| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Pickwick Investments Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Pickwick Investments Limited |
| Pickwick Investments Limited (Registered number: 04366252) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Pickwick Investments Limited |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 1st Floor |
| Healthaid House |
| Marlborough Hill |
| Harrow |
| Middlesex |
| HA1 1UD |
| Pickwick Investments Limited (Registered number: 04366252) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Capital redemption reserve | 11 |
| Share option reserve | 11 |
| Repurchased treasury shares | 11 | ( |
) | ( |
) |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Pickwick Investments Limited (Registered number: 04366252) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Pickwick Investments Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At the balance sheet date and at the time of signing these accounts, the directors have a reasonable expectation that the company has adequate resources to continue to trade for a period of at least 12 months from the date of signing these accounts. |
| After reviewing the Company's cash flow forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of no less than twelve months following the approval of the financial statements. |
| In reaching this conclusion, the directors have taken into account changes in the business environment as a result of the on-going inflationary and higher interest rate environment and amended the business plans accordingly. The directors continue to monitor the recovery of the Company's debtors. |
| Accordingly, the directors believe it appropriate to continue preparing the accounts on a going concern basis. |
| Turnover |
| Turnover is comprised of the following segments: |
| - Pawnbroking comprises interest on pledge book loans. Interest receivable is recognised as interest accrues by reference to the principal outstanding and the effective interest rate applicable. |
| - Retail comprises jewellery sales of new or second hand stock purchases. Revenue is recognised at the point of sale. |
| - Gold scrap sales are proceeds of sales of scrap purchased from retail customers and is recognised at the time of sale. |
| - Currency exchange revenue is recognised at the point the currency is collected and paid for by the customer. The revenue, is represented by the margin, the difference between the rate offered to customers and the rate the Company purchases currency for. |
| - Other revenues are recognised on a cash receipts basis. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Pickwick Investments Limited (Registered number: 04366252) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost or net realisable value (NRV). Cost for stock which is acquired for retail is represented by the purchase price plus overheads directly related to bringing stock to its present location and condition. NRV represents the estimated selling price less all estimated costs attributable to the sale. Where necessary a provision is made for obsolete, slow moving and damaged stocks. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, adjusted for transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| 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. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances that are receivable within one year and do not constitute a financing transaction, are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans and loans from fellow group companies which are classified as payable within one year are measured at the transaction price. Other financial liabilities, including bank loans, classified as payable in more than one year are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| 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 is recognised as the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average stock holding rate in order to calculate transaction profit. Exchange differences are taken into account in arriving at the operating result. |
| Pickwick Investments Limited (Registered number: 04366252) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. |
| Leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Borrowing costs |
| All borrowing costs are recognised in profit and loss in the year in which they are incurred. |
| Share-based payments |
| The cost of equity-settled transactions with employees is measured by reference to the fair value at the date which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using the Black Scholes method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Pawnbroking loans |
| Other debtors |
| Prepayments |
| Pickwick Investments Limited (Registered number: 04366252) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 16,107 | 18,904 |
| Other creditors |
| Accruals |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans - 2-5 years |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Other loans | 1,425,660 | 1,415,000 |
| Other loans include bonds totalling £885,000 (2023: £1,415,000) issued by the company secured by way of a floating charge over the company, ranking behind all first charge debt totalling £540,660 (2023: £Nil). |
| Pickwick Investments Limited (Registered number: 04366252) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number | Class | Nominal Value | 2024 | 2023 |
| £ | £ |
| 282,410 | Ordinary | 1p | 2,824 | 2,794 |
| 1 | A Ordinary | £1 | 1 | 1 |
| 1 | B Ordinary | £1 | 1 | 1 |
| 1 | C Ordinary | £1 | 1 | 1 |
| 1 | D Ordinary | £1 | 1 | 1 |
| 1 | E Ordinary | £1 | 1 | 1 |
| 1 | F Ordinary | £1 | 1 | 1 |
| 1 | G Ordinary | £1 | 1 | 1 |
| 1 | H Ordinary | £1 | 1 | 1 |
| 2,832 | 2,802 |
| During the year, the company purchased 8,400 of its own Ordinary shares, which were subsequently cancelled. The purchase consideration was £7.26 per share equating to £60,984. |
| In addition to the above, Mr A. S. Jacobs, a director and shareholder of the company exercised their option to purchase 20,000 of shares held in Treasury for £6 per share equating to £120,000. At the year-end there were 3,000 Treasury shares remaining in the company. Shares held in treasury do not entitle the holder to receive dividends nor do they have voting rights. |
| The £1 ordinary A-H shares were previously issued in respect of a guarantee by various shareholders for a Funding Circle loan that has now been repaid in full. They do not have voting rights. |
| 11. | RESERVES |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve |
| £ | £ | £ |
| At 1 January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| Purchase of own shares | (60,984 | ) | - | 84 |
| Cash share issue | 14,383 | 39,884 | - |
| At 31 December 2024 |
| Pickwick Investments Limited (Registered number: 04366252) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 11. | RESERVES - continued |
| Share | Repurchased |
| option | treasury |
| reserve | shares | Totals |
| £ | £ | £ |
| At 1 January 2024 | ( |
) | 3,161,276 |
| Profit for the year |
| Dividends | ( |
) |
| Purchase of own shares | - | - | (60,900 | ) |
| Cash share issue | (14,383 | ) | 120,000 | 159,884 |
| At 31 December 2024 | ( |
) | 3,753,648 |
| The directors propose a final dividend of 11p (2023: 10p) per voting share totalling £23,800 (2023: £26,781). |
| In addition to the above, the directors also propose a special dividend of 7p per voting share totalling £15,145. |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | RELATED PARTY DISCLOSURES |
| At the balance sheet date there were no loans owing to or from the directors. |
| During the year the company received invoices (net of VAT) of £13,457 (2023: £18,578) for IT goods and support services from Retail Systems Limited (RSL), a company controlled by Mr Andrew Jacobs. At the year end the amount owing from RSL in relation to services provided was £54 (2023: £Nil) inclusive of VAT. |
| Within other loans are amounts of £Nil (2023: £120,000) and £25,000 (2023: £25,000) owing to RSL with regards to 5-year bonds issued in 2019 and 2022 respectively. During the year a total of £5,868 (2023: £9,700) was payable regarding interest owing relating to the above bonds. |
| During the year, the company acquired loan facilities of £255,000 and £300,900. In addition to a first charge against the assets of the company, these loans are secured by personal guarantees provided by the directors, Nathan Finch and Andrew Jacobs, who have jointly and severally guaranteed a total of £75,000 in their personal capacities. No amounts have been called under these guarantees as at the reporting date. |
| 14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| 15. | POST BALANCE SHEET EVENTS |
| Since the year-end, the company purchased 63,850 of its own Ordinary shares, which were subsequently cancelled. The purchase consideration was £8.75 per share equating to £558,688. |
| In addition to the above, the company issued two 5 year bonds for £279,000 each totalling £558,000. |
| Pickwick Investments Limited (Registered number: 04366252) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 16. | SHARE-BASED PAYMENT TRANSACTIONS |
| Directors of the company have been awarded share options over shares in the Company. |
| 20,000 options were granted via a Call Option in June 2019. The options have a fixed exercise price and are exercisable at any time over five years. At the year-end, all options had been exercised. |
| On 16 December 2020, 24,284 and 11,428 options were granted through a Company Share Option Plan (CSOP) and an Unapproved scheme respectively. These options were granted with a fixed exercise price and only vested options are exercisable, options are based on continued service and have a ten year exercise term from the grant date. Options vest over three years. At the year-end no CSOP options had been exercised, however all 11,428 Unapproved scheme options were exercised |
| The company recognises an equity settled share-based payment expense based on the grant date fair value of the share options. An expense is recognised on a straight-line basis over the vesting period relating to the CSOP and Unapproved schemes. |