Pearson Building Limited - Period Ending 2020-06-30

Pearson Building Limited - Period Ending 2020-06-30


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Registration number: 5478550

Pearson Building Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2020

 

Pearson Building Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Pearson Building Limited

Company Information

Director

Mr D A Pearson

Company secretary

Mrs J Pearson

Registered office

Pennyblue
190b Skinburness Road
Skinburness
Wigton
Cumbria
CA7 4QS

Bankers

HSBC Bank plc
3 Pow Street
Workington
Cumbria
CA14 3AH

Accountants

Gibbons
Chartered Accountants
Carleton House
136 Gray Street
Workington
Cumbria
CA14 2LU

 

Pearson Building Limited

(Registration number: 5478550)
Balance Sheet as at 30 June 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

84,053

46,686

Current assets

 

Stock

5

54,371

248,233

Debtors

6

193,808

122,967

Cash at bank and in hand

 

164,551

31,007

 

412,730

402,207

Creditors: Amounts falling due within one year

7

(240,150)

(226,030)

Net current assets

 

172,580

176,177

Total assets less current liabilities

 

256,633

222,863

Creditors: Amounts falling due after more than one year

7

(43,491)

(14,248)

Provisions for liabilities

(15,970)

(8,870)

Net assets

 

197,172

199,745

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

196,172

198,745

Total equity

 

197,172

199,745

 

Pearson Building Limited

(Registration number: 5478550)
Balance Sheet as at 30 June 2020

For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 October 2020
 

.........................................

Mr D A Pearson

Director

 

Pearson Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

1

General information

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

The address of its registered office is:
Pennyblue
190b Skinburness Road
Skinburness
Wigton
Cumbria
CA7 4QS

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Pearson Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

Stock

Stock is 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.

Borrowings

 

Pearson Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Pearson Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2019 - 6).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2019

39,706

2,582

50,668

92,956

Additions

349

462

66,990

67,801

Disposals

-

-

(5,695)

(5,695)

At 30 June 2020

40,055

3,044

111,963

155,062

Depreciation

At 1 July 2019

22,250

1,964

22,056

46,270

Charge for the year

4,459

272

23,301

28,032

Eliminated on disposal

-

-

(3,293)

(3,293)

At 30 June 2020

26,709

2,236

42,064

71,009

Carrying amount

At 30 June 2020

13,346

808

69,899

84,053

At 30 June 2019

17,456

618

28,612

46,686

5

Stock

2020
£

2019
£

Work in progress

54,371

248,233

6

Debtors

2020
£

2019
£

Trade debtors

185,855

121,706

Other debtors

7,953

1,261

Total current trade and other debtors

193,808

122,967

 

Pearson Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

7

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Loans and borrowings

9

22,587

8,497

Trade creditors

 

33,145

108,448

Taxation and social security

 

109,529

42,487

Other creditors

 

68,983

40,856

Corporation tax control

 

5,906

25,742

 

240,150

226,030

Due after one year

 

Loans and borrowings

9

43,491

14,248

Creditors: amounts falling due after more than one year

Note

2020
£

2019
£

Due after one year

 

Loans and borrowings

9

43,491

14,248

8

Share capital

Allotted, called up and fully paid shares

 

2020

2019

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Pearson Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

9

Loans and borrowings

2020
£

2019
£

Non-current loans and borrowings

HP and finance lease liability 1 (1-2 yrs)

43,491

14,248

2020
£

2019
£

Current loans and borrowings

HP and finance lease liability 1 (under 1yr)

22,587

8,497