REGISTERED NUMBER: SC716535 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

FOR

PICT VENTURES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Dr P E Menell

SECRETARY:

J A Edgar

REGISTERED OFFICE:

Summit House

4-5 Mitchell Street

Edinburgh

EH6 7BD

REGISTERED NUMBER:

SC716535 (Scotland)

AUDITORS:

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

FIXED ASSETS

Tangible assets

4

321,802

81,404

CURRENT ASSETS

Debtors

5

163,209

51,065

Cash at bank

513,701

797,594

676,910

848,659

CREDITORS

Amounts falling due within one year

6

106,662

37,296

NET CURRENT ASSETS

570,248

811,363

TOTAL ASSETS LESS CURRENT LIABILITIES

892,050

892,767

CREDITORS

Amounts falling due after more than one year

7

3,500,000

2,000,000

NET LIABILITIES

(2,607,950

)

(1,107,233

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(2,607,951

)

(1,107,234

)

SHAREHOLDERS' FUNDS

(2,607,950

)

(1,107,233

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2025 and were signed by:

Dr P E Menell - Director

1.	STATUTORY INFORMATION

Pict Ventures Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company has net liabilities at the balance sheet date. Whilst the company has recorded a net loss for the period, this was expected as the company prepares for the commencement of trading. The directors have reviewed forecasts for the company for the period to 30 September 2026 which indicate that the company will be able to meet its cash flow demands and liabilities as they fall due from cash flows from operations, existing working capital and the financial support provided by the directors. The director Dr P E Menell has confirmed financial support will be provided for at least 12 months from the approval of the financial statements and has agreed not to call in his debt for the same period.

The directors have a reasonable expectation that the company has adequate resources to continue in

operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

30% reducing balance

Fixtures and fittings

30% reducing balance

Motor vehicles

25% reducing balance

Office equipment and IT

40% reducing balance

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 at 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

57,084

51,838

-

40,017

148,939

Additions

38,326

81,975

170,103

79,412

369,816

At 31 December 2024

95,410

133,813

170,103

119,429

518,755

DEPRECIATION

At 1 January 2024

32,147

15,552

-

19,836

67,535

Charge for year

18,692

30,883

42,526

37,317

129,418

At 31 December 2024

50,839

46,435

42,526

57,153

196,953

NET BOOK VALUE

At 31 December 2024

44,571

87,378

127,577

62,276

321,802

At 31 December 2023

24,937

36,286

-

20,181

81,404

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

9,001

3,001

Corporation tax recoverable

55,742

33,730

VAT

35,179

13,334

Prepayments and accrued income

63,287

1,000

163,209

51,065

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

47,937

7,223

Social security and other taxes

37,659

20,373

Other creditors

11,962

7,567

Accrued expenses

9,104

2,133

106,662

37,296

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans - 1-2 years

3,500,000

2,000,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

0.01

1

1

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sarah Elizabeth Warner FCCA (Senior Statutory Auditor)

for and on behalf of Bentens

10.	RELATED PARTY DISCLOSURES

The ultimate controlling party of Pict Ventures Limited is Dr P E Menell.

Included within other creditors are loans of £3,500,000, made to the company by Dr P E Menell. The loans are interest free. The loans are due for repayment as follows:

£500,000

24 May 2026

£100,000

25 September 2026

£900,000

21 October 2026

£2,000,000

12 March 2027

During the year rent of £33,883 (2023 - £5,400) was charged to the company by Musarum Limited, an entity controlled by a close family member of Dr P E Menell.