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Company Registration No. 02112939 (England and Wales)
Pearce & Co. (Chertsey) Limited Unaudited accounts for the year ended 31 March 2024
Pearce & Co. (Chertsey) Limited Unaudited accounts Contents
Page
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Pearce & Co. (Chertsey) Limited Company Information for the year ended 31 March 2024
Directors
S J Hall R Jamieson G R Parry
Company Number
02112939 (England and Wales)
Registered Office
64 Guildford Street Chertsey Surrey KT16 9BD
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Pearce & Co. (Chertsey) Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
275,000 
325,000 
Tangible assets
122,835 
29,470 
397,835 
354,470 
Current assets
Debtors
52,364 
38,984 
Cash at bank and in hand
282,256 
264,131 
334,620 
303,115 
Creditors: amounts falling due within one year
(169,585)
(163,229)
Net current assets
165,035 
139,886 
Total assets less current liabilities
562,870 
494,356 
Creditors: amounts falling due after more than one year
(92,306)
(24,318)
Net assets
470,564 
470,038 
Capital and reserves
Called up share capital
111 
111 
Share premium
24,989 
24,989 
Profit and loss account
445,464 
444,938 
Shareholders' funds
470,564 
470,038 
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by
R Jamieson Director Company Registration No. 02112939
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Pearce & Co. (Chertsey) Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Pearce & Co. (Chertsey) Limited is a private company, limited by shares, registered in England and Wales, registration number 02112939. The registered office is 64 Guildford Street, Chertsey, Surrey, KT16 9BD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services: Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill is amortised over its estimated useful life of 10 years.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
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Pearce & Co. (Chertsey) Limited Notes to the Accounts for the year ended 31 March 2024
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Pension costs
Defined contribution pension plan: The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contribution have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income
Interest income is recognised in the statement of comprehensive income using the effective interest method.
Government grants
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements: Determine whether there are indicators of impairment of the company's intangible and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key sources of estimation uncertainty: Tangible fixed assets (note 5) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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Pearce & Co. (Chertsey) Limited Notes to the Accounts for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
500,000 
At 31 March 2024
500,000 
Amortisation
At 1 April 2023
175,000 
Charge for the year
50,000 
At 31 March 2024
225,000 
Net book value
At 31 March 2024
275,000 
At 31 March 2023
325,000 
5
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
5,433 
835 
44,423 
50,691 
Additions
107,079 
3,254 
11,861 
122,194 
At 31 March 2024
112,512 
4,089 
56,284 
172,885 
Depreciation
At 1 April 2023
3,426 
- 
17,795 
21,221 
Charge for the year
20,578 
534 
7,717 
28,829 
At 31 March 2024
24,004 
534 
25,512 
50,050 
Net book value
At 31 March 2024
88,508 
3,555 
30,772 
122,835 
At 31 March 2023
2,007 
835 
26,628 
29,470 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
38,570 
19,663 
Accrued income and prepayments
13,794 
19,321 
52,364 
38,984 
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Pearce & Co. (Chertsey) Limited Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,298 
9,433 
VAT
40,804 
38,800 
Obligations under finance leases and hire purchase contracts
8,821 
- 
Trade creditors
2,990 
2,466 
Taxes and social security
87,954 
80,469 
Other creditors
1,082 
1,653 
Accruals
17,636 
30,408 
169,585 
163,229 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
14,700 
24,318 
Obligations under finance leases and hire purchase contracts
77,606 
- 
92,306 
24,318 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
111 Ordinary shares of £1 each
111 
111 
10
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
6,250 
3,125 
11
Average number of employees
During the year the average number of employees was 8 (2023: 8).
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