Registration number:
Pearl Properties Limited
for the Year Ended 30 November 2023
Pearl Properties Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Pearl Properties Limited
Company Information
Directors |
G I Israel Adam J Israel J M Israel |
Company secretary |
G I Israel |
Registered office |
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Accountants |
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Pearl Properties Limited
(Registration number: 02876436)
Abridged Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Other financial assets |
10,450 |
10,450 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Pearl Properties Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Pearl Properties Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
( |
At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Investment properties
2023 |
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At 1 December |
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Disposals |
( |
Fair value adjustments |
( |
At 30 November |
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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)
Creditors |
Pearl Properties Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordiinary shares of £1 each |
686 |
686 |
686 |
686 |