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Registered number: 07960238













 
PEARCE PROJECTS LIMITED
Annual Report and Abridged Financial Statements
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
PEARCE PROJECTS LIMITED
 


CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 6



 
PEARCE PROJECTS LIMITED
REGISTERED NUMBER:07960238


BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,037
-

  
5,037
-

Current assets
  

Stocks
  
36,645
990

Debtors
  
319,364
101,476

Cash at bank and in hand
  
46,839
200

  
402,848
102,666

Creditors: amounts falling due within one year
  
(490,072)
(137,518)

Net current liabilities
  
 
 
(87,224)
 
 
(34,852)

Total assets less current liabilities
  
(82,187)
(34,852)

  

Net liabilities
  
(82,187)
(34,852)


Capital and reserves
  

Called up share capital 
  
201
201

Profit and loss account
  
(82,388)
(35,053)

  
(82,187)
(34,852)


Page 1


 
PEARCE PROJECTS LIMITED
REGISTERED NUMBER:07960238

    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
All of the company's members have consented to the preparation of an Abridged Balance Sheet in accordance
with Section 444(2A) of the Companies Act 2006.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2025.




................................................
Mr P Shilling
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2


 
PEARCE PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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:
Castle Court
Duke Street
New Basford
Nottingham
NG7 7JN

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company incurred a loss during the period ended 31 May 2024 and had net current liabilities of £87,224 at the balance sheet date. The company is dependent on the ongoing support of Pearce Signs Limited to meet liabilities as they fall due. The directors of Pearce Signs Limited have confirmed that it is their intention to provide ongoing financial support to the company to ensure that the company can meet its liabilities as they fall due for a period of at least 12 months from the date of signing the financial statements. As a result, the directors have prepared the financial statements on a going concern basis.
The national and international economic outlook has been and will continue to be negatively affected by inflationary pressures and foreign currency fluctuations. After assessing the potential impacts and other operational and market risks, the directors expect the company to have adequate resources and projected revenue streams to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing the company's financial statements.

 
2.3

Revenue

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 sales/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.

Page 3


 
PEARCE PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15.00%
straight line
Office equipment
-
33.33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4


 
PEARCE PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
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 the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 1).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


Additions
1,177
5,067
6,244



At 31 May 2024

1,177
5,067
6,244



Depreciation


Charge for the year on owned assets
151
1,056
1,207



At 31 May 2024

151
1,056
1,207



Net book value



At 31 May 2024
1,026
4,011
5,037



At 31 May 2023
-
-
-

Page 5


 
PEARCE PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Parent undertaking

At 31 May 2024, Pearce Global Holdings Limited was the parent company of the only group of companies containing Pearce Projects Limited which prepares consolidated financial statements. Pearce Global Holdings Limited’s registered office address is Castle Court, Duke Street, New Basford, Nottingham, NG7 7JN.

6.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified and included the following material uncertainty related to going concern paragraph:
“We draw attention to note 2.2 in the financial statements, which indicates that at 31 May 2024, the company had net current liability of £87,224. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter."

The audit report was signed on 23 April 2025 by John Wallis FCA (Senior Statutory Auditor) on behalf of Page Kirk LLP.

 
Page 6