J Pearse & Sons Limited 14207858 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is freight transport by road. Digita Accounts Production Advanced 6.30.9574.0 true true 14207858 2023-08-01 2024-07-31 14207858 2024-07-31 14207858 core:CurrentFinancialInstruments 2024-07-31 14207858 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 14207858 core:MotorVehicles 2024-07-31 14207858 bus:SmallEntities 2023-08-01 2024-07-31 14207858 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 14207858 bus:FilletedAccounts 2023-08-01 2024-07-31 14207858 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 14207858 bus:RegisteredOffice 2023-08-01 2024-07-31 14207858 bus:Director1 2023-08-01 2024-07-31 14207858 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 14207858 core:Vehicles 2023-08-01 2024-07-31 14207858 countries:EnglandWales 2023-08-01 2024-07-31 14207858 2023-07-31 14207858 core:MotorVehicles 2023-07-31 14207858 2022-07-01 2023-07-31 14207858 2023-07-31 14207858 core:CurrentFinancialInstruments 2023-07-31 14207858 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 14207858 core:MotorVehicles 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 14207858

J Pearse & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

J Pearse & Sons Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

J Pearse & Sons Limited

(Registration number: 14207858)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1

1

Current assets

 

Debtors

5

17,380

21,927

Creditors: Amounts falling due within one year

6

(25,795)

(28,366)

Net current liabilities

 

(8,415)

(6,439)

Net liabilities

 

(8,414)

(6,438)

Capital and reserves

 

Called up share capital

6

6

Profit and loss account

(8,420)

(6,444)

Shareholders' deficit

 

(8,414)

(6,438)

 

J Pearse & Sons Limited

(Registration number: 14207858)
Statement of Financial Position as at 31 July 2024 (continued)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 


Mr B Pearse
Director

 

J Pearse & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Challenger Farm
Membury
Axminster
EX13 7JT

Principal activity

The principal activity of the company is freight transport by road.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

J Pearse & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

J Pearse & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

1

1

At 31 July 2024

1

1

Depreciation

Carrying amount

At 31 July 2024

1

1

At 31 July 2023

1

1

5

Debtors

2024
£

2023
£

Trade debtors

16,976

15,391

Other debtors

404

6,536

17,380

21,927

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank overdraft

20,133

22,881

Trade creditors

3,048

4,782

Taxation and social security

1,641

-

Accruals and deferred income

973

703

25,795

28,366

 

J Pearse & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.