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COMPANY REGISTRATION NUMBER: 05399300
Picton Sports Limited
Filleted Unaudited Financial Statements
31 March 2024
Picton Sports Limited
Financial Statements
Year ended 31 March 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Picton Sports Limited
Officers and Professional Advisers
The board of directors
Mrs A James
Mr P.P Jones
Company secretary
Mr P.P Jones
Registered office
Picton Sports
Dafen Industrial Estate
Heol Aur
Dafen
Llanelli
Wales
SA14 8QN
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Picton Sports Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
5
69,341
82,337
Tangible assets
6
626,257
639,762
---------
---------
695,598
722,099
CURRENT ASSETS
Stocks
7
84,521
96,043
Debtors
8
16,219
18,914
Cash at bank and in hand
3,338
6,321
---------
---------
104,078
121,278
CREDITORS: amounts falling due within one year
9
383,343
373,586
---------
---------
NET CURRENT LIABILITIES
279,265
252,308
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
416,333
469,791
CREDITORS: amounts falling due after more than one year
10
12,439
79,687
PROVISIONS
110,917
110,917
---------
---------
NET ASSETS
292,977
279,187
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
1,000
1,000
Revaluation reserve
332,750
332,750
Profit and loss account
( 40,773)
( 54,563)
---------
---------
SHAREHOLDERS FUNDS
292,977
279,187
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Picton Sports Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Annette James
Annette James
Director
Company registration number: 05399300
Picton Sports Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. GENERAL INFORMATION
Picton Sports Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is the manufacturing of wearing apparel.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Stock provisioning The company sells apparel and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Goodwill and intangible fixed asset Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortization periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortized and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of apparel is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Rendering of services When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable Interest income is recognised using the effective interest method.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is ten years. Provision is made for any impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Land and buildings were valued at 25th April 2023. The valuation was undertaken by James M Dawson who holds the MRICS qualification.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
Revaluation Model
Plant and machinery
-
25% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
20% straight line
Equipment
-
15% straight line
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 20 (2023: 28 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
170,000
---------
Amortisation
At 1 April 2023
87,663
Charge for the year
12,996
---------
At 31 March 2024
100,659
---------
Carrying amount
At 31 March 2024
69,341
---------
At 31 March 2023
82,337
---------
6. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
888,948
298,084
19,616
5,000
2,866
1,214,514
Additions
675
758
1,433
---------
---------
--------
------
------
------------
At 31 Mar 2024
888,948
298,759
19,616
5,000
3,624
1,215,947
---------
---------
--------
------
------
------------
Depreciation
At 1 Apr 2023
278,948
278,153
12,390
5,000
261
574,752
Charge for the year
11,957
2,466
515
14,938
---------
---------
--------
------
------
------------
At 31 Mar 2024
278,948
290,110
14,856
5,000
776
589,690
---------
---------
--------
------
------
------------
Carrying amount
At 31 Mar 2024
610,000
8,649
4,760
2,848
626,257
---------
---------
--------
------
------
------------
At 31 Mar 2023
610,000
19,931
7,226
2,605
639,762
---------
---------
--------
------
------
------------
Freehold land and buildings were subject to an independent and professional valuation at 25th April 2023. The valuation was undertaken by James M Dawson who holds the MRICS qualification. The historic cost equivalent of land and buildings included at valuation are as follows:
2024 2023
£ £
Cost 445,281 445,281
Accumulated depreciation (278,948) (278,948)
--------- ---------
Net book value 166,333 166,333
7. STOCKS
2024
2023
£
£
Raw materials and consumables
84,521
96,043
--------
--------
8. DEBTORS
2024
2023
£
£
Trade debtors
11,630
17,153
Other debtors
4,589
1,761
--------
--------
16,219
18,914
--------
--------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
126,189
113,732
Trade creditors
62,355
45,454
Corporation tax
6,316
Social security and other taxes
7,957
3,326
Other creditors
180,526
211,074
---------
---------
383,343
373,586
---------
---------
10. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,439
79,687
--------
--------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
------
------
------
------
12. OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £14,518 (2023: £19,786).
13. RELATED PARTY TRANSACTIONS
Key management personnel
2024 2023
£ £
Balance due (to)/from key management personnel 113,008 145,772
No interest has been incurred in relation to this balance.
14. REVALUATION RESERVE
2024
2023
£
£
At 1st April 2023
332,750
Revaluation of tangible fixed assets
332,750
---------
---------
At 31st March 2024
332,750
332,750
---------
---------