J Pickard & Co (Holdings) Limited - Period Ending 2023-06-30

J Pickard & Co (Holdings) Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

J Pickard & Co (Holdings) Limited

(Registration number: 00476197)
Statement of Financial Position as at 30 June 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	1,156,800	1,158,400
Other financial assets	6	158,507	158,507
		1,315,307	1,316,907
Current assets
Debtors	7	649,467	668,105
Creditors: Amounts falling due within one year	8	(1,737)	(1,671)
Net current assets		647,730	666,434
Total assets less current liabilities		1,963,037	1,983,341
Provisions for liabilities		(171,878)	(130,627)
Net assets		1,791,159	1,852,714
Capital and reserves
Called up share capital		601,800	601,800
Revaluation reserve		982,295	982,295
Other reserves		118,400	118,400
Profit and loss account		88,664	150,219
Shareholders' funds		1,791,159	1,852,714

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

J Pickard & Co (Holdings) Limited

(Registration number: 00476197)
Statement of Financial Position as at 30 June 2023 (continued)

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

Mrs V J P Snell Director

G W P Short Director

J Pickard & Co (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Burrington
Umberleigh
DEVON
EX37 9JH

Principal activity

The principal activity of the company is that of a holding company.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

J Pickard & Co (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	1% on cost

J Pickard & Co (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 5).

J Pickard & Co (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 July 2022	1,192,350	1,192,350
At 30 June 2023	1,192,350	1,192,350
Depreciation
At 1 July 2022	33,950	33,950
Charge for the year	1,600	1,600
At 30 June 2023	35,550	35,550
Carrying amount
At 30 June 2023	1,156,800	1,156,800
At 30 June 2022	1,158,400	1,158,400

Included within the net book value of land and buildings above is £1,156,800 (2022 - £1,158,400) in respect of freehold land and buildings.
 

5	Investment properties

The valuation of the investment properties have been undertaken by the director based on the market conditions.

There has been no valuation of investment property by an independent valuer.

J Pickard & Co (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6	Other financial assets (current and non-current)

	Shares in group undertakings and participating interests £	Total £
Investments
Cost or valuation
At 1 July 2022	344,207	344,207
At 30 June 2023	344,207	344,207
Impairment
At 1 July 2022	185,700	185,700
At 30 June 2023	185,700	185,700
Carrying amount
At 30 June 2023	158,507	158,507

7

Debtors

	Note	2023 £	2022 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		649,367	668,005
Other debtors		100	100
		649,467	668,105

J Pickard & Co (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Accruals and deferred income	935	870
Other creditors	802	801
	1,737	1,671

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

The undistributable reserves of the company are held in the revaluation reserve which has arisen from the investment properties being shown at market value.

10	Financial commitments, guarantees and contingencies

Amounts disclosed in the statement of financial position

Included in the statement of financial position are contingencies of £420,000 (2022 - £420,000). The company has given a guarantee of £420,000 to the bank in respect of the borrowings of J Pickard & Co (Burrington) Ltd.

In addition the company has provided a charge over the residential properties in favour of three named individuals, J P, G W P and N P Short, who are trustees for all contributors to the loans made to the company's subsidiary, J Pickard & Co (Burrington) Limited.

The company has a continuing obligation to pay J Pickard & Co (Burrington) Limited the cost of the improvements to the freehold property.