Pearl Capital Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI057130 (Northern Ireland)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Pearl Capital Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M W M Carson

Mr J B Carson

Mr D B Ewing

REGISTERED OFFICE:

28 Deramore Park

Malone

Belfast

Co. Antrim

BT9 5JU

BUSINESS ADDRESS:

13 Bangor Road

Holywood

BT18 0NU

REGISTERED NUMBER:

NI057130 (Northern Ireland)

ACCOUNTANTS:

Aiken & Co LLP

Chartered Accountants

Building 2

The Sidings

Antrim Road

Lisburn

Co. Antrim

BT28 3AJ

CURRENT ASSETS

Stocks

-

42,084

Debtors

20,561

793

Cash at bank

3,974

1,574

24,535

44,451

CREDITORS

Amounts falling due within one year

159,152

160,289

NET CURRENT LIABILITIES

(134,617

)

(115,838

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(134,617

)

(115,838

)

CREDITORS

Amounts falling due after more than one year

1,494,801

1,508,000

NET LIABILITIES

(1,629,418

)

(1,623,838

)

CAPITAL AND RESERVES

Called up share capital

4

3

3

Retained earnings

5

(1,629,421

)

(1,623,841

)

SHAREHOLDERS' FUNDS

(1,629,418

)

(1,623,838

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 11 September 2019 and were signed on its behalf by:

Mr D B Ewing - Director

1.	STATUTORY INFORMATION

Pearl Capital Limited is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are prepared in sterling which is the functional currency of the entity and rounded to the

nearest £.

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.

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 from the sale of goods is recognised when significant risks and rewards of ownership of the goods have

transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic

benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in

respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

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

-

20% on reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in

circumstances indicate that the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all

costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

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.

Deferred tax

No provision has been made for deferred tax as liabilities will not crysatallise in the foreseeable future.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

and 31 December 2018

13,838

DEPRECIATION

At 1 January 2018

and 31 December 2018

13,838

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

3

Ordinary

1

3

3

5.

RESERVES

Retained

earnings

£

At 1 January 2018

(1,623,841

)

Deficit for the year

(5,580

)

At 31 December 2018

(1,629,421

)

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors is the balance of an interest-free loan to the directors and shareholders of the company.

The balance included within creditors greater than one year in the financial statements at 31 December 2018 is

£1,494,802 (2017 : £1,508,000). The loan is repayable on a rolling 53 week basis.

7.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr MW Carson, Mr JB Carson and Mr D Ewing.