Registered number
08515229
Darren Peirce Limited
Filleted Accounts
31 May 2023
Darren Peirce Limited
Registered number: 08515229
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 8,913 10,681
Current assets
Stocks 6,000 5,000
Debtors 5 10,355 20,554
Cash at bank and in hand 14,018 46,040
30,373 71,594
Creditors: amounts falling due within one year 6 (21,898) (37,200)
Net current assets 8,475 34,394
Total assets less current liabilities 17,388 45,075
Creditors: amounts falling due after more than one year 7 (15,600) (22,800)
Provisions for liabilities (1,693) (2,029)
Net assets 95 20,246
Capital and reserves
Called up share capital 1 1
Profit and loss account 94 20,245
Shareholders' funds 95 20,246
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.
Mr D Peirce
Director
Approved by the board on 20 February 2024
Darren Peirce Limited
Notes to the Accounts
for the year ended 31 May 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 14,000
At 31 May 2023 14,000
Amortisation
At 1 June 2022 14,000
At 31 May 2023 14,000
Net book value
At 31 May 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 29,436 15,241 44,677
At 31 May 2023 29,436 15,241 44,677
Depreciation
At 1 June 2022 20,414 13,582 33,996
Charge for the year 1,353 415 1,768
At 31 May 2023 21,767 13,997 35,764
Net book value
At 31 May 2023 7,669 1,244 8,913
At 31 May 2022 9,022 1,659 10,681
5 Debtors 2023 2022
£ £
Trade debtors 5,355 14,254
Other debtors 5,000 6,300
10,355 20,554
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,091 13,866
Trade creditors 5,514 7,466
Taxation and social security costs 7,284 15,864
Directors loan account 9 -
Other creditors - 4
21,898 37,200
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,600 22,800
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D Peirce
Repaid 27/02/2023 6,300 - (6,300) -
Mr D Peirce
Repaid 07/11/2023 - 5,000 - 5,000
6,300 5,000 (6,300) 5,000
9 Controlling party
The ultimate controlling party is Mr D Peirce who owns all of the issued share capital.
10 Other information
Darren Peirce Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Bank Chambers
223 Union Street, Brunswick Square
Torquay
Devon
TQ1 4UT
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