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Registered number: NI067506
Pearson-NI Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Gray + Press Accountants
21 Old Channel Road
Unit 4A Channel Wharf
Belfast
Antrim
BT3 9DE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: NI067506
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 33,898 21,680
33,898 21,680
CURRENT ASSETS
Stocks 6 70,000 85,500
Debtors 7 144,647 133,418
Cash at bank and in hand 134,641 122,164
349,288 341,082
Creditors: Amounts Falling Due Within One Year 8 (216,514 ) (192,799 )
NET CURRENT ASSETS (LIABILITIES) 132,774 148,283
TOTAL ASSETS LESS CURRENT LIABILITIES 166,672 169,963
Creditors: Amounts Falling Due After More Than One Year 9 (21,372 ) (18,417 )
NET ASSETS 145,300 151,546
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 145,200 151,446
SHAREHOLDERS' FUNDS 145,300 151,546
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For the year ending 31 July 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.
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
Mrs Jane Brodison
Director
20/12/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Pearson-NI Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI067506 . The registered office is 36 Agharan Road, Dungannon, County Tyrone, BT71 4HG.
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, excluding discounts, rebates, valued added tax and other sales taxes. Turnover from the sale of goods is recognised when goodes have been delivered to customers such that risks and rewards of ownership have transferred to them. 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. 
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. (10% Straight Line) 
2.4. 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 20% Straight Line
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 33.3% Straight Line
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. 
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the oustanding balance of capital repayments. 
2.6. Stocks and Work in Progress
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevnat proportion of overheads according to the stage of manfacturing/completion. 
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 51,000
As at 31 July 2024 51,000
Amortisation
As at 1 August 2023 51,000
As at 31 July 2024 51,000
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. (10% Straight Line)
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 48,658 71,758 2,843 123,259
Additions 417 19,800 - 20,217
As at 31 July 2024 49,075 91,558 2,843 143,476
Depreciation
As at 1 August 2023 47,274 51,462 2,843 101,579
Provided during the period 370 7,629 - 7,999
As at 31 July 2024 47,644 59,091 2,843 109,578
Net Book Value
As at 31 July 2024 1,431 32,467 - 33,898
As at 1 August 2023 1,384 20,296 - 21,680
6. Stocks
2024 2023
£ £
Stock 70,000 85,500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 142,458 133,418
Other debtors 2,189 -
144,647 133,418
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,129 2,054
Trade creditors 41,036 31,764
Bank loans and overdrafts 10,032 10,674
Other creditors 143,513 126,181
Taxation and social security 18,804 22,126
216,514 192,799
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,345 -
Bank loans 9,027 18,417
21,372 18,417
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,129 2,054
Later than one year and not later than five years 12,345 -
15,474 2,054
15,474 2,054
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