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REGISTERED NUMBER: 03096949 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

South China Pearl Company Limited

South China Pearl Company Limited (Registered number: 03096949)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

South China Pearl Company Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTOR: | S P Halperin

| SECRETARY: |

| REGISTERED OFFICE: | 55 Kentish Town Road

| Camden Town

| London

| NW1 8NX

| REGISTERED NUMBER: | 03096949 (England and Wales)

| ACCOUNTANTS: | Mansfield & Co

| 55 Kentish Town Road

| Camden Town

| London

| NW1 8NX

South China Pearl Company Limited (Registered number: 03096949)

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,000,005 |  | 2,000,007 |  |

Investments | 5 | 676,290 |  | 605,195 |  |

2,676,295 |  | 2,605,202 |  |

CURRENT ASSETS

Debtors | 6 | 6,930 |  | 231,978 |  |

Cash at bank | 381,041 |  | 76,611 |  |

387,971 |  | 308,589 |  |

CREDITORS

Amounts falling due within one year | 7 | 46,045 |  | 42,827 |  |

NET CURRENT ASSETS | 341,926 |  | 265,762 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,018,221 |  | 2,870,964 |  |

PROVISIONS FOR LIABILITIES | 245,000 |  | 245,000 |  |

NET ASSETS | 2,773,221 |  | 2,625,964 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Non-Distributable Reserve | 8 | 1,353,103 |  | 1,353,103 |  |

Retained earnings | 1,420,116 |  | 1,272,859 |  |

SHAREHOLDERS' FUNDS | 2,773,221 |  | 2,625,964 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

South China Pearl Company Limited (Registered number: 03096949)

Balance Sheet - continued

31 March 2025

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 November 2025 and were signed by:

S P Halperin - Director

South China Pearl Company Limited (Registered number: 03096949)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| South China Pearl Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold investment properties.

| Investment properties are accounted for in accordance with SSAP19 "Accounting for investment properties" which provides that these should not be subject to depreciation charges, but should be shown at open market value. This is contrary to the Companies Act 2006 which states that, subject to any provision for depreciation or diminution in value, fixed assets are normally to be stated at purchase price or production cost. Current cost accounting or the revaluation of specific assets to market value, as determined at the date of their last valuation, is also permitted.

| The treatment of investment properties under the Companies Act does not give a true and fair view as these assets are not held for consumption in the business but as investments. In such a case it is the current value of these investments, and changes in that current value, which are of prime importance. Consequently for the proper appreciation of the financial position, the accounting treatment required by SSAP19 is considered appropriate for investment properties.

| Details of the current value and historical cost information for investment properties are given in Note 4.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover represents the value of rents charged to tenants for the period.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 25% on reducing balance

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

South China Pearl Company Limited (Registered number: 03096949)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 1 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 April 2024

| and 31 March 2025 | 2,000,000 |  | 1,612 |  | 2,001,612 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 1,605 |  | 1,605 |  |

| Charge for year | - |  | 2 |  | 2 |  |

| At 31 March 2025 | - |  | 1,607 |  | 1,607 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,000,000 |  | 5 |  | 2,000,005 |  |

| At 31 March 2024 | 2,000,000 |  | 7 |  | 2,000,007 |  |

| The freehold investment property was revalued by the director at 31 March 2019 on an open market basis. It has an original cost price, including improvements of £401,897. No depreciation is provided in respect of the investment property. The deferred tax liability on the investment property is approximately £245,000.

| Cost or valuation at 31 March 2025 is represented by:

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| Valuation in 2018 | 1,250,000 |  | 1,612 |  | 1,251,612 |  |

| Valuation in 2019 | 750,000 |  | - |  | 750,000 |  |

2,000,000 |  | 1,612 |  | 2,001,612 |  |

South China Pearl Company Limited (Registered number: 03096949)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | TANGIBLE FIXED ASSETS - continued

| If Land and Buildings had not been revalued it would have been included at the following historical cost:

| 31.3.25 |  | 31.3.24

£ | £ |

| Cost | 401,897 |  | 401,897 |  |

| Value of land in freehold land and buildings | 2,000,000 |  | 2,000,000 |  |

| Land and Buildings were valued on an open market basis on 31 March 2019 by the director .

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST OR VALUATION

| At 1 April 2024 | 605,195 |  |

| Revaluations | 71,095 |  |

| At 31 March 2025 | 676,290 |  |

| NET BOOK VALUE

| At 31 March 2025 | 676,290 |  |

| At 31 March 2024 | 605,195 |  |

| Cost or valuation at 31 March 2025 is represented by:

| Other

| investments

£ |

| Valuation in 2022 | 291,532 |  |

| Valuation in 2023 | 62,183 |  |

| Valuation in 2024 | 251,480 |  |

| Valuation in 2025 | 71,095 |  |

676,290 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Other debtors | 6,930 |  | 231,978 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Taxation and social security | 20,111 |  | 23,515 |  |

| Other creditors | 25,934 |  | 19,312 |  |

46,045 |  | 42,827 |  |

South China Pearl Company Limited (Registered number: 03096949)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

8. | RESERVES

| Non-Distribu

| Reserve

£ |

| At 1 April 2024

| and 31 March 2025 | 1,353,103 |  |

9. | RELATED PARTY DISCLOSURES

| Included within debtors is a balance due from Val D'Or Limited, a company where S Halperin is also a director, of £191 (2024- £225,951).

| In addition, an amount of £8,750 (2024 - £17,500), representing rental income received from Val D'Or Limited, is included within turnover.

10. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is SP Halperin, the director and sole shareholder of the company.