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Registered number: 01408768
Pearson Caravans Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2022
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Pearson Caravans Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Pearson Caravans Limited for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pearson Caravans Limited for the year ended 31 December 2022 which comprise the Balance sheet, the 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 https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Pearson Caravans Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pearson Caravans Limited and state those matters that we have agreed to state to the Board of directors of Pearson Caravans Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pearson Caravans Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Pearson Caravans 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 Pearson Caravans Limited. You consider that Pearson Caravans Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Pearson Caravans 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.
Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
10 July 2023
Page 1
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Pearson Caravans Limited
Registered number: 01408768
Balance sheet
As at 31 December 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 2
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Pearson Caravans Limited
Registered number: 01408768
Balance sheet (continued)
As at 31 December 2022
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Investment property reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies
Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance
with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 12 form part of these financial statements.
Page 3
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Pearson Caravans Limited
Statement of changes in equity
For the year ended 31 December 2022
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Investment property revaluation reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Transfer to/from profit and loss reserve
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The notes on pages 5 to 12 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2021
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 5 to 12 form part of these financial statements.
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Page 4
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
Pearson Caravans Limited is a private limited company incorporated in England and Wales. The registered office and principal place of business is at Suite 107 Plaza 668, Hitchin Road, Luton, Beds, LU2 7XH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Page 5
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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2-5% straight line (land not depreciated)
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 6
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 7
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Government grants receivable
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The average monthly number of employees, including directors, during the year was 11 (2021 - 11).
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Page 8
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
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Transfers between classes
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Charge for the year on owned assets
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Page 9
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
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Freehold investment property
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Transfers between classes
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The 2022 valuations were made by the directors on an open market value for existing use basis.
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Annual revaluation surplus/(deficit):
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Annual revaluation surplus/(deficit):
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Finished goods and goods for resale
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Page 10
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included within other debtors due within one year was a loan to M R T Pearson, a director, amounting to £NIL (2021 - £107,490). Interest is charged at 2% on overdrawn balances. The overdrawn loan was repaid in full on 31 March 2022.
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Creditors: Amounts falling due within one year
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Payments received on account
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Other taxation and social security
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Accruals and deferred income
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At 31 December 2022, £Nil (2021 - £334) was due to Mrs A Pearson and £853,258 was due to M R T Pearson (2021 - £107,490 due from M R T Pearson). Credit balances on loans from Directors are interest free and repayable on demand.
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Charged to profit or loss
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Page 11
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Pearson Caravans Limited
Notes to the financial statements
For the year ended 31 December 2022
11.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Capital gains on revaluation
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Allotted, called up and fully paid
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100 (2021 - 100) Ordinary shares of £1.00 each
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Investment property revaluation reserve
The company has revalued land and buildings where these are held for investment. Accumulated revaluation surpluses, less a provision for deferred tax, are shown in this reserve.
Profit & loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,737 (2021 - £3,210). Contributions totalling £1,672 (2021 - £1,185) were payable to the fund at the balance sheet date and are included in creditors.
The parent company is Tomhan Leisure Limited, with registered office address Church Farm Holiday Park, Church Farm Road, Aldeburgh, Suffok, IP15 5DW.
Page 12
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