PICASSO ESTATES LTD - Filleted accounts

Registered number

15570488

PICASSO ESTATES LTD

Filleted Accounts

31 March 2025

PICASSO ESTATES LTD
Registered number:		15570488
Balance Sheet
as at 31 March 2025

Notes			2025
£
Fixed assets
Tangible assets	3		975,000

Current assets
Debtors	4	246,605
Cash at bank and in hand		24,720
		271,325

Creditors: amounts falling due within one year	5	(122,602)

Net current assets			148,723

Total assets less current liabilities			1,123,723

Creditors: amounts falling due after more than one year	6		(730,576)

Provisions for liabilities			(99,396)


Net assets			293,751

Capital and reserves
Called up share capital			1
Revaluation reserve	7		298,188
Profit and loss account			(4,438)

Shareholder's funds			293,751

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Reena Mathur
Director
Approved by the board on 15 December 2025

PICASSO ESTATES LTD
Notes to the Accounts
for the period from 17 March 2024 to 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2025
Number

	Average number of persons employed by the company		1


3	Tangible fixed assets
				Land and buildings
£
	Cost
	Additions			577,415
	Surplus on revaluation			397,585
	At 31 March 2025			975,000

	Depreciation
	At 31 March 2025			-

	Net book value
	At 31 March 2025			975,000


4	Debtors		2025
£

	Trade debtors		19,899
	Picasso Ltd		225,553
	Deposit Protection Scheme		1,153
			246,605


5	Creditors: amounts falling due within one year		2025
£

	Director's account		120,009
	Deposit Received		1,153
	Accruals		1,440
			122,602


6	Creditors: amounts falling due after one year		2025
£

	Bank loans		730,576


7	Revaluation reserve		2025
£

	Gain on revaluation of land and buildings		397,584
	Deferred taxation arising on the revaluation of land and buildings		(99,396)

	At 31 March 2025		298,188


8	Other information

	PICASSO ESTATES LTD is a private company limited by shares and incorporated in England. Its registered office is:
	1A Frithwood Avenue
	Northwood
	London
	HA6 3LY