Company registration number 00396856 (England and Wales)
H B PEARCE (CONTRACTORS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
H B PEARCE (CONTRACTORS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
H B PEARCE (CONTRACTORS) LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
73,859
99,168
Investment property
5
10,582,000
9,217,500
10,655,860
9,316,669
Current assets
Debtors
6
78,781
107,648
Cash at bank and in hand
8,427
67,741
87,208
175,389
Creditors: amounts falling due within one year
7
(623,794)
(534,383)
Net current liabilities
(536,586)
(358,994)
Total assets less current liabilities
10,119,274
8,957,675
Creditors: amounts falling due after more than one year
8
(5,877,500)
(5,967,500)
Provisions for liabilities
(608,121)
(245,621)
Net assets
3,633,653
2,744,554
Capital and reserves
Called up share capital
9
50,000
50,000
Revaluation reserve
10
2,889,234
1,887,234
Profit and loss reserves
694,419
807,320
Total equity
3,633,653
2,744,554

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

H B PEARCE (CONTRACTORS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
Mr T B Pearce
Director
Company Registration No. 00396856
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

H B Pearce (Contractors) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thorpe House, 93 Headlands, Kettering, Northamptonshire, United Kingdom, NN15 6BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover represents rents received in respect of the company's investment properties in accordance with operating lease agreements and is recognised as the company's right to receive payment is established. This is when invoices are raised as stipulated by those lease agreements and income is therefore recognised on a straight line basis over the period of the lease.

1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery
33 1/3 % on cost
Fixtures and fittings
20% on cost
Computer equipment
33 1/3 % on cost
Motor vehicles
20% on cost and 10% on cost
1.4
Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at far value at each reporting date with changes in fair value recognised in profit or loss. The fair value is based on market valuations provided by professional valuers on a regular basis and reviewed each year by the directors.

1.5
Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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

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.

1.7

Hire purchase

The cost of assets held under hire purchase contracts are included in tangible fixed assets and depreciated at the appropriate rates. The capital element of future repayments is included in creditors, whilst the finance charge element is written off to the profit and loss account.

1.8

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Intangible fixed assets
Timeshare
£
Cost
At 1 August 2022 and 31 July 2023
1
Amortisation and impairment
At 1 August 2022 and 31 July 2023
-
0
Carrying amount
At 31 July 2023
1
At 31 July 2022
1
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
2,427
99,903
14,008
141,998
258,336
Additions
-
0
-
0
950
32,124
33,074
Disposals
-
0
-
0
-
0
(37,325)
(37,325)
At 31 July 2023
2,427
99,903
14,958
136,797
254,085
Depreciation and impairment
At 1 August 2022
1,217
20,567
12,373
125,011
159,168
Depreciation charged in the year
694
19,981
1,596
2,600
24,871
Eliminated in respect of disposals
-
0
-
0
-
0
(3,813)
(3,813)
At 31 July 2023
1,911
40,548
13,969
123,798
180,226
Carrying amount
At 31 July 2023
516
59,355
989
12,999
73,859
At 31 July 2022
1,210
79,336
1,635
16,987
99,168
5
Investment property
2023
£
Fair value
At 1 August 2022
9,217,500
Revaluations
1,364,500
At 31 July 2023
10,582,000
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
67,446
14,647
Corporation tax recoverable
-
0
71,558
Other debtors
11,335
13,976
78,781
100,181
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
7,467
Total debtors
78,781
107,648
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
135,000
90,000
Trade creditors
24,761
924
Corporation tax
30,999
28,333
Other taxation and social security
41,526
33,479
Other creditors
391,508
381,647
623,794
534,383
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
5,877,500
5,967,500

Long-term bank loans are secured by fixed charges over the company's various investment properties. Hire purchase contracts are secured by fixed charges over the individual assets subject to those agreements.

Amounts included above which fall due after five years are as follows:
Payable by instalments
5,517,500
5,607,500
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
1,887,234
1,887,234
Deferred tax on revaluation of tangible assets
(362,500)
-
Revaluation of investment properties
1,364,500
-
At the end of the year
2,889,234
1,887,234
2023-07-312022-08-01false16 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr T B PearceMrs R L PearceMrs L Gillfalse003968562022-08-012023-07-31003968562023-07-31003968562022-07-3100396856core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-07-3100396856core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-07-3100396856core:PlantMachinery2023-07-3100396856core:FurnitureFittings2023-07-3100396856core:ComputerEquipment2023-07-3100396856core:MotorVehicles2023-07-3100396856core:PlantMachinery2022-07-3100396856core:FurnitureFittings2022-07-3100396856core:ComputerEquipment2022-07-3100396856core:MotorVehicles2022-07-3100396856core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3100396856core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3100396856core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3100396856core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3100396856core:CurrentFinancialInstruments2023-07-3100396856core:CurrentFinancialInstruments2022-07-3100396856core:ShareCapital2023-07-3100396856core:ShareCapital2022-07-3100396856core:RevaluationReserve2023-07-3100396856core:RevaluationReserve2022-07-3100396856core:RetainedEarningsAccumulatedLosses2023-07-3100396856core:RetainedEarningsAccumulatedLosses2022-07-3100396856core:RevaluationReserve2022-07-3100396856core:RevaluationReserve2021-07-3100396856bus:Director12022-08-012023-07-3100396856core:PlantMachinery2022-08-012023-07-3100396856core:FurnitureFittings2022-08-012023-07-3100396856core:ComputerEquipment2022-08-012023-07-3100396856core:MotorVehicles2022-08-012023-07-31003968562021-08-012022-07-3100396856core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-07-3100396856core:PlantMachinery2022-07-3100396856core:FurnitureFittings2022-07-3100396856core:ComputerEquipment2022-07-3100396856core:MotorVehicles2022-07-31003968562022-07-3100396856core:WithinOneYear2023-07-3100396856core:WithinOneYear2022-07-3100396856core:AfterOneYear2023-07-3100396856core:AfterOneYear2022-07-3100396856core:Non-currentFinancialInstruments2023-07-3100396856core:Non-currentFinancialInstruments2022-07-3100396856bus:PrivateLimitedCompanyLtd2022-08-012023-07-3100396856bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3100396856bus:FRS1022022-08-012023-07-3100396856bus:AuditExemptWithAccountantsReport2022-08-012023-07-3100396856bus:Director22022-08-012023-07-3100396856bus:Director32022-08-012023-07-3100396856bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP