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Registration number: 09762192

Polypearl Management Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Polypearl Management Ltd

(Registration number: 09762192)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

15,075,000

15,075,000

Current assets

 

Debtors

5

1,025,459

1,169,380

Cash at bank and in hand

 

11,618

2,982

 

1,037,077

1,172,362

Creditors: Amounts falling due within one year

6

(2,870,068)

(3,019,326)

Net current liabilities

 

(1,832,991)

(1,846,964)

Total assets less current liabilities

 

13,242,009

13,228,036

Creditors: Amounts falling due after more than one year

6

(2,999,710)

(2,999,710)

Net assets

 

10,242,299

10,228,326

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

10,241,299

10,227,326

Shareholders' funds

 

10,242,299

10,228,326

For the financial year ending 31 July 2023 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 


Mr I R Tebb
Director

   
 

Polypearl Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registration number 09762192.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Polypearl Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Polypearl Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

4

Investments

2023
£

2022
£

Investments in subsidiaries

15,075,000

15,075,000

Subsidiaries

£

Cost or valuation

At 1 August 2022

15,075,000

At 31 July 2023

15,075,000

Carrying amount

At 31 July 2023

15,075,000

At 31 July 2022

15,075,000

5

Debtors

2023
£

2022
£

Amounts owed by group undertakings

1,025,459

1,169,380

 

Polypearl Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

2,850,290

3,000,290

Social security and other taxes

 

6,684

5,987

Other creditors

 

13,094

13,049

 

2,870,068

3,019,326

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

2,999,710

2,999,710

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,850,290

3,000,290

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

2,999,710

2,999,710

Other borrowings

Other borrowings are secured on the book debts of the company.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 shares of £1 each

1,000

1,000

1,000

1,000