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Registered number: 14154886













 
PEARCE GLOBAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




































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


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
COMPANY INFORMATION


Directors
Mr P Shilling 
Mrs E A Snaith 
Mr P W Snaith 




Registered number
14154886



Registered office
Castle Court
Duke Street

Nottingham

NG7 7JN




Independent auditors
Page Kirk LLP
Chartered Accountants and Statutory Auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB




Bankers
HSBC
26 Clumber Street

Nottingham

NG1 3GA






 
PEARCE GLOBAL HOLDINGS LIMITED
 


CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Consolidated Profit and Loss Account
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Notes to the Financial Statements
18 - 40



 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report for the year ended 31st May 2024.

Principal activity
 
The principal activity of the group is that of supply, installation and maintenance of all types of signage, interiors and electrical contracting.

Fair review of the business
 
The UK market demand during the period was strong in all sectors and a number of new contracts were awarded along with retention and expansion within existing clients. The contribution from the global market continued to grow and the Board is committed to develop this further.
The group has invested in enhancements to its production & installation equipment increasing manufacturing efficiency and capacity. This is part of an ongoing program of upgrading its facilities to deliver a modern business incorporating the latest technologies. Further investments will be made to improve the groups operational, administrative, and environmental effectiveness to support growth and remain competitive in the marketplace.
We value the contribution made by the groups employees and are investing in our teams by providing a modern, safe and inclusive working environment. This enables each member of the team to develop skills and competences that enhance their contribution to the success of the business. The group is paying the real living wage.
The group has shown a strong performance during the period within the core signage business and complementary product areas. The Board with their extensive experience in the industry views the future of the group with continued confidence.


Page 1


 
PEARCE GLOBAL HOLDINGS LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Principal risks and uncertainties
 
Market risk
The signage market can present unpredictable and variable levels of activity, influenced by general economic conditions and timing of major rebranding decisions or mergers and acquisitions by clients. The group considers that its customer base of high quality clients over a broad sector and geography spread mitigates this risk.
Inflation risk
In a highly competitive and price-sensitive market, opportunities to pass on the effects of inflation can be more limited. The group addresses this risk by continually reviewing its production processes and driving efficiencies and enhancements to raw material sourcing. Long term fixed price energy contracts have protected the business from increasing energy costs.
Foreign exchange risk
Increased export activity can lead to exposure to currency fluctuations and the group seeks to address this risk where possible by fixing exchange rates at the start of a significant contract and by offsetting sales receipts and supplier payments in matching currencies where appropriate.
Health and safety risk
The group operates machinery and carries out services with an inherent safety risk to project workers. Health and Safety procedures and multiple accreditations supported by thorough training ensure that the group’s safety record is excellent.
Capacity constraints
The group uses several subcontract suppliers in specific markets, providing increased capacity and flexibility. Significant investment has been made in new equipment and improving the workflow and available production space in prior years and this has increased capacity for all signage types.
Key performance indicators
The business sets and monitors annual and monthly key performance indicators. These include order input, sales by market and customer, margins and operating cash flow.


This report was approved by the board on 23 May 2025 and signed on its behalf.



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


Page 2


 
PEARCE GLOBAL HOLDINGS LIMITED


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £390,642 (2023 - £199,527).

Directors

The directors who served during the year were:

Mr D P Crosby (resigned 30 September 2024)
Mr M D Hudson (resigned 12 November 2024)
Mr P Shilling 
Mrs E A Snaith 
Mr P W Snaith 
Mr G A Wilton-Hillard (resigned 31 July 2023)

Objectives and policies
The group undertakes a system of budgetary control and regular forecast updates to ensure that its performance and KPI’s are achieved, business risks are identified and mitigating actions are prioritised. The Board regularly reviews the continued effectiveness of its risk management and internal control systems and has established procedures to review its business risks and implement any necessary corrective actions as required.
Price risk, credit risk, liquidity risk and cash flow risk
Customer contracts are awarded following tender submissions and are for a specific number of sites or a defined period of time. Pricing is fixed for the duration of these contracts. Longer term contracts may include a price review mechanism. The group regularly meets with its customers to ensure the business remains competitive and service levels are being achieved.
Default on debts due to customer insolvency is a continuing risk. The group undertakes credit checks in advance of committing resources to a new project, and the quality and spread of the customer base means that this risk is reduced as far as is possible.
The group regularly forecasts cash flow and its funding requirements to ensure the availability of liquidity and the adequacy of its banking facilities and to ensure that bank covenants are not breached.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.


Page 3


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Auditors

Page Kirk LLP have expressed their willingness to continue as auditors for the next financial year.
The address of the registered office is:
Castle Court
Duke Street
New Basford
Nottingham
NG7 7JN

This report was approved by the board on 23 May 2025 and signed on its behalf.
 





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


Page 4


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Page 5


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Pearce Global Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group'  for the year ended 31 May 2024, which comprise the Group Profit and Loss Account, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 May 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.



Page 6


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.



 



Page 7


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Group and the parent Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue.
Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing regulatory correspondence and professional fees.
• Detailed substantive testing on the completeness of income.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.



Page 8


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered Accountants and Statutory Auditors
  
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

23 May 2025

Page 9


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024

7 June 2022 to
31 May
31 May
2024
2023
Note
£
£

  

Turnover
 3 
18,107,778
10,946,984

Cost of sales
  
(11,340,664)
(7,210,992)

Gross profit
  
6,767,114
3,735,992

Distribution costs
  
(307,400)
(217,661)

Administrative expenses
  
(5,528,863)
(3,333,677)

Interest receivable and similar income
 7 
-
269

Interest payable and similar expenses
 8 
(310,576)
59,269

Profit before tax
  
620,275
244,192

Tax on profit
 9 
(259,719)
(44,665)

Profit for the financial year
  
360,556
199,527

Profit/(Loss) for the year attributable to:
  

Non-controlling interests
  
(30,086)
-

Owners of the parent
  
390,642
199,527

  
360,556
199,527

The notes on pages 18 to 40 form part of these financial statements.


Page 10


 
PEARCE GLOBAL HOLDINGS LIMITED
REGISTERED NUMBER:14154886


CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
2,907,298
3,270,710

Tangible assets
 11 
785,285
581,707

  
3,692,583
3,852,417

Current assets
  

Stocks
 13 
868,406
685,208

Debtors: amounts falling due within one year
 14 
3,996,586
3,344,900

Cash at bank and in hand
 15 
360,722
321,441

  
5,225,714
4,351,549

Creditors: amounts falling due within one year
 16 
(4,264,702)
(3,799,602)

Net current assets
  
 
 
961,012
 
 
551,947

Total assets less current liabilities
  
4,653,595
4,404,364

Creditors: amounts falling due after more than one year
 17 
(3,991,039)
(4,133,813)

Provisions for liabilities
  

Deferred taxation
 21 
(93,544)
(61,024)

  
 
 
(93,544)
 
 
(61,024)

Net assets excluding pension asset
  
569,012
209,527

Net assets
  
569,012
209,527


Capital and reserves
  

Called up share capital 
 22 
10,000
10,000

Profit and loss account
  
589,098
199,527

Equity attributable to owners of the parent Company
  
599,098
209,527

Non-controlling interests
  
(30,086)
-

  
569,012
209,527



Page 11


 
PEARCE GLOBAL HOLDINGS LIMITED
REGISTERED NUMBER:14154886

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

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




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

The notes on pages 18 to 40 form part of these financial statements.


Page 12


 
PEARCE GLOBAL HOLDINGS LIMITED
REGISTERED NUMBER:14154886


COMPANY BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 12 
4,230,875
4,230,875

  
4,230,875
4,230,875

Current assets
  

Debtors: amounts falling due within one year
 14 
2,954
182,000

Cash at bank and in hand
 15 
1,298
3,743

  
4,252
185,743

Creditors: amounts falling due within one year
 16 
(617,537)
(797,730)

Net current liabilities
  
 
 
(613,285)
 
 
(611,987)

Total assets less current liabilities
  
3,617,590
3,618,888

  

Creditors: amounts falling due after more than one year
 17 
(3,541,011)
(3,567,500)

  

Net assets excluding pension asset
  
76,579
51,388

Net assets
  
76,579
51,388


Capital and reserves
  

Called up share capital 
 22 
10,000
10,000

Profit and loss account
  
66,579
41,388

  
76,579
51,388


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


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

The notes on pages 18 to 40 form part of these financial statements.


Page 13


 
PEARCE GLOBAL HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up
share
capital
Profit and
loss
account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 June 2023
10,000
199,527
209,527
-
209,527



Profit for the year
-
390,642
390,642
(30,086)
360,556

Purchase of own shares
-
(1,071)
(1,071)
-
(1,071)


At 31 May 2024
10,000
589,098
599,098
(30,086)
569,012


The notes on pages 18 to 40 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up
share
capital
Profit and 
loss
account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
199,527
199,527

Shares issued during the period
10,000
-
10,000


At 31 May 2023
10,000
199,527
209,527


The notes on pages 18 to 40 form part of these financial statements.


Page 14


 
PEARCE GLOBAL HOLDINGS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up
share
capital
Profit and
loss
account
Total equity

£
£
£

At 1 June 2023
10,000
41,388
51,388


Comprehensive income for the year

Profit for the year
-
26,262
26,262


Contributions by and distributions to owners

Purchase of own shares
-
(1,071)
(1,071)


At 31 May 2024
10,000
66,579
76,579


The notes on pages 18 to 40 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up
share
capital
Profit and
loss
account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
41,388
41,388


Contributions by and distributions to owners

Shares issued during the period
10,000
-
10,000


At 31 May 2023
10,000
41,388
51,388


The notes on pages 18 to 40 form part of these financial statements.


Page 15


 
PEARCE GLOBAL HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

31 May
2024
7 June 2022 to 31 May 2023
£
£

Cash flows from operating activities

Profit for the financial year
360,556
199,527

Adjustments for:

Amortisation of intangible assets
363,412
-

Depreciation of tangible assets
203,810
166,530

Loss on disposal of tangible assets
(18,300)
(21,210)

Interest paid
299,837
212,103

Interest received
-
(269)

Taxation charge
259,719
44,665

(Increase)/decrease in stocks
(183,198)
(685,208)

(Increase)/decrease in debtors
(651,686)
(3,344,900)

Increase in creditors
762,931
3,796,430

Corporation tax (paid)/received
(76,183)
-

Net cash generated from operating activities

1,320,898
367,668


Cash flows from investing activities

Purchase of intangible fixed assets
-
(848,874)

Purchase of tangible fixed assets
(267,187)
(210,097)

Sale of tangible fixed assets
18,300
21,210

Interest received
-
269

HP interest paid
(13,071)
(5,400)

Net cash from investing activities

(261,958)
(1,042,892)

Page 16


 
PEARCE GLOBAL HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
10,000

Purchase of own shares
(1,071)
-

New secured loans
-
1,181,091

Repayment of loans
(588,867)
-

Other new loans
-
185,500

Repayment of secured loans
(26,489)
(90,000)

(Repayment of)/new finance leases
(116,466)
(83,223)

Interest paid
(286,766)
(206,703)

Net cash used in financing activities
(1,019,659)
996,665

Net increase in cash and cash equivalents
39,281
321,441

Cash and cash equivalents at beginning of year
321,441
-

Cash and cash equivalents at the end of year
360,722
321,441


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
360,722
321,441

360,722
321,441


The notes on pages 18 to 40 form part of these financial statements.


Page 17


 
PEARCE GLOBAL HOLDINGS 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

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 periods presented, unless otherwise stated.

 
2.2

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The company's profit for the year was £26,262 (2023 - £41,388).

The following principal accounting policies have been applied:


Page 18


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The date of the business combination and acquisition of Pearce Global Limited was 26 August 2022. 100% of the ordinary share capital and voting rights of Pearce Global Limited were acquired and, at the acquisition date, Pearce Global Limited’s net assets related to investments in subsidiary companies amounting to £3,296,145. The combining entities are listed below. The cost of the combination was £4,230,874 which was made up of cash and debt instruments. Goodwill on consolidation is to be amortised over 9 years starting from the first day of the accounting period after the acquisition date and is based on the directors’ assessment of the useful life. 
The consolidated financial statements consolidate the financial statements of the company and the following subsidiary undertakings drawn up to 31 May 2024:
Pearce Global Limited
Pearce Signs Limited
The International Sign Alliance Limited
Pearce Electrical (UK) Limited
Pearce Projects Limited
Pearce Group Limited
Pearce Eco Energy Limited
Pearce Maintenance Limited
Pearce Signs (Central) Limited
Pearce Digital Limited
TISA Global Limited
The International Sign Alliance Asia Limited
Pearce Signs Asia Limited

 
2.4

Going concern

The national and international economic outlook has been and will continue to be negatively affected by inflationary pressures and challenging labour market conditions. 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.

  
2.5

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. During the preparation of these financial statements there have been no significant or material judgements and estimates that require disclosure other than stage of completion on contracts.


Page 19


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.7

Revenue recognition

Sale of goods 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 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.

Contract revenue recognition
Turnover is recognised by the stage of completion of the contract. The stage of completion of the contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

 
2.8

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.


Page 20


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

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 profit and loss account 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.

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.


Page 21


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



Page 22


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licenses (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licenses and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 Amortisation is provided on the following bases:

Website development
-
33%
straight line
Goodwill on consolidation
-
Over 9 years starting from the first day of the accounting period after the acquisition date
Contract development
-
33%
straight line

 
2.15

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:

Leasehold improvements
-
Over the lease term
Plant and machinery
-
20%
straight line
Motor vehicles
-
33%
straight line
Fixtures and fittings
-
15%
to 25% straight line
Office equipment
-
20%
to 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.


Page 23


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.17

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.

 
2.18

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.

 
2.19

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

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.

  
2.21

Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.


Page 24


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.22

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the period that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.23

Financial instruments

The Group 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 Consolidated 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.


Page 25


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

3.


Turnover

An analysis of turnover by class of business is as follows:


31 May
7 June 2022 to
31 May
2024
2023
£
£

Sale of goods
15,672,754
10,274,500

Contract revenue
2,435,024
672,484

18,107,778
10,946,984


Analysis of turnover by country of destination:

31 May
7 June 2022 to
31 May
2024
2023
£
£

United Kingdom
13,763,278
8,552,819

Rest of Europe
1,525,295
1,083,378

Rest of the world
2,819,205
1,310,787

18,107,778
10,946,984



4.


Auditors' remuneration

31 May
7 June 2022 to
31 May
2024
2023
£
£

Audit of the financial statements
32,460
29,510


Page 26


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

5.


Employees

Staff costs, including directors' remuneration, were as follows:




31 May
2024
7 June 2022
to
31 May
2023
£
£


Wages and salaries
3,921,528
2,790,397

Social security costs
428,423
320,583

Cost of defined contribution scheme
77,174
55,415

4,427,125
3,166,395


The average monthly number of employees, including the directors, during the year was as follows:


        31 May
7 June 2022
to
31 May
        2024
        2023
            No.
            No.







Production
33
25



Administration and support
50
51



Distribution
9
11

92
87






Page 27


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

6.


Directors' remuneration

31 May
7 June 2022 to
31 May
2024
2023
£
£

Directors' emoluments
657,379
482,292

Group contributions to defined contribution pension schemes
5,520
4,953

662,899
487,245


During the year retirement benefits were accruing to 6 directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £136,841 (2023 - £131,889).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


7.


Interest receivable

31 May
7 June 2022 to
31 May
2024
2023
£
£


Other interest receivable
-
269

-
269


Page 28


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

8.


Interest payable and similar expenses

31 May
7 June 2022 to
31 May
2024
2023
£
£


Bank interest payable
108,359
57,472

Other loan interest payable
176,610
138,532

Foreign exchange rate variances
10,739
(271,372)

Finance leases and hire purchase contracts
13,071
5,400

Other interest payable
1,797
10,699

310,576
(59,269)


9.


Taxation


31 May
7 June 2022 to
31 May
2024
2023
£
£

Corporation tax


Current tax on profits for the year
227,199
38,906


227,199
38,906


Total current tax
227,199
38,906

Deferred tax


Origination and reversal of timing differences
32,520
5,759

Total deferred tax
32,520
5,759


Taxation on profit on ordinary activities
259,719
44,665

Page 29


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 20.0027%) as set out below:

31 May
7 June 2022 to
31 May
2024
2023
£
£


Profit on ordinary activities before tax
620,275
244,191


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.0027%)
155,069
48,845

Effects of:


Non-tax deductible amortisation of goodwill and impairment
90,853
-

Expenses not deductible for tax purposes
14,184
9,649

Capital allowances for year/period in excess of depreciation
(33,268)
(20,572)

Increase or decrease from changes in pension creditor
361
(24)

Origination and reversal of timing differences
32,520
5,759

Other differences leading to an increase (decrease) in the tax charge.
-
1,008

Total tax charge for the year/period
259,719
44,665


Page 30


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

10.


Intangible assets

Group 





Contract development
Website development
Goodwill
Total

£
£
£
£



Cost


At 1 June 2023
127,613
16,050
3,315,710
3,459,373



At 31 May 2024

127,613
16,050
3,315,710
3,459,373



Amortisation


At 1 June 2023
127,613
16,050
45,000
188,663


Charge for the year
-
-
363,412
363,412



At 31 May 2024

127,613
16,050
408,412
552,075



Net book value



At 31 May 2024
-
-
2,907,298
2,907,298



At 31 May 2023
-
-
3,270,710
3,270,710




Page 31

 

PEARCE GLOBAL HOLDINGS LIMITED
 
 
 


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


11.


Tangible fixed assets


Group







Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
168,232
1,038,908
400,242
325,776
12,181
1,945,339


Additions
133,942
46,103
145,639
76,637
5,067
407,388


Disposals
-
-
(46,500)
-
-
(46,500)



At 31 May 2024

302,174
1,085,011
499,381
402,413
17,248
2,306,227



Depreciation


At 1 June 2023
67,601
769,358
240,565
275,667
10,441
1,363,632


Charge for the year
19,089
73,017
69,294
40,032
2,378
203,810


Disposals
-
-
(46,500)
-
-
(46,500)



At 31 May 2024

86,690
842,375
263,359
315,699
12,819
1,520,942



Net book value



At 31 May 2024
215,484
242,636
236,022
86,714
4,429
785,285



At 31 May 2023
100,631
269,550
159,677
50,109
1,740
581,707

Page 32

 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

Finance leases

Included in the net book value of tangible assets is £421,340 (2023 - £378,393) in respect of assets purchased through finance leases.
 

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
4,230,875



At 31 May 2024
4,230,875





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Pearce Global Limited
Ordinary shares
100%
Pearce Group Limited
Ordinary shares
100%

The registered office address of all subsidiary undertakings is Castle Court, Duke Street, New Basford, Nottingham, NG7 7JN.


Page 33


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

13.


Stocks

Group
Group
31 May
2024
31 May
 2023
£
£

Raw materials and finished goods
307,740
309,071

Work in progress
560,666
376,137

868,406
685,208



14.


Debtors

Group
Group
Company
Company
31 May
 2024
31 May
 2023
31 May
 2024
31 May
 2023
£
£
£
£


Trade debtors
3,445,142
3,031,166
-
-

Amounts owed by group undertakings
-
-
-
182,000

Other debtors
152,764
82,608
2,954
-

Prepayments and accrued income
398,680
231,126
-
-

3,996,586
3,344,900
2,954
182,000


An impairment loss of £26,065 (2023 - £16,309) was recognised against trade debtors.


15.


Cash and cash equivalents

Group
Group
Company
Company
31 May
 2024
31 May
 2023
31 May
 2024
31 May
 2023
£
£
£
£

Cash at bank and in hand
360,722
321,441
1,298
3,743

360,722
321,441
1,298
3,743



Page 34


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
31 May
 2024
31 May
 2023
31 May
 2024
31 May
 2023
£
£
£
£

Bank loans
232,224
701,091
-
-

Trade creditors
2,177,977
1,719,346
8,724
-

Amounts owed to group undertakings
-
-
590,391
769,839

Corporation tax
227,199
76,183
-
-

Other taxation and social security
119,115
212,907
-
-

Net obligations under finance lease and hire purchase contracts
127,021
107,001
-
-

Other creditors
159,334
175,521
-
16,536

Accruals and deferred income
1,221,832
807,553
18,422
11,355

4,264,702
3,799,602
617,537
797,730



Page 35


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
31 May
 2024
31 May
 2023
31 May
 2024
31 May
 2023
£
£
£
£

Bank loans
270,000
390,000
-
-

Other loans
3,541,011
3,567,500
3,541,011
3,567,500

Net obligations under finance leases and hire purchase contracts
180,028
176,313
-
-

3,991,039
4,133,813
3,541,011
3,567,500


The other loans represent loan notes with a fixed interest rate of 5% and no fixed repayment date. On this basis, the other loans are shown within creditors falling due after more than one year. The loan notes relate to founder loan notes of £3,382,000 (2023 - £3,382,000) and management loan notes of £159,011 (2023 - £185,500). The founder loan notes are secured (see Charges section below). Before redemption of the founder loan notes, certain prescribed business decisions require the consent of two of the founder loan note holders.
Charges
Group
There are charges dated 26 August 2022 entitling Mrs E A Snaith and Close Brothers Limited as security trustees. The charges contain:
• Fixed charge.
• Floating charge covering all property or undertaking of the company.
• Negative pledge.
The following were outstanding at the year end:
• A debenture with HSBC plc dated 12 September 2005 contains a fixed and floating charge over all assets of the company.
• HP contracts are secured over the assets to which they relate.
• Pearce Signs Limited has provided guarantees to support two group companies.
Company
There are charges dated 26 August 2022 entitling Mrs E A Snaith and Close Brothers Limited as security trustees. The charges contain:
• Fixed charge.
• Floating charge covering all property or undertaking of the company.
• Negative pledge.


Page 36


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

18.


Loans


Group
Group
Company
Company
31 May
 2024
31 May
 2023
31 May
 2024
31 May
 2023
£
£
£
£

Amounts falling due within one year

Bank loans
232,224
701,091
-
-

Amounts falling due after more than one year

Bank loans
270,000
390,000
-
-

Other loans
3,541,011
3,567,500
3,541,011
3,567,500



4,043,235
4,658,591
3,541,011
3,567,500



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
31 May
 2024
31 May
 2023
£
£

Within one year
143,482
117,571

After more than one year
209,405
190,250

352,887
307,821


Page 37


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

20.


Financial instruments

Group
Group
Company
Company
31 May
 2024
31 May
 2023
31 May
 2024
31 May
 2023
£
£
£
£



Financial liabilities

Financial assets that are debt instruments measured at amortised cost
3,958,628
3,352,142
1,298
185,743

Financial liabilities measured at amortised cost
7,090,911
7,194,639
4,158,548
4,365,230

Group
Items of income, expense, gains or losses
The total interest income for financial assets not measured at fair value through profit or loss is £Nil (2023 - £269). 
The total interest expense for financial liabilities not measured at fair value through profit or loss is £284,969 (2023 - £204,006).
Impairment to trade debtors
The amount of the impairment loss during the year was £26,065 (2023 - £16,536).
Company
Items of income, expense, gains or losses
The total interest expense for financial liabilities not measured at fair value through profit or loss is £176,610 (2023 - £138,532).


21.


Deferred taxation


Group



31 May
2024
31 May
2023


£

£






At beginning of year
(61,024)
(22,326)


Charged to profit or loss
(32,520)
(38,698)



At end of year
(93,544)
(61,024)


Page 38


 
PEARCE GLOBAL HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
21.Deferred taxation (continued)





Group
Group
31 May
 2024
31 May
2023
£
£

Accelerated capital allowances
(93,544)
(61,024)

(93,544)
(61,024)


22.


Share capital

31 May
2024
31 May
2023
£
£
Allotted, called up and fully paid



2,500 (2023 - 2,500) Ordinary A shares of £1.00 each
2,500
2,500
7,500 (2023 - 7,500) Ordinary B shares of £1.00 each
7,500
7,500

10,000

10,000

On 16 August 2023, 1,071 ordinary B shares were purchased into treasury and remained as treasury shares at the balance sheet date.
All ordinary shares carry equal voting and dividend rights.



23.


Pension commitments

Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £77,174 (2023 - £55,415).
Contributions totalling £11,759 (2023 - £7,228) were payable to the scheme at the end of the period and are included in creditors.


Page 39


 
PEARCE GLOBAL HOLDINGS LIMITED
 

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

24.


Commitments under operating leases

At 31 May 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
31 May
2024
31 May
2023
£
£

Not later than 1 year
202,093
180,664

Later than 1 year and not later than 5 years
244,165
305,772

446,258
486,436

The amount of non-cancellable operating lease payments recognised as an expense during the period was £234,457 (2023 - £170,484).


25.


Related party transactions

Group
At the balance sheet date:
• A creditor balance owed to key management personnel amounted to £nil (£16,536).
• Loan notes owed to key management personnel amounted to £2,723,269 (2023 - £2,749,759).
During the year, lease expenses paid to an entity under the control of key management personnel amounted to £125,000 (2023 - £93,750).
Company
At the balance sheet date:
• A creditor balance owed to key management personnel amounted to £nil (£16,536).
• Loan notes owed to key management personnel amounted to £2,723,269 (2023 - £2,749,759).


26.


Control

The directors deem that Pearce Global Holdings Limited has no controlling party. 

 

Page 40