Company Registration No. 02112939 (England and Wales)
Pearce & Co. (Chertsey) Limited
Unaudited accounts
for the year ended 31 March 2023
Pearce & Co. (Chertsey) Limited
Unaudited accounts
Contents
Pearce & Co. (Chertsey) Limited
Company Information
for the year ended 31 March 2023
Directors
Mr S J Hall
Mr R Jamieson
Mr G Parry
Company Number
02112939 (England and Wales)
Registered Office
64 Guildford Street
Chertsey
Surrey
KT16 9BD
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Pearce & Co. (Chertsey) Limited
Statement of financial position
as at 31 March 2023
Intangible assets
325,000
375,000
Tangible assets
29,470
20,593
Cash at bank and in hand
264,131
175,209
Creditors: amounts falling due within one year
(163,229)
(180,339)
Net current assets
139,886
35,355
Total assets less current liabilities
494,356
430,948
Creditors: amounts falling due after more than one year
(24,318)
(39,281)
Net assets
470,038
391,667
Called up share capital
111
100
Profit and loss account
444,938
391,567
Shareholders' funds
470,038
391,667
For the year ending 31 March 2023 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 directors acknowledge their 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 of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by
Mr S J Hall
Director
Company Registration No. 02112939
Pearce & Co. (Chertsey) Limited
Notes to the Accounts
for the year ended 31 March 2023
Pearce & Co. (Chertsey) Limited is a private company, limited by shares, registered in England and Wales, registration number 02112939. The registered office is 64 Guildford Street, Chertsey, Surrey, KT16 9BD.
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 financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling, and rounded to the nearest £.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Pearce & Co. (Chertsey) Limited
Notes to the Accounts
for the year ended 31 March 2023
Tangible fixed assets and depreciation
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the Reducing balance method.
The estimated useful lives range as follows:
Motor vehicles
25 % reducing balance
Fixtures & fittings
25 % reducing balance
Computer equipment
25 % reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill is amortised over its estimated useful life of 10 years.
Short term debtors are measured at transaction price, less any impairment.
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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Short term creditors are measured at the transaction price.
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Pearce & Co. (Chertsey) Limited
Notes to the Accounts
for the year ended 31 March 2023
Defined contribution pension plan:
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no
further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in
independently administered funds.
Interest income is recognised in the statement of comprehensive income using the effective interest method.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill
Charge for the year
50,000
Pearce & Co. (Chertsey) Limited
Notes to the Accounts
for the year ended 31 March 2023
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
5,433
-
30,970
36,403
Additions
-
835
15,365
16,200
Disposals
-
-
(1,912)
(1,912)
At 31 March 2023
5,433
835
44,423
50,691
At 1 April 2022
2,758
-
13,052
15,810
Charge for the year
668
-
5,949
6,617
On disposals
-
-
(1,206)
(1,206)
At 31 March 2023
3,426
-
17,795
21,221
At 31 March 2023
2,007
835
26,628
29,470
At 31 March 2022
2,675
-
17,918
20,593
Amounts falling due within one year
Trade debtors
19,663
20,330
Accrued income and prepayments
19,321
20,155
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
9,433
33,049
Trade creditors
2,466
2,060
Taxes and social security
119,269
108,808
Other creditors
1,653
1,137
8
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11 Share issued of £1 each
11
11
Pearce & Co. (Chertsey) Limited
Notes to the Accounts
for the year ended 31 March 2023
10
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
3,125
3,958
11
Average number of employees
During the year the average number of employees was 8 (2022: 10).