Registered number
08970197
PIC Ventures Limited
Filleted Accounts
31 March 2024
PIC Ventures Limited
Registered number: 08970197
Balance Sheet
as at 31 March 2024
Notes 2024 2023
Fixed assets
Investments 3 3,737,770 3,737,770
Current assets
Debtors 4 954,778 2,708,860
Cash at bank and in hand 4,254,791 1,978,917
5,209,569 4,687,777
Creditors: amounts falling due within one year 5 (6,679,381) (6,492,211)
Net current liabilities (1,469,812) (1,804,434)
Net assets 2,267,958 1,933,336
Capital and reserves
Called up share capital 13 13
Profit and loss account 2,267,945 1,933,323
Shareholders' funds 2,267,958 1,933,336
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J T Marshall
Director
Approved by the board on 27 November 2024
PIC Ventures Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The group which the company heads qualifies as a small group under the Companies Act 2006 and so it has taken advantage of the exemption not to prepare consolidated accounts.
The directors have considered the various risks and uncertainties that could impact on the performance of the company and its subsidiary. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Investments
The investments are shares in its subsidiary companies and have been included at cost.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary
undertakings
Cost
At 1 April 2023 3,737,770
At 31 March 2024 3,737,770
4 Debtors 2024 2023
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 1,887,663
Other debtors 954,778 821,197
954,778 2,708,860
5 Creditors: amounts falling due within one year 2024 2023
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,336,400 2,269,000
Other creditors 4,342,981 4,223,211
6,679,381 6,492,211
6 Presentational currency
These accounts have been prepared in Euros. At the year end the sterling exchange rate was £1 : €1.1682.
7 Controlling party
The controlling party is the directors by virtue of their 100% shareholding.
8 Other information
PIC Ventures Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Bonhill Street
London
EC2A 4DJ
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