Pearce (Churchill) Limited - Period Ending 2018-12-31

Pearce (Churchill) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2018

Registration number: 08419670

Pearce (Churchill) Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Pearce (Churchill) Limited

Balance Sheet

31 December 2018

	Note	2018 £	2017 £
Current assets
Stocks		195,404	1,499,815
Debtors	3	868,678	248,363
Cash at bank and in hand		236,243	16,548
		1,300,325	1,764,726
Creditors: Amounts falling due within one year	4	(568,429)	(1,654,970)
Total assets less current liabilities		731,896	109,756
Provisions for liabilities		-	1,613
Net assets		731,896	111,369
Capital and reserves
Called up share capital	5	2	2
Profit and loss account		731,894	111,367
Total equity		731,896	111,369

For the financial year ending 31 December 2018 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 September 2019 and signed on its behalf by:
 

......................................... Mr B Pearce Director

Company Registration Number: 08419670

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Pearce (Churchill) Limited

Notes to the Financial Statements

Year Ended 31 December 2018

1	General information

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

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

The principal place of business is:
Unit 7
Miller Business Park
Station Road
Liskeard
Cornwall
PL14 4DA

These financial statements were authorised for issue by the Board on 26 September 2019.

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

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.

Page 2

Pearce (Churchill) Limited

Notes to the Financial Statements

Year Ended 31 December 2018

Tax

Tax is recognised in a profit or loss, except that a change attibutable to an item of inocme or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based ib current or future taxable profit.

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 stocks 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Page 3

Pearce (Churchill) Limited

Notes to the Financial Statements

Year Ended 31 December 2018

3

Debtors

	2018  £	2017  £
Trade debtors	-	8,243
Amounts due from related companies	848,000	228,250
Other debtors	17,957	11,870
Prepayments	2,721	-
	868,678	248,363

4

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	108	8,018
Amounts due to related companies	401,108	1,603,390
Other creditors	23,004	43,062
Accrued expenses	500	500
Corporation tax	143,709	-
	568,429	1,654,970

5	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

Page 4