Registered number
08139435
Pearson Short Limited
Filleted Accounts
31 July 2023
Pearson Short Limited
Registered number: 08139435
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 29,560 24,000
Current assets
Stocks 20,000 20,000
Debtors 4 130,487 81,315
Cash at bank and in hand 213,794 62,753
364,281 164,068
Creditors: amounts falling due within one year 5 (171,932) (90,698)
Net current assets 192,349 73,370
Total assets less current liabilities 221,909 97,370
Creditors: amounts falling due after more than one year 6 (74,443) (96,794)
Net assets 147,466 576
Capital and reserves
Called up share capital 100 100
Profit and loss account 147,366 476
Shareholders' funds 147,466 576
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J I Pearson J R Short
Director
Approved by the board on 31 October 2023
Pearson Short Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 August 2022 30,000
Additions 14,450
At 31 July 2023 44,450
Depreciation
At 1 August 2022 6,000
Charge for the year 8,890
At 31 July 2023 14,890
Net book value
At 31 July 2023 29,560
At 31 July 2022 24,000
4 Debtors 2023 2022
£ £
Directors loan account 130,487 81,315
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 55,138 35,762
Taxation and social security costs 109,176 46,456
Other creditors 7,618 8,480
171,932 90,698
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 52,243 68,594
Obligations under finance lease and hire purchase contracts 22,200 28,200
74,443 96,794
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 20,528 7,390
8 Controlling party
The company is controlled by the directors
9 Other information
Pearson Short Limited is a private company limited by shares and incorporated in England. Its registered office is:
24 Cromwell Road
Cheltenham
Glos
Pearson Short Limited 08139435 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts April 2022 J I Pearson J R Short No description of principal activity 08139435 2021-08-01 2022-07-31 08139435 core:WithinOneYear 2022-07-31 08139435 core:AfterOneYear 2022-07-31 08139435 core:ShareCapital 2022-07-31 08139435 core:RetainedEarningsAccumulatedLosses 2022-07-31 08139435 core:AllPeriods 2022-07-31 08139435 2022-08-01 2023-07-31 08139435 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08139435 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 08139435 bus:Director40 2022-08-01 2023-07-31 08139435 1 2022-08-01 2023-07-31 08139435 2 2022-08-01 2023-07-31 08139435 core:Vehicles 2022-08-01 2023-07-31 08139435 countries:England 2022-08-01 2023-07-31 08139435 bus:FRS102 2022-08-01 2023-07-31 08139435 bus:FullAccounts 2022-08-01 2023-07-31 08139435 2023-07-31 08139435 core:WithinOneYear 2023-07-31 08139435 core:AfterOneYear 2023-07-31 08139435 core:ShareCapital 2023-07-31 08139435 core:RetainedEarningsAccumulatedLosses 2023-07-31 08139435 core:Vehicles 2023-07-31 08139435 core:AllPeriods 2023-07-31 08139435 2022-07-31 08139435 core:Vehicles 2022-07-31 iso4217:GBP xbrli:pure