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Company registration number: 13061998
PEARSON FORD LIMITED
Unaudited filleted financial statements
30 June 2024
PEARSON FORD LIMITED
Directors and other information
Director Susan Tunbridge (Appointed 4 December 2020)
Company number 13061998
Registered office The Grange
Yatton Keynell
Chippenham
PEARSON FORD LIMITED
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of PEARSON FORD LIMITED
Period ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PEARSON FORD LIMITED for the period ended 30 June 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of PEARSON FORD LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PEARSON FORD LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PEARSON FORD LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that PEARSON FORD LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PEARSON FORD LIMITED. You consider that PEARSON FORD LIMITED is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of PEARSON FORD LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
J W Swales & Co Ltd
The Grange
The Street
Yatton Keynell
SN14 7BA
28 March 2025
PEARSON FORD LIMITED
Statement of financial position
30 June 2024
30/06/24 31/12/22
Note £ £ £ £
Fixed assets
Tangible assets 5 227,823 226,116
_______ _______
227,823 226,116
Current assets
Debtors 6 - 1,981
Cash at bank and in hand 3,836 7,466
_______ _______
3,836 9,447
Creditors: amounts falling due
within one year 7 ( 161,063) ( 165,264)
_______ _______
Net current liabilities ( 157,227) ( 155,817)
_______ _______
Total assets less current liabilities 70,596 70,299
Creditors: amounts falling due
after more than one year 8 ( 81,499) ( 81,499)
_______ _______
Net liabilities ( 10,903) ( 11,200)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 10,904) ( 11,201)
_______ _______
Shareholder deficit ( 10,903) ( 11,200)
_______ _______
For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Susan Tunbridge
Director
Company registration number: 13061998
PEARSON FORD LIMITED
Statement of changes in equity
Period ended 30 June 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 1 ( 15,559) ( 15,558)
Profit for the period 4,358 4,358
_______ _______ _______
Total comprehensive income for the period - 4,358 4,358
_______ _______ _______
At 31 December 2022 and 1 ( 11,201) ( 11,200)
Profit for the period 297 297
_______ _______ _______
Total comprehensive income for the period - 297 297
_______ _______ _______
At 30 June 2024 1 ( 10,904) ( 10,903)
_______ _______ _______
PEARSON FORD LIMITED
Notes to the financial statements
Period ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Grange, Yatton Keynell, Chippenham.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured as the fair value of the consideration received or receivable; excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:Rendering of servicesRevenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:- The amount of revenue can be measured reliably- It is probable that the company will receive the consideration due under the contract- The stage of completion of the contract at the end of the reporting period can be measured reliably; and- The costs incurred and the costs to complete the contract can be measured reliably
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in statement of comprehensive income.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property Long leasehold property Plant and machinery Total
£ £ £ £
Cost
At 164,078 62,038 - 226,116
Additions - - 2,200 2,200
_______ _______ _______ _______
At 30 June 2024 164,078 62,038 2,200 228,316
_______ _______ _______ _______
Depreciation
At - - - -
Charge for the year - - 493 493
_______ _______ _______ _______
At 30 June 2024 - - 493 493
_______ _______ _______ _______
Carrying amount
At 30 June 2024 164,078 62,038 1,707 227,823
_______ _______ _______ _______
At 31 December 2022 164,078 62,038 - 226,116
_______ _______ _______ _______
6. Debtors
30/06/24 31/12/22
£ £
Trade debtors - 1,600
Other debtors - 381
_______ _______
- 1,981
_______ _______
7. Creditors: amounts falling due within one year
30/06/24 31/12/22
£ £
Trade creditors 1,100 -
Taxes - -
Other creditors 159,963 165,264
_______ _______
161,063 165,264
_______ _______
8. Creditors: amounts falling due after more than one year
30/06/24 31/12/22
£ £
Bank loans and overdrafts 81,499 81,499
_______ _______