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REGISTERED NUMBER: 04197956 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MICHAEL PEARCE LIMITED

MICHAEL PEARCE LIMITED (REGISTERED NUMBER: 04197956)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICHAEL PEARCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: M G Pearce





SECRETARY: Mrs L Moores-Pearce





REGISTERED OFFICE: 20 Springfield Road
Aughton
Liverpool
Merseyside
L39 6ST





REGISTERED NUMBER: 04197956 (England and Wales)






MICHAEL PEARCE LIMITED (REGISTERED NUMBER: 04197956)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,102,032 1,102,088

CURRENT ASSETS
Stocks 5 35,500 48,804
Debtors 6 3,916 15,538
Cash at bank 3,016 2,101
42,432 66,443
CREDITORS
Amounts falling due within one year 7 1,347,699 1,328,696
NET CURRENT LIABILITIES (1,305,267 ) (1,262,253 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(203,235

)

(160,165

)

CAPITAL AND RESERVES
Called up share capital 8 675,000 675,000
Retained earnings 9 (878,235 ) (835,165 )
SHAREHOLDERS' FUNDS (203,235 ) (160,165 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MICHAEL PEARCE LIMITED (REGISTERED NUMBER: 04197956)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 October 2024 and were signed by:





M G Pearce - Director


MICHAEL PEARCE LIMITED (REGISTERED NUMBER: 04197956)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Michael Pearce Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 20% on cost
Computer equipment - 33% on cost

Fixed assets are recognised at cost.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


MICHAEL PEARCE LIMITED (REGISTERED NUMBER: 04197956)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

GOING CONCERN
The company relies upon the continuing support of the major shareholder and of the director. Both parties have no plans to withdraw funding in the foreseeable future.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 1,101,865 33,384 3,096 1,138,345
DEPRECIATION
At 1 April 2023 - 33,164 3,093 36,257
Charge for year - 55 1 56
At 31 March 2024 - 33,219 3,094 36,313
NET BOOK VALUE
At 31 March 2024 1,101,865 165 2 1,102,032
At 31 March 2023 1,101,865 220 3 1,102,088

MICHAEL PEARCE LIMITED (REGISTERED NUMBER: 04197956)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. STOCKS
31.3.24 31.3.23
£    £   
Stocks 35,500 48,804

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors - 14,031
VAT 2,219 -
Prepayments 1,697 1,507
3,916 15,538

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
VAT - 6,020
Other creditors 1,159,983 1,223,495
Directors' loan accounts 185,010 96,633
Accrued expenses 2,706 2,548
1,347,699 1,328,696

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
675,000 Ordinary £1.00 675,000 675,000

9. RESERVES
Retained
earnings
£   

At 1 April 2023 (835,165 )
Deficit for the year (43,070 )
At 31 March 2024 (878,235 )

MICHAEL PEARCE LIMITED (REGISTERED NUMBER: 04197956)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date there is an amount of £185,010 (2023: £96,633) owed to M Pearce, a director in the company.

The company's bank overdraft facility of £150,000 is secured by a limited guarantee given by Michael Pearce (Director) dated 3 August 2005.

11. RELATED PARTY DISCLOSURES

During the current year, the company was under the effective control of the Executors of D Moores (deceased).

A loan of £1,135,117 (31.03.2023: £1,046,739) is held in other creditors due within one year which is payable to the Estate of Mr D Moores (deceased).This is repayable on demand and there is no interest payable.

At the year end a creditor of £24,865 (2023: nil) is due to Schemeglobal Properties (Southport) Ltd. There is also a creditor of nil (2023: £176,755) due to Schemeglobal Properties (Liverpool) Ltd.