Pearl Northern Developments Limited - Period Ending 2019-06-30

Registration number: 02245161

Pearl Northern Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2019

Pearl Northern Developments Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Pearl Northern Developments Limited

(Registration number: 02245161)
Balance Sheet as at 30 June 2019

	Note	2019 £	2018 £
Current assets
Debtors	3	1,122,128	1,062,812
Creditors: Amounts falling due within one year	4	(139,316)	-
Net assets		982,812	1,062,812
Capital and reserves
Called up share capital		160,000	160,000
Profit and loss account		822,812	902,812
Total equity		982,812	1,062,812

For the financial year ending 30 June 2019 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 October 2019 and signed on its behalf by:
 

.........................................

Mr S H Fong
Company secretary and director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Pearl Northern Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

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 4 October 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Page 2

Pearl Northern Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

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

Debtors

	Note	2019 £	2018 £
Amounts owed by related parties	5	1,122,128	1,062,812
		1,122,128	1,062,812

4

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Amounts owed to related parties	5	139,316	-

Page 3

Pearl Northern Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

5	Related party transactions

Loans to related parties

2019	Parent £	Entities with joint control or significant influence £
At start of period	11,715	1,051,097
Advanced	-	71,031
Repaid	(11,715)	-
At end of period	-	1,122,128

2018	Parent £	Entities with joint control or significant influence £
At start of period	-	1,143,781
Advanced	11,715	-
Repaid	-	(92,684)
At end of period	11,715	1,051,097

Terms of loans to related parties

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

Loans from related parties

2019	Parent £
Advanced	139,316

2018	Parent £
At start of period	969
Repaid	(969)
At end of period	-

Terms of loans from related parties

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

6	Parent and ultimate parent undertaking

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

 

Page 4