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COMPANY REGISTRATION NUMBER: 10098805
PEARSONS DEVELOPMENT AND PROPERTY SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
PEARSONS DEVELOPMENT AND PROPERTY SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
PEARSONS DEVELOPMENT AND PROPERTY SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
19,554
24,442
CURRENT ASSETS
Work in progress
6
8,500
4,000
Debtors
7
4,373
12,410
Cash at bank and in hand
30,427
31,372
---------
---------
43,300
47,782
CREDITORS: amounts falling due within one year
8
43,268
37,802
---------
---------
NET CURRENT ASSETS
32
9,980
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
19,586
34,422
CREDITORS: amounts falling due after more than one year
9
15,349
22,506
PROVISIONS
Taxation including deferred tax
3,715
4,644
---------
---------
NET ASSETS
522
7,272
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
1
1
Profit and loss account
521
7,271
----
-------
SHAREHOLDERS FUNDS
522
7,272
----
-------
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 income and retained earnings has not been delivered.
For the year ending 30th April 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PEARSONS DEVELOPMENT AND PROPERTY SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
M. Pearson
Director
Company registration number: 10098805
PEARSONS DEVELOPMENT AND PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Beach Road, North Shields, Tyne & Wear, NE30 2NU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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 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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the work to its present condition.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum contract payments, which is determined at the inception of the contract term. Any initial direct costs of the contract are added to the amount recognised as an asset. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1st May 2023 and 30th April 2024
2,000
25,650
27,650
-------
---------
---------
Depreciation
At 1st May 2023
1,712
1,496
3,208
Charge for the year
58
4,830
4,888
-------
---------
---------
At 30th April 2024
1,770
6,326
8,096
-------
---------
---------
Carrying amount
At 30th April 2024
230
19,324
19,554
-------
---------
---------
At 30th April 2023
288
24,154
24,442
-------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th April 2024
19,324
---------
At 30th April 2023
24,154
---------
6. WORK IN PROGRESS
2024
2023
£
£
Work in progress
8,500
4,000
-------
-------
7. DEBTORS
2024
2023
£
£
Trade debtors
4,160
12,180
Prepayments
213
230
-------
---------
4,373
12,410
-------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
4,000
4,000
Trade creditors
14,271
10,471
Accruals
2,113
1,192
Corporation tax
12,958
5,497
Social security and other taxes
6,611
13,311
Obligations under finance leases and hire purchase contracts
3,157
3,157
Director loan accounts
158
174
---------
---------
43,268
37,802
---------
---------
The hire purchase contract included within creditors: amounts falling due within one year is secured against the asset that is funded in this way.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
6,667
10,667
Obligations under finance leases and hire purchase contracts
8,682
11,839
---------
---------
15,349
22,506
---------
---------
The hire purchase contract included within creditors: amounts falling after more than one year is secured against the asset that is funded in this way.
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
3,715
4,644
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
3,715
4,644
-------
-------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M. Pearson
( 174)
35,841
( 35,825)
( 158)
----
---------
---------
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M. Pearson
6,524
39,012
( 45,710)
( 174)
-------
---------
---------
----
13. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.