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Registration number: 04871467

Picnichouse Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Picnichouse Limited

Contents

Company Information

1

Director's Report

2

Statement of Comprehensive Income

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 12

 

Picnichouse Limited

Company Information

Director

A J Sperrin

Company secretary

J Naish

Registered office

Willmott House
12 Blacks Road
London
W6 9EU

Accountants

Shaw Gibbs Limited Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Picnichouse Limited

Director's Report for the Year Ended 31 August 2024

The report and the financial statements for the year ended 31 August 2024.

Principal activity

The principal activity of the company is that of an investment company.

Director of the company

The director who held office during the year and up to the date of approval of this report was as follows:

A J Sperrin

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 20 May 2025
 

.........................................
A J Sperrin
Director

 

Picnichouse Limited

Statement of Comprehensive Income
for the Year Ended 31 August 2024

Note

2024
£

2023
£

Revenue

 

19,141

20,941

Administrative expenses

 

(4,581)

(4,038)

Operating profit

 

14,560

16,903

(Loss)/gain on financial assets at fair value through profit and loss

 

(56,264)

11,852

(Loss)/profit before tax

(41,704)

28,755

Tax on (loss)/profit

4

11,300

(6,175)

(Loss)/profit for the financial year

 

(30,404)

22,580

 

Picnichouse Limited

(Registration number: 04871467)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Non-current assets

 

Investments

5

328,584

384,848

Current assets

 

Receivables

6

176,781

177,392

Cash at bank

7

613

1,011

 

177,394

178,403

Payables: Amounts falling due within one year

8

(195,545)

(208,349)

Net current liabilities

 

(18,151)

(29,946)

Total assets less current liabilities

 

310,433

354,902

Provisions for liabilities

9

(38,288)

(52,353)

Net assets

 

272,145

302,549

Equity

 

Called up share capital

10

1,000

1,000

Other reserves

10

114,867

157,065

Retained earnings

10

156,278

144,484

Shareholders' funds

 

272,145

302,549

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Picnichouse Limited were approved and authorised for issue by the director on 20 May 2025
 

.........................................

A J Sperrin
Director

 

Picnichouse Limited

Statement of Changes in Equity
for the Year Ended 31 August 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 September 2023

1,000

157,065

144,484

302,549

Loss for the year

-

-

(30,404)

(30,404)

Transfers

-

(42,198)

42,198

-

At 31 August 2024

1,000

114,867

156,278

272,145

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 September 2022

1,000

148,176

130,793

279,969

Profit for the year

-

-

22,580

22,580

Transfers

-

8,889

(8,889)

-

At 31 August 2023

1,000

157,065

144,484

302,549

 

Picnichouse Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

1

General information

Picnichouse Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents income earned on investments.

 

Picnichouse Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 income 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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses 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, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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

 

Picnichouse Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Picnichouse Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

2,766

3,212

Deferred taxation

Arising from origination and reversal of timing differences

(14,066)

2,251

Arising from changes in tax rates and laws

-

712

Total deferred taxation

(14,066)

2,963

Tax (receipt)/expense in the income statement

(11,300)

6,175

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(41,704)

28,755

Corporation tax at standard rate

(10,426)

5,463

Tax expense relating to changes in tax rates or laws

-

712

Tax decrease from effect of marginal relief

(874)

-

Total tax (credit)/charge

(11,300)

6,175

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Financial assets at fair value through the income statement

38,288

   

2023

Liability
£

Financial assets at fair value through the income statement

52,353

   
 

Picnichouse Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

5

Investments

2024
£

2023
£

Listed investments

328,584

384,848

£

Valuation

At 1 September 2023

384,848

Revaluation

(56,264)

At 31 August 2024

328,584

Carrying amount

At 31 August 2024

328,584

At 31 August 2023

384,848

The aggregate historical cost (reflecting any write downs to recoverable amount) that would have been included had the investment not been revalued at 31 August 2024 was £175,430 (2023: £175,430).

6

Receivables

2024
£

2023
£

Prepayments

5,690

6,151

Loans receivable

171,091

171,241

176,781

177,392

7

Cash and cash equivalents

2024
£

2023
£

Cash at bank

613

1,011

 

Picnichouse Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

8

Payables

Payables: amounts falling due within one year

2024
£

2023
£

Trade payables

960

900

Accruals

960

900

Corporation tax

5,978

8,902

Other loans

187,647

197,647

195,545

208,349

9

Provisions for liabilities

Deferred tax
£

At 1 September 2023

52,353

Decrease in existing provisions

(14,065)

At 31 August 2024

38,288

The deferred tax liability above represents the deferred tax liability on the gain on listed investments recognised within equity.

10

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Other reserves represents the cumulative effects of revaluations of listed investments which are revalued to fair value at each reporting date. The reserves form part of the company's non-distributable reserves.

 

Picnichouse Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

11

Control

The company is controlled by W L Babcock by virtue of his ownership of 60% of the issued share capital of the company.

12

Related party transactions

The amount outstanding to W L Babcock at the balance sheet date was £187,647 (2023: £197,647). This loan is interest free, unsecured and has no formal repayment schedule.

13

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Picnichouse Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Picnichouse Limited for the year ended 31 August 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising firm of Accountants, we are subject to ethical and other professional requirements.

This report is made solely to the director of Picnichouse Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Picnichouse Limited and state those matters that we have agreed to state to the director of Picnichouse Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Picnichouse Limited and the director for our work or for this report.

It is your duty to ensure that Picnichouse Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Picnichouse Limited. You consider that Picnichouse Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Picnichouse Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
For and on behalf of
Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

20 May 2025