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Registered number: 06198273










THE CULTURED PEARL CO. LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
THE CULTURED PEARL CO. LIMITED
REGISTERED NUMBER: 06198273

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,395
5,267

Investments
 6 
1,000
1,000

  
5,395
6,267

Current assets
  

Stocks
  
6,380
10,985

Debtors: amounts falling due within one year
 7 
212
2,485

Cash at bank and in hand
 8 
1,315
11,923

  
7,907
25,393

Creditors: amounts falling due within one year
 9 
(27,212)
(45,458)

Net current liabilities
  
 
 
(19,305)
 
 
(20,065)

Total assets less current liabilities
  
(13,910)
(13,798)

  

Net liabilities
  
(13,910)
(13,798)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(14,910)
(14,798)

  
(13,910)
(13,798)


Page 1

 
THE CULTURED PEARL CO. LIMITED
REGISTERED NUMBER: 06198273

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




N M Thomas
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
1.2

Going concern

The company had net current liabilities of £13,910 (2023 £20,065) at 30 April 2024. However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of this factor, the directors consider it appropriate to adopt the going concern basis in preparation of these financial statements. 

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
1.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

 
1.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
10% reducing balance
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
1.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


2.


General information

The Cultured Pearl Company is a limited company incorporated in England and Wales.
The registered office is Kingsridge House, 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Development expenditure

£



Cost


At 1 May 2023
2,000



At 30 April 2024

2,000



Amortisation


At 1 May 2023
2,000



At 30 April 2024

2,000



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 6

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Fixtures, fittings and equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
25,607
13,431
39,038



At 30 April 2024

25,607
13,431
39,038



Depreciation


At 1 May 2023
20,621
13,150
33,771


Charge for the year on owned assets
778
94
872



At 30 April 2024

21,399
13,244
34,643



Net book value



At 30 April 2024
4,208
187
4,395



At 30 April 2023
4,986
281
5,267

Page 7

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
1,000



At 30 April 2024
1,000




Page 8

 
THE CULTURED PEARL CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Debtors

2024
2023
£
£


Trade debtors
132
2,262

Other debtors
80
223

212
2,485



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,315
11,923

1,315
11,923



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,000
1,000

Other taxation and social security
363
414

Other creditors
25,840
44,035

Accruals and deferred income
9
9

27,212
45,458



Page 9