Pearce Urology Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07700771 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st July 2020

for

Pearce Urology Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

2,120

1,028

Investments

5

34,449

40,301

Investment property

6

137,814

137,814

174,383

179,143

CURRENT ASSETS

Debtors

7

6,880

104,093

Investments

8

11,906

10,820

Cash at bank

63,272

34,572

82,058

149,485

CREDITORS

Amounts falling due within one year

9

7,246

38,536

NET CURRENT ASSETS

74,812

110,949

TOTAL ASSETS LESS CURRENT LIABILITIES

249,195

290,092

PROVISIONS FOR LIABILITIES

403

195

NET ASSETS

248,792

289,897

CAPITAL AND RESERVES

Called up share capital

10

101

101

Retained earnings

248,691

289,796

SHAREHOLDERS' FUNDS

248,792

289,897

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th February 2021 and were signed on its behalf by:

Dr I Pearce - Director

1.	COMPANY INFORMATION

Pearce Urology Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07700771

Registered office:

First Floor

49 Peter Street

Manchester

M2 3NG

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the provision of professional services is recognised on delivery of the service.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation net of depreciation and any impairment loss.

Depreciation is recognised so as to write-off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Fixtures and Fittings - 25% on cost

The gain or loss arising on disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset and is credited or charged to the profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st August 2019

5,901

Additions

2,124

At 31st July 2020

8,025

DEPRECIATION

At 1st August 2019

4,873

Charge for year

1,032

At 31st July 2020

5,905

NET BOOK VALUE

At 31st July 2020

2,120

At 31st July 2019

1,028

5.	FIXED ASSET INVESTMENTS

Unlisted

investmen

£

COST OR VALUATION

At 1st August 2019

40,301

Additions

17,125

Revaluations

(22,977

)

At 31st July 2020

34,449

NET BOOK VALUE

At 31st July 2020

34,449

At 31st July 2019

40,301

Cost or valuation at 31st July 2020 is represented by:

Unlisted

investmen

£

Valuation in 2017

(2,277

)

Valuation in 2018

3,825

Valuation in 2019

(7,078

)

Valuation in 2020

(22,977

)

Cost

62,956

34,449

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st August 2019

and 31st July 2020

137,814

NET BOOK VALUE

At 31st July 2020

137,814

At 31st July 2019

137,814

Fair value at 31st July 2020 is represented by:

£

Valuation in 2017

34,846

Valuation in 2018

30,222

Valuation in 2019

(7,253

)

Cost

79,999

137,814

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

(504

)

19,473

S455 recoverable

1,811

20,794

Directors' current accounts

5,573

63,826

6,880

104,093

8.	CURRENT ASSET INVESTMENTS

31.7.20

31.7.19

£

£

Unlisted investments

11,906

10,820

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Tax

7,246

38,536

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.20

31.7.19

value:

£

£

60

Ordinary A

60

60

60

40

Ordinary B

40

40

40

1

Ordinary C

1

1

1

101

101

Ordinary A shares confer upon the holders the right to vote upon any resolution proposed at any general meeting of the company.

Ordinary B shares and Ordinary C shares do not confer on the holders the right to vote upon any resolution proposed at any general meeting of the company.

Ordinary C shares do not confer upon the holder distribution rights in the event of winding up.

Each share class confers upon the holders a discretionary right to distribution via dividend.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st July 2020 and 31st July 2019:

31.7.20

31.7.19

£

£

Dr I Pearce and Dr S Pearce

Balance outstanding at start of year

63,826

81,542

Amounts advanced

85,312

30,670

Amounts repaid

(143,565

)

(48,386

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,573

63,826

12.

CONTROL

The ultimate controlling party is Dr I Pearce by virtue of holding the entirety of the voting share capital of the company.