I C Pearman Limited - Filleted accounts

I C PEARMAN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2022

Company Registration Number: 01455428

I C PEARMAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 10

I C PEARMAN LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022
DIRECTORS
I C Pearman
R L Pearman
T H Pearman
SECRETARY
R L Pearman
REGISTERED OFFICE
Bridgefield
Worcester Road
Chipping Norton
Oxon
OX7 5YQ
COMPANY REGISTRATION NUMBER
01455428 England and Wales

I C PEARMAN LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2022
			Notes		2022				2021
					£				£
FIXED ASSETS
Tangible assets			5				87,302				63,038
Investments			6				430,000				430,000
							517,302				493,038
CURRENT ASSETS
Debtors			7		11,205				10,449
Cash at bank and in hand					28,243				46,821
					39,448				57,270
CREDITORS: Amounts falling due within one year			8		144,357				143,126
NET CURRENT LIABILITIES							(104,909)				(85,856)
TOTAL ASSETS LESS CURRENT LIABILITIES							412,393				407,182
CREDITORS: Amounts falling due after more than one year			9				165,509				160,193
Provisions for liabilities and charges							51,811				34,765
NET ASSETS							195,073				212,224
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							105,019				114,974
Non distributable profit and loss account							89,954				97,150
SHAREHOLDERS' FUNDS							195,073				212,224

I C PEARMAN LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2022
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
I C Pearman						T H Pearman
Director						Director
Date approved by the board: 28 July 2023

I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
1	GENERAL INFORMATION
	I C Pearman Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Bridgefield				Sandfields Farm
	Worcester Road				Over Norton
	Chipping Norton				Chipping Norton
	Oxon				Oxon
	OX7 5YQ				OX7 5PY
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of farming services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Leasehold property					Straight line basis at 20% per annum
	Fixtures and fittings, plant and machinery					Reducing balance at 15% and 25% per annum
	Motor vehicles					Reducing balance at 25% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Investment properties

	Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
	Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.

	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

	Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
	Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.

	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
	Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.

	Current and deferred tax assets and liabilities are not discounted.

I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	The directors have made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2022		2021
	Average number of employees								4		4

I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
5	TANGIBLE ASSETS
					Leasehold property	Fixtures and fittings, plant and machinery			Motor vehicles		Total
					£		£		£		£
	Cost
	At 1 November 2021				2,860		52,285		88,250		143,395
	Additions				-		-		45,732		45,732
	Disposals				-		-		(3,008)		(3,008)
	At 31 October 2022				2,860		52,285		130,974		186,119
	Accumulated depreciation and impairments
	At 1 November 2021				2,860		46,670		30,827		80,357
	Charge for year				-		937		19,817		20,754
	Disposals				-		-		(2,294)		(2,294)
	At 31 October 2022				2,860		47,607		48,350		98,817
	Net book value
	At 1 November 2021				-		5,615		57,423		63,038
	At 31 October 2022				-		4,678		82,624		87,302
6	FIXED ASSET INVESTMENTS
											Investment properties
											£
	Cost
	At 1 November 2021										430,000
	At 31 October 2022										430,000
	Net book value
	At 1 November 2021										430,000
	At 31 October 2022										430,000
	In the opinion of the directors, the investment property has been stated at fair value.

I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
7	DEBTORS
									2022		2021
									£		£
	Trade debtors								480		994
	Prepayments and accrued income								603		178
	Other debtors								10,122		9,277
									11,205		10,449
8	CREDITORS: Amounts falling due within one year
									2022		2021
									£		£
	Bank loans and overdrafts								7,814		7,621
	Trade creditors								3,383		8,944
	Taxation and social security								1,183		4,145
	Hire purchase contracts and finance leases								21,487		8,011
	Accruals and deferred income								2,950		2,950
	Other creditors								107,540		111,455
									144,357		143,126
9	CREDITORS: Amounts falling due after more than one year
									2022		2021
									£		£
	Bank loans and overdrafts								165,509		160,193
10	SECURED DEBTS
	The bank loans and overdrafts are secured on the assets of the company.
	The hire purchase contracts and finance leases are secured on the assets concerned.

I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
11	RELATED PARTY TRANSACTIONS
	During the year, the following transactions with related parties took place:
	I C Pearman
	Director and shareholder								2022		2021
									£		£
	Advances to company		The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:						9,700		13,909
	T H Pearman
	Director and shareholder
	Advances to company		The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:						68,623		68,723