Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06198273 2022-05-01 2023-04-30 06198273 2021-05-01 2022-04-30 06198273 2023-04-30 06198273 2022-04-30 06198273 c:Director1 2022-05-01 2023-04-30 06198273 d:FurnitureFittings 2022-05-01 2023-04-30 06198273 d:FurnitureFittings 2023-04-30 06198273 d:FurnitureFittings 2022-04-30 06198273 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06198273 d:OfficeEquipment 2022-05-01 2023-04-30 06198273 d:OfficeEquipment 2023-04-30 06198273 d:OfficeEquipment 2022-04-30 06198273 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06198273 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06198273 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 06198273 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 06198273 d:CurrentFinancialInstruments 2023-04-30 06198273 d:CurrentFinancialInstruments 2022-04-30 06198273 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06198273 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 06198273 d:ShareCapital 2023-04-30 06198273 d:ShareCapital 2022-04-30 06198273 d:RetainedEarningsAccumulatedLosses 2023-04-30 06198273 d:RetainedEarningsAccumulatedLosses 2022-04-30 06198273 c:FRS102 2022-05-01 2023-04-30 06198273 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 06198273 c:FullAccounts 2022-05-01 2023-04-30 06198273 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06198273 2 2022-05-01 2023-04-30 06198273 6 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 06198273










THE CULTURED PEARL CO. LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
THE CULTURED PEARL CO. LIMITED
REGISTERED NUMBER: 06198273

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,266
5,772

Investments
 6 
1,000
1,000

  
6,266
6,772

Current assets
  

Stocks
  
10,985
18,238

Debtors: amounts falling due within one year
 7 
2,486
1,464

Cash at bank and in hand
 8 
11,923
43,921

  
25,394
63,623

Creditors: amounts falling due within one year
 9 
(45,458)
(54,297)

Net current (liabilities)/assets
  
 
 
(20,064)
 
 
9,326

Total assets less current liabilities
  
(13,798)
16,098

  

Net (liabilities)/assets
  
(13,798)
16,098


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(14,798)
15,098

  
(13,798)
16,098


Page 1

 
THE CULTURED PEARL CO. LIMITED
REGISTERED NUMBER: 06198273

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

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 income and retained earnings 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 on 7 November 2023.




N M Thomas
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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:

 
1.2

Going concern

The company had net current liabilities of £20,064 at 30 April 2023. However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of this factor, the directors consider it appropriate to adopt the going concern basis in preparation of these financial statements. 

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
1.4

Revenue

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.

Page 3

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.Accounting policies (continued)

 
1.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
1.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.8

Tangible fixed assets

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, as follows.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
10% reducing balance
Computer equipment
-
33% straight line

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.

 
1.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 4

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.Accounting policies (continued)

 
1.10

Stocks

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.

 
1.11

Debtors

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.

 
1.12

Cash and cash equivalents

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.

 
1.13

Creditors

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.

 
1.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 5

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.Accounting policies (continued)

 
1.15

Dividends

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.


2.


General information

The Cultured Pearl Company is a limited company incorporated in England and Wales.
The registered office is Kingsridge House, 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Intangible assets




Development expenditure

£



Cost


At 1 May 2022
2,000



At 30 April 2023

2,000



Amortisation


At 1 May 2022
2,000



At 30 April 2023

2,000



Net book value



At 30 April 2023
-



At 30 April 2022
-



Page 6

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Tangible fixed assets





Fixtures, fittings and equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2022
25,607
13,056
38,663


Additions
-
374
374



At 30 April 2023

25,607
13,430
39,037



Depreciation


At 1 May 2022
19,836
13,056
32,892


Charge for the year on owned assets
785
94
879



At 30 April 2023

20,621
13,150
33,771



Net book value



At 30 April 2023
4,986
280
5,266



At 30 April 2022
5,772
-
5,772

Page 7

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
1,000



At 30 April 2023
1,000




Page 8

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Debtors

2023
2022
£
£


Trade debtors
2,263
906

Other debtors
223
-

Prepayments and accrued income
-
558

2,486
1,464



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,923
43,921

11,923
43,921



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,000
1,167

Other taxation and social security
414
3,979

Other creditors
44,035
49,144

Accruals and deferred income
9
7

45,458
54,297



Page 9