Registered number
05113472
Pearlica Ltd
Filleted Accounts
30 April 2024
Pearlica Ltd
Registered number: 05113472
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,056 1,563
Current assets
Stocks 38,900 47,500
Debtors 4 2,438 4,248
Cash at bank and in hand 1,383 1,120
42,721 52,868
Creditors: amounts falling due within one year 5 (44,495) (33,202)
Net current (liabilities)/assets (1,774) 19,666
Total assets less current liabilities (718) 21,229
Creditors: amounts falling due after more than one year 6 (13,218) (17,015)
Net (liabilities)/assets (13,936) 4,214
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account (17,936) 214
Shareholders' funds (13,936) 4,214
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs C G Brown
Director
Approved by the board on 14 August 2024
Pearlica Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
The accounts have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The basis may not be appropriate because as at 30 April 2024 the company's liabilities exceeded its assets by £13,936. The director is of the opinion that the company will trade profitably in the future and the company receives continuedfinancial support from its director. If this basis were found not to be appropriate assets and liabilities would have to be restated on a break up basis which would not be materially different.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Website Development 33% reducing balance
Fixtures & Fittings 25% reducing balance
Equipment 33% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Website Development Fixtures & Fittings Equipment Total
£ £ £ £
Cost
At 1 May 2023 8,564 3,529 17,224 29,317
At 30 April 2024 8,564 3,529 17,224 29,317
Depreciation
At 1 May 2023 8,398 3,393 15,963 27,754
Charge for the year 55 34 418 507
At 30 April 2024 8,453 3,427 16,381 28,261
Net book value
At 30 April 2024 111 102 843 1,056
At 30 April 2023 166 136 1,261 1,563
4 Debtors 2024 2023
£ £
Trade debtors 280 1,218
Other debtors 2,158 3,030
2,438 4,248
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax - 2,160
Bank loans and overdrafts 8,083 7,978
Taxation and social security costs 4,304 5,001
Other creditors 32,108 18,063
44,495 33,202
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,218 17,015
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs C G Brown - (11,016) (11,016)
- (11,016) - (11,016)
The amount owed to the director is interest free and no repayment date has been set.
8 Controlling party
The company is controlled by the director by virtue of her shareholding of the company.
9 Other information
Pearlica Ltd is a private company limited by shares and incorporated in England. Its registered office is:
19 New Road
Harston
Cambridge
Cambridgeshire
CB22 7QG
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