Pearl Aesthetics Ltd. - Limited company accounts 17.3

REGISTERED NUMBER: 07540385 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

PEARL AESTHETICS LTD.

Page

Company Information

1

Report of the Directors

2

Abridged Income Statement

4

Other Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

8

Notes to the Financial Statements

9

Reconciliation of Equity

14

Reconciliation of Loss

16

DIRECTORS:

P Gupta

Dr P Mittal

SECRETARY:

P Gupta

REGISTERED OFFICE:

Maple House

School Lane

Stoke Poges

Buckinghamshire

SL2 4QA

REGISTERED NUMBER:

07540385 (England and Wales)

ACCOUNTANTS:

Mehta & Tengra

Chartered Accountants

24 Bedford Row

London

WC1R 4TQ

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of medical consultancy and treatments.

REVIEW OF BUSINESS

The results for the period and financial position of the company are as shown in the annexed financial statements.

The company made a contribution in the accounting period to a Remuneration Trust in the amount of £210,000.

The terms of the trust are set out in a trust deed executed by the company and the original trustees.

DIRECTORS

P Gupta has held office during the whole of the period from 1 April 2016 to the date of this report.

Other changes in directors holding office are as follows:

Dr P Mittal - appointed 1 July 2016

TAXATION STATUS

The company is a close company within the provisions of the Income and Corporation taxes Act 2010.

RELATED PARTY TRANSACTION

The director did not have any material interest at any time during the year other than that disclosed in note 15 to the

accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on

the company's website.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

P Gupta - Director

13 December 2017

GROSS PROFIT

321,916

299,743

Administrative expenses

(298,163

)

(323,557

)

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

4

23,753

(23,814

)

Tax on profit/(loss)

5

(667

)

(96

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

23,086

(23,910

)

PROFIT/(LOSS) FOR THE YEAR

23,086

(23,910

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

23,086

(23,910

)

FIXED ASSETS

Intangible assets

7

2,441

-

Tangible assets

8

1,548

1,611

3,989

1,611

CURRENT ASSETS

Debtors

9

24,223

2,291

Cash at bank

279,158

355,540

303,381

357,831

CREDITORS

Amounts falling due within one year

10

(128,151

)

(203,179

)

NET CURRENT ASSETS

175,230

154,652

TOTAL ASSETS LESS CURRENT LIABILITIES

179,219

156,263

PROVISIONS FOR LIABILITIES

11

(294

)

(424

)

NET ASSETS

178,925

155,839

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

178,825

155,739

SHAREHOLDERS' FUNDS

178,925

155,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 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 for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the Board of Directors on 13 December 2017 and were signed on its behalf by:

P Gupta - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2015

100

234,649

234,749

Changes in equity

Dividends

-

(55,000

)

(55,000

)

Total comprehensive income

-

(23,910

)

(23,910

)

Balance at 31 March 2016

100

155,739

155,839

Changes in equity

Total comprehensive income

-

23,086

23,086

Balance at 31 March 2017

100

178,825

178,925

1.	STATUTORY INFORMATION

Pearl Aesthetics 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assents are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated use life of five years.

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

Computer equipment

-

20% on cost

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

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

2017

2016

£

£

Wages and salaries

19,560

19,560

The average monthly number of employees during the year was as follows:

2017

2016

Administration

2

2

2017

2016

£

£

Directors' remuneration

12,000

12,000

4.	OPERATING PROFIT/(LOSS)

The operating profit (2016 - operating loss) is stated after charging:

2017

2016

£

£

Depreciation - owned assets

569

508

Website amortisation

610

-

The company made a contribution in the 31 March 2017 to a Remuneration Trust in the amount of £210,000

,(2016:£210,000). The terms of the trusts are set out in a trust deed executed by the company and the original

trustees.

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2017

2016

£

£

Current tax:

UK corporation tax

797

-

Deferred tax

(130

)

96

Tax on profit/(loss)

667

96

6.

DIVIDENDS

2017

2016

£

£

Ordinary shares of 1 each

Final

-

55,000

7.	INTANGIBLE FIXED ASSETS

Website

£

COST

Additions

3,051

At 31 March 2017

3,051

AMORTISATION

Amortisation for year

610

At 31 March 2017

610

NET BOOK VALUE

At 31 March 2017

2,441

8.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2016

2,375

1,516

3,891

Additions

-

506

506

At 31 March 2017

2,375

2,022

4,397

DEPRECIATION

At 1 April 2016

1,555

725

2,280

Charge for year

164

405

569

At 31 March 2017

1,719

1,130

2,849

NET BOOK VALUE

At 31 March 2017

656

892

1,548

At 31 March 2016

820

791

1,611

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

23,593

-

Other debtors

630

-

Prepayments

-

2,291

24,223

2,291

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

7,933

2,453

Due to remuneration trust

106,000

-

Corporation tax

797

-

Social security and other taxes

153

166

Directors' current accounts

7,208

194,800

Accrued expenses

6,060

5,760

128,151

203,179

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

294

424

Deferred

tax

£

Balance at 1 April 2016

424

Credit to Abridged Income Statement during year

(130

)

Balance at 31 March 2017

294

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

1

100

100

13.

RESERVES

Retained

earnings

£

At 1 April 2016

155,739

Profit for the year

23,086

At 31 March 2017

178,825

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

P Gupta

Balance outstanding at start of year

(194,800

)

(4,431

)

Amounts repaid

(1,408

)

(190,369

)

Amounts written off

189,000

-

Amounts waived

-

-

Balance outstanding at end of year

(7,208

)

(194,800

)

The amount written off the £189,000 represents reclassification of an amount owed to the remuneration trust and

shown as amount repaid in 2016.

15.	RELATED PARTY DISCLOSURES

The company made a contribution in the 31 March 2017 to a Remuneration Trust in the amount of £210,000

(2016: £210,000). At the balance sheet date the amounts due to the Remuneration trust was £106,000 The terms

of the trusts are set out in a trust deed executed by the company and the original trustees.

16.	ULTIMATE CONTROLLING PARTY

The controlling party is P Gupta.

FIXED ASSETS

Tangible assets

6

1,642

-

1,642

CURRENT ASSETS

Debtors

7

9,762

-

9,762

Cash at bank

279,963

-

279,963

289,725

-

289,725

CREDITORS

Amounts falling due within one year

8

(56,290

)

-

(56,290

)

NET CURRENT ASSETS

233,435

-

233,435

TOTAL ASSETS LESS CURRENT LIABILITIES

235,077

-

235,077

PROVISIONS FOR LIABILITIES

9

(328

)

-

(328

)

NET ASSETS

234,749

-

234,749

CAPITAL AND RESERVES

Called up share capital

10

100

-

100

Retained earnings

11

234,649

-

234,649

SHAREHOLDERS' FUNDS

234,749

-

234,749

FIXED ASSETS

Tangible assets

6

1,611

-

1,611

CURRENT ASSETS

Debtors

7

2,291

-

2,291

Cash at bank

355,540

-

355,540

357,831

-

357,831

CREDITORS

Amounts falling due within one year

8

(203,179

)

-

(203,179

)

NET CURRENT ASSETS

154,652

-

154,652

TOTAL ASSETS LESS CURRENT LIABILITIES

156,263

-

156,263

PROVISIONS FOR LIABILITIES

9

(424

)

-

(424

)

NET ASSETS

155,839

-

155,839

CAPITAL AND RESERVES

Called up share capital

10

100

-

100

Retained earnings

11

155,739

-

155,739

SHAREHOLDERS' FUNDS

155,839

-

155,839

TURNOVER

299,743

-

299,743

Administrative expenses

(323,557

)

-

(323,557

)

OPERATING LOSS

(23,814

)

-

(23,814

)

and

LOSS BEFORE TAXATION

(23,814

)

-

(23,814

)

Tax on loss

(96

)

-

(96

)

LOSS FOR THE FINANCIAL YEAR

(23,910

)

-

(23,910

)