Registered number
06427331
Pearl Couriers Ltd
Filleted Accounts
31 August 2023
Pearl Couriers Ltd
Registered number: 06427331
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 80,340 70,000
Current assets
Debtors 4 136,924 115,702
Cash at bank and in hand 13,502 10,021
150,426 125,723
Creditors: amounts falling due within one year 5 (115,793) (98,628)
Net current assets 34,633 27,095
Total assets less current liabilities 114,973 97,095
Creditors: amounts falling due after more than one year 6 (104,581) (123,548)
Net assets/(liabilities) 10,392 (26,453)
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 392 (36,453)
Shareholders' funds 10,392 (26,453)
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.
P M Langton
Director
Approved by the board on 25 October 2023
Pearl Couriers Ltd
Notes to the Accounts
for the period from 1 December 2022 to 31 August 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 December 2022 162,178
Additions 26,050
At 31 August 2023 188,228
Depreciation
At 1 December 2022 92,178
Charge for the period 15,710
At 31 August 2023 107,888
Net book value
At 31 August 2023 80,340
At 30 November 2022 70,000
4 Debtors 2023 2022
£ £
Trade debtors 65,947 72,479
Other debtors 70,977 43,223
136,924 115,702
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 38,196 28,591
Obligations under finance lease and hire purchase contracts 11,052 7,944
Trade creditors 23,670 28,635
Taxation and social security costs 42,875 33,458
115,793 98,628
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 95,873 129,797
Obligations under finance lease and hire purchase contracts 18,461 1,611
Other creditors Directors current/loan account (9,753) (7,860)
104,581 123,548
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P M Langton
Current account (7,860) (1,893) - (9,753)
(7,860) (1,893) - (9,753)
A dividend will be paid on 31st March 2024 to clear the overdrawn account.
8 Controlling party
The company is controlled by the director who is the majority shareholder.
9 Other information
Pearl Couriers Ltd is a private company limited by shares and incorporated in England. Its registered office is:
56 Athlone Street
Kentish Town
London
NW5 4LL
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