Company Registration No. SC535193 (Scotland)
Picsea Ltd
Unaudited accounts
for the year ended 31 May 2025
Picsea Ltd
Unaudited accounts
Contents
Picsea Ltd
Company Information
for the year ended 31 May 2025
Company Number
SC535193 (Scotland)
Registered Office
Edinburgh Open Workshop
39-41 Assembly Street
Edinburgh
Midlothian
EH6 7BQ
Scotland
Accountants
Sleek Accounting Ltd
4th Floor
205 Regent Street
London
W1B 4HB
Picsea Ltd
Statement of financial position
as at 31 May 2025
Tangible assets
9,285
12,668
Cash at bank and in hand
47
27
Creditors: amounts falling due within one year
(239,137)
(270,205)
Net current liabilities
(222,482)
(242,047)
Total assets less current liabilities
(213,197)
(229,379)
Creditors: amounts falling due after more than one year
(83,548)
(87,255)
Net liabilities
(296,745)
(316,634)
Called up share capital
1
1
Share premium
35,500
35,500
Profit and loss account
(332,246)
(352,135)
Shareholders' funds
(296,745)
(316,634)
For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 May 2026 and were signed on its behalf by
Andrew Durrant
Director
Company Registration No. SC535193
Picsea Ltd
Notes to the Accounts
for the year ended 31 May 2025
Picsea Ltd is a private company, limited by shares, registered in Scotland, registration number SC535193. The registered office is Edinburgh Open Workshop, 39-41 Assembly Street, Edinburgh, Midlothian, EH6 7BQ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Picsea Ltd
Notes to the Accounts
for the year ended 31 May 2025
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2024
958
9,510
5,572
4,684
20,724
At 31 May 2025
958
9,510
5,572
4,684
20,724
At 1 June 2024
620
1,343
2,832
3,261
8,056
Charge for the year
85
1,857
548
893
3,383
At 31 May 2025
705
3,200
3,380
4,154
11,439
At 31 May 2025
253
6,310
2,192
530
9,285
At 31 May 2024
338
8,167
2,740
1,423
12,668
Amounts falling due within one year
Trade debtors
10,202
28,000
Accrued income and prepayments
501
-
6
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
1,809
1,669
Trade creditors
7,275
9,603
Amounts owed to group undertakings and other participating interests
146,552
155,014
Taxes and social security
4,818
2,359
Other creditors
3,983
18,235
Loans from directors
74,280
83,325
7
Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
45,113
45,113
8
Average number of employees
During the year the average number of employees was 0 (2024: 5).