUMBER: 12659627

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,767
3,535

Tangible assets
 5 
183,913
184,643

  
185,680
188,178

Current assets
  

Stocks
  
64,692
56,701

Debtors: amounts falling due within one year
 6 
3,385
12,933

Cash at bank and in hand
  
71,517
58,552

  
139,594
128,186

Creditors: amounts falling due within one year
 7 
(54,999)
(61,779)

Net current assets
  
 
 
84,595
 
 
66,407

Total assets less current liabilities
  
270,275
254,585

Provisions for liabilities
  

Deferred tax
  
(820)
(712)

  
 
 
(820)
 
 
(712)

Net assets
  
269,455
253,873


Capital and reserves
  

Called up share capital 
 8 
100
100

Revaluation reserve
 9 
180,000
180,000

Profit and loss account
 9 
89,355
73,773

  
269,455
253,873


Page 2

 
PICTURECRAFT OF HOLT LTD
REGISTERED NUMBER: 12659627
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

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 17 October 2024.






M J Hill
Director

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

Page 3

 
PICTURECRAFT OF HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The Company is a United Kingdom Company limited by shares. It is both incorporated and domiciled in England and Wales. The address of the registered office is 7 The Close, Norwich, Norfolk, United Kingdom, NR1 4DJ .
The Company's principal activity is that of the sale of art materials and picture framing and the Company's principal place of activity is North Norfolk..

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Rendering of services

Revenue 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 revenue 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.

Page 4

 
PICTURECRAFT OF HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.
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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.

 
2.6

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.

Page 5

 
PICTURECRAFT OF HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line method and the reducing balance method..

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
25% reducing balance
Office equipment
-
3 years 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.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

 
2.8

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.

 
2.9

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.

 
2.10

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

 
PICTURECRAFT OF HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 7

 
PICTURECRAFT OF HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
8,836



At 31 August 2024

8,836



Amortisation


At 1 September 2023
5,302


Charge for the year on owned assets
1,767



At 31 August 2024

7,069



Net book value



At 31 August 2024
1,767



At 31 August 2023
3,534



Page 8

 
PICTURECRAFT OF HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
180,000
9,076
721
189,797


Additions
-
-
840
840



At 31 August 2024

180,000
9,076
1,561
190,637



Depreciation


At 1 September 2023
-
4,725
428
5,153


Charge for the year on owned assets
-
1,088
483
1,571



At 31 August 2024

-
5,813
911
6,724



Net book value



At 31 August 2024
180,000
3,263
650
183,913



At 31 August 2023
180,000
4,351
292
184,643


6.


Debtors

2024
2023
£
£


Trade debtors
3,207
12,777

Prepayments
178
156

3,385
12,933


Page 9

 
PICTURECRAFT OF HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,745
4,941

Corporation tax
5,121
6,156

Other taxation and social security
6,791
6,099

Directors loan account
39,008
44,208

Accruals and deferred income
334
375

54,999
61,779



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



45 A Ordinary shares of £1.00 each
45
45
45 B Ordinary shares of £1.00 each
45
45
55 C Ordinary shares of £1.00 each
5
5
55 D Ordinary shares of £1.00 each
5
5

100

100



9.


Reserves

Revaluation reserve

The revaluation reserve represents the revaluation of the Company's freehold property to fair value.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £203 (2023: £196) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

As at 31 August 2024, the Company owed the directors £33,008 (2023: £44,208).

 
Page 10