2 1 M R & J E Pearce Limited 11042200 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is holding company Digita Accounts Production Advanced 6.30.9574.0 true 11042200 2023-12-01 2024-11-30 11042200 2024-11-30 11042200 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-11-30 11042200 core:CurrentFinancialInstruments 2024-11-30 11042200 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 11042200 bus:SmallEntities 2023-12-01 2024-11-30 11042200 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 11042200 bus:FullAccounts 2023-12-01 2024-11-30 11042200 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 11042200 bus:RegisteredOffice 2023-12-01 2024-11-30 11042200 bus:Director2 2023-12-01 2024-11-30 11042200 bus:Director3 2023-12-01 2024-11-30 11042200 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 11042200 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 11042200 countries:England 2023-12-01 2024-11-30 11042200 core:CostValuation 2023-11-30 11042200 2022-12-01 2023-11-30 11042200 2023-11-30 11042200 core:CurrentFinancialInstruments 2023-11-30 11042200 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 11042200 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 xbrli:pure iso4217:GBP

Registration number: 11042200

M R & J E Pearce Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

M R & J E Pearce Limited

(Registration number: 11042200)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

810,000

810,000

Other financial assets

5

2

2

 

810,002

810,002

Current assets

 

Stocks

6

752,741

537,939

Debtors

7

134,774

85,408

Cash at bank and in hand

 

15,967

25,776

 

903,482

649,123

Creditors: Amounts falling due within one year

8

(70,149)

(80,939)

Net current assets

 

833,333

568,184

Net assets

 

1,643,335

1,378,186

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,643,235

1,378,086

Shareholders' funds

 

1,643,335

1,378,186

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 21 August 2025 and signed on its behalf by:
 

 

M R & J E Pearce Limited

(Registration number: 11042200)
Balance Sheet as at 30 November 2024

.........................................
Mrs Rachel Helen Pearce
Director

.........................................
Mr Mark Brian Pearce
Director

 

M R & J E Pearce Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

2

Accounting policies

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 years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

M R & J E Pearce Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

M R & J E Pearce Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Borrowings

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

4

Investments

2024
£

2023
£

Investments in associates

810,000

810,000

Associates

£

Cost

At 1 December 2023

810,000

Provision

Carrying amount

At 30 November 2024

810,000

At 30 November 2023

810,000

 

M R & J E Pearce Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2023

2

2

At 30 November 2024

2

2

Impairment

Carrying amount

At 30 November 2024

2

2

6

Stocks

2024
£

2023
£

Other inventories

752,741

537,939

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

110,000

60,000

Other debtors

 

24,774

25,408

   

134,774

85,408

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

60,000

60,000

Trade creditors

 

9,053

18,120

Taxation and social security

 

-

1,823

Accruals and deferred income

 

1,000

900

Other creditors

 

96

96

 

70,149

80,939

 

M R & J E Pearce Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

60,000

60,000

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £60.00 per each Ordinary

60,000

60,000

 

 

11

Related party transactions

 

M R & J E Pearce Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,000

16,000