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Company registration number: 07237770

Picketstones Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Picketstones Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Picketstones Limited

(Registration number: 07237770)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,365,085

3,189,488

Investments

5

130,924

120,260

Other financial assets

6

386,001

386,001

 

3,882,010

3,695,749

Current assets

 

Debtors

7

1,032,501

789,583

Cash at bank and in hand

 

2,556

243,722

 

1,035,057

1,033,305

Creditors: Amounts falling due within one year

8

(190,804)

(145,630)

Net current assets

 

844,253

887,675

Total assets less current liabilities

 

4,726,263

4,583,424

Provisions for liabilities

 

Deferred tax liabilities

 

(122,045)

(122,045)

Net assets

 

4,604,218

4,461,379

Capital and reserves

 

Called up share capital

2

2

Fair value reserve

 

411,108

411,108

Profit and loss account

4,193,108

4,050,269

Total equity

 

4,604,218

4,461,379

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Picketstones Limited

(Registration number: 07237770)
Balance Sheet as at 30 April 2024

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 


J H Maitland-Walker
Director


H E Coles
Director

 
 

Picketstones Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
22 The Parks
Minehead
Somerset
TA24 8BT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover consists of profit share from Maitland Walker LLP, recognised on an accruals basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Picketstones Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Leasehold improvements

20% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in unquoted businesses where fair value cannot be measured reliably is measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Other debtors comprise amounts due from Maitland Walker LLP plus amounts owed to the company by its directors.

Other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method.

Stocks

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Creditors

Other creditors comprise amounts payable to Maitland Walker LLP, accruals for expenses payable and amounts owed to the directors. Other creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Picketstones Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

 

Picketstones Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

4

Investment properties

2024
 £

At 1 May 2023

3,189,488

Additions

175,597

At 30 April 2024

3,365,085

The investment properties class of fixed assets was valued at £3,189,488 (2023 £3,189,488) by the directors. The basis of this valuation was current market value.

There has been no valuation of investment property by an independent valuer.

5

Investments

2024
£

2023
£

Investments in subsidiaries

130,924

-

Investments in associates

-

120,260

130,924

120,260

Subsidiaries

£

Cost or valuation

Transfers

120,260

Additions

10,664

At 30 April 2024

130,924

Carrying amount

At 30 April 2024

130,924

Associates

£

Cost

At 1 May 2023

120,260

Transfers

(120,260)

At 30 April 2024

-

Carrying amount

At 30 April 2024

-

At 30 April 2023

120,260

 

Picketstones Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

386,001

386,001

At 30 April 2024

386,001

386,001

Carrying amount

At 30 April 2024

386,001

386,001

7

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

51,500

26,500

Prepayments

 

2,477

2,477

Other debtors

 

978,524

760,606

   

1,032,501

789,583

 

Picketstones Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

141,507

143,130

Accruals and deferred income

4,297

2,500

Other creditors

45,000

-

190,804

145,630

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

J H Maitland-Walker

Director's current account

99,629

382,281

(116,578)

365,332

H E Coles

Director's current account

99,629

382,281

(116,579)

365,331

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

J H Maitland-Walker

Director's current account

50,105

271,417

(221,893)

99,629

H E Coles

Director's current account

50,105

271,417

(221,893)

99,629