Company registration number 01406357 (England and Wales)
PICTON JONES (ASSET MANAGEMENT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
PICTON JONES (ASSET MANAGEMENT) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PICTON JONES (ASSET MANAGEMENT) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
512,188
510,513
Investment property
4
560,000
560,000
Investments
5
1,120
1,120
1,073,308
1,071,633
Current assets
Debtors
6
10,207
15,582
Cash at bank and in hand
121,234
163,102
131,441
178,684
Creditors: amounts falling due within one year
7
(19,002)
(30,051)
Net current assets
112,439
148,633
Net assets
1,185,747
1,220,266
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
343,542
343,542
Profit and loss reserves
842,105
876,624
Total equity
1,185,747
1,220,266
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
Mr H Picton-Jones
Director
Company registration number 01406357 (England and Wales)
PICTON JONES (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Picton Jones (Asset Management) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Talbot House, 14 Digbeth, Birmingham, West Midlands, England, B5 6BH.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover consists of chartered surveyors' fees and rental income and is exclusive of VAT.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings
Not provided
Plant and equipment
20% on reducing balance
Computers
20% on reducing balance
No depreciation is provided in respect of freehold land and buildings as these are regularly maintained such that their useful economic life is considered to be indefinite. As such the directors consider that depreciation, both annually and cumulatively is immaterial. The directors consider that this accounting policy results in the financial statements giving a true and fair view. The effects of this departure from the companies act 2006 has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
Valuation of investments
Investments held as fixed assets are stated at cost less any provision for impairment. Investments held as current assets are stated at the lower of cost and net realisable value.
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
PICTON JONES (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
1.7
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.8
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
PICTON JONES (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 September 2023
500,000
172,089
672,089
Additions
4,284
4,284
At 31 August 2024
500,000
176,373
676,373
Depreciation and impairment
At 1 September 2023
161,576
161,576
Depreciation charged in the year
2,609
2,609
At 31 August 2024
164,185
164,185
Carrying amount
At 31 August 2024
500,000
12,188
512,188
At 31 August 2023
500,000
10,513
510,513
4
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
560,000
Investment properties were valued on an open market basis on 31 August 2023 by the directors.
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,120
1,120
PICTON JONES (ASSET MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,389
12,975
Other debtors
5,818
2,607
10,207
15,582
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
6,186
16,052
Other creditors
12,816
13,999
19,002
30,051
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
343,542
343,542
9
Undistributable reserves
Retained earnings include £329,285 (2023: £329,285) in respect of the revaluation of investment property. This amount is non-distributable.