36 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 01850479 2023-01-01 2023-12-31 01850479 2023-12-31 01850479 2022-12-31 01850479 2022-01-01 2022-12-31 01850479 2022-12-31 01850479 2021-12-31 01850479 core:PlantMachinery 2023-01-01 2023-12-31 01850479 core:MotorVehicles 2023-01-01 2023-12-31 01850479 bus:Director3 2023-01-01 2023-12-31 01850479 core:LandBuildings 2022-12-31 01850479 core:PlantMachinery 2022-12-31 01850479 core:MotorVehicles 2022-12-31 01850479 core:LandBuildings 2023-12-31 01850479 core:PlantMachinery 2023-12-31 01850479 core:MotorVehicles 2023-12-31 01850479 core:LandBuildings 2023-01-01 2023-12-31 01850479 core:WithinOneYear 2023-12-31 01850479 core:WithinOneYear 2022-12-31 01850479 core:AfterOneYear 2023-12-31 01850479 core:AfterOneYear 2022-12-31 01850479 core:ShareCapital 2023-12-31 01850479 core:ShareCapital 2022-12-31 01850479 core:RetainedEarningsAccumulatedLosses 2023-12-31 01850479 core:RetainedEarningsAccumulatedLosses 2022-12-31 01850479 core:BetweenOneFiveYears 2023-12-31 01850479 core:BetweenOneFiveYears 2022-12-31 01850479 core:MoreThanFiveYears 2023-12-31 01850479 core:MoreThanFiveYears 2022-12-31 01850479 core:LandBuildings 2022-12-31 01850479 core:PlantMachinery 2022-12-31 01850479 core:MotorVehicles 2022-12-31 01850479 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-12-31 01850479 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-12-31 01850479 bus:SmallEntities 2023-01-01 2023-12-31 01850479 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01850479 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01850479 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01850479 bus:FullAccounts 2023-01-01 2023-12-31 01850479 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 01850479 core:OfficeEquipment 2023-01-01 2023-12-31 01850479 core:OfficeEquipment 2022-12-31 01850479 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 01850479
Pearroc Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Pearroc Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Pearroc Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
504,893
363,748
Current assets
Stocks
501,597
504,074
Debtors
6
1,261,588
1,999,166
Cash at bank and in hand
2,794,802
2,003,069
------------
------------
4,557,987
4,506,309
Creditors: amounts falling due within one year
7
1,425,156
1,528,271
------------
------------
Net current assets
3,132,831
2,978,038
------------
------------
Total assets less current liabilities
3,637,724
3,341,786
Creditors: amounts falling due after more than one year
8
4,585
47,302
Provisions
Taxation including deferred tax
114,837
76,678
------------
------------
Net assets
3,518,302
3,217,806
------------
------------
Capital and reserves
Called up share capital
2,500
2,500
Profit and loss account
3,515,802
3,215,306
------------
------------
Shareholders' funds
3,518,302
3,217,806
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pearroc Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
J A Henstock
Director
Company registration number: 01850479
Pearroc Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4 Beddington Cross, Beddington Farm Road, Croydon, Surrey, CR0 4XH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have reviewed the anticipated level of future trading of the company for the period of 12 months from the date of signing the financial statements. The directors acknowledge that the current economic environment continues to create uncertainty over the level of future activity and consequent demand for the company's products. The company has no overdraft facilities or long-term borrowings. The directors have reviewed their forecasts and projections to understand the impact on future trading and cash flow. Based on the forecasts the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over remaining lease term
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2022: 34 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
80,987
201,885
559,973
129,984
972,829
Additions
17,950
258,743
10,400
287,093
Disposals
( 10,328)
( 143,483)
( 14,335)
( 168,146)
--------
---------
---------
---------
------------
At 31 December 2023
80,987
209,507
675,233
126,049
1,091,776
--------
---------
---------
---------
------------
Depreciation
At 1 January 2023
50,829
132,822
336,256
89,174
609,081
Charge for the year
2,462
29,695
96,477
17,314
145,948
Disposals
( 10,328)
( 143,483)
( 14,335)
( 168,146)
--------
---------
---------
---------
------------
At 31 December 2023
53,291
152,189
289,250
92,153
586,883
--------
---------
---------
---------
------------
Carrying amount
At 31 December 2023
27,696
57,318
385,983
33,896
504,893
--------
---------
---------
---------
------------
At 31 December 2022
30,158
69,063
223,717
40,810
363,748
--------
---------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
77,080
--------
At 31 December 2022
140,106
---------
6. Debtors
2023
2022
£
£
Trade debtors
955,855
1,705,197
Other debtors
305,733
293,969
------------
------------
1,261,588
1,999,166
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
174,452
184,722
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
851,097
1,004,982
Corporation tax
131,211
98,201
Social security and other taxes
38,531
43,374
Other creditors
404,317
381,714
------------
------------
1,425,156
1,528,271
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,585
47,302
-------
--------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
42,717
53,397
Later than 1 year and not later than 5 years
4,585
47,302
--------
---------
47,302
100,699
--------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
267,015
269,852
Later than 1 year and not later than 5 years
1,045,245
1,052,265
Later than 5 years
1,624,968
1,884,964
------------
------------
2,937,228
3,207,081
------------
------------
11. Directors' advances, credits and guarantees
Included in 'Creditors:amounts due within one year' are the following amounts owed to directors. The loans are repayable on demand and are non interest bearing. J A Henstock - £168,610 (2022: £165,604) G Henstock - £ 86,585 (2022: £ 53,742) S Henstock - £ 36,766 (2022: £ 30,704)