The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

Worldpearl Limited is a private company limited by shares incorporated in England and Wales. The registered office is Isle of Wight Pearl, Military Road, Brighstone, Isle of Wight, P030 4DD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

During the year ended 31 October 2025 the company reported a profit of £8,486 (2024 – £1,166) and reported net liabilities of £1,393,292 (2024 - £1,401,778).

Historically, the company has been making significant losses as staff costs and overheads exceeded turnover. The group has taken significant steps over the past few years to reduce overheads as far as possible which included changing the management structure of the Worldpearl team to reduce staff costs. These significant changes have streamlined the business to the extent that it has generated a small profit during the year and the directors are confident that the profitability will continue to improve over the next few years.

As in previous years, the directors have prepared detailed forecasts and budgets covering the two year period to October 2027. These show that this part of the business makes a significant contribution to the group before the deduction of group charges.

Cashflow is monitored daily, with the cashflow forecast being updated weekly to provide the directors with a flexed forecast for the remainder of the year. Regular reporting to directors ensures that financial performance is monitored monthly.

The company is reliant on continued support from the parent company, which has agreed that any loans due from the company will not be called in whilst such support remains necessary.

In July 2024 the group restructured the existing bank loan and overdraft facilities into a single loan for £1,200,000. This was done solely with the aim of significantly reducing interest charges as no additional debt was incurred at this time. The loan is secured by a fixed and floating charge over the Group’s assets. The group overdraft facility was removed at this time resulting in cash being redistributed around the Group by means of various intercompany loan accounts.

The group has managed the seasonal cashflow requirements by securing a temporary overdraft facility for Pearl Centre Holdings Limited to £350,000 until the end of July 2026. This facility reduces to £150,000 until the end of September 2026 when the facility will not be renewed.

Due to the reliance on the continued support from the parent company and the group’s overdraft facility and loan, this indicates a material uncertainty relating to going concern. Based on the confirmation on continuing support from the parent company and the anticipated positive outcome from discussions with the bank, the directors consider it appropriate to adopt the going concern basis in the preparation of these financial statements.

Turnover represents amounts receivable from the sale of jewellery, net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In preparing these financial statements, the directors have made specific judgements regarding the company’s ability to continue as a going concern. As disclosed per note 1.2, a material uncertainty exists which may cast significant doubt on the company’s ability to continue as a going concern

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

The audit report contained a material uncertainty relating to going concern. We draw attention to note 1.2 in the financial statements, which indicates that the company reported net liabilities of £1,393,292 at the year ended 31 October 2025. As stated in note 1.2, these events or conditions, along with other matters as set forth in this note, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

At the balance sheet date the FS Holdings Group, of which Worldpearl Limited is a member, has a term loan facility of £1,086,545 (2024 - £1,179,483) which is repayable over a 10 year term, renegotiable in 4 year’s time, at an interest rate of 2.65% over the base interest rate.

There is a composite company unlimited multilateral guarantee given by FS Holdings Limited and its subsidiary companies. In addition, there is a first legal charge over the freehold property of Rosart Limited and leasehold property of Worldpearl Limited and a debenture comprising of fixed and floating charges over all the assets and undertaking of Worldpearl limited.

The following amounts were outstanding at the reporting end date:

The company has taken advantage of the exemption available within section 1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

The parent company is FS Holdings Limited, a company incorporated in Jersey and registered office at Jersey Pearl, La Grande Route des Meilles, St Ouen, Jersey, JE3 2FN. FS Holdings Limited produce consolidated financial statements.