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Registration number: 02245161

Pearl Northern Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Pearl Northern Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Pearl Northern Developments Limited

(Registration number: 02245161)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

530,135

712,915

Creditors: Amounts falling due within one year

5

(67,336)

(90,116)

Net assets

 

462,799

622,799

Capital and reserves

 

Called up share capital

160,000

160,000

Retained earnings

302,799

462,799

Shareholders' funds

 

462,799

622,799

For the financial year ending 30 June 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr S H Fong
Company secretary and director

 

Pearl Northern Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Middle Bank
Doncaster Carr Ind Estate
Doncaster
South Yorkshire
DN4 5JJ

These financial statements were authorised for issue by the Board on 5 March 2025.

2

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 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 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Pearl Northern Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

6

530,135

712,915

 

530,135

712,915

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to related parties

6

67,336

90,116

 

Pearl Northern Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

712,915

712,915

Repaid

(182,780)

(182,780)

At end of period

530,135

530,135

2023

Other related parties
£

Total
£

At start of period

846,915

846,915

Repaid

(134,000)

(134,000)

At end of period

712,915

712,915

Terms of loans to related parties

There are no repayment terms and interest is not charged on the balances.

Loans from related parties

2024

Parent
£

Total
£

At start of period

90,116

90,116

Repaid

(22,780)

(22,780)

At end of period

67,336

67,336

2023

Parent
£

Total
£

At start of period

104,116

104,116

Repaid

(14,000)

(14,000)

At end of period

90,116

90,116

Terms of loans from related parties

There are no repayment terms and interest is not charged on the balance.
 

7

Parent and ultimate parent undertaking

The company's immediate parent is Pearl Asia Holdings Limited, incorporated in Hong Kong.