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Registration number: 03792511

Pearson Carpentry Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024















 






















Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Pearson Carpentry Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

69,502

65,062

Current assets

 

Stocks

5

6,000

6,000

Debtors

6

806,499

1,023,277

Cash at bank and in hand

 

159,813

173,352

 

972,312

1,202,629

Creditors: Amounts falling due within one year

7

(130,291)

(142,002)

Net current assets

 

842,021

1,060,627

Total assets less current liabilities

 

911,523

1,125,689

Creditors: Amounts falling due after more than one year

7

(60,850)

(95,947)

Provisions for liabilities

(17,376)

(16,265)

Net assets

 

833,297

1,013,477

Capital and reserves

 

Called up share capital

2

2

Retained earnings

833,295

1,013,475

Shareholders' funds

 

833,297

1,013,477

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Pearson Carpentry Limited

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 5 October 2024 and signed on its behalf by:
 

.........................................

S Pearson

Director

.........................................

R Pearson

Director

Company registration number: 03792511

 

Pearson Carpentry Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of general building contractors.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date of £833,297 including cash at bank of £159,813.

On the basis of the above and after making enquiries, the directors have a reasonable expectation that the company has adequate reserves to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements under the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue based on the stage of completion of the construction and building services when it is probable that future economic benefits will flow to the entity.

Government grants

Grants are accounted for under the accruals model. Grants of a revenue nature are recognised in other income in the same period as related expenditure.

 

Pearson Carpentry Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Plant and machinery

15% reducing balance

Motor vehicles

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Pearson Carpentry Limited

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

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year was 10 (2023 - 23).

 

Pearson Carpentry Limited

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

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

80,419

31,087

27,776

139,282

Additions

7,950

-

7,152

15,102

Disposals

-

(6,762)

-

(6,762)

At 31 March 2024

88,369

24,325

34,928

147,622

Depreciation

At 1 April 2023

31,269

27,955

14,996

74,220

Charge for the year

7,472

470

2,481

10,423

Eliminated on disposal

-

(6,523)

-

(6,523)

At 31 March 2024

38,741

21,902

17,477

78,120

Carrying amount

At 31 March 2024

49,628

2,423

17,451

69,502

At 31 March 2023

49,150

3,132

12,780

65,062

5

Stocks

2024
£

2023
£

Stock

6,000

6,000

6

Debtors

2024
£

2023
£

Trade debtors

346,701

515,651

Other debtors

459,798

507,626

806,499

1,023,277

 

Pearson Carpentry Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

35,097

39,738

Trade creditors

 

65,702

63,499

Taxation and social security

 

16,523

17,012

Accruals and deferred income

 

5,500

4,500

Other creditors

 

7,469

17,253

 

130,291

142,002

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

60,850

95,947

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

30,000

30,000

Bank overdrafts

-

3,365

Hire purchase contracts

5,097

6,373

35,097

39,738

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

60,000

90,000

Hire purchase contracts

850

5,947

60,850

95,947

Obligations under hire purchase contracts are secured on the assets concerned.

9

Transactions with directors

At 31 March 2024 an amount of £305,285 (2023 - £336,682) was due from the directors. Advances of £173,394 and repayments of £209,990 were made in the year. Interest of £5,199 (2023 - £4,677) has been charged at 2.25% per annum and there are no set repayment terms in place.