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Registered number: 12046207 PIC GROVE LANE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 SEPTEMBER 2025
PIC GROVE LANE LIMITED REGISTERED NUMBER: 12046207 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | - |  | 235,588
|  |  | - |  | 235,588
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 196,748 |  | 42,993 |
Cash at bank and in hand | 6 | 21,543 |  | 6,828 |
|  | 218,291 |  | 49,821 |
Creditors: amounts falling due within one year | 7 | (404,583) |  | (272,651) |
Net current liabilities |  |  | (186,292) |  | (222,830)
Total assets less current liabilities |  |  | (186,292) |  | 12,758
Creditors: amounts falling due after more than one year | 8 |  | - |  | (24,148)
Net liabilities |  |  | (186,292) |  | (11,390)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | (186,392) |  | (11,490)
|  |  | (186,292) |  | (11,390)
Page 1
PIC GROVE LANE LIMITED REGISTERED NUMBER: 12046207 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr Armaan Chohan | Mr David Strettle
Director | Director
Date: 13 March 2026 |
The notes on pages 3 to 8 form part of these financial statements. Page 2
PIC GROVE LANE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
PIC Grove Lane Limited (company number 12046207) is a private company limited by shares, registered in England and Wales. Its registered office is at 31a Hale Road, Altrincham, Cheshire, WA14 2EY. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.3 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.4 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
PIC GROVE LANE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets (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:
|  |  |  | Freehold property | - |  |
|  |  |  | Office equipment | - | 33% |
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.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Page 4
PIC GROVE LANE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Page 5
PIC GROVE LANE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 6
PIC GROVE LANE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Tangible fixed assets
|  | Freehold property | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 October 2024 | 235,587 | 4,286 | 239,873
| Disposals | (235,587) | - | (235,587)
| At 30 September 2025 | - | 4,286 | 4,286
| Depreciation |  |  |
| At 1 October 2024 | - | 4,285 | 4,285
| Charge for the year on owned assets | - | 1 | 1
| At 30 September 2025 | - | 4,286 | 4,286
| Net book value |  |  |
| At 30 September 2025 | - | - | -
| At 30 September 2024 | 235,587 | 1 | 235,588
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 71,748 | 42,981
| Other debtors | 125,000 | 12
|  | 196,748 | 42,993
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 21,543 | 6,828
|  | 21,543 | 6,828
Page 7
PIC GROVE LANE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 4,700
| Amounts owed to group undertakings | 319,370 | 265,695
| Corporation tax | 82,957 | -
| Other creditors | 2,256 | 2,256
|  | 404,583 | 272,651
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 24,148
|  | - | 24,148
| Included in bank loans after more than one year is an unsecured bounce back loan. Interest is charged at the rate of 2.5% per annum and is fully backed by the UK goverment under the BBLS rules.
9. | Related party transactions
| Included within debtors due within one year is a loan due from PIC Refurbs Limited in the amount of £42,981 (2024: £42,981). The loan was interest free and repayable on demand. PIC Refurbs Limited is a wholly owned subsidiary of The PIC Holdings Group Limited which is owned by the directors A Chohan and D Strettle. IIncluded within creditors due within one year is a loan due to The Property IC Limited in the amount of £2,000 (2024: £2,000). The loan was interest free and repayable on demand. The Property IC Limited is a wholly owned by the directors A Chohan and D Strettle. Included within creditors due within one year is a loan owing to The PIC Holdings Group Limited in the amount of £Nil (2024: 265,072). Included within debtors due within one year is a loan due from The PIC Holdings Group Limited in the amount of £28,767 (2024: £Nil). The loan was interest free and repayable on demand. The PIC Holdings Group Limited is wholly owned by the directors A Chohan and D Strettle. Included within creditors due within one year is a loan owing to PIC Park Road Limited in the amount of £319,370 (2024: £623). The loan was interest free and repayable on demand. PIC Park Road Limited is a wholly owned subsidiary of The PIC Holdings Group Limited which is owned by the directors A Chohan and D Strettle.
10. | Controlling party
The company is a wholly owned subsidary of The PIC Holdings Group Limited company number 12028554. The PIC Holdings Group Limited is wholly owned by the directors A Chohan and D Strettle. Page 8
PIC GROVE LANE LIMITED
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