Acorah Software Products - Accounts Production 15.0.400 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 07933842 Mr G R Pearce iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07933842 2023-03-31 07933842 2024-03-31 07933842 2023-04-01 2024-03-31 07933842 frs-core:CurrentFinancialInstruments 2024-03-31 07933842 frs-core:Non-currentFinancialInstruments 2024-03-31 07933842 frs-core:FurnitureFittings 2024-03-31 07933842 frs-core:FurnitureFittings 2023-04-01 2024-03-31 07933842 frs-core:FurnitureFittings 2023-03-31 07933842 frs-core:MotorVehicles 2024-03-31 07933842 frs-core:MotorVehicles 2023-04-01 2024-03-31 07933842 frs-core:MotorVehicles 2023-03-31 07933842 frs-core:PlantMachinery 2024-03-31 07933842 frs-core:PlantMachinery 2023-04-01 2024-03-31 07933842 frs-core:PlantMachinery 2023-03-31 07933842 frs-core:ShareCapital 2024-03-31 07933842 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07933842 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07933842 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 07933842 frs-bus:SmallEntities 2023-04-01 2024-03-31 07933842 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07933842 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07933842 frs-bus:Director1 2023-04-01 2024-03-31 07933842 frs-bus:Director1 2023-03-31 07933842 frs-bus:Director1 2024-03-31 07933842 frs-countries:EnglandWales 2023-04-01 2024-03-31 07933842 2022-03-31 07933842 2023-03-31 07933842 2022-04-01 2023-03-31 07933842 frs-core:CurrentFinancialInstruments 2023-03-31 07933842 frs-core:Non-currentFinancialInstruments 2023-03-31 07933842 frs-core:ShareCapital 2023-03-31 07933842 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 07933842
IPS Pearce Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07933842
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 28,314 37,751
28,314 37,751
CURRENT ASSETS
Debtors 5 535,298 734,742
Cash at bank and in hand 21,180 159,259
556,478 894,001
Creditors: Amounts Falling Due Within One Year 6 (24,361 ) (211,271 )
NET CURRENT ASSETS (LIABILITIES) 532,117 682,730
TOTAL ASSETS LESS CURRENT LIABILITIES 560,431 720,481
Creditors: Amounts Falling Due After More Than One Year 7 (42,467 ) (113,750 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,172 ) (7,172 )
NET ASSETS 510,792 599,559
CAPITAL AND RESERVES
Called up share capital 8 12,000 12,000
Profit and Loss Account 498,792 587,559
SHAREHOLDERS' FUNDS 510,792 599,559
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G R Pearce
Director
14/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
IPS Pearce Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07933842 . The registered office is Creation House Lilac Grove, Beeston, Nottingham, NG9 1QX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 24,454 53,800 16,645 94,899
As at 31 March 2024 24,454 53,800 16,645 94,899
Depreciation
As at 1 April 2023 19,571 23,662 13,915 57,148
Provided during the period 1,221 7,534 682 9,437
As at 31 March 2024 20,792 31,196 14,597 66,585
Net Book Value
As at 31 March 2024 3,662 22,604 2,048 28,314
As at 1 April 2023 4,883 30,138 2,730 37,751
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,422 187,281
Other debtors 520,876 547,461
535,298 734,742
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 261 77,532
Bank loans and overdrafts 18,200 35,000
Other creditors 2,082 8,074
Taxation and social security 3,818 90,665
24,361 211,271
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 42,467 113,750
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12,000 12,000
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors with interest being charged at 2.25%:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Gary Pearce 273,924 - 76,367 - 197,557
10. Related Party Transactions
Included within other debtors are the following balances, in respect of companies which are related by virtue of
common ownership and directorship :
At the year end, an amount of £227,143 (2023 £161,400) was owed by Soothe Limited.
At the year end, an amount of £29,500 (2023 £45,000) was owed by Lighthouse Display International POS Ltd.
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