Company registration number 00396856 (England and Wales)
H B PEARCE (CONTRACTORS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
H B PEARCE (CONTRACTORS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
H B PEARCE (CONTRACTORS) LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
51,869
73,859
Investment property
5
9,582,000
10,582,000
9,633,870
10,655,860
Current assets
Debtors
6
80,409
78,781
Cash at bank and in hand
42,900
8,427
123,309
87,208
Creditors: amounts falling due within one year
7
(525,197)
(623,794)
Net current liabilities
(401,888)
(536,586)
Total assets less current liabilities
9,231,982
10,119,274
Creditors: amounts falling due after more than one year
8
(5,427,500)
(5,877,500)
Provisions for liabilities
(482,110)
(608,121)
Net assets
3,322,372
3,633,653
Capital and reserves
Called up share capital
9
50,000
50,000
Revaluation reserve
10
3,015,245
2,889,234
Profit and loss reserves
257,127
694,419
Total equity
3,322,372
3,633,653
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
H B PEARCE (CONTRACTORS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr T B Pearce
Director
Company Registration No. 00396856
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
H B Pearce (Contractors) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thorpe House, 93 Headlands, Kettering, Northamptonshire, United Kingdom, NN15 6BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover represents rents received in respect of the company's investment properties in accordance with operating lease agreements and is recognised as the company's right to receive payment is established. This is when invoices are raised as stipulated by those lease agreements and income is therefore recognised on a straight line basis over the period of the lease.
1.3
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
33 1/3 % on cost
Fixtures and fittings
20% on cost
Computer equipment
33 1/3 % on cost
Motor vehicles
20% on cost and 10% on cost
1.4
Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at far value at each reporting date with changes in fair value recognised in profit or loss. The fair value is based on market valuations provided by professional valuers on a regular basis and reviewed each year by the directors.
1.5
Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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
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
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.
1.7
The cost of assets held under hire purchase contracts are included in tangible fixed assets and depreciated at the appropriate rates. The capital element of future repayments is included in creditors, whilst the finance charge element is written off to the profit and loss account.
1.8
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Intangible fixed assets
Timeshare
£
Cost
At 1 August 2023 and 31 July 2024
1
Amortisation and impairment
At 1 August 2023 and 31 July 2024
Carrying amount
At 31 July 2024
1
At 31 July 2023
1
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
2,427
99,903
14,958
136,797
254,085
Additions
133
2,636
2,769
At 31 July 2024
2,560
99,903
17,594
136,797
256,854
Depreciation and impairment
At 1 August 2023
1,911
40,548
13,969
123,798
180,226
Depreciation charged in the year
543
19,981
1,115
3,120
24,759
At 31 July 2024
2,454
60,529
15,084
126,918
204,985
Carrying amount
At 31 July 2024
106
39,374
2,510
9,879
51,869
At 31 July 2023
516
59,355
989
12,999
73,859
5
Investment property
2024
£
Fair value
At 1 August 2023
10,582,000
Additions
17,572
Disposals
(1,017,572)
At 31 July 2024
9,582,000
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,860
67,446
Other debtors
25,416
11,335
30,276
78,781
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
50,133
Total debtors
80,409
78,781
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
135,000
Trade creditors
40,431
24,761
Corporation tax
108,526
30,999
Other taxation and social security
28,125
41,526
Other creditors
348,115
391,508
525,197
623,794
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
5,427,500
5,877,500
Long-term bank loans are secured by fixed charges over the company's various investment properties. Hire purchase contracts are secured by fixed charges over the individual assets subject to those agreements.
Amounts included above which fall due after five years are as follows:
Payable by instalments
5,027,500
5,517,500
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
H B PEARCE (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Called up share capital
(Continued)
- 7 -
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,889,234
1,887,234
Deferred tax on revaluation of tangible assets
126,011
(362,500)
Revaluation of investment properties
-
1,364,500
At the end of the year
3,015,245
2,889,234