Sam Pearce Design Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07690953 (England and Wales)

SAM PEARCE DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

4

DIRECTORS:

S B Pearce

Mrs G E Pearce

REGISTERED OFFICE:

Unit 202

Boughton Industrial Estate

Boughton

Newark

Nottinghamshire

NG22 9LD

REGISTERED NUMBER:

07690953 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

FIXED ASSETS

Intangible assets

4

12,192

3,358

CURRENT ASSETS

Debtors

5

6,374

900

Cash at bank

5,330

2,408

11,704

3,308

CREDITORS

Amounts falling due within one year

6

40,856

31,852

NET CURRENT LIABILITIES

(29,152

)

(28,544

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(16,960

)

(25,186

)

CAPITAL AND RESERVES

Called up share capital

7

200

200

Retained earnings

(17,160

)

(25,386

)

SHAREHOLDERS' FUNDS

(16,960

)

(25,186

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2022 and were signed on its behalf by:

Mrs G E Pearce - Director

1.	STATUTORY INFORMATION

Sam Pearce Design 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.

Revenue

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Government grants

Government grants are recognised in the financial statements in the period in which they are received. To the extent that expenditure for which the grant is intended in not complete at the year end, only the proportion of the grant relevant to expenditure incurred at the year end is recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

3,535

Additions

9,485

At 31 December 2021

13,020

AMORTISATION

At 1 January 2021

177

Charge for year

651

At 31 December 2021

828

NET BOOK VALUE

At 31 December 2021

12,192

At 31 December 2020

3,358

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

4,296

870

VAT

-

30

Prepayments

2,078

-

6,374

900

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,347

10,440

Other taxes and social security

-

1,333

Intercompany Balance

27,769

8,769

Directors' current accounts

10,434

9,810

Accrued expenses

1,306

1,500

40,856

31,852

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

200

Ordinary

£1

200

200