Company registration number 04408353 (England and Wales)
CRESTPEARL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CRESTPEARL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CRESTPEARL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
5
2,537,411
2,397,000
Investments
6
50
50
2,537,461
2,397,050
Current assets
Debtors
7
1,077,075
970,992
Cash at bank and in hand
13,853
61,456
1,090,928
1,032,448
Creditors: amounts falling due within one year
8
(1,165,771)
(1,063,152)
Net current liabilities
(74,843)
(30,704)
Total assets less current liabilities
2,462,618
2,366,346
Provisions for liabilities
(91,755)
(90,710)
Net assets
2,370,863
2,275,636
Capital and reserves
Called up share capital
2
2
Revaluation reserve
9
714,965
710,510
Profit and loss reserves
10
1,655,896
1,565,124
Total equity
2,370,863
2,275,636

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 December 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 29 April 2024
G Rack
Director
Company Registration No. 04408353
CRESTPEARL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
2
710,510
1,499,115
2,209,627
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
66,009
66,009
Balance at 31 December 2022
2
710,510
1,565,124
2,275,636
Year ended 31 December 2023:
Profit
-
-
90,772
90,772
Other comprehensive income:
Adjustments to fair value of financial assets
-
5,500
-
5,500
Tax relating to other comprehensive income
-
(1,045)
-
0
(1,045)
Total comprehensive income
-
4,455
90,772
95,227
Balance at 31 December 2023
2
714,965
1,655,896
2,370,863
CRESTPEARL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Crestpearl Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Hathaway House, Popes Drive, Finchley, London, N3 1QF.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for investment property rentals, ground rents and the receipt of commission and is recognised when the company becomes entitled to it.

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, fittings & equipment
20% straight line

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
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and stated at its fair value as the reporting end date, and are not depreciated. This treatment is contrary to the Companies Act 2006, which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.

 

The surplus or deficit on revaluation is recognised in the profit and loss account.

 

 

CRESTPEARL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ’Basic Financial Instruments’ and section 12 ‘Other financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
CRESTPEARL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023 and 31 December 2023
1,383
Depreciation and impairment
At 1 January 2023 and 31 December 2023
1,383
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
5
Investment property
2023
£
Fair value
At 1 January 2023
2,397,000
Additions
152,411
Disposals
(17,500)
Revaluations
5,500
At 31 December 2023
2,537,411

The fair value of the investment properties at 31 December 2023 has been arrived at on the basis of a valuation carried out at that date by Mr G Rack, a Chartered Surveyor, who is also the director of the company. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their locations.

6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
50
50
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by participating interests
485,831
485,831
Other debtors
591,244
485,161
1,077,075
970,992
CRESTPEARL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
23,199
15,470
Other taxation and social security
1,537
483
Other creditors
1,141,035
1,047,199
1,165,771
1,063,152
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
710,510
710,510
Deferred tax on revaluation of tangible assets
(1,045)
-
Fair value adjustment to investments
5,500
-
0
At the end of the year
714,965
710,510

The above revaluation reserve represents surplus arising on revaluation of investment properties, net of deferred tax provision. The balance on the above reserve is undistributable and not available for distribution to the shareholders.

10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,565,124
1,499,115
Profit for the year
90,772
66,009
At the end of the year
1,655,896
1,565,124
2023-12-312023-01-01false01 May 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityG Rackfalsefalse044083532023-01-012023-12-31044083532023-12-31044083532022-12-3104408353core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104408353core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104408353core:CurrentFinancialInstruments2023-12-3104408353core:CurrentFinancialInstruments2022-12-3104408353core:ShareCapital2023-12-3104408353core:ShareCapital2022-12-3104408353core:RevaluationReserve2023-12-3104408353core:RevaluationReserve2022-12-3104408353core:RetainedEarningsAccumulatedLosses2023-12-3104408353core:RetainedEarningsAccumulatedLosses2022-12-3104408353core:ShareCapital2021-12-3104408353core:RevaluationReserve2021-12-3104408353core:RetainedEarningsAccumulatedLosses2021-12-3104408353core:RevaluationReserve2022-12-3104408353core:RetainedEarningsAccumulatedLosses2022-12-3104408353bus:Director12023-01-012023-12-3104408353core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31044083532022-01-012022-12-3104408353core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104408353core:RevaluationReserve12023-01-012023-12-3104408353core:RevaluationReserve22023-01-012023-12-3104408353core:RevaluationReserve12022-01-012022-12-3104408353core:RevaluationReserve2023-01-012023-12-3104408353core:FurnitureFittings2023-01-012023-12-3104408353core:FurnitureFittings2022-12-3104408353core:FurnitureFittings2023-12-3104408353core:FurnitureFittings2022-12-31044083532022-12-3104408353core:WithinOneYear2023-12-3104408353core:WithinOneYear2022-12-3104408353bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104408353bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104408353bus:FRS1022023-01-012023-12-3104408353bus:AuditExemptWithAccountantsReport2023-01-012023-12-3104408353bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP