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Registered number: 13199267









PIERCY WORKS LIMITED (FORMERLY WORTH VALLEY CONSTRUCTION LIMITED)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
PIERCY WORKS LIMITED
REGISTERED NUMBER: 13199267

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,103
6,216

Investment property
 5 
2,262,496
2,250,216

  
2,282,599
2,256,432

Current assets
  

Debtors: amounts falling due within one year
 6 
12,500
2,900

  
12,500
2,900

Creditors: amounts falling due within one year
 7 
(1,145,329)
(1,066,801)

Net current liabilities
  
 
 
(1,132,829)
 
 
(1,063,901)

Total assets less current liabilities
  
1,149,770
1,192,531

Creditors: amounts falling due after more than one year
 8 
(1,205,243)
(1,215,664)

  

Net liabilities
  
(55,473)
(23,133)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(55,573)
(23,233)

  
(55,473)
(23,133)


Page 1

 
PIERCY WORKS LIMITED
REGISTERED NUMBER: 13199267
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Stuart Nicholas Piercy
Director

Date: 29 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PIERCY WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Piercy Works (formerly Worth Valley Construction Limited) is a private company, limited by shares and incorporated in England and Wales (registered number:13199267). The registered office address is 101 New Cavendish Street,1st floor South, London, W1W 6XH.
During the period the company changed its name from Worth Valley Construction Limited to Piercy Works Limited.
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 28 February 2023, the company had net liabilities of £55,473. The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors considers it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.

Page 3

 
PIERCY WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
PIERCY WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
PIERCY WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 March 2022
6,955


Additions
18,882



At 28 February 2023

25,837



Depreciation


At 1 March 2022
739


Charge for the year on owned assets
4,995



At 28 February 2023

5,734



Net book value



At 28 February 2023
20,103



At 28 February 2022
6,217

Page 6

 
PIERCY WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
2,250,216


Additions at cost
12,280



At 28 February 2023
2,262,496

The 2023 valuations were made by the Directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,262,496
2,250,216

2,262,496
2,250,216


6.


Debtors

2023
2022
£
£


Other debtors
-
2,900

Prepayments and accrued income
12,500
-

12,500
2,900


Page 7

 
PIERCY WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
45,583
45,583

Other creditors
1,094,946
1,015,918

Accruals and deferred income
4,800
5,300

1,145,329
1,066,801



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,205,243
1,215,664

1,205,243
1,215,664


Page 8

 
PIERCY WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
45,583
45,583


45,583
45,583

Amounts falling due 1-2 years

Bank loans
45,583
45,583


45,583
45,583

Amounts falling due 2-5 years

Bank loans
136,748
136,748


136,748
136,748

Amounts falling due after more than 5 years

Bank loans
1,022,912
1,033,334

1,022,912
1,033,334

1,250,826
1,261,248


 
Page 9