R & J Pearce Limited Company Accounts

R & J PEARCE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04167652

R & J Pearce Limited

Filleted Unaudited Financial Statements

31 March 2017

R & J Pearce Limited

Financial Statements

Year ended 31st March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	10

R & J Pearce Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		28,083	30,874

Current assets

Stocks		23,020	22,480
Debtors	7	34,382	22,576
Cash at bank and in hand		308,026	309,700
		---------	---------
		365,428	354,756

Creditors: amounts falling due within one year	8	86,399		82,210
		---------		---------
Net current assets			279,029	272,546
			---------	---------
Total assets less current liabilities			307,112	303,420

Provisions

Taxation including deferred tax	5,720	5,593
	---------	---------
Net assets	301,392	297,827
	---------	---------

R & J Pearce Limited

Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	2,500	1,250
Profit and loss account	298,892	296,577
	---------	---------
Members funds	301,392	297,827
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31st March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 10 July 2017 , and are signed on behalf of the board by:

Mr R.C. Pearce	Mr J.R. Pearce
Director	Director

Company registration number: 04167652

R & J Pearce Limited

Statement of Changes in Equity

Year ended 31st March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1st April 2015	1,250	314,799	316,049

Profit for the year		141,335	141,335
	-------	---------	---------
Total comprehensive income for the year	–	141,335	141,335

Dividends paid and payable	–	( 159,557)	( 159,557)
	-------	---------	---------
Total investments by and distributions to owners	–	( 159,557)	( 159,557)

At 31st March 2016	1,250	296,577	297,827

Profit for the year		113,495	113,495
	-------	---------	---------
Total comprehensive income for the year	–	113,495	113,495

Issue of shares	1,250	–	1,250
Dividends paid and payable	–	( 111,180)	( 111,180)
	-------	---------	---------
Total investments by and distributions to owners	1,250	( 111,180)	( 109,930)

	-------	---------	---------
At 31st March 2017	2,500	298,892	301,392
	-------	---------	---------

R & J Pearce Limited

Notes to the Financial Statements

Year ended 31st March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House,, Tetbury Road, Cirencester, Glos..

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2016: 15 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1st April 2016 and 31st March 2017	18,000
	--------
Amortisation
At 1st April 2016 and 31st March 2017	18,000
	--------
Carrying amount
At 31st March 2017	–
	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1st April 2016	5,278	89,307	94,585
Additions	–	8,340	8,340
Disposals	( 1,822)	( 7,520)	( 9,342)
	-------	--------	--------
At 31st March 2017	3,456	90,127	93,583
	-------	--------	--------
Depreciation
At 1st April 2016	2,528	61,183	63,711
Charge for the year	353	10,145	10,498
Disposals	( 1,427)	( 7,282)	( 8,709)
	-------	--------	--------
At 31st March 2017	1,454	64,046	65,500
	-------	--------	--------
Carrying amount
At 31st March 2017	2,002	26,081	28,083
	-------	--------	--------
At 31st March 2016	2,750	28,124	30,874
	-------	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	34,382	22,576
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	22,339	21,121
Corporation tax	29,046	34,052
Social security and other taxes	20,648	20,576
Other creditors	14,366	6,461
	--------	--------
	86,399	82,210
	--------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr R.C. Pearce	( 249)	( 3)	( 252)
Mr J.R. Pearce	( 249)	( 4)	( 253)
	----	----	----
	( 498)	( 7)	( 505)
	----	----	----

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr R.C. Pearce	( 168)	( 82)	(250)
Mr J.R. Pearce	( 167)	( 81)	(248)
	----	----	----
	( 335)	( 163)	( 498)
	----	----	----

10. Related party transactions

The company was under the joint control of Mr R.C. Pearce and Mr J.R. Pearce throughout the current and previous year. Mr R.C. Pearce is a director and shareholder and Mr J.R. Pearce is a director and shareholder.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

12. Other spare note 99 heading

SPAREB99 USER DEFINED HEADING

The company.......

R & J Pearce Limited

Management Information

Year ended 31st March 2017

The following pages do not form part of the financial statements.

R & J Pearce Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of R & J Pearce Limited

Year ended 31st March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R & J Pearce Limited for the year ended 31st March 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of R & J Pearce Limited, as a body, in accordance with the terms of our engagement letter dated 25th October 2016. Our work has been undertaken solely to prepare for your approval the financial statements of R & J Pearce Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R & J Pearce Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R & J Pearce Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R & J Pearce Limited. You consider that R & J Pearce 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 financial statements of R & J Pearce 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 statutory financial statements.

McGILLS Chartered Accountants

Oakley House Tetbury Road Cirencester Gloucestershire GL7 1US

17 July 2017