D.H. PEARMAN & SONS (OVER NORTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
Company Registration Number: 01268213
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023
DIRECTOR
I C Pearman
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Bridgefield
Worcester Road
Chipping Norton
Oxon
OX7 5YQ
COMPANY REGISTRATION NUMBER
01268213 England and Wales
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 53,391 51,843
CURRENT ASSETS
Stock 21,150 31,500
Debtors 6 71,178 41,610
Cash at bank and in hand 15,110 18,517
107,438 91,627
CREDITORS: Amounts falling due within one year 7 54,798 20,891
NET CURRENT ASSETS 52,640 70,736
TOTAL ASSETS LESS CURRENT LIABILITIES 106,031 122,579
Provisions for liabilities and charges 4,011 3,036
NET ASSETS 102,020 119,543
CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Distributable profit and loss account 92,020 109,543
SHAREHOLDERS' FUNDS 102,020 119,543
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
I C Pearman
Director
Date approved by the board: 29 July 2024
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
1 GENERAL INFORMATION
D.H. Pearman & Sons (Over Norton) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Bridgefield
Worcester Road
Chipping Norton
Oxon
OX7 5YQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the amounts invoiced during the year for mixed farming, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Reducing balance basis at 10% per annum
Plant and machinery Reducing balance basis at 10% per annum
Fixtures and fittings Reducing balance basis at 10% per annum
Leasehold property Reducing balance basis at 10% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2023 2022
Average number of employees 1 1
5 TANGIBLE ASSETS
Office equipment Plant and machinery Fixtures and fittings Leasehold property Total
£ £ £ £ £
Cost
At 1 November 2022 677 235,537 5,103 86,602 327,919
Additions - - 6,934 - 6,934
At 31 October 2023 677 235,537 12,037 86,602 334,853
Accumulated depreciation and impairments
At 1 November 2022 92 221,814 3,433 50,737 276,076
Charge for year 58 1,372 369 3,587 5,386
At 31 October 2023 150 223,186 3,802 54,324 281,462
Net book value
At 1 November 2022 585 13,723 1,670 35,865 51,843
At 31 October 2023 527 12,351 8,235 32,278 53,391
6 DEBTORS
2023 2022
£ £
Prepayments and accrued income 26,964 2,541
Other debtors 44,214 39,069
71,178 41,610
D.H. PEARMAN & SONS (OVER NORTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 16,732 14,555
Taxation and social security 172 162
Accruals and deferred income 3,769 4,761
Other creditors 34,125 1,413
54,798 20,891
8 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
I C Pearman
Director and shareholder 2023 2022
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 4,168 1,413
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