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Registered number: 06398109
Pearlgate Developments Ltd
Financial Statements
For The Year Ended 30 June 2024
BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06398109
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 1,113,768 1,113,768
Debtors 5 27,733 30,046
Cash at bank and in hand 71,982 28,028
1,213,483 1,171,842
Creditors: Amounts Falling Due Within One Year 6 (316,258 ) (326,797 )
NET CURRENT ASSETS (LIABILITIES) 897,225 845,045
TOTAL ASSETS LESS CURRENT LIABILITIES 897,225 845,045
Creditors: Amounts Falling Due After More Than One Year 7 (700,452 ) (705,569 )
NET ASSETS 196,773 139,476
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 195,773 138,476
SHAREHOLDERS' FUNDS 196,773 139,476
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S Sampath
Director
14/03/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pearlgate Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06398109 . The registered office is 107 Mayes Road, Wood Green, London, N22 6UP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: )
- -
4. Stocks
2024 2023
£ £
Finished goods 1,113,768 1,113,768
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,076 15,054
Amounts owed by group undertakings 12,657 12,657
Other debtors - 2,335
27,733 30,046
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,014 13,874
Amounts owed to group undertakings 26,159 26,159
Other creditors 277,085 286,764
316,258 326,797
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 25,874 30,991
Other creditors 674,578 674,578
700,452 705,569
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 4