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REGISTERED NUMBER: 04580829 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

PEARSON PLASTERING LTD

PEARSON PLASTERING LTD (REGISTERED NUMBER: 04580829)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Balance sheet 1

Notes to the financial statements 3


PEARSON PLASTERING LTD (REGISTERED NUMBER: 04580829)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 30,143 39,350

Current assets
Stocks 720 800
Debtors 5 31,353 20,660
Cash at bank 15,332 45,760
47,405 67,220
Creditors
Amounts falling due within one year 6 40,146 48,189
Net current assets 7,259 19,031
Total assets less current liabilities 37,402 58,381

Creditors
Amounts falling due after more than one year 7 (30,358 ) (49,853 )

Provisions for liabilities 9 (5,727 ) (7,476 )
Net assets 1,317 1,052

Capital and reserves
Called up share capital 10 4 4
Retained earnings 1,313 1,048
Shareholders' funds 1,317 1,052

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PEARSON PLASTERING LTD (REGISTERED NUMBER: 04580829)

BALANCE SHEET - continued
30 JUNE 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:




Mr A Pearson - Director



Mr P Pearson - Director


PEARSON PLASTERING LTD (REGISTERED NUMBER: 04580829)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. Statutory information

Pearson Plastering Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04580829. The registered office is 7 & 8 Church Street, Wimborne, Dorset BH21 1JH and business address is 16 Archway Road, Lower Parkstone, Poole, Dorset, BH14 9AZ.

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.

Turnover
Turnover represents amounts receivable, excluding value added tax, for services supplied to external customers. Turnover from construction contracts is stated at cost appropriate to their stage of completion plus attributable profits. It is recognised by reference to the initial amount agreed in the contract plus any variation in contract work to the extent that it is probable that they will result in revenue and can be measured reliably. The stage of completion is assessed by reference to completion of a physical proportion of the contract work.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

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

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PEARSON PLASTERING LTD (REGISTERED NUMBER: 04580829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1 July 2023 11,729 42,049 1,941 55,719
Additions 839 - - 839
At 30 June 2024 12,568 42,049 1,941 56,558
Depreciation
At 1 July 2023 4,914 10,512 943 16,369
Charge for year 1,913 7,884 249 10,046
At 30 June 2024 6,827 18,396 1,192 26,415
Net book value
At 30 June 2024 5,741 23,653 749 30,143
At 30 June 2023 6,815 31,537 998 39,350

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 July 2023
and 30 June 2024 42,049
Depreciation
At 1 July 2023 10,512
Charge for year 7,884
At 30 June 2024 18,396
Net book value
At 30 June 2024 23,653
At 30 June 2023 31,537

PEARSON PLASTERING LTD (REGISTERED NUMBER: 04580829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. Debtors: amounts falling due within one year
2024 2023
£    £   
Directors' current accounts 25,899 14,834
VAT 5,313 5,685
Prepayments 141 141
31,353 20,660

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 9,595 9,275
Trade creditors 6,182 8,724
Tax 9,435 13,021
CIS tax control account 380 2,682
Accruals and deferred income 4,554 4,487
40,146 48,189

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 1,667 11,667
Hire purchase contracts 18,691 28,186
30,358 49,853

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 28,286 37,461

Amounts owing under hire purchase are secured against the assets to which they relate.

9. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 5,727 7,476

Deferred
tax
£   
Balance at 1 July 2023 7,476
Utilised during year (1,749 )
Balance at 30 June 2024 5,727

PEARSON PLASTERING LTD (REGISTERED NUMBER: 04580829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary A £1 2 2
2 Ordinary B £1 2 2
4 4

2 Ordinary B Shares of £1 each were issued for cash as par during the year.

11. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr A Pearson
Balance outstanding at start of year 7,418 13,031
Amounts advanced 18,855 47,062
Amounts repaid (13,323 ) (52,675 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,950 7,418

Mr P Pearson
Balance outstanding at start of year 7,418 12,564
Amounts advanced 29,386 53,243
Amounts repaid (23,854 ) (58,389 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,950 7,418

At the balance sheet date the Directors owed the company £25,900 (2023: £14,834). The amount outstanding at the balance sheet date was repaid in full within 9 months of the year end.

12. Ultimate controlling party

The Company is controlled by the directors, Mr A Pearson and Mr P Pearson, who between them own 100% of the issued share capital.