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 2021

for

Pearce Urology Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr S Pearce

Dr I Pearce

REGISTERED OFFICE:

First Floor

49 Peter Street

Manchester

M2 3NG

BUSINESS ADDRESS:

82 Bucklow Gardens

Lymm

Cheshire

WA13 9RQ

REGISTERED NUMBER:

07700771 (England and Wales)

ACCOUNTANTS:

Veritas Accountants & Advisory Limited

First Floor

49 Peter Street

Manchester

M2 3NG

FIXED ASSETS

Tangible assets

4

1,326

2,120

Investments

5

45,207

34,449

Investment property

6

116,493

137,814

163,026

174,383

CURRENT ASSETS

Debtors

7

55,211

6,880

Investments

8

12,704

11,906

Cash at bank

49,359

63,272

117,274

82,058

CREDITORS

Amounts falling due within one year

9

36,872

7,246

NET CURRENT ASSETS

80,402

74,812

TOTAL ASSETS LESS CURRENT LIABILITIES

243,428

249,195

PROVISIONS FOR LIABILITIES

7,186

403

NET ASSETS

236,242

248,792

CAPITAL AND RESERVES

Called up share capital

10

101

101

Fair value reserve

11

29,560

-

Retained earnings

206,581

248,691

SHAREHOLDERS' FUNDS

236,242

248,792

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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 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 11th January 2022 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 can be found on the Company Information page.

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There have been no critical judgements, estimates or assumptions made in the preparation of these financial statements.

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

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.

Government grants

The company is in receipt of grants from the government in respect of the Job retention scheme. These grants are included as revenue in the Statement of Income and Retained Earnings.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The investment property has not been valued by an independent valuer. The property has been valued by the director using the rental yield basis.

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.

Fixed asset investments

Investments in fixed assets such as listed share portfolios are measured at fair value. At each reporting date the increase/(decrease) in fair value is recognised immediately in the income

statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st August 2020

and 31st July 2021

8,025

DEPRECIATION

At 1st August 2020

5,905

Charge for year

794

At 31st July 2021

6,699

NET BOOK VALUE

At 31st July 2021

1,326

At 31st July 2020

2,120

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST OR VALUATION

At 1st August 2020

34,449

Additions

6,111

Revaluations

4,647

At 31st July 2021

45,207

NET BOOK VALUE

At 31st July 2021

45,207

At 31st July 2020

34,449

Cost or valuation at 31st July 2021 is represented by:

Unlisted

investments

£

Valuation in 2017

(2,277

)

Valuation in 2018

3,825

Valuation in 2019

(7,078

)

Valuation in 2020

(22,977

)

Valuation in 2021

10,758

Cost

62,956

45,207

Market value of listed investments at 31st July 2021 - £ 45,207 .

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st August 2020

137,814

Revaluations

(21,321

)

At 31st July 2021

116,493

NET BOOK VALUE

At 31st July 2021

116,493

At 31st July 2020

137,814

Fair value at 31st July 2021 is represented by:

£

Valuation in 2017

34,846

Valuation in 2018

30,222

Valuation in 2019

(7,253

)

Valuation in 2021

(21,321

)

Cost

79,999

116,493

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade debtors

-

(504

)

Other debtors

53,400

-

S455 recoverable

1,811

1,811

Directors' current accounts

-

5,573

55,211

6,880

8.	CURRENT ASSET INVESTMENTS

31.7.21

31.7.20

£

£

Unlisted investments

12,704

11,906

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade creditors

2

-

Tax

17,525

7,246

Other creditors

17,936

-

Directors' current accounts

1,409

-

36,872

7,246

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

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.

The A, B and C Shares rank pari passu in respect of dividend and capital distribution rights.

11.

RESERVES

Fair

value

reserve

£

Undistributable earnings

29,560

At 31st July 2021

29,560

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st July 2021 and 31st July 2020:

31.7.21

31.7.20

£

£

Dr I Pearce and Dr S Pearce

Balance outstanding at start of year

5,573

63,826

Amounts advanced

46,960

85,312

Amounts repaid

(53,942

)

(143,565

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,409

)

5,573

13.	RELATED PARTY DISCLOSURES

The company has loaned funds to two companies, Fortify Clinic Limited and Pearce Property IS Limited, £3,400 and £50,000 respectively. One of the directors is also a director and shareholder in both companies. The loans, which are included in the accounts under other debtors, are interest free and repayable on demand.

14.

CONTROL

The ultimate controlling party is Dr I Pearce by virtue of holding 100% of the voting share capital of the company.