Company No: 08419670 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Current assets
Stocks		4,211,825		4,588,668
Debtors	3	1,113,368		1,090,951
Cash at bank and in hand		864,669		1,442,948
		6,189,862		7,122,567
Creditors: amounts falling due within one year	4	( 4,964,062)		( 4,397,136)
Net current assets		1,225,800		2,725,431
Total assets less current liabilities		1,225,800		2,725,431
Creditors: amounts falling due after more than one year	5	( 5,813)		( 1,575,833)
Net assets		1,219,987		1,149,598
Capital and reserves
Called-up share capital	6	2		2
Profit and loss account		1,219,985		1,149,596
Total shareholders' funds		1,219,987		1,149,598

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 members have 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 Profit and Loss Account has not been delivered.

The financial statements of Pearce (Churchill) Limited (registered number: 08419670) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

Mr B C 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 (Churchill) 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 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 £.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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	0		0

3. Debtors

	2024		2023
	£		£
Trade debtors	79		0
Amounts owed by related parties	1,066,235		1,049,135
Corporation tax	1,901		1,901
Other debtors	45,153		39,915
	1,113,368		1,090,951

4. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	1,370,020		10,000
Trade creditors	6,126		13,250
Amounts owed to related parties	2,937,683		4,227,318
Taxation and social security	23,463		120,424
Other creditors	626,770		26,144
	4,964,062		4,397,136

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

	2024		2023
	£		£
Bank loans (secured)	5,813		1,575,833

Bank loans are secured against the freehold land that the property development is being undertaken on.

6. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2