Company registration number 02616480 (England and Wales)
PIERCE HILL PROJECT SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PIERCE HILL PROJECT SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PIERCE HILL PROJECT SERVICES LTD (REGISTERED NUMBER: 02616480)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,333
1,778
Current assets
Stocks
9,162
8,063
Debtors
4
105,075
135,276
Cash at bank and in hand
531,353
525,758
645,590
669,097
Creditors: amounts falling due within one year
5
(57,241)
(70,457)
Net current assets
588,349
598,640
Net assets
589,682
600,418
Capital and reserves
Called up share capital
78
78
Profit and loss reserves
589,604
600,340
Total equity
589,682
600,418
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 June 2023
Mr Peter Rowe
Director
PIERCE HILL PROJECT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Pierce Hill Project Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 bases:
Fixtures and fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
PIERCE HILL PROJECT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2022 and 31 March 2023
24,238
Depreciation and impairment
At 1 April 2022
22,460
Depreciation charged in the year
445
At 31 March 2023
22,905
Carrying amount
At 31 March 2023
1,333
At 31 March 2022
1,778
PIERCE HILL PROJECT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
87,744
119,413
Other debtors
17,331
15,863
105,075
135,276
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,018
7,779
Taxation and social security
50,184
57,605
Other creditors
3,039
5,073
57,241
70,457