IRIS Accounts Production v23.4.0.336 07389803 director 1.10.22 30.9.23 30.9.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh073898032022-09-30073898032023-09-30073898032022-10-012023-09-30073898032021-09-30073898032021-10-012022-09-30073898032022-09-3007389803ns15:EnglandWales2022-10-012023-09-3007389803ns14:PoundSterling2022-10-012023-09-3007389803ns10:Director12022-10-012023-09-3007389803ns10:PrivateLimitedCompanyLtd2022-10-012023-09-3007389803ns10:SmallEntities2022-10-012023-09-3007389803ns10:AuditExemptWithAccountantsReport2022-10-012023-09-3007389803ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3007389803ns10:SmallCompaniesRegimeForAccounts2022-10-012023-09-3007389803ns10:FullAccounts2022-10-012023-09-300738980312022-10-012023-09-3007389803ns10:RegisteredOffice2022-10-012023-09-3007389803ns5:CurrentFinancialInstruments2023-09-3007389803ns5:CurrentFinancialInstruments2022-09-3007389803ns5:Non-currentFinancialInstruments2023-09-3007389803ns5:Non-currentFinancialInstruments2022-09-3007389803ns5:ShareCapital2023-09-3007389803ns5:ShareCapital2022-09-3007389803ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-3007389803ns5:FurtherSpecificReserve3ComponentTotalEquity2022-09-3007389803ns5:RetainedEarningsAccumulatedLosses2023-09-3007389803ns5:RetainedEarningsAccumulatedLosses2022-09-3007389803ns5:NetGoodwill2022-10-012023-09-3007389803ns5:NetGoodwill2022-09-3007389803ns5:NetGoodwill2023-09-3007389803ns5:NetGoodwill2022-09-3007389803ns5:LandBuildings2022-09-3007389803ns5:FurnitureFittings2022-09-3007389803ns5:ComputerEquipment2022-09-3007389803ns5:LandBuildings2022-10-012023-09-3007389803ns5:FurnitureFittings2022-10-012023-09-3007389803ns5:ComputerEquipment2022-10-012023-09-3007389803ns5:LandBuildings2023-09-3007389803ns5:FurnitureFittings2023-09-3007389803ns5:ComputerEquipment2023-09-3007389803ns5:LandBuildings2022-09-3007389803ns5:FurnitureFittings2022-09-3007389803ns5:ComputerEquipment2022-09-3007389803ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3007389803ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3007389803ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-09-3007389803ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-09-3007389803ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3007389803ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-09-3007389803ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-09-3007389803ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-09-3007389803ns5:FurtherSpecificReserve3ComponentTotalEquity2022-09-30
REGISTERED NUMBER: 07389803 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

LONDON PEARL LIMITED

LONDON PEARL LIMITED (REGISTERED NUMBER: 07389803)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

LONDON PEARL LIMITED

COMPANY INFORMATION
for the year ended 30 September 2023







DIRECTOR: D M Vecht





REGISTERED OFFICE: 88 Crawford Street
London
W1H 2EJ





REGISTERED NUMBER: 07389803 (England and Wales)





ACCOUNTANTS: Cameron Baum Hollander Limited
88 Crawford Street
London
W1H 2EJ

LONDON PEARL LIMITED (REGISTERED NUMBER: 07389803)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 814,954 816,895
814,954 816,895

CURRENT ASSETS
Stocks 6 404,050 519,250
Debtors 7 160,930 162,469
Cash at bank 96,765 57,627
661,745 739,346
CREDITORS
Amounts falling due within one year 8 302,993 354,502
NET CURRENT ASSETS 358,752 384,844
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,173,706

1,201,739

CREDITORS
Amounts falling due after more than one
year

9

(696,344

)

(739,718

)

PROVISIONS FOR LIABILITIES (74,290 ) (74,290 )
NET ASSETS 403,072 387,731

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 10 323,183 323,183
Retained earnings 78,889 63,548
SHAREHOLDERS' FUNDS 403,072 387,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2024 and were signed by:



D M Vecht - Director


LONDON PEARL LIMITED (REGISTERED NUMBER: 07389803)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2023

1. STATUTORY INFORMATION

London Pearl Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These are the company's first set of financial statements prepared in accordance with FRS 102 Section 1A.

The financial statements are prepared in UK Pound Sterling, which is the functional currency of the company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services, net of discounts, rebates and value added taxes.

Income is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Computer equipment, and fixtures and fittings are stated at historical cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised to write off the cost of assets less their residual values over their useful lives, using the straight line and reducing balance methods.

The useful lives of each category of asset is as follows:

Fixtures and fittings- 15% reducing balance method
Computer equipment- four years straight line

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.

Stocks
Stocks comprise consumable items and goods held for resale and are stated at the lower of cost and net realisable value. Cost is calculated on a first in, first out basis and includes a relevant proportion of overheads where applicable. Net realisable value comprises the actual or estimated selling price less all further costs to completion or to be incurred in marketing, selling and distribution.

At the end of each reporting period, stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.


LONDON PEARL LIMITED (REGISTERED NUMBER: 07389803)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
The financial statements are presented in Sterling, which is also the functional currency of the Company. Transactions in currencies other than the functional currency of the Company are recorded at the rate of exchange on the date the transaction occurred.

Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period, to the extent that monetary assets are unmatched to monetary liabilities. All differences are taken to profit and loss. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

Freehold property
Freehold property is initially measured at cost on acquisition and subsequently at fair value as at each
accounts date. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold and charged to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 1,000
AMORTISATION
At 1 October 2022
and 30 September 2023 1,000
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

LONDON PEARL LIMITED (REGISTERED NUMBER: 07389803)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2022 800,000 85,721 4,878 890,599
Additions - 594 - 594
At 30 September 2023 800,000 86,315 4,878 891,193
DEPRECIATION
At 1 October 2022 - 68,826 4,878 73,704
Charge for year - 2,535 - 2,535
At 30 September 2023 - 71,361 4,878 76,239
NET BOOK VALUE
At 30 September 2023 800,000 14,954 - 814,954
At 30 September 2022 800,000 16,895 - 816,895

Cost or valuation at 30 September 2023 is represented by:

Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
Valuation in 2014 90,819 - - 90,819
Valuation in 2015 100,000 - - 100,000
Valuation in 2016 200,000 - - 200,000
Cost 409,181 86,315 4,878 500,374
800,000 86,315 4,878 891,193

If freehold land and buildings had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 409,181 409,181

Freehold land and building was valued on an open market basis on 30 September 2018 by D. M. Vecht, the director .

6. STOCKS
2023 2022
£    £   
Stocks 404,050 519,250

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 152,699 154,384
Prepayments and accrued income 8,231 8,085
160,930 162,469

LONDON PEARL LIMITED (REGISTERED NUMBER: 07389803)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 14,040 10,197
Trade creditors 195,542 242,527
Tax 18,182 10,609
Social security and other taxes 6,782 10,318
VAT 45,695 47,397
Other creditors 13,593 20,038
Directors' current accounts 4,959 9,216
Accrued expenses 4,200 4,200
302,993 354,502

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 9,398 9,398
Bank loans - 2-5 years 8,612 18,487
Other loans - 1-2 years 58,334 61,833
Other loans - 2-5 years 620,000 650,000
696,344 739,718

10. RESERVES
Fair
value
reserve
£   
At 1 October 2022
and 30 September 2023 323,183

11. RELATED PARTY DISCLOSURES

Included in 'Creditors: due after one year: Other Loans' are loans totalling £620,000 (2022: £650,000) on which no interest is charged and are not repayable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LONDON PEARL LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Pearl Limited for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of London Pearl Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of London Pearl Limited and state those matters that we have agreed to state to the director of London Pearl Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Pearl Limited and its director for our work or for this report.

It is your duty to ensure that London Pearl 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 London Pearl Limited. You consider that London Pearl 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 London Pearl 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.






Cameron Baum Hollander Limited
88 Crawford Street
London
W1H 2EJ


28 March 2024