Pearson And Daughters Limited
Pearson And Daughters Limited
Registered number: 04712246
Unaudited Financial Statements
For The Year Ended
31 May 2023
Robert Cole & Co
Chartered Certified Accountants
Office 2 Llynfi Enterprise Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
Pearson And Daughters Limited
Unaudited Financial Statements
For The Year Ended
31 May 2023
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
Pearson And Daughters Limited
Accountant's Report
For The Year Ended
31 May 2023
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of
Pearson And Daughters Limited
For The Year Ended 31 May 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
Pearson And Daughters Limited
which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of
Pearson And Daughters Limited
, as a body, in accordance with the terms of our engagement letter dated 17 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of
Pearson And Daughters Limited
and state those matters that we have agreed to state to the directors of
Pearson And Daughters Limited
, as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Pearson And Daughters Limited
and its directors as a body for our work or for this report.
It is your duty to ensure that
Pearson And Daughters Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Pearson And Daughters Limited
. You consider that
Pearson And Daughters Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of
Pearson And Daughters Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Certified Accountants
Office 2 Llynfi Enterprise Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
Pearson And Daughters Limited
Balance Sheet
As At
31 May 2023
Balance Sheet
Registered number:
04712246
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Allotted, called up and fully paid share capital |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 3,793 | 5,887 | |||
Pearson And Daughters Limited
Balance Sheet (continued)
As At
31 May 2023
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Pearson And Daughters Limited
Notes to the Financial Statements
For The Year Ended
31 May 2023
Notes to the Financial Statements
1.
General Information
Pearson And Daughters Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04712246
. The registered office is Garthowen, 71a Neath Road, Maesteg, Mid Glamorgan, CF34 9PL.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2.
Significant judgements and estimations
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
No significant judgements have had to be made by the directors in preparing these financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 25 years.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Pearson And Daughters Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
2.7.
Financial Instruments
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.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Pearson And Daughters Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 12)
4.
Intangible Assets
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5.
Tangible Assets
| Plant & Machinery | |
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| Depreciation | |
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6.
Debtors
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| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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Pearson And Daughters Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
7.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Bank loans and overdrafts |
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| Other creditors |
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8.
Creditors: Amounts Falling Due After More Than One Year
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| £ | £ | ||
| Bank loans |
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