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REGISTERED NUMBER: 00558951 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Hugh Pearl (Land Drainage) Limited

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hugh Pearl (Land Drainage) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Tolhurst
A Rowell
R Ward
A Hynds
S M Bray
Mrs L K Harmstorf Pearl
Mrs S A Tolhurst
Mrs E J Bray





SECRETARY: L Pearl





REGISTERED OFFICE: New Farm
Bobbingworth
Ongar
Essex
CM5 0DJ





REGISTERED NUMBER: 00558951 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,792,579 1,644,631
Investments 5 100 100
1,792,679 1,644,731

CURRENT ASSETS
Stocks 82,530 59,079
Debtors 6 345,707 644,450
Cash at bank and in hand 688,970 832,784
1,117,207 1,536,313
CREDITORS
Amounts falling due within one year 7 254,918 314,952
NET CURRENT ASSETS 862,289 1,221,361
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,654,968

2,866,092

CREDITORS
Amounts falling due after more than one
year

8

(177,767

)

(175,362

)

PROVISIONS FOR LIABILITIES (161,407 ) (227,676 )

PENSION ASSET 12 415,500 299,250
NET ASSETS 2,731,294 2,762,304

CAPITAL AND RESERVES
Called up share capital 10 1,500 1,500
Revaluation reserve 11 341,974 350,742
Retained earnings 2,387,820 2,410,062
SHAREHOLDERS' FUNDS 2,731,294 2,762,304

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Balance Sheet - continued
31 March 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 16 August 2024 and were signed on its behalf by:





J Tolhurst - Director


Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hugh Pearl (Land Drainage) 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.

Preparation of consolidated financial statements
The financial statements contain information about Hugh Pearl (Land Drainage) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Freehold land - nil
Freehold property - 50 years
Office equipment - 3, 4 & 5 years
Plant & machinery - 5-10 years less estimated residual value
Motor vehicles - 5-6 years less estimated residual value

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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.

The company previously operated a defined benefit pension scheme. A liability for the company's obligations under the pension plan is recognised net of plan assets. Pension plan assets are measured at fair value and the defined benefit obligation is measured at present value using the projected unit cost method. Formal actuarial valuations are performed every 3 years, the most recent of which was dated 31 December 2018. An informal actuarial valuation was carried out based upon actual membership at 31 March 2021 and the accounts have been updated to reflect this.

Under the Recovery Plan dated 30 March 2017, the employer is required to make a contribution of £72,000 payable annually in arrears for a period of 15 years from the date of the plan.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Assets
Freehold Under Plant and
property Construction machinery
£    £    £   
COST
At 1 April 2023 895,054 - 2,183,067
Additions - 86,876 172,660
Disposals - - (116,750 )
At 31 March 2024 895,054 86,876 2,238,977
DEPRECIATION
At 1 April 2023 171,138 - 1,475,168
Charge for year 17,884 - 120,651
Eliminated on disposal - - (86,986 )
At 31 March 2024 189,022 - 1,508,833
NET BOOK VALUE
At 31 March 2024 706,032 86,876 730,144
At 31 March 2023 723,916 - 707,899

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 622,054 22,990 3,723,165
Additions 116,672 9,462 385,670
Disposals (73,415 ) (689 ) (190,854 )
At 31 March 2024 665,311 31,763 3,917,981
DEPRECIATION
At 1 April 2023 419,018 13,210 2,078,534
Charge for year 62,106 3,168 203,809
Eliminated on disposal (69,285 ) (670 ) (156,941 )
At 31 March 2024 411,839 15,708 2,125,402
NET BOOK VALUE
At 31 March 2024 253,472 16,055 1,792,579
At 31 March 2023 203,036 9,780 1,644,631

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 469,000
Transfer to ownership (469,000 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 59,649
Charge for year 63,573
Transfer to ownership (123,222 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 409,351

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

Investments in subsidiaries are carried at cost less impairment.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 320,169 626,224
Prepayments 25,538 18,226
345,707 644,450

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 22,232 -
Hire purchase contracts - 85,668
Trade creditors 108,609 102,483
Social security and other taxes 60,910 38,112
Other creditors 600 600
Owed to group undertakings 6,271 6,814
Accruals and deferred income 56,296 81,275
254,918 314,952

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 27,516 -
Bank loans - 2-5 years 150,251 -
Hire purchase contracts - 175,362
177,767 175,362

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts - 261,030

The company has no title to the assets on hire purchase until it has payed the required amounts to the lender in full.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,500 Ordinary 1 1,500 1,500

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023 350,742
Transfer deferred tax on
revaluation reserve 2,923
Transfer depreciation on
revaluation reserve (11,691 )

At 31 March 2024 341,974

12. EMPLOYEE BENEFIT OBLIGATIONS


The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(21,000

)

11,000
Past service cost - -
(21,000 ) 11,000

Expected return on plan assets 142,000 87,000

The expected return on plan assets is included within the net interest from net defined benefit asset/liability above.

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Opening defined benefit obligation 2,549,000 3,476,000
Interest cost 121,000 98,000
Expenses (23,000 ) (8,000 )
Benefits paid (37,000 ) (44,000 )
Remeasurements:
Actuarial (gains)/losses from changes in
financial assumptions

(102,000

)

(1,107,000

)
Experience adjustments 48,000 134,000
2,556,000 2,549,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Opening fair value of scheme assets 2,948,000 3,046,000
Contributions by employer 72,000 72,000
Expenses (23,000 ) (8,000 )
Expected return 142,000 87,000
Benefits paid (37,000 ) (44,000 )
Return on plan assets (excluding interest
income)

8,000

(205,000

)
3,110,000 2,948,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Actuarial (gains)/losses from changes in
financial assumptions

102,000

1,107,000
Experience adjustments (48,000 ) (134,000 )
Return on plan assets (excluding interest
income)

8,000

(205,000

)
62,000 768,000

Hugh Pearl (Land Drainage) Limited (Registered number: 00558951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
Equities - 51.90%
Fixed interest 48.50% 38.40%
Cash 51.50% 2.00%
Other - 7.70%
100.00% 100.00%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.3.24 31.3.23
Discount rate 4.80% 4.80%
Future pension increases 3.68% 3.70%
Inflation rate 3.30% 3.55%
Future rate of revaluation of deferred pensions 3.30% 3.55%

13. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owes £5,893 (2023: £6,814) to companies within the group.