Pearse Products Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03286510 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

Pearse Products Group Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Directors:

K Pearse

N Pearse

Secretary:

K Pearse

Registered office:

The Garden House

Heathfield Down

Modbury

Devon

PL21 0SU

Registered number:

03286510 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Tangible assets

4

185

218

Current assets

Stocks

13,795

7,634

Debtors

5

5,196

9,963

18,991

17,597

Creditors

Amounts falling due within one year

6

52,844

60,331

Net current liabilities

(33,853

)

(42,734

)

Total assets less current liabilities

(33,668

)

(42,516

)

Creditors

Amounts falling due after more than one year

7

129,000

174,000

Net liabilities

(162,668

)

(216,516

)

Capital and reserves

Called up share capital

8

80

80

Retained earnings

(162,748

)

(216,596

)

Shareholders' funds

(162,668

)

(216,516

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 June 2020 and were signed on its behalf by:

N Pearse - Director

1.	STATUTORY INFORMATION

Pearse Products Group Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable in respect of goods and services. Turnover is recognised upon

delivery of the product to the customer and services accrued when provided.

Tangible fixed assets

Depreciation is calculated to write down the cost of tangible fixed assets over their expected useful

economic lives using the following rates:

Office equipment - 15% reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, except to the extent that it relates to items recognised in other comprehensive income or directly

in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured using

tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any

impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at

transaction price including any transaction costs and subsequently measured at amortised cost

determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and

other financial liabilities are initially recognised at transaction price net of any transaction costs and

subsequently measured at amortised cost determined using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

Cost

At 1 January 2019

and 31 December 2019

399

Depreciation

At 1 January 2019

181

Charge for year

33

At 31 December 2019

214

Net book value

At 31 December 2019

185

At 31 December 2018

218

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

896

9,963

Other debtors

4,300

-

5,196

9,963

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

2,796

3,548

Trade creditors

16,257

18,757

Taxation and social security

2,269

2,187

Other creditors

31,522

35,839

52,844

60,331

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

129,000

174,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

80

Ordinary

£1

80

80

9.	RELATED PARTY TRANSACTIONS

At the balance sheet date the company owed £160,047 o the directors Nick and Kim Pearse jointly.

10.	ULTIMATE CONTROLLING PARTY

The company was ultimately controlled by it's directors.