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 2021

FOR

Pearse Products Group Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Directors:

Mrs K Pearse

N Pearse

Secretary:

Mrs 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

133

157

Current assets

Stocks

10,773

12,713

Debtors

5

4,720

1,736

Cash at bank

4,219

5,119

19,712

19,568

Creditors

Amounts falling due within one year

6

30,969

34,948

Net current liabilities

(11,257

)

(15,380

)

Total assets less current liabilities

(11,124

)

(15,223

)

Creditors

Amounts falling due after more than one year

7

91,025

122,500

Net liabilities

(102,149

)

(137,723

)

Capital and reserves

Called up share capital

8

80

80

Retained earnings

(102,229

)

(137,803

)

Shareholders' funds

(102,149

)

(137,723

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 26 September 2022 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 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

Cost

At 1 January 2021

and 31 December 2021

399

Depreciation

At 1 January 2021

242

Charge for year

24

At 31 December 2021

266

Net book value

At 31 December 2021

133

At 31 December 2020

157

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

4,720

1,736

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

2,558

2,500

Trade creditors

9,287

14,144

Taxation and social security

11,743

8,356

Other creditors

7,381

9,948

30,969

34,948

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

91,025

122,500

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

80

Ordinary

£1

80

80

9.	RELATED PARTY TRANSACTIONS

At the balance sheet date the company owed £76,721 to the directors Nick and Kim Pearse jointly.

10.	ULTIMATE CONTROLLING PARTY

The company was ultimately controlled by it's directors.