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Company registration number: 10010939
Dr Tim Pearce Ltd
Unaudited filleted financial statements
28 February 2024
Dr Tim Pearce Ltd
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Dr Tim Pearce Ltd
Accountant's Report to the board of directors on the preparation of the
unaudited statutory financial statements of Dr Tim Pearce Ltd
Year ended 28 February 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Purcell & Co
Certified Public Accountants
204 Mauldeth Rd
Burnage
Manchester
M19 1AJ
29 August 2024
Dr Tim Pearce Ltd
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 7,892 10,523
_______ _______
7,892 10,523
Current assets
Debtors 6 1,416 -
Cash at bank and in hand 1,200 2,624
_______ _______
2,616 2,624
Creditors: amounts falling due
within one year 7 ( 23,295) ( 22,834)
_______ _______
Net current liabilities ( 20,679) ( 20,210)
_______ _______
Total assets less current liabilities ( 12,787) ( 9,687)
Creditors: amounts falling due
after more than one year 8 ( 1,452) ( 2,607)
_______ _______
Net liabilities ( 14,239) ( 12,294)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 14,339) ( 12,394)
_______ _______
Shareholders deficit ( 14,239) ( 12,294)
_______ _______
For the year ending 28 February 2024 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Dr Timothy Pearce Mrs Miranda Pearce
Director Director
Company registration number: 10010939
Dr Tim Pearce Ltd
Statement of changes in equity
Year ended 28 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 100 ( 13,116) ( 13,016)
(Loss)/profit for the year 722 722
_______ _______ _______
Total comprehensive income for the year - 722 722
_______ _______ _______
At 28 February 2023 and 1 March 2023 100 ( 12,394) ( 12,294)
(Loss)/profit for the year ( 1,945) ( 1,945)
_______ _______ _______
Total comprehensive income for the year - ( 1,945) ( 1,945)
_______ _______ _______
At 28 February 2024 100 ( 14,339) ( 14,239)
_______ _______ _______
Dr Tim Pearce Ltd
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 204 Mauldeth Rd, Burnage, Manchester, M19 1AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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
At the balance sheet date, the company's liabilities exceeded its assets. However the company has received assurance from the director that he will continue to give financial support to the company for the 12 months from the date of signing these financial statements. On this basis the director considers it appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2023 and 28 February 2024 2,088 75,830 77,918
_______ _______ _______
Depreciation
At 1 March 2023 1,687 65,708 67,395
Charge for the year 100 2,531 2,631
_______ _______ _______
At 28 February 2024 1,787 68,239 70,026
_______ _______ _______
Carrying amount
At 28 February 2024 301 7,591 7,892
_______ _______ _______
At 28 February 2023 401 10,122 10,523
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 1,416 -
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 1,284 1,314
Social security and other taxes 218 229
Other creditors 21,793 21,291
_______ _______
23,295 22,834
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 1,452 2,607
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Dr Timothy Pearce ( 13,807) ( 5,400) ( 19,207)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Dr Timothy Pearce ( 9,424) ( 4,384) (13,808)
_______ _______ _______
10. Controlling party
The company is controlled by the directors Dr T Pearce and Mrs M Pearce as they own all of the issued share capital in the company.