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Registration number: 02876436

Pearl Properties Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2023

 

Pearl Properties Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Pearl Properties Limited

Company Information

Directors

G I Israel

Adam J Israel

J M Israel

Company secretary

G I Israel

Registered office

Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Pearl Properties Limited

(Registration number: 02876436)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

76,831

29,090

Investment property

10,499,487

12,036,486

Investments

2

2

Other financial assets

10,450

10,450

 

10,586,770

12,076,028

Current assets

 

Debtors

3,391,607

2,945,218

Cash at bank and in hand

 

494,087

745,034

 

3,885,694

3,690,252

Creditors: Amounts falling due within one year

(7,564,736)

(6,517,070)

Net current liabilities

 

(3,679,042)

(2,826,818)

Total assets less current liabilities

 

6,907,728

9,249,210

Creditors: Amounts falling due after more than one year

-

(2,370,000)

Provisions for liabilities

(280,760)

(233,956)

Net assets

 

6,626,968

6,645,254

Capital and reserves

 

Called up share capital

686

686

Share premium reserve

601,914

601,914

Revaluation reserve

1,046,207

1,222,286

Retained earnings

4,978,161

4,820,368

Shareholders' funds

 

6,626,968

6,645,254

For the financial year ending 30 November 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.

 

Pearl Properties Limited

(Registration number: 02876436)
Abridged Balance Sheet as at 30 November 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
G I Israel
Company secretary and director

   
     
 

Pearl Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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 tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Pearl Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & Equipment

25% reducing balance & 25% straight line

Motor vehicles

25% reducing balance basis

Portable building

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Pearl Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

3

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

101,450

5,888

71,877

179,215

Additions

1,985

-

54,090

56,075

Disposals

(674)

-

-

(674)

At 30 November 2023

102,761

5,888

125,967

234,616

Depreciation

At 1 December 2022

99,008

1,024

50,093

150,125

Charge for the year

1,060

1,216

5,446

7,722

Eliminated on disposal

(62)

-

-

(62)

At 30 November 2023

100,006

2,240

55,539

157,785

Carrying amount

At 30 November 2023

2,755

3,648

70,428

76,831

At 30 November 2022

2,442

4,864

21,784

29,090

Investment properties

2023
£

At 1 December

12,036,486

Disposals

(1,360,920)

Fair value adjustments

(176,079)

At 30 November

10,499,487

The investment properties were valued by the directors and the valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts due would have been 2023 - £9,453,280 (2022 - £10,814,200)

4

Creditors

 

Pearl Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordiinary shares of £1 each

686

686

686

686