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 2022

for

Pearce Urology Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,201

1,326

Investments

5

50,389

45,207

Investment property

6

-

116,493

51,590

163,026

CURRENT ASSETS

Debtors

7

151,711

55,211

Investments

8

13,350

12,704

Cash at bank

98,601

49,359

263,662

117,274

CREDITORS

Amounts falling due within one year

9

28,931

36,872

NET CURRENT ASSETS

234,731

80,402

TOTAL ASSETS LESS CURRENT LIABILITIES

286,321

243,428

PROVISIONS FOR LIABILITIES

271

7,186

NET ASSETS

286,050

236,242

CAPITAL AND RESERVES

Called up share capital

10

102

101

Fair value reserve

11

29,560

29,560

Retained earnings

256,388

206,581

SHAREHOLDERS' FUNDS

286,050

236,242

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2022 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 15th March 2023 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.

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.

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 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 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st August 2021

8,025

Additions

748

At 31st July 2022

8,773

DEPRECIATION

At 1st August 2021

6,699

Charge for year

873

At 31st July 2022

7,572

NET BOOK VALUE

At 31st July 2022

1,201

At 31st July 2021

1,326

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1st August 2021

45,207

Additions

5,182

At 31st July 2022

50,389

NET BOOK VALUE

At 31st July 2022

50,389

At 31st July 2021

45,207

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st August 2021

116,493

Disposals

(116,493

)

At 31st July 2022

-

NET BOOK VALUE

At 31st July 2022

-

At 31st July 2021

116,493

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Other debtors

149,900

53,400

S455 recoverable

1,811

1,811

151,711

55,211

8.	CURRENT ASSET INVESTMENTS

31.7.22

31.7.21

£

£

Unlisted investments

13,350

12,704

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Tax

22,981

17,527

Social security and other taxes

44

-

Other creditors

4,665

17,936

Directors' current accounts

1,241

1,409

28,931

36,872

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.22

31.7.21

value:

£

£

60

Ordinary A

£60

60

60

40

Ordinary B

£40

40

40

1

Ordinary C

£1

1

1

1

Ordinary D

£1

1

-

102

101

On 9th March 2022, 1 Ordinary D shares each of £1 were allotted, called up and fully paid at par.

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

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

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

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

11.

RESERVES

Fair

value

reserve

£

At 1st August 2021

and 31st July 2022

29,560

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st July 2022 and 31st July 2021:

31.7.22

31.7.21

£

£

Dr I Pearce and Dr S Pearce

Balance outstanding at start of year

(1,409

)

5,573

Amounts advanced

121,805

46,960

Amounts repaid

(121,637

)

(53,942

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,241

)

(1,409

)

13.	RELATED PARTY DISCLOSURES

The company has loaned funds to two companies, Fortify Clinic Limited and Pearce Property IS Limited, £49,900 (2021 £3,400) and £100,000 (2021 £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.