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Company registration number: 06691316
Pearl Management Limited
Unaudited filleted financial statements
01 April 2023
Pearl Management Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Pearl Management Limited
Directors and other information
Directors Mr L McLachlan
Miss L McLachlan
Company number 06691316
Registered office Old Hall Farm
19 Barnston Lane
Moreton
Wirral
CH46 7TN
Accountants Hailwood & Co.
392-394 Hoylake Road
Moreton
Wirral
CH46 6DF
Pearl Management Limited
Statement of financial position
1 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 4,755 19
Tangible assets 7 672,376 659,878
_______ _______
677,131 659,897
Current assets
Debtors 8 923,628 758,114
Cash at bank and in hand 9,898 1,717
_______ _______
933,526 759,831
Creditors: amounts falling due
within one year 9 ( 1,706,551) ( 1,290,413)
_______ _______
Net current liabilities ( 773,025) ( 530,582)
_______ _______
Total assets less current liabilities ( 95,894) 129,315
_______ _______
Net (liabilities)/assets ( 95,894) 129,315
_______ _______
Capital and reserves
Called up share capital 353 353
Revaluation reserve 503,412 503,412
Profit and loss account ( 599,659) ( 374,450)
_______ _______
Shareholders (deficit)/funds ( 95,894) 129,315
_______ _______
For the year ending 01 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Miss L McLachlan
Director
Company registration number: 06691316
Pearl Management Limited
Notes to the financial statements
Year ended 1 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Hall Farm, 19 Barnston Lane, Moreton, Wirral, CH46 7TN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on experience and other factors considered to be relevant. Actual results may differ from these estimates.The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements relate to estimated useful lives and residual values of fixed assets as detailed in accounting policies. Estimated useful lives and residual values are reviewed annually and revised if necessary.
Turnover
Turnover is measured at the fair value of the consideration receivable and represents net invoiced from management services, stated net of discounts, rebates, and of Value Added Tax. Turnover is recognised as the service is provided.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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 tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting 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.Current or deferred taxation assets and liabilities are not discounted.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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses.Computer software is amortised evenly over its useful life of 3 years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets, other than freehold property, are held at cost less depreciation and any provisions for impairment where applicable.Freehold property is held at revaluation less depreciation and any provisions for impairments where applicable. Revaluations are carried out with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the end of the reporting period.
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Land and buildings - 2% on cost Property improvements - 2% on cost Fixtures and fittings - 25% on cost Motor vehicles - 25% on cost Computers - 33% on cost
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Staff costs
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 275,190 249,661
Social security costs 24,245 17,168
Other pension costs 2,696 2,158
_______ _______
302,131 268,987
_______ _______
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 15,912 15,912
_______ _______
6. Intangible assets
Other intangible assets Total
£ £
Cost
At 2 April 2022 20,252 20,252
Additions 7,097 7,097
_______ _______
At 1 April 2023 27,349 27,349
_______ _______
Amortisation
At 2 April 2022 20,233 20,233
Charge for the year 2,361 2,361
_______ _______
At 1 April 2023 22,594 22,594
_______ _______
Carrying amount
At 1 April 2023 4,755 4,755
_______ _______
At 1 April 2022 19 19
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Tangible assets - user defined Total
£ £ £ £ £ £
Cost
At 2 April 2022 671,000 76,191 10,289 27,321 77,653 862,454
Additions - 21,988 7,827 - 12,038 41,853
_______ _______ _______ _______ _______ _______
At 1 April 2023 671,000 98,179 18,116 27,321 89,691 904,307
_______ _______ _______ _______ _______ _______
Depreciation
At 2 April 2022 83,771 12,855 7,966 20,491 77,493 202,576
Charge for the year 13,420 1,974 3,149 6,830 3,982 29,355
_______ _______ _______ _______ _______ _______
At 1 April 2023 97,191 14,829 11,115 27,321 81,475 231,931
_______ _______ _______ _______ _______ _______
Carrying amount
At 1 April 2023 573,809 83,350 7,001 - 8,216 672,376
_______ _______ _______ _______ _______ _______
At 1 April 2022 587,229 63,336 2,323 6,830 160 659,878
_______ _______ _______ _______ _______ _______
8. Debtors
2023 2022
£ £
Other debtors 923,628 758,114
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 31,004 14,598
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,578,358 1,142,861
Corporation tax 54,600 30,671
Social security and other taxes 3,734 68,330
Other creditors 38,855 33,953
_______ _______
1,706,551 1,290,413
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Management fees charged to Apex Europe Limited 260,000 500,000 - -
Management fees charged to Emerald Sales Limited 170,000 150,000 - -
Other creditors - Amounts owed to Apex Europe Limited - - ( 1,216,787) ( 763,040)
Other creditors - Amounts owed to Emerald Sales Limited - - (361,571) (327,775)
Other creditors - Amounts owed to Emerald Contor Limited - - - (2,046)
Other debtors - Amounts owed from Blue Garnet Management Services Limited - - 215,409 215,396
Other debtors - Due from director Mr L. Lachlan - - 331,659 240,536
Other debtors - Due from director Miss L. Lachlan - - 133,240 71,935
_______ _______ _______ _______
Apex Europe Limited, Emerald Sales Limited, and Blue Garnet Management Services Limited are related parties by virtue of common directors and shareholders.Amounts owed to Apex Europe Limited, Emerald Sales Limited, and Blue Garnet Management Services Limited are due on demand, with no interest charged.Amounts due from directors are charged interest at a rate of 2%.
11. Controlling party
The ultimate controlling party of the company is Mr L. McLachlan, who is a director.