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Registered number: 12028201









PIC REFURBS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
PIC REFURBS LIMITED
REGISTERED NUMBER: 12028201

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,056,346
556,346

  
1,056,346
556,346

Current assets
  

Debtors: amounts falling due within one year
 5 
646,454
-

Cash at bank and in hand
 6 
9,179
6,338

  
655,633
6,338

Creditors: amounts falling due within one year
 7 
(946,780)
(242,187)

Net current liabilities
  
 
 
(291,147)
 
 
(235,849)

Total assets less current liabilities
  
765,199
320,497

Creditors: amounts falling due after more than one year
 8 
(225,675)
(225,717)

  

Net assets
  
539,524
94,780


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 10 
86,139
86,139

Profit and loss account
 10 
453,285
8,541

  
539,524
94,780


Page 1

 
PIC REFURBS LIMITED
REGISTERED NUMBER: 12028201
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr Armaan Chohan
Director

Date: 12 June 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PIC REFURBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

PIC Refurbs Limited (company number 12028201) is a private company limited by shares, registered in England and Wales.  Its registered office is at 31a Hale Road, Altrincham, Cheshire, WA14 2EY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
PIC REFURBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
PIC REFURBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
556,346


Additions at cost
500,000



At 30 September 2024
1,056,346

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,056,346
556,346

Accumulated depreciation and impairments
(28,480)
(17,917)

1,027,866
538,429


5.


Debtors

2024
2023
£
£

Page 5

 
PIC REFURBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.Debtors (continued)


Amounts owed by group undertakings
646,454
-

646,454
-



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
9,179
6,338

9,179
6,338



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,895
-

Amounts owed to group undertakings
42,981
241,527

Corporation tax
1,144
-

Other creditors
900,760
660

946,780
242,187


The following liabilities were secured:




Details of security provided:

Included within creditors due within one year is a loan of £900,100 which is secured by a first legal charge over one of the company's investment properties. The loan is interest free and the loan party holds an option to purchase the property from the company. If the option is not excercised the loan party is entitled to 94% of the profit on any future third party sale.

Page 6

 
PIC REFURBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
225,675
225,717

225,675
225,717


The following liabilities were secured:

2024
2023
£
£



Bank Loans
225,675
225,717

225,675
225,717

Details of security provided:

The bank loans are secured by first legal charges over two of the company's three investment properties and by the personal guarantees of the directors.
Included within creditors due after more than one year is a third party secured loan in the sum of £900,100. The loan is secured by a first legal charge over one of the company's three investment properties. The loan party holds an option to purchase the property from the company. If the option is not excercised the loan party is entitled to 94% of the profit on any future third party sale. No interest is payable on the loan.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
225,675
225,717


225,675
225,717


225,675
225,717


Page 7

 
PIC REFURBS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Reserves

Revaluation reserve

Revaluation reserve represents open market value of investment properties above cost.


11.


Related party transactions

Included within creditors due within one year is an amount due to fellow subsidiary PIC Grove Lane Limited in the amount of £42,981 (2023: £42,981).  The loan is interest free and repayable on demand.
Included within debtors is an amount due from The PIC Holdings Group Limited in the amount of £646,454 (2023: £NIL). Included within creditors due within one year is an amount due to The PIC Holdings Group Limited in the amount of £NIL (2023: £198,546).  The loan is interest free and repayable on demand.
Included within creditors due within one year is an amount due to the directors in the amount of £660 (2023: £660).  The loan is interest free and repayable on demand.
During the year the company acquired an investment property from fellow subsidiary PIC Park Road Limited for £500,000. The consideration of £500,000 was written off between the companies and is reflected in profit and loss account.


12.


Controlling party

The company is a wholly owned subsidary of The PIC Holdings Group Limited. The PIC Holdings Group Limited is wholly controlled by the directors A Chohan and D Strettle.

 
Page 8