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REGISTERED NUMBER: 10717223 (England and Wales)















PEARCE PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

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


PEARCE PROPERTY LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: A R Pearce
Mrs N J Pearce





REGISTERED OFFICE: 9 Woodkirk Grove
Wyke
West Yorkshire
BD12 9JY





REGISTERED NUMBER: 10717223 (England and Wales)





ACCOUNTANTS: SMH Sheards
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 340,000 320,000

CURRENT ASSETS
Debtors 5 242 624
Cash at bank 13,187 3,399
13,429 4,023
CREDITORS
Amounts falling due within one year 6 (33,477 ) (33,222 )
NET CURRENT LIABILITIES (20,048 ) (29,199 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

319,952

290,801

CREDITORS
Amounts falling due after more than one
year

7

(189,455

)

(189,455

)

PROVISIONS FOR LIABILITIES 9 (21,252 ) (17,452 )
NET ASSETS 109,245 83,894

CAPITAL AND RESERVES
Called up share capital 20 20
Non distributable reserve 10 90,599 74,399
Retained earnings 18,626 9,475
109,245 83,894

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 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.

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

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 Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





A R Pearce - Director


PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Pearce Property 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is derived from rental income, which is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event accruing after the impairment was recognised, the impairment is reversed in profit or loss.

Financial liabilities are classified depending on the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade and other creditors, bank loans, and accruals, are initially recognised at transaction price.

Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire.

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.


PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

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.

Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are stated at their estimated open market value, as determined by the directors, on an annual basis.

No depreciation is provided on investment properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. However, these properties are held for investment and not consumption and the directors feel that to depreciate them would not give a true and fair view.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 320,000
Revaluations 20,000
At 31 March 2024 340,000
NET BOOK VALUE
At 31 March 2024 340,000
At 31 March 2023 320,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 340,000

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


4. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 228,149 228,149

Investment property was valued on an open market basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 425
Other debtors 242 199
242 624

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,060 -
Other creditors 32,417 33,222
33,477 33,222

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 189,455 189,455

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 189,455 189,455

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 189,455 189,455

The bank loans are secured against the relevant property to which they relate.

PEARCE PROPERTY LIMITED (REGISTERED NUMBER: 10717223)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,252 17,452

Deferred
tax
£   
Balance at 1 April 2023 17,452
Provided during year 3,800
Balance at 31 March 2024 21,252

10. RESERVES
Non
distributable
reserve
£   
At 1 April 2023 74,399
Revaluation 16,200

At 31 March 2024 90,599

11. RELATED PARTY DISCLOSURES

Loans owing to the directors on an interest free basis of £31,320 (2023 - £32,304) were outstanding at the year end, the amounts are repayable on demand.