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REGISTERED NUMBER: 10717223 (England and Wales)















PEARCE PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PEARCE PROPERTY LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: A R Pearce
Mrs N J Pearce





REGISTERED OFFICE: 32 Bolehill Park
Hove Edge
Brighouse
West Yorkshire
HD6 2RS





REGISTERED NUMBER: 10717223 (England and Wales)





ACCOUNTANTS: Sheards
Chartered Accountants
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 14
Investment property 5 320,000 340,000
320,000 340,014

CURRENT ASSETS
Debtors 6 624 217
Cash at bank 3,399 81,732
4,023 81,949
CREDITORS
Amounts falling due within one year 7 (33,222 ) (107,667 )
NET CURRENT LIABILITIES (29,199 ) (25,718 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

290,801

314,296

CREDITORS
Amounts falling due after more than one
year

8

(189,455

)

(188,305

)

PROVISIONS FOR LIABILITIES 10 (17,452 ) (21,255 )
NET ASSETS 83,894 104,736

CAPITAL AND RESERVES
Called up share capital 20 20
Non distributable reserve 11 74,399 90,599
Retained earnings 9,475 14,117
83,894 104,736

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





A R Pearce - Director


PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Pearce Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is derived from rental income, which is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are stated at their estimated open market value, as determined by the directors, on an annual basis.

No depreciation is provided on investment properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. However, these properties are held for investment and not consumption and the directors feel that to depreciate them would not give a true and fair view.

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 410
Disposals (410 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 396
Eliminated on disposal (396 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 14

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 340,000
Revaluations (20,000 )
At 31 March 2023 320,000
NET BOOK VALUE
At 31 March 2023 320,000
At 31 March 2022 340,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 320,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 228,149 228,149

Investment property was valued on an open market basis on 31 March 2023 by the directors .

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 425 -
Other debtors 199 217
624 217

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security - 3,406
Other creditors 33,222 104,261
33,222 107,667

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 189,455 188,305

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 189,455 188,305

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 189,455 188,305

The bank loans are secured against the relevant property to which they relate.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 17,452 21,255

Deferred
tax
£   
Balance at 1 April 2022 21,255
Provided during year (3,803 )
Balance at 31 March 2023 17,452

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


11. RESERVES
Non
distributable
reserve
£   
At 1 April 2022 90,599
Revaluation (16,200 )

At 31 March 2023 74,399

12. RELATED PARTY DISCLOSURES

Loans owing to the directors on an interest free basis of £32,304 (2022 - £103,480) were outstanding at the year end, the amounts are repayable on demand.