Company registration number 10518654 (England and Wales)
PICCADILLY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PICCADILLY HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr S S Watts
Company number
10518654
Registered office
Boroughbridge Road
Knaresborough
North Yorkshire
HG5 0LZ
Auditor
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
PICCADILLY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
PICCADILLY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Fair review of the business

Throughout the year the Company performed well, capitalising on the demand for new Kia product, and helped by the closure of the loss-making Fiat & Abarth business in Ripon. Used car margins remain strong yet volumes still low in line with quality stock availability. Aftersales enjoyed growth on the back of increased customer opportunities. Overall head count reduced by 3 employees, brought about by the demise of the Fiat and Abarth business. On the other hand, headcount increased at the Kia businesses to handle the growth at these locations.

New vehicle supply has improved throughout the year, in turn this has impacted on retained margin on certain models. At the same time our future order bank has reduced significantly. Kia new product throughout the period has made a big difference to demand. During the 12 months EV’s sales representing 10% of the total new car retail sales of 792 units; overall volumes were static year on year. Sales of EV’s to retail customers has been challenging, this will be helped with new product arriving late 2024, particularly the Kia EV3, already awarded Car of the Year 2024!

Used car residual values remain strong, making it more appealing for new car buyers to transact. Shortage of part exchange used cars meant supply fell short of demand, benefitting from good margin retention. Direct purchasing of used stock hasn’t been easy, the high prices limiting margin retention and risking poorer age profile and high rectification costs. Once again, we have relied more on the part exchanges from business we have generated, benefitting from the sale of new cars.

Total turnover in the 12-month period was £38.6M, up 9% on the previous financial year. Gross profit fell slightly from 12.2% to 11.45%. Profit before tax came in at £2,091,973.00 an increase of 27% on the previous year. During the period property rents of £227,000.00 were paid to Piccadilly Holdings Limited by Piccadilly Motors Limited. Profit as a percentage of turnover for the year, after of rent, came in at 4.49%, an improvement 0.33% on the previous year, and well above industry average. Cost of heat, light and power in the year reduced by close on 50% to £56,215.00. Total cost of wages in the period increased by 5.2%, on a reduced head count 3, taking total number of employees to 58.

Our Kia business at Knaresborough continued to trade well, as has Wakefield, now in its 4th year with the Kia Brand, and starting to see repeat business. The Fiat and Abarth Business in Ripon closed on the 31st May 2023, surrendering the lease end of August 2023; dilapidation costs etc posted in the previous financial year.

New vehicle turnover over for the 12 months across the sites reached £19.2M, selling a larger share of higher priced product. Number of new vehicles invoiced in the 12 months was 792 units, all Kia Brand product. New vehicle gross profit fell in the period to 6.9% a reduction of 0.6%, caused by the increase in low margin Motability sales at both locations; virtually doubling year on year to 163 sales.

The total number of vehicles sold in the period, including trade part exchanges came in at 1938 units, up slightly year on year. In the same period used car volumes remained static at 645 units, gross profit remained strong, increasing to 9.6% in the trading period. Sales ratio used to new fell to 1.0:3.0, due to shortage of used stock and strong trade demand.

Throughout the year the average days a used car was in stock equated to only 16 days, significantly better than industry average, made up of highly desirable stock and high demand for the product we sell. At the end of the year the sites had no used cars over 30 days in stock, all of which have subsequently sold, without losses.

Trade sales gross profit, after auction fees and preparation, although down year on year, remained strong at £354,113.00, equal to a healthy £700.00 per unit, making 9.2% GP. Close behind retail margins. Total trade volume of 506 units, made up of higher mileage older cars not meeting our high standards of retail quality, or non-Franchise part exchanges offering more profit in the trade than retail. This improvement in performance, reflects level of demand and our attention to detail, presenting the cars to the highest standards.

Fixed costs in the vehicle department as a percentage of gross profit came in at 26%, well below the industry benchmark, and an improvement year on year.

Finance commission receivable throughout the 12-month period, represented only 0.6% of total turnover.

Workshop labour sales (excluding sub-contract) over the 12-months increased to £1.48M, representing an excellent year on year growth of 20%. In the same period the retail element remained strong, making up 69% of the total labour sales (70% previous year).

PICCADILLY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Parts sales in the period increased to £1.6M, up 16%. Gross Profits including purchase bonuses improved year on year to 24.4%. Stock levels finished the year before write-off at £53,000.00, turning over 30 times in the year at net values. Obsolete parts stock write-off at the end of the period took account of all items with little to no demand, and a commercial decision was made on all parts in stock not moved for 12 months; starting the next financial year with very clean stock on the shelf. Improvements in stock management policy continue to minimise levels of obsolete stock going forward.

Analysis of Development and Performance

Customer satisfaction is at the centre of everything the business stands for. Our commitment to treat all customers in the same way we ourselves would expect to be treated, remains a core value.

Trading in the first 6 months of the 2024/25 financial year remains buoyant, profits compared with the same period the previous year have increased by 21% to £870,000.00, on a turnover of £20.4M during the 6 months to the end October 2024. We expect the second half of the financial year to prove more challenging as buyers’ confidence is showing a slight downturn, higher interest rates continue to impact on trading. Income from finance, although not a big part of our business, will suffer because of changes in the way we are paid commissions from the Lenders.

Greater access to quality used cars, allowing us to grow volumes and turnover, getting back to selling used/new ratio of 1.5:1 will help offset any reduction in other areas of the business, therefore a priority as we go forward.

After sales performance in the first 6 months of the 2024/25 financial year continues to grow in line with vehicle sales, and our strong retention of service customers, built around offering quality workmanship and excellent value for money, this will be an ongoing trend.

The Kia business continues to perform well at both locations, and although the new vehicle order bank has reduced, we will still finish the year by exceeding Manufacturers set annual targets.

Cash reserves on fixed term deposits are making healthy interest returns over the trading period. The beginning of 2024 we completely refurbished the Knaresborough Kia business, to include the latest Kia Global Store Concept. Wakefield Kia is going through the same development end of 2024. Both schemes will cost more than £700K to complete. At the same time, we continue to invest in the business by installing two 60KW fast chargers at Knaresborough Kia at a total cost of £100K to future proof demand. And we remain keen on expanding the Wakefield Kia business as it continues to grow.

On behalf of the board

Mr S S Watts
Director
25 November 2024
PICCADILLY HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company is that of a holding company, whilst the principal activity of the group continued to be that of franchised motor dealerships.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £565,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr S S Watts
Auditor

In accordance with the company's articles, a resolution proposing that Buckle Barton Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the director individually has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

PICCADILLY HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
On behalf of the board
Mr S S Watts
Director
25 November 2024
PICCADILLY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PICCADILLY HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Piccadilly Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PICCADILLY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PICCADILLY HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

PICCADILLY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PICCADILLY HOLDINGS LIMITED
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.

 

- We enquired of the directors for evidence of non compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

 

- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any instances of fraud that had taken place during the accounting period.

 

- The risk of fraud and non compliance with laws and regulations and fraud was discussed within the audit team and teste were planned and performed to address these risks. We identified the potential for fraud in the following areas - revenue recognition.

 

- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

 

- We enquired of the directors about actual and potential litigation and claims.

 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

 

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PICCADILLY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PICCADILLY HOLDINGS LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian J Meek ACA FCCA (Senior Statutory Auditor)
Date: 26 November 2024
For and on behalf of` Buckle Barton Limited
Statutory Auditor
Sanderson House
22 Station Road
Horsforth
Leeds
LS18 5NT
PICCADILLY HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
38,566,345
35,371,676
Cost of sales
(34,157,675)
(31,068,616)
Gross profit
4,408,670
4,303,060
Administrative expenses
(2,744,287)
(2,837,730)
Other operating income
85,740
85,740
Operating profit
4
1,750,123
1,551,070
Interest receivable and similar income
7
343,853
88,759
Interest payable and similar expenses
8
(2,003)
-
0
Profit before taxation
2,091,973
1,639,829
Tax on profit
9
(534,124)
(406,768)
Profit for the financial year
1,557,849
1,233,061
Profit for the financial year is all attributable to the owner of the parent company.
PICCADILLY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
£
£
Profit for the year
1,557,849
1,233,061
Other comprehensive income
Revaluation of tangible fixed assets
-
0
1,386,211
Total comprehensive income for the year
1,557,849
2,619,272
Total comprehensive income for the year is all attributable to the owner of the parent company.
PICCADILLY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,408,077
5,109,698
Investment property
13
250,000
250,000
5,658,077
5,359,698
Current assets
Stocks
16
2,246,940
2,148,067
Debtors
17
694,454
1,203,767
Cash at bank and in hand
11,560,758
10,469,808
14,502,152
13,821,642
Creditors: amounts falling due within one year
18
(2,554,855)
(2,634,013)
Net current assets
11,947,297
11,187,629
Total assets less current liabilities
17,605,374
16,547,327
Provisions for liabilities
Deferred tax liability
19
109,093
43,895
(109,093)
(43,895)
Net assets
17,496,281
16,503,432
Capital and reserves
Called up share capital
22
15,850
15,850
Share premium account
8,630,114
8,630,114
Revaluation reserve
1,386,211
1,386,211
Capital redemption reserve
48,000
48,000
Other reserves
300,000
300,000
Profit and loss reserves
7,116,106
6,123,257
Total equity
17,496,281
16,503,432
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
25 November 2024
Mr S S Watts
Director
Company registration number 10518654 (England and Wales)
PICCADILLY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,051,156
5,051,156
Investment property
13
250,000
250,000
Investments
14
10,079,113
10,079,113
15,380,269
15,380,269
Current assets
Cash at bank and in hand
2,293,483
2,111,380
Creditors: amounts falling due within one year
18
(177,913)
(265,739)
Net current assets
2,115,570
1,845,641
Total assets less current liabilities
17,495,839
17,225,910
Provisions for liabilities
Deferred tax liability
19
80,353
35,335
(80,353)
(35,335)
Net assets
17,415,486
17,190,575
Capital and reserves
Called up share capital
22
15,850
15,850
Share premium account
8,630,114
8,630,114
Revaluation reserve
1,386,211
1,386,211
Profit and loss reserves
7,383,311
7,158,400
Total equity
17,415,486
17,190,575

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £789,911 (2023 - £103,161 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
25 November 2024
Mr S S Watts
Director
Company registration number 10518654 (England and Wales)
PICCADILLY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Balance at 1 May 2022
15,850
8,630,114
-
0
48,000
300,000
4,908,196
13,902,160
Year ended 30 April 2023:
Profit for the year
-
-
-
-
-
1,233,061
1,233,061
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,386,211
-
-
-
1,386,211
Total comprehensive income
-
-
1,386,211
-
-
1,233,061
2,619,272
Dividends
10
-
-
-
-
-
(18,000)
(18,000)
Balance at 30 April 2023
15,850
8,630,114
1,386,211
48,000
300,000
6,123,257
16,503,432
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
-
-
1,557,849
1,557,849
Dividends
10
-
-
-
-
-
(565,000)
(565,000)
Balance at 30 April 2024
15,850
8,630,114
1,386,211
48,000
300,000
7,116,106
17,496,281
PICCADILLY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
15,850
8,630,114
-
0
7,073,239
15,719,203
Year ended 30 April 2023:
Profit for the year
-
-
-
103,161
103,161
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,386,211
-
1,386,211
Total comprehensive income
-
-
1,386,211
103,161
1,489,372
Dividends
10
-
-
-
(18,000)
(18,000)
Balance at 30 April 2023
15,850
8,630,114
1,386,211
7,158,400
17,190,575
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
789,911
789,911
Dividends
10
-
-
-
(565,000)
(565,000)
Balance at 30 April 2024
15,850
8,630,114
1,386,211
7,383,311
17,415,486
PICCADILLY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,697,753
1,321,605
Interest paid
(2,003)
-
0
Income taxes paid
(394,336)
(410,105)
Net cash inflow from operating activities
1,301,414
911,500
Investing activities
Purchase of tangible fixed assets
(342,938)
(21,383)
Proceeds from disposal of tangible fixed assets
-
500
Repayment of loans
353,621
-
Interest received
343,853
88,759
Net cash generated from investing activities
354,536
67,876
Financing activities
Dividends paid to equity shareholders
(565,000)
(18,000)
Net cash used in financing activities
(565,000)
(18,000)
Net increase in cash and cash equivalents
1,090,950
961,376
Cash and cash equivalents at beginning of year
10,469,808
9,508,432
Cash and cash equivalents at end of year
11,560,758
10,469,808
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

Piccadilly Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Boroughbridge Road, Knaresborough, North Yorkshire, HG5 0LZ.

 

The group consists of Piccadilly Holdings Limited and all of its subsidiaries.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Piccadilly Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% Straight Line
Leasehold improvements
15% - 25% Reducing Balance
Plant and equipment
25% Reducing Balance

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 recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for as tangible fixed assets.

 

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
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 leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 23 -
1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods and services
38,376,692
35,121,305
Commission received
189,653
250,371
38,566,345
35,371,676
2024
2023
£
£
Other revenue
Interest income
343,853
88,759
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
44,559
87,637
Profit on disposal of tangible fixed assets
-
(500)
Operating lease charges
16,367
39,800
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,000
16,000
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and support
12
14
1
1
Sales
47
48
-
-
Total
59
62
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,858,599
1,771,521
-
0
-
0
Social security costs
219,568
221,124
-
-
Pension costs
42,527
38,242
-
0
-
0
2,120,694
2,030,887
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
343,751
88,759
Other interest income
102
-
Total income
343,853
88,759
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
2,003
-
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
468,926
332,836
Adjustments in respect of prior periods
-
0
37,037
Total current tax
468,926
369,873
Deferred tax
Origination and reversal of timing differences
65,198
36,895
Total tax charge
534,124
406,768

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,091,973
1,639,829
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
522,993
409,957
Adjustments in respect of prior years
-
0
(37,417)
Effect of change in corporation tax rate
-
(9,284)
Under/(over) provision in prior years
-
0
36,679
Other
11,131
6,833
Taxation charge
534,124
406,768
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
565,000
18,000
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
57,500
Amortisation and impairment
At 1 May 2023 and 30 April 2024
57,500
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
5,050,000
43,427
840,560
-
0
5,933,987
Additions
-
0
223,243
19,775
99,920
342,938
At 30 April 2024
5,050,000
266,670
860,335
99,920
6,276,925
Depreciation and impairment
At 1 May 2023
-
0
43,427
780,862
-
0
824,289
Depreciation charged in the year
-
0
-
0
19,579
24,980
44,559
At 30 April 2024
-
0
43,427
800,441
24,980
868,848
Carrying amount
At 30 April 2024
5,050,000
223,243
59,894
74,940
5,408,077
At 30 April 2023
5,050,000
-
0
59,698
-
0
5,109,698
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 27 -
Company
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 May 2023 and 30 April 2024
5,050,000
2,000
5,052,000
Depreciation and impairment
At 1 May 2023 and 30 April 2024
-
0
844
844
Carrying amount
At 30 April 2024
5,050,000
1,156
5,051,156
At 30 April 2023
5,050,000
1,156
5,051,156

The fair value of the Freehold Land and Buildings has been arrived at on the basis of a valuation carried out at 30 April 2024 by the Director of the company using an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
250,000
250,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the Director of the company using an open market value basis by reference to market evidence of transaction prices for similar properties.

 

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
10,079,113
10,079,113
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
14
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
10,079,113
Carrying amount
At 30 April 2024
10,079,113
At 30 April 2023
10,079,113
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Piccadilly Motors Limited
Boroughbridge Road, Knaresborough, HG5 0LZ
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,246,940
2,148,067
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
539,393
653,583
-
0
-
Corporation tax recoverable
116,877
116,877
-
0
-
0
Other debtors
-
353,621
-
0
-
0
Prepayments and accrued income
38,184
79,686
-
0
-
0
694,454
1,203,767
-
-
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
1,592,275
1,806,837
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
13,609
127,454
Corporation tax payable
281,426
206,836
90,637
46,760
Other taxation and social security
235,415
280,674
5,250
5,108
Deferred income
20
47,667
47,667
47,667
47,667
Other creditors
241,985
46,608
18,750
36,750
Accruals and deferred income
156,087
245,391
2,000
2,000
2,554,855
2,634,013
177,913
265,739
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
109,093
43,895
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
80,353
35,335
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
43,895
35,335
Charge to profit or loss
65,198
45,018
Liability at 30 April 2024
109,093
80,353

 

PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
47,667
47,667
47,667
47,667
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,527
38,242

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
15,850
15,850
15,850
15,850
23
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Dividends totalling £565,000 (2023 - £18,000) were paid in the year in respect of shares held by the company's director.

Loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr S S Watts - Loan Account
-
353,621
(353,621)
-
353,621
(353,621)
-
PICCADILLY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,557,849
1,233,061
Adjustments for:
Taxation charged
534,124
406,768
Finance costs
2,003
-
0
Investment income
(343,853)
(88,759)
Gain on disposal of tangible fixed assets
-
(500)
Depreciation and impairment of tangible fixed assets
44,559
87,637
Decrease in provisions
-
(14,121)
Movements in working capital:
Increase in stocks
(98,873)
(620,151)
Decrease/(increase) in debtors
155,692
(274,272)
(Decrease)/increase in creditors
(153,748)
591,942
Cash generated from operations
1,697,753
1,321,605
25
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
10,469,808
1,090,950
11,560,758
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