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REGISTERED NUMBER: 03519661 (England and Wales)















Pearce Bros (Autorentals) Limited

Audited Financial Statements for the Year Ended 31 March 2024






Pearce Bros (Autorentals) Limited (Registered number: 03519661)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pearce Bros (Autorentals) Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: D Pearce
R N Tredwin
L L Stanley
A P P O'Brien





REGISTERED OFFICE: 10-14 Stover Road
Yate
Bristol
BS37 5JN





REGISTERED NUMBER: 03519661 (England and Wales)





AUDITORS: Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

Pearce Bros (Autorentals) Limited (Registered number: 03519661)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 16,677,470 16,422,687

CURRENT ASSETS
Stocks 145,522 225,434
Debtors 4 586,312 575,439
Cash at bank and in hand 3,311,005 3,017,853
4,042,839 3,818,726
CREDITORS
Amounts falling due within one year 5 6,508,420 6,690,045
NET CURRENT LIABILITIES (2,465,581 ) (2,871,319 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,211,889

13,551,368

CREDITORS
Amounts falling due after more than one
year

6

(7,973,021

)

(7,625,663

)

PROVISIONS FOR LIABILITIES (854,882 ) (664,454 )
NET ASSETS 5,383,986 5,261,251

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 5,333,986 5,211,251
SHAREHOLDERS' FUNDS 5,383,986 5,261,251

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2024 and were signed on its behalf by:





D Pearce - Director


Pearce Bros (Autorentals) Limited (Registered number: 03519661)

Notes to the Financial Statements
for the year ended 31 March 2024

1. ACCOUNTING POLICIES

General information and basis of preparing the financial statements
The company is a private company limited by shares, registered in England, United Kingdom.The address of the registered office is 10-14 Stover Road, Yate, Bristol, BS37 5JN. The nature of the company's operations and principal activities is short and long term vehicle leasing and vehicle sales.

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future period where the
revision affects both current and future periods.

Critical Judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of assets

The tangible fixed assets are periodically reviewed for impairment by the directors based on their
knowledge and judgements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

Depreciation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable deprecation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

It must be noted that there is inherent uncertainty within these estimates as factors such as
unexpected wear and tear, technological advancement and changes in market prices may result
in future changes to the appropriate rate of deprecation.

Revenue recognition
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 hire of motor vehicles is recognised in the period to which the hire relates.

Pearce Bros (Autorentals) Limited (Registered number: 03519661)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

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 goods); the amount of revenue can be measured easily; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 10% - 50% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 contracts and finance leases
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value fo 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 following methods:
a) Variable rate agreements - allocated by interest charged by the lender
b) Fixed rate agreements - allocated by total interest payments over the life of the lease

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 26 ) .

Pearce Bros (Autorentals) Limited (Registered number: 03519661)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

3. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 27,669 207,390 23,995,038 24,230,097
Additions 28,264 24,132 7,395,607 7,448,003
Disposals - - (6,806,214 ) (6,806,214 )
At 31 March 2024 55,933 231,522 24,584,431 24,871,886
DEPRECIATION
At 1 April 2023 10,074 134,173 7,663,163 7,807,410
Charge for year 5,732 20,179 4,716,947 4,742,858
Eliminated on disposal - - (4,355,852 ) (4,355,852 )
At 31 March 2024 15,806 154,352 8,024,258 8,194,416
NET BOOK VALUE
At 31 March 2024 40,127 77,170 16,560,173 16,677,470
At 31 March 2023 17,595 73,217 16,331,875 16,422,687

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
£
As at 31 March 202415,514,748

As at 31 March 202314,867,474


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 552,106 551,463
Other debtors 34,206 23,976
586,312 575,439

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 7) 5,625,864 5,898,184
Trade creditors 165,815 139,907
Taxation and social security 314,485 294,244
Other creditors 402,256 357,710
6,508,420 6,690,045

Pearce Bros (Autorentals) Limited (Registered number: 03519661)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 7) 7,973,021 7,625,663

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,625,864 5,898,184
Between one and five years 7,973,021 7,625,663
13,598,885 13,523,847

Non-cancellable operating leases
2024 2023
£    £   
Within one year 215,500 167,500
Between one and five years 598,500 502,500
In more than five years 54,250 217,750
868,250 887,750

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 13,598,885 13,523,847

Obligations under hire purchase contracts are secured on the assets to which they relate via fixed and floating charges.

The company's bankers have a fixed and floating charge secured over the company's assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000

Pearce Bros (Autorentals) Limited (Registered number: 03519661)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Barry Davidson FCA FCCA (Senior Statutory Auditor)
for and on behalf of Webb & Co Ltd

11. CAPITAL COMMITMENTS

Post year end the company has committed to a £304,994 investment in motor vehicles.

12. RELATED PARTY DISCLOSURES

Rent for the premises at Yate and Avonmouth was paid to key management personnel totalling £168,360 (2023 £168,360). No amounts were outstanding at the balance sheet date.

A partnership run by a Director and the parent company invoiced Pearce Bros (Autorentals) Ltd for services supplied during the year totalling £518,174 (2023 £623,866) of which £44,785 is outstanding at the balance sheet date (2023 £55,286).

Pearce Bros (Autorentals) Ltd also invoiced a partnership run by a Director and parent company for shared expenditure during the year totalling £205,474 (2023 £247,237) of which £17,433 is outstanding at the balance sheet date (2023 £17,802).

Exemption has been taken to not disclose transactions with the parent company as the company is a wholly owned subsidiary.

13. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary undertaking of Pearce Holdings Ltd, a company incorporated in England. Registered office 10-14 Stover Road, Yate, Bristol, BS37 5JN.