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
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
Pearce & Co. (Chertsey) Limited
Statement of financial position
as at 31 March 2024
Intangible assets
275,000
325,000
Tangible assets
122,835
29,470
Cash at bank and in hand
282,256
264,131
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
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
Pearce & Co. (Chertsey) Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill is amortised over its estimated useful life of 10 years.
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.
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.
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 is recognised in the statement of comprehensive income using the effective interest method.
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.
Pearce & Co. (Chertsey) Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill
Charge for the year
50,000
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
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
At 31 March 2024
88,508
3,555
30,772
122,835
At 31 March 2023
2,007
835
26,628
29,470
Amounts falling due within one year
Trade debtors
38,570
19,663
Accrued income and prepayments
13,794
19,321
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
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
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
77,606
-
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).