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Registered number:
FOR THE YEAR ENDED 31 MAY 2024
Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their strategic report for the year ended 31st May 2024.
The principal activity of the group is that of supply, installation and maintenance of all types of signage, interiors and electrical contracting.
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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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.
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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.
The profit for the year, after taxation and minority interests, amounted to £390,642 (2023 - £199,527).
The directors who served during the year were:
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.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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.
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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 2006. They 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED
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 policies. The 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).
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED (CONTINUED)
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEARCE GLOBAL HOLDINGS LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
NG7 6LB
23 May 2025
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024
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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.
The notes on pages 18 to 40 form part of these financial statements.
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COMPANY BALANCE SHEET
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.
The notes on pages 18 to 40 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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
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.
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:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
9.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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