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Registered Number:
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents the strategic report and financial statements for the year ended 31 December 2024.
The purpose of Pickering Group Limited is to bring together the previously separate businesses of Pickering Electronics and Pickering Interfaces together, with their subsidiaries, under common share ownership. This has the benefit of increasing the co-operation and synergies of the 2 businesses, so as to maximise cross-pollination and efficiencies across the businesses, in the UK and in all overseas subsidiaries.
Pickering Group Limited existed as a holding company and did not trade in its own right during the year. It received dividends from its subsidiaries and distributed these to its shareholders.
Pickering Electronics Limited continues to invest heavily in modernising its manufacturing infrastructure to improve efficiency and capacity. The company is also advancing its substantial reed relay development program, with a particular focus on new high voltage relay designs that deliver higher performance and density to meet the demanding requirements of the instrumentation and test markets. These innovations are expected to drive significant new sales growth while strengthening Pickering Electronics Limited’s position in the market. In December 2024 we added a new Malaysian office in Penang to support growth in the important ASEAN region. The Group completed the acquisition of Mumford’s Engineering in October 2024 as part of it’s strategy to safeguard the continuity of supply from a key partner and to secure long term access to essential components. Pickering Interfaces Limited continues to invest heavily in research and development.
The Group is 100% family-owned, now in its third generation. The business model is to remain completely family-owned for the long term, utilizing mass-customisation and deep vertical integration as a key differentiator, to continue reinvesting the bulk of the profits and to further enhance the balance sheet to give the group maximum resilience, whilst retaining a very employee orientated company. The business model and objectives most closely resemble that of the German Mittelstand.
There are risks and uncertainties relevant to the Group's business, financial conditions and results of operations that may affect its performance and ability to achieve its objectives. The factors listed below are amongst those that the director believe could cause the Group's actual results to differ from expected and historical results. Although it would not be possible for the Group to implement controls to respond to all the risks that it may face, in the opinion of the director the strategies employed minimise those risks to an acceptable level.
Product quality failure: The Group operates in highly regulated markets with strict quality requirements. Any quality failure involving the Group's products could lead to a loss of reputation, reduction in revenues and recall costs.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group has rigorous quality assurance processes. Incoming materials are analysed, production processes are controlled, and products are sampled for testing prior to release.
Macroeconomic Outlook and Strategy As we move into 2025, Pickering Group remains in a strong position, though the challenging global economic environment has had some impact on revenue growth earlier in the year. Factors such as potential shifts in U.S. trade policy, including tariff reintroductions under the Trump administration, created additional uncertainty and contributed to slower momentum. However, our broad global presence has helped cushion these effects, and as of Q3 2025 we are seeing business activity return to more normal levels. The U.S. continues to be a key market—both directly through sales and indirectly through international customers whose operations and purchasing are based there.
Currency risk: The Group has significant transactions in Euro and US Dollar, and as such has an exposure to
fluctuations in currency variances.
The Group maintains significant liquid assets in Euro and US Dollar to manage translation exposure.
The Group has continued to invest significantly in research & development, advertising and marketing during the year and is constantly seeking to market and develop its products further. Taking into account all factors, the directors consider that the Group remains ideally placed to grow both revenue and profitability for the year 2025.
The Pickering Group will offer more resilience to the subsidiary companies as Pickering Group continues to invest and grow by: o consistently building up the balance sheet year by year in order to maximise the group’s ability to withstand shocks, investing within the business, and maximising employees job security. o over time developing a forward looking CSR policy to give back to the communities local to Pickering facilities, targeting 5% of Annual Net Profit. o acting as a holding company for any future companies that Pickering Group may create in adjacent markets. o fostering continued investment in the business, specifically in product innovation and development and product marketing.
The company is a holding company and has no suppliers, customers or employees.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group uses the following KPI’s to monitor and manage the performance of the Group:
Target Net Pre-Tax Operating Profit: 15% Target minimum cash levels: 25% of total sales revenue of each subsidiary. Debt to Capital ratio under 15% Group cash levels are targeted at 25% of total revenue, due to strategic investment to support the ongoing, future growth of the Group Pickering did not meet this required target at year end. The increased level of reserves maintained by the Group mean the debt to capital ratio is being maintained at below the 15% level set.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director who served during the year was:
The profit for the year, after taxation, amounted to £5,794,748 (2023 - £5,421,681).
During the year the Group paid dividends totaling £2,512,527 (2023 - £1,035,759). The directors do not propose that any further dividend be declared in respect of the year under review.
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PICKERING GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Research and development work continues to be directed towards the introduction of new and improved products, the application of new technology to reduce unit and operating cost and to improve service to customers.
Information on future developments is included in the strategic report.
The Pickering Group continues to engage with its employees by fully supporting education and the development of staff. The group has 573 (2023 - 614) total employees with a number of employees currently undertaking further professional development as the Group looks to continue to support and increase our employees skill set.
Customers are central to the Pickering business and without them we would not exist. Pickering aims to deliver a consistently high performance in an efficient and improving way to meet our customers needs. Engagement with our customers in the early stages of a project allows Pickering to bring the most value to them and provide the customer with the correct solution for their needs. Pickering builds strong relationships with our suppliers to ensure the best value, service and quality is obtained. Pickering works with companies who understand our business and our ways of working. Pickering’s procurement team work hard to understand our supply chain and develop deep and strategic relationships with our key suppliers.
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PICKERING GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Executive Summary
This ESG report outlines our ongoing commitment to sustainability, ethical governance, and positive social impact. The Board of Directors and senior management team continue to integrate ESG considerations into core business strategy, operational management, and stakeholder engagement. ESG Strategy and Governance Our ESG strategy is designed to reduce environmental impact, uphold strong governance standards, and support our employees, customers, suppliers, and local communities. ESG oversight is conducted by senior management, and a process of continuous review and improvement has been implemented. Environmental Performance Energy and Emissions We are committed to monitoring and reducing our energy use and emissions. In 2024, the Clacton site recorded 619,486 kWh (2023: 615,104 kWh) in electricity usage, resulting in 128.28 tonnes (2023: 127.37 tonnes) of CO2 emissions. Ratios: - 0.62 tonnes (2023:0.58 tonnes) of CO2 per employee (PIL and PEL UK) - 4.57 tonnes (2023:4.33 tonnes) of waste per £1m revenue generated (PIL and PEL UK) Actions Taken We have implemented several key initiatives: - Installation of LED lighting throughout the Clacton site - EV car scheme via salary sacrifice and EV charging point installations - Replacement of older machinery with energy-efficient alternatives - Reduction of single-use packaging and switch to recycled materials - Waste sorting and recycling (metal, plastics, toner cartridges, cardboard) Social Responsibility We aim to foster a supportive and inclusive working environment. While we are in the early stages of formalising our social performance metrics, our actions include: - Promoting employee wellbeing and health & safety - Offering training and upskilling opportunities - Encouraging volunteerism and community support Governance Practices The Group maintains a high standard of corporate governance. ESG issues are reviewed by senior leadership, with an emphasis on ethics, compliance, and transparency. Data privacy and legal compliance remain key priorities. Reporting Standards and Methodology This report is prepared using the GHG Protocol Corporate Accounting and Reporting Standard (revised edition). We utilise data from the CRC Energy Efficiency Scheme and emission factors from the UK Government’s 2023
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PICKERING GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
GHG Conversion Factors.
Appendix Future reports will aim to align further with the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD) frameworks.
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED
We have audited the financial statements of Pickering Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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PICKERING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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PICKERING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED (CONTINUED)
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PICKERING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the companies regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company's subsidiaries are subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosure in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: compliance with ISO 9001, AEO, Intertek certification, REACH, CE and ROH compliance, health and safety, import and export laws, anti-bribery and corruption, human rights and employment law and GDPR compliance. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquires of management and those charged with governance as to whether the company complies with such regulations; enquires of management and those charged with governance concerning any actual or potential litigations or claims, inspection of relevant legal documentation, review of board minutes, testing appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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PICKERING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PICKERING GROUP LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
820 The Crescent
Colchester Business Park
Essex
CO4 9YQ
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 25 to 46 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The company has taken advantage of section 408 of the Companies Act not to include its individual statement of comprehensive income.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 25 to 46 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pickering Group Limited is a private limited company incorporated in England and Wales.
Its registered office is Pickering, Stephenson Road, Clacton-on-Sea, Essex, England, CO15 4NL. Its principal activity is that of a holding company. The group consists of Pickering Group Limited and its subsidiaries. Details of these subsidiaries can be found in note 13.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The
profit for the year can be seen on the Company Balance Sheet.
The following principal accounting policies have been consistently applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The introduction of Pickering Group Limited as holding company constituted a Group reconstruction and was accounted for using merger accounting principles. Therefore, the consolidated financial statements are presented as if Pickering Electronics Limited and Pickering Interfaces Limited had always been part of the same Group. The consolidated financial statements include the results of Pickering Group Limited and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the income statement from the effective date of acquisition or disposal.
The financial statements have been prepared on a going concern basis. While the outlook for the global economy remains uncertain and it is challenging to assess the full extent of potential impacts on the company’s operations, customers, suppliers, and the wider market, the strength of the group’s cash balances provides a solid foundation. This financial resilience gives confidence that the company is well-positioned to withstand any volatility and to continue pursuing its strategic objectives without significant disruption.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows: Software - 3 years
- 27 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Functional and presentation currency
Transactions and balances
- 28 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
lease term.
- 29 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The stock provision is calculated based on excess and slow moving stock. Different percentages are used for each stock category. Work in progress is calcualtion based on the works orders that are in progres at the year end. This comprises of both the material price and labour allocation.
The whole of revenue is attributable to one class of business.
Analysis of turnover by country of destination:
- 30 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
- 34 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)
- 39 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 41 -
|
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
A mortgage was taken out in Pickering (Property) Limited during the year which is secured in the form of a fixed charge against the company's freehold property
- 42 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 43 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 44 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
24.Business combinations (continued)
Both Pickering Interfaces and Pickering Electronics have placed forward orders with suppliers and
estimate a combined liability in respect of these at the year end totalling £1,742,496 (2023: £1,486,959).
- 45 -
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is under the control of Mr K T Moore by virtue of his shareholding.
- 46 -
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