Company No: 03156734 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	735,093		733,183
		735,093		733,183
Current assets
Stocks		68,056		25,256
Debtors	5	693,361		917,105
Cash at bank and in hand		152,362		1,659
		913,779		944,020
Creditors: amounts falling due within one year	6	( 1,018,087)		( 1,065,695)
Net current liabilities		(104,308)		(121,675)
Total assets less current liabilities		630,785		611,508
Creditors: amounts falling due after more than one year	7	( 271,530)		( 291,949)
Provision for liabilities		( 55,315)		( 52,432)
Net assets		303,940		267,127
Capital and reserves
Called-up share capital		1		1
Profit and loss account		303,939		267,126
Total shareholder's funds		303,940		267,127

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pearce Fine Homes Limited (registered number: 03156734) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Mr B Pearce Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pearce Fine Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Unit 18, 23 Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is Twelvewoods House, Unit 15, Twelvewoods Business Park, Dobwalls, Liskeard, Cornwall, PL14 6LN.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue at the point of sale or delivery and when the work is complete.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	20 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	15		14

3. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 January 2024	6,950		6,950
At 31 December 2024	6,950		6,950
Accumulated amortisation
At 01 January 2024	6,950		6,950
At 31 December 2024	6,950		6,950
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 January 2024	644,700		303,701		139,197		38,298		1,125,896
Additions	0		45,787		15,660		0		61,447
Disposals	0		( 28,300)		0		0		( 28,300)
At 31 December 2024	644,700		321,188		154,857		38,298		1,159,043
Accumulated depreciation
At 01 January 2024	51,578		208,026		107,288		25,821		392,713
Charge for the financial year	12,894		27,300		11,892		2,494		54,580
Disposals	0		( 23,343)		0		0		( 23,343)
At 31 December 2024	64,472		211,983		119,180		28,315		423,950
Net book value
At 31 December 2024	580,228		109,205		35,677		9,983		735,093
At 31 December 2023	593,122		95,675		31,909		12,477		733,183

5. Debtors

	2024		2023
	£		£
Trade debtors	372		1,788
Amounts owed by related parties	523,998		898,999
Other debtors	168,991		16,318
	693,361		917,105

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	19,200		21,600
Trade creditors	163,744		203,699
Amounts owed to Parent undertakings	691,165		697,870
Amounts owed to related parties	12,616		0
Amounts owed to directors	35,558		4,348
Accruals	19,134		11,900
Corporation tax	18,407		65,449
Other taxation and social security	52,568		58,265
Other creditors	5,695		2,564
	1,018,087		1,065,695

Bank loans are secured against the land and buildings of the company.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	271,530		291,949

Bank loans are secured against the land and buildings of the company.

8. Ultimate controlling party

Parent Company:

Pearce Homes Holdings Ltd

C/O Francis Clark LLP, Melville Building East, Unit 18, 23 Royal William Yard, Plymouth, Devon, PL1 3GW