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Registered number: 09568874 (England and Wales)














PIERCE WASHINGTON LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
PIERCE WASHINGTON LIMITED
 

 
COMPANY INFORMATION


Directors
J Acker 
J Carey 
G DeBiasi 
S Diverio 
S H Koborsi 




Registered number
09568874



Registered office
WeWork Hoxton Senna Building
Gorsuch Place

London

United Kingdom

E2 8JF




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
PIERCE WASHINGTON LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5



 
PIERCE WASHINGTON LIMITED
REGISTERED NUMBER:09568874


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
613

  
-
613

Current assets
  

Debtors: amounts falling due within one year
 5 
182,911
449,548

Bank and cash balances
  
13,257
38,516

  
196,168
488,064

Creditors: amounts falling due within one year
 6 
(122,904)
(314,382)

Net current assets
  
 
 
73,264
 
 
173,682

Total assets less current liabilities
  
73,264
174,295

  

Net assets
  
73,264
174,295


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
73,263
174,294

  
73,264
174,295


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: 

S H Koborsi
Director

Date: 1 March 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1


 
PIERCE WASHINGTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

At the year end the Company is in a net asset position of £73,264 supported by an intercompany receivable balance. Pierce Washington Limited has received written confirmation from its parent company, Pierce Washington LLC, that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, excluding management recharges, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

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.

The estimated useful lives range as follows:

Office equipment
-
1
year

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 2


 
PIERCE WASHINGTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
1.7

Creditors

Short term creditors are measured at the transaction price.

 
1.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
1.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 3


 
PIERCE WASHINGTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.11

Management fees

Management fees represent costs payable to the parent company for the usage of shared resources. Management fees are recognised in the profit and loss as they are incurred.

  
1.12

Other income

Other income comprises expenses reimburseable at cost by the parent company.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 March 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 14).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
6,326



At 31 December 2023

6,326



Depreciation


At 1 January 2023
5,713


Charge for the year on owned assets
613



At 31 December 2023

6,326



Net book value



At 31 December 2023
-



At 31 December 2022
613

Page 4


 
PIERCE WASHINGTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
150,838
415,881

Other debtors
19,616
28,294

Prepayments and accrued income
12,457
5,373

182,911
449,548



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,325
32,655

Corporation tax
-
307

Other taxation and social security
98,210
62,189

Other creditors
9,819
7,257

Accruals and deferred income
13,550
211,974

122,904
314,382



7.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than one year
55,682
6,994

55,682
6,994


8.


Controlling party

Pierce Washington, LLC is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 1 Belvedere Place, Mill Valley, CA 94941, USA.


9.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved. 

Page 5