Picton Sports Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05399300

Picton Sports Limited

Filleted Unaudited Financial Statements

31 March 2025

Picton Sports Limited

Financial Statements

Year ended 31 March 2025

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Picton Sports Limited

Officers and Professional Advisers

The board of directors	Mrs A James
	Mr P.P Jones

Company secretary	Mr P.P Jones

Registered office	Picton Sports
	Dafen Industrial Estate
	Heol Aur
	Dafen
	Llanelli
	Wales
	SA14 8QN

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Picton Sports Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

FIXED ASSETS

Intangible assets	5	56,345	69,341
Tangible assets	6	640,775	626,257
		---------	---------
		697,120	695,598

CURRENT ASSETS

Stocks	7	78,868	84,521
Debtors	8	11,046	16,219
Cash at bank and in hand		3,574	3,338
		--------	---------
		93,488	104,078

CREDITORS: amounts falling due within one year	9	356,219	383,343
		---------	---------
NET CURRENT LIABILITIES		262,731	279,265
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		434,389	416,333

CREDITORS: amounts falling due after more than one year	10	2,236	12,439

PROVISIONS	114,748	110,917
	---------	---------
NET ASSETS	317,405	292,977
	---------	---------

CAPITAL AND RESERVES

Called up share capital	11	1,000	1,000
Revaluation reserve		332,750	332,750
Profit and loss account		( 16,345)	( 40,773)
		---------	---------
SHAREHOLDERS FUNDS		317,405	292,977
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Picton Sports Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 6 October 2025 , and are signed on behalf of the board by:

Annette James

Director

Company registration number: 05399300

Picton Sports Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. GENERAL INFORMATION

Picton Sports Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is the manufacturing of wearing apparel.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2025. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Stock provisioning The company sells apparel and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Goodwill and intangible fixed asset Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortization periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortized and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of apparel is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Rendering of services When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable Interest income is recognised using the effective interest method. Rent receivable Rent receivable is recognised when an invoice is raised at the beginning of the rental period.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense 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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is ten years. Provision is made for any impairment.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 Years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Land and buildings were valued at 25th April 2023. The valuation was undertaken by James M Dawson who holds the MRICS qualification.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	Revaluation Model
Plant and machinery	-	25% straight line
Fixtures and fittings	-	15% straight line
Motor vehicles	-	20% straight line
Equipment	-	15% straight line

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 21 (2024: 20 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	170,000
	---------
Amortisation
At 1 April 2024	100,659
Charge for the year	12,996
	---------
At 31 March 2025	113,655
	---------
Carrying amount
At 31 March 2025	56,345
	---------
At 31 March 2024	69,341
	---------

6. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	888,948	298,759	19,616	5,000	3,624	1,215,947
Additions	–	16,427	8,145	–	–	24,572
	---------	---------	--------	------	------	------------
At 31 Mar 2025	888,948	315,186	27,761	5,000	3,624	1,240,519
	---------	---------	--------	------	------	------------
Depreciation
At 1 Apr 2024	278,948	290,110	14,856	5,000	776	589,690
Charge for the year	–	7,216	2,294	–	544	10,054
	---------	---------	--------	------	------	------------
At 31 Mar 2025	278,948	297,326	17,150	5,000	1,320	599,744
	---------	---------	--------	------	------	------------
Carrying amount
At 31 Mar 2025	610,000	17,860	10,611	–	2,304	640,775
	---------	---------	--------	------	------	------------
At 31 Mar 2024	610,000	8,649	4,760	–	2,848	626,257
	---------	---------	--------	------	------	------------

Freehold land and buildings were subject to an independent and professional valuation at 25th April 2023. The valuation was undertaken by James M Dawson who holds the MRICS qualification. Net book value of land and buildings at the year end compromised:

	2025	2024
	£	£
Freehold Property	560,000	560,000
Land	50,000	50,000
	---------	---------
	610,000	610,000
	---------	---------

Cost or valuation of land and buildings compromises:

		2025
		£
	Costs	166,333
	Revaluations	443,667
		---------
		610,000
		---------

The historic cost equivalent of land and buildings included at valuation are as follows:

	2025	2024
	£	£
Cost	445,281	445,281
Accumulated depreciation	(278,948)	(278,948)
	---------	---------
Net book value	166,333	166,333

7. STOCKS

	2025	2024
	£	£
Raw materials and consumables	78,868	84,521
	--------	--------

8. DEBTORS

	2025	2024
	£	£
Trade debtors	7,501	11,630
Other debtors	3,545	4,589
	--------	--------
	11,046	16,219
	--------	--------

9. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	101,988	126,189
Trade creditors	59,642	62,355
Corporation tax	7,393	6,316
Social security and other taxes	5,685	7,957
Other creditors	181,511	180,526
	---------	---------
	356,219	383,343
	---------	---------

10. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	2,236	12,439
	------	--------

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	------	------	------	------

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £10,367 (2024: £14,518).

13. REVALUATION RESERVE

	2025	2024
	£	£
At 31st March 2025	332,750	332,750
	---------	---------