Registered number
02113775
Pierce Engineering Services Ltd
Filleted Accounts
31 May 2024
Pierce Engineering Services Ltd
Accountants' Report
Accountants' report to the directors of
Pierce Engineering Services Ltd
You consider that the company is exempt from an audit for the year ended 31 May 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
J H Bettinson Ltd
Accountants
The Meadows
Church Road
Penn
Bucks
HP10 8NU
20 August 2024
Pierce Engineering Services Ltd
Registered number: 02113775
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 19,123 13,788
Current assets
Stocks 1,274 1,600
Debtors 4 17,523 7,466
Cash at bank and in hand 43,514 63,783
62,311 72,849
Creditors: amounts falling due within one year 5 (18,984) (22,433)
Net current assets 43,327 50,416
Total assets less current liabilities 62,450 64,204
Creditors: amounts falling due after more than one year 6 (1,786) (4,168)
Provisions for liabilities (4,781) (2,620)
Net assets 55,883 57,416
Capital and reserves
Called up share capital 2 2
Profit and loss account 55,881 57,414
Shareholders' funds 55,883 57,416
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Pierce
Director
Approved by the board on 20 August 2024
Pierce Engineering Services Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 27,038 23,611 50,649
Additions - 11,832 11,832
Disposals - (5,995) (5,995)
At 31 May 2024 27,038 29,448 56,486
Depreciation
At 1 June 2023 26,630 10,231 36,861
Charge for the year 85 6,232 6,317
On disposals - (5,815) (5,815)
At 31 May 2024 26,715 10,648 37,363
Net book value
At 31 May 2024 323 18,800 19,123
At 31 May 2023 408 13,380 13,788
4 Debtors 2024 2023
£ £
Trade debtors 15,373 4,798
Other debtors 2,150 2,668
17,523 7,466
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,185 3,960
Trade creditors 2,608 9,133
Corporation tax - -
Other taxes and social security costs 5,147 2,214
Other creditors 8,044 7,126
18,984 22,433
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 1,786 4,168
7 Related party transactions
Rent of premises paid to Mr & Mrs Pierce 16,800 16,800
8 Controlling party
The company is controlled by K C Pierce and Mrs H Pierce by virtue of their shareholdings.
9 Other information
Pierce Engineering Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Horton Close
Off Horton Road
West Drayton
Midd'x
UB7 8EP
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