Pearl House Nottingham Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10893537 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Pearl House Nottingham Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T S Ubhi

REGISTERED OFFICE:

Pearl Assurance House

Friar Lane

Nottingham

NG1 6BT

REGISTERED NUMBER:

10893537 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Tangible assets

4

48,499

60,920

Investment property

5

6,000,000

6,000,000

6,048,499

6,060,920

CURRENT ASSETS

Debtors

6

579,237

580,900

Cash at bank

48,462

56,420

627,699

637,320

CREDITORS

Amounts falling due within one year

7

(611,752

)

(642,972

)

NET CURRENT ASSETS/(LIABILITIES)

15,947

(5,652

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,064,446

6,055,268

CREDITORS

Amounts falling due after more than one year

8

(2,694,477

)

(2,760,804

)

PROVISIONS FOR LIABILITIES

(875,490

)

(665,373

)

NET ASSETS

2,494,479

2,629,091

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

2,626,471

2,836,589

Retained earnings

(131,993

)

(207,499

)

2,494,479

2,629,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 December 2023 and were signed by:

T S Ubhi - Director

1.	STATUTORY INFORMATION

Pearl House Nottingham Ltd 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.

The previous accounting period was shortened from 31 August 2022 to 31 March 2022 to align to the year ends of all of the companies within the group. The comparatives are for a seven month period and are therefore not entirely comparable to the current twelve month period.

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.

Turnover

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

Tangible fixed assets

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

Computer Equipment 20% on cost

Motor vehicles 20% Reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

82,875

3,507

86,382

DEPRECIATION

At 1 April 2022

24,277

1,185

25,462

Charge for year

11,720

701

12,421

At 31 March 2023

35,997

1,886

37,883

NET BOOK VALUE

At 31 March 2023

46,878

1,621

48,499

At 31 March 2022

58,598

2,322

60,920

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

6,000,000

NET BOOK VALUE

At 31 March 2023

6,000,000

At 31 March 2022

6,000,000

The investment property is held at fair value as assessed by the director at the year end.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

8,432

58,789

Amounts owed by group undertakings

512,478

503,990

Other debtors

58,327

18,121

579,237

580,900

Other debtors include prepayments and accrued income of £770 (2022 - £18,121).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

72,182

69,975

Hire purchase contracts

9,736

16,424

Trade creditors

155,246

56,344

Amounts owed to group undertakings

322,654

328,715

Taxation and social security

-

13,332

Other creditors

51,934

158,182

611,752

642,972

Other creditors include accruals and deferred income of £14,333 (2022 - £66,754).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

2,639,076

2,695,667

Hire purchase contracts

55,401

65,137

2,694,477

2,760,804

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than 5

years

2,319,838

2,377,999

2,319,838

2,377,999

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Hire purchase contracts

65,137

81,561

Bank Loan

2,675,452

2,765,642

2,740,589

2,847,203

Bank loans are secured by fixed and floating charges over the investment property.

The hire purchase and finance lease creditors are secured on the related assets included in the investment property.