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REGISTERED NUMBER: 01312627 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Pearsons Glass Limited

Pearsons Glass Limited (Registered number: 01312627)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pearsons Glass Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: P G Vellins
D R Vellins
A M Vellins
A Holmes
B Stanley
S Mckay





SECRETARY: D R Vellins





REGISTERED OFFICE: 9-11 Maddrell Street
Liverpool
Merseyside
L3 7EH





REGISTERED NUMBER: 01312627 (England and Wales)





ACCOUNTANTS: Haines Watts
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Pearsons Glass Limited (Registered number: 01312627)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,027,773 844,797

CURRENT ASSETS
Stocks 547,469 631,809
Debtors 5 775,016 1,038,497
Cash at bank and in hand 29 44,121
1,322,514 1,714,427
CREDITORS
Amounts falling due within one year 6 510,487 579,524
NET CURRENT ASSETS 812,027 1,134,903
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,839,800

1,979,700

CREDITORS
Amounts falling due after more than one
year

7

(83,871

)

(247,758

)

PROVISIONS FOR LIABILITIES 10 (30,143 ) (86,135 )
NET ASSETS 1,725,786 1,645,807

CAPITAL AND RESERVES
Called up share capital 900 900
Capital redemption reserve 11 100 100
Retained earnings 11 1,724,786 1,644,807
SHAREHOLDERS' FUNDS 1,725,786 1,645,807

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Pearsons Glass Limited (Registered number: 01312627)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





P G Vellins - Director


Pearsons Glass Limited (Registered number: 01312627)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Pearsons Glass Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance and 10% on cost
Fixtures and fittings - 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on cost and 25% reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pearsons Glass Limited (Registered number: 01312627)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items and the inclusion of attributable overheads.

Foreign exchange transactions
All gains and losses are charged or credited to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 71 (2023 - 70 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
COST
At 1 March 2023 - 1,833,183 519,588
Additions 386,462 25,030 5,580
Disposals - - (30,160 )
At 29 February 2024 386,462 1,858,213 495,008
DEPRECIATION
At 1 March 2023 - 1,160,497 424,507
Charge for year - 221,194 27,372
Eliminated on disposal - - (17,806 )
At 29 February 2024 - 1,381,691 434,073
NET BOOK VALUE
At 29 February 2024 386,462 476,522 60,935
At 28 February 2023 - 672,686 95,081

Pearsons Glass Limited (Registered number: 01312627)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 March 2023 390,536 42,815 2,786,122
Additions 13,950 30,555 461,577
Disposals - - (30,160 )
At 29 February 2024 404,486 73,370 3,217,539
DEPRECIATION
At 1 March 2023 350,440 5,881 1,941,325
Charge for year 14,224 3,457 266,247
Eliminated on disposal - - (17,806 )
At 29 February 2024 364,664 9,338 2,189,766
NET BOOK VALUE
At 29 February 2024 39,822 64,032 1,027,773
At 28 February 2023 40,096 36,934 844,797

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 March 2023
and 29 February 2024 752,240 417,094 1,169,334
DEPRECIATION
At 1 March 2023 421,638 114,890 536,528
Charge for year 49,590 - 49,590
At 29 February 2024 471,228 114,890 586,118
NET BOOK VALUE
At 29 February 2024 281,012 302,204 583,216
At 28 February 2023 330,602 302,204 632,806

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£ £
Trade debtors 666,780 754,092
Other debtors 1,623 63,488
R&D Claim - 50,055
Assets under construction - 84,224
Prepayments 106,613 86,638
775,016 1,038,497

Pearsons Glass Limited (Registered number: 01312627)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£ £
Bank loans and overdrafts 15,525 -
Hire purchase contracts 123,878 123,878
Trade creditors 192,752 379,173
Tax (10,211 ) -
Social security and other taxes 48,773 46,537
VAT 107,158 22,072
Other creditors 4,878 (7,279 )
Accrued expenses 27,734 15,143
510,487 579,524

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£ £
Hire purchase contracts 83,871 247,758

8. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£ £
Hire purchase contracts 207,749 371,636

The HP liabilities are secured against the assets to which they relate.

9. FINANCIAL INSTRUMENTS

RBS Invoice Finance Limited holds a fixed and floating charge over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and plant and machinery.

10. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£ £
Deferred tax provision 30,143 86,135

Deferred tax
£
Balance at 1 March 2023 86,135
Provided during year (55,992 )
Balance at 29 February 2024 30,143

Pearsons Glass Limited (Registered number: 01312627)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 March 2023 1,644,807 100 1,644,907
Profit for the year 169,979 169,979
Dividends (90,000 ) (90,000 )
At 29 February 2024 1,724,786 100 1,724,886

12. RELATED PARTY DISCLOSURES

The company operates from premises owned by Pearsons Glass Pension Fund. Rent of £70,500 was paid in the year.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by P G Vellins and D R Vellins.