REGISTERED NUMBER: 04366252 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

Pickwick Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Nathan John Finch

Andrew Spencer Jacobs

Debbie Franklin

Keziah Roberts-Moyle

SECRETARY:

GHP Registrars Limited

REGISTERED OFFICE:

Second Floor, Kirkland House

11-15 Peterborough Road

Harrow

Middlesex

HA1 2AX

REGISTERED NUMBER:

04366252 (England and Wales)

AUDITORS:

Grant Harrod Lerman Davis LLP

Chartered Accountants

Statutory Auditors

Second Floor, Kirkland House

11-15 Peterborough Road

Harrow

Middlesex

HA1 2AX

FIXED ASSETS

Tangible assets

4

80,588

96,540

CURRENT ASSETS

Stocks

781,732

694,457

Debtors

5

4,639,277

4,037,255

Cash at bank and in hand

918,577

854,925

6,339,586

5,586,637

CREDITORS

Amounts falling due within one year

6

(1,444,643

)

(552,232

)

NET CURRENT ASSETS

4,894,943

5,034,405

TOTAL ASSETS LESS CURRENT LIABILITIES

4,975,531

5,130,945

CREDITORS

Amounts falling due after more than one year

7

(1,218,744

)

(1,359,367

)

PROVISIONS FOR LIABILITIES

(11,587

)

(15,098

)

NET ASSETS

3,745,200

3,756,480

CAPITAL AND RESERVES

Called up share capital

10

1,870

2,832

Share premium

11

584,777

584,777

Capital redemption reserve

11

1,046

84

Share option reserve

11

26,301

26,301

Repurchased treasury shares

11

(18,000

)

(18,000

)

Retained earnings

11

3,149,206

3,160,486

SHAREHOLDERS' FUNDS

3,745,200

3,756,480

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 Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

Andrew Spencer Jacobs - Director

Nathan John Finch - Director

1.	STATUTORY INFORMATION

Pickwick Investments Limited is a private company, limited by shares , registered in England and Wales. 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.

At the balance sheet date and at the time of signing these accounts, the directors have a reasonable expectation that the company has adequate resources to continue to trade for a period of at least 12 months from the date of signing these accounts.

After reviewing the Company's cash flow forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of no less than twelve months following the approval of the financial statements.

In reaching this conclusion, the directors have taken into account changes in the business environment as a result of the on-going inflationary and higher interest rate environment and amended the business plans accordingly. The directors continue to monitor the recovery of the Company's debtors.

Accordingly, the directors believe it appropriate to continue preparing the accounts on a going concern basis.

Turnover

Turnover is comprised of the following segments:

- Pawnbroking comprises interest on pledge book loans. Interest receivable is recognised as interest accrues by reference to the principal outstanding and the effective interest rate applicable.

- Retail comprises jewellery sales of new or second hand stock purchases. Revenue is recognised at the point of sale.

- Gold scrap sales are proceeds of sales of scrap purchased from retail customers and is recognised at the time of sale.

- Currency exchange revenue is recognised at the point the currency is collected and paid for by the customer. The revenue, is represented by the margin, the difference between the rate offered to customers and the rate the Company purchases currency for.

- Other revenues are recognised on a cash receipts basis.

Tangible fixed assets

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

Fixtures and fittings

-

10% Straight line

Computer equipment

-

33% on cost

Stocks

Stocks are stated at the lower of cost or net realisable value (NRV). Cost for stock which is acquired for retail is represented by the purchase price plus overheads directly related to bringing stock to its present location and condition. NRV represents the estimated selling price less all estimated costs attributable to the sale. Where necessary a provision is made for obsolete, slow moving and damaged stocks.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, adjusted for transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances that are receivable within one year and do not constitute a financing transaction, are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies which are classified as payable within one year are measured at the transaction price. Other financial liabilities, including bank loans, classified as payable in more than one year are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 as 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.

Foreign currencies

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 average stock holding rate in order to calculate transaction profit. Exchange differences are taken into account in arriving at the operating result.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Leasing commitments

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

Borrowing costs

All borrowing costs are recognised in profit and loss in the year in which they are incurred.

Share-based payments

The cost of equity-settled transactions with employees is measured by reference to the fair value at the date which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using the Black Scholes method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2024 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

470,844

103,362

574,206

Additions

7,798

-

7,798

At 31 December 2025

478,642

103,362

582,004

DEPRECIATION

At 1 January 2025

382,847

94,819

477,666

Charge for year

18,353

5,397

23,750

At 31 December 2025

401,200

100,216

501,416

NET BOOK VALUE

At 31 December 2025

77,442

3,146

80,588

At 31 December 2024

87,997

8,543

96,540

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Pawnbroking loans

4,512,445

3,905,058

Other debtors

1,750

4,500

Prepayments

125,082

127,697

4,639,277

4,037,255

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

698,577

83,793

Trade creditors

8,043

10,607

Tax

303,618

168,043

Social security and other taxes

45,531

51,675

VAT

21,455

16,107

Other creditors

103,513

86,826

Accruals

263,906

135,181

1,444,643

552,232

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans - 2-5 years

1,218,744

1,359,367

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

284,416

284,500

Between one and five years

540,833

521,000

825,249

805,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Other loans

1,909,826

1,425,660

Other loans include bonds totalling £1,443,000 (2024: £885,000) issued by the company secured by way of a floating charge over the company, ranking behind all first charge debt totalling £466,826 (2024: £540,660).

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class

Nominal Value

2025

2024

£

£

187,018

Ordinary

1p

1,870

2,824

1

A Ordinary

£1

-

1

1

B Ordinary

£1

-

1

1

C Ordinary

£1

-

1

1

D Ordinary

£1

-

1

1

E Ordinary

£1

-

1

1

F Ordinary

£1

-

1

1

G Ordinary

£1

-

1

1

H Ordinary

£1

-

1

1,870

2,832

During the year, the company purchased 95,392 of its own Ordinary shares, which were subsequently cancelled. The purchase consideration was £863,544.

At the year-end there were 3,000 Treasury shares remaining in the company. Shares held in treasury do not entitle the holder to receive dividends nor do they have voting rights.

During the year, the £1 Ordinary A to H shares were repurchased at nominal value and subsequently cancelled by the Company. The purchase consideration was £8 in total.

11.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

£

£

£

At 1 January 2025

3,160,486

584,777

84

Profit for the year

891,072

Dividends

(38,800

)

Purchase of own shares

(863,552

)

-

962

At 31 December 2025

3,149,206

584,777

1,046

Share

Repurchased

option

treasury

reserve

shares

Totals

£

£

£

At 1 January 2025

26,301

(18,000

)

3,753,648

Profit for the year

891,072

Dividends

(38,800

)

Purchase of own shares

-

-

(862,590

)

At 31 December 2025

26,301

(18,000

)

3,743,330

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

The Report of the Auditors was unqualified.

Roshni Prajapati FCCA (Senior Statutory Auditor)

for and on behalf of Grant Harrod Lerman Davis LLP

13.	RELATED PARTY DISCLOSURES

At the balance sheet date there were no loans owing to or from the directors.

During the year the company received invoices (net of VAT) of £19,072 (2024: £13,457) for IT goods and support services from Retail Systems Limited (RSL), a company controlled by Mr Andrew Jacobs. At the year end the amount owing to RSL in relation to services provided was £468 (2024 £54 owing from) inclusive of VAT.

Within other loans is an amount of £25,000 (2024: £25,000) owing to RSL with regards to a 5-year bond issued in 2022. During the year a total of £2,500 (2024: £5,868) was payable regarding interest owing relating to the bond.

At the year-end, the company held bank loan facilities of £255,000 and £300,900. In addition to a first charge against the assets of the company, these loans are secured by personal guarantees provided by two directors, who have jointly and severally guaranteed a total of £75,000 in their personal capacities. No amounts have been called under these guarantees as at the reporting date.

14.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

15.	SHARE-BASED PAYMENT TRANSACTIONS

Directors of the company have been awarded share options over shares in the Company.

On 16 December 2020, 24,284 options were granted through a Company Share Option Plan (CSOP). These options were granted with a fixed exercise price and only vested options are exercisable, options are based on continued service and have a ten year exercise term from the grant date. Options vest over three years. At the year-end no CSOP options had been exercised.

The company recognises an equity settled share-based payment expense based on the grant date fair value of the share options. An expense is recognised on a straight-line basis over the vesting period relating to the CSOP scheme.