House Of Piccadilly Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

House Of Piccadilly Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13736686 . The registered office is Construction House, James Nicolson Link, York, England, YO30 4GR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have not identified any material uncertainties related to events or conditions that may cast doubt about the company's ability to continue as a going concern.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods provided in the normal course of business, net of discounts, value added taxes and other sales related taxes. The fair value conisideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the

goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured

reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the

costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold Premises & Improvements	Straight line over the term of the lease to 2029
Plant & Machinery	25% Straight line
Motor Vehicles	Straight line over the term of the lease
Fixtures & Fittings	25% Straight line
Computer Equipment	33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5. Leasing and Hire Purchase Contracts

The company has early adopted the amendments to FRS 102 Section 20 Leases in the current year.

At the commencement of a lease, the company recognises a right-of-use asset and a corresponding lease liability, unless the lease qualifies for an exemption. The lease liability is measured at the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease where this is readily determinable. Where the interest rate implicit in the lease is not readily determinable, the company uses its incremental or obtainable borrowing rate.

Right-of-use assets are capitalised as tangible fixed assets and are depreciated over the lease term or their useful lives, if shorter. Lease liabilities are included in creditors and are measured at amortised cost. The finance element of lease payments is charged to the profit and loss account so as to produce a constant periodic rate of charge on the outstanding liability.

The company applies the short-term lease exemption to leases with a term of 12 months or less. Payments made under such leases are charged to the profit and loss account as incurred.

Net obligations under finance lease and hire purchase contracts include lease liabilities recognised on early adoption of the amendments to FRS 102 Section 20 in respect of right-of-use assets for leased motor vehicles and the sub-lease of the company’s premises.

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House Of Piccadilly Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.7. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from associated companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Gains and losses arising on translation in the period are included in profit or loss.

2.9. Taxation

Income tax expense represents the sum of deferred tax.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2.10. Pensions

Payments to defined contribution retirement benefit schemes are charged to the profit and loss account as an expense as they fall due.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2024: 5)

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House Of Piccadilly Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Tangible Assets

	Land & Property
	Leasehold Premises & Improvements	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2025	2,877	17,672	-	7,372
Additions	203,247	-	36,268	3,641

As at 31 December 2025	206,124	17,672	36,268	11,013

Depreciation
As at 1 January 2025	32	2,101	-	749
Provided during the period	44,920	4,418	8,534	2,146

As at 31 December 2025	44,952	6,519	8,534	2,895

Net Book Value
As at 31 December 2025	161,172	11,153	27,734	8,118

As at 1 January 2025	2,845	15,571	-	6,623


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2025	3,954	31,875
Additions	2,385	245,541

As at 31 December 2025	6,339	277,416

Depreciation
As at 1 January 2025	1,179	4,061
Provided during the period	1,691	61,709

As at 31 December 2025	2,870	65,770

Net Book Value
As at 31 December 2025	3,469	211,646

As at 1 January 2025	2,775	27,814

Right-of-use assets

Right-of-use assets were recognised on 1 January 2025 following early adoption of the amendments to FRS 102 Section 20 in respect of leases.

At the year end, right-of-use assets included within tangible fixed assets comprise £158,902 within leasehold premises and improvements in respect of the sub-lease of the company’s premises, and £27,734 within motor vehicles in respect of a leased vehicle.

5. Stocks

	2025	2024
	£	£
Stock	699,029	616,401

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House Of Piccadilly Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	269,191	121,062
Other debtors	53,375	31,738

	322,566	152,800

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	48,249	-
Trade creditors	52,286	24,104
Bank loans and overdrafts	19,967	-
Other loans	211,724	192,477
Other creditors	22,340	18,746
Taxation and social security	95,822	52,444

	450,388	287,771

Bank loans and overdrafts includes a loan from an alternative finance provider, which was taken out during the year and is supported by a personal guarantee provided by a director. At the year end, £19,967 (2024: £nil) falls due within one year and £78,362 (2024: £nil) falls due after more than one year.

Included within other loans falling due within one year is £85,010 (2024: £116,479), which is secured by a charge over the personal assets of a director. The remaining balances falling due within one year are unsecured.

Included within net obligations under finance lease and hire purchase contracts falling due within one year are lease liabilities recognised in respect of right-of-use assets for leased motor vehicles and the sub-lease of the company’s premises, with the corresponding right-of-use assets held within tangible fixed assets.

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	149,723	-
Bank loans	78,362	-
Other loans	-	13,320
Other creditors	264,331	269,131

	492,416	282,451

Bank loans includes a loan from an alternative finance provider, which was taken out during the year and is supported by a personal guarantee provided by a director. At the year end, £78,362 (2024: £nil) falls due after more than one year and £19,967 (2024: £nil) falls due within one year.

Included within net obligations under finance lease and hire purchase contracts falling due after more than one year are lease liabilities recognised in respect of right-of-use assets for leased motor vehicles and the sub-lease of the company’s premises, with the corresponding right-of-use assets held within tangible fixed assets.

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House Of Piccadilly Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
11,667 Ordinary A shares of £ 0.01 each	117	117
1,667 Ordinary B shares of £ 0.01 each	17	17
1,667 Ordinary C shares of £ 0.01 each	17	17
1,667 Ordinary D shares of £ 0.01 each	17	17

	168	168

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

Called-up share capital represents the nominal value of shares that have been issued.

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

10. Other Commitments

Lessee

Following early adoption of the amendments to FRS 102 Section 20 in respect of leases on 1 January 2025, the company has recognised the sub-lease of the premises as a right-of-use asset with a corresponding lease liability. The sub-lease was previously disclosed as a non-cancellable operating lease commitment and the prior year comparative has not been restated.

At the balance sheet date, commitments previously disclosed in respect of the non-cancellable operating lease were as follows:

	2025	2024
	£	£
Not later than one year	-	45,833
Later than one year and not later than five years	-	192,917

	-	238,750

The 2025 commitment is £nil as the sub-lease is now recognised on the balance sheet within right-of-use assets and lease liabilities.

11. Related Party Transactions

As at 31 December 2025, the company owed an entity under common control, £264,331 (2024: £269,131). The amount is held within other creditors due after more than one year. The loan attracts interest at 4% per annum and is repayable by October 2028.

As at the 31 December 2025, the company owed a participating interest £50,000 (2024: £50,000). The amount is held within other loans due within one year. This loan is interest free with no fixed date of repayment.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		211,646		27,814

			211,646		27,814
CURRENT ASSETS
Stocks	5	699,029		616,401
Debtors	6	322,566		152,800
Cash at bank and in hand		119,814		72,351

		1,141,409		841,552
Creditors: Amounts Falling Due Within One Year	7	(450,388 )		(287,771 )

NET CURRENT ASSETS (LIABILITIES)			691,021		553,781

TOTAL ASSETS LESS CURRENT LIABILITIES			902,667		581,595

Creditors: Amounts Falling Due After More Than One Year	8		(492,416 )		(282,451 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(6,138 )		(6,831 )

NET ASSETS			404,113		292,313

CAPITAL AND RESERVES
Called up share capital	9		168		168
Share premium account			484,933		484,933
Profit and Loss Account			(80,988 )		(192,788 )

SHAREHOLDERS' FUNDS			404,113		292,313