Manchester Pearl Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10537011 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Manchester Pearl Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Dr S A H Al-Juboori

REGISTERED OFFICE:

2nd Floor, Grove House

774-780 Wilmslow Road

Didsbury

Manchester

Greater Manchester

M20 2DR

REGISTERED NUMBER:

10537011 (England and Wales)

ACCOUNTANTS:

Sterling Partners Limited

Chartered Accountants

Chartered Tax Advisors

2nd Floor, Grove House

774-780 Wilmslow Road

Didsbury

Manchester

Greater Manchester

M20 2DR

FIXED ASSETS

Tangible assets

3

427

570

Investment property

4

599,775

599,775

600,202

600,345

CURRENT ASSETS

Cash at bank

11,882

349,662

CREDITORS

Amounts falling due within one year

5

12,168

11,712

NET CURRENT (LIABILITIES)/ASSETS

(286

)

337,950

TOTAL ASSETS LESS CURRENT LIABILITIES

599,916

938,295

CREDITORS

Amounts falling due after more than one year

6

(510,308

)

(897,917

)

PROVISIONS FOR LIABILITIES

7

(81

)

(108

)

NET ASSETS

89,527

40,270

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

89,427

40,170

89,527

40,270

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 May 2020 and were signed by:

Dr S A H Al-Juboori - Director

1.	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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off assets over their useful estimate life:

Fixtures and Fittings - 25% Reducing Balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 1 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

1,013

DEPRECIATION

At 1 January 2019

443

Charge for year

143

At 31 December 2019

586

NET BOOK VALUE

At 31 December 2019

427

At 31 December 2018

570

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

and 31 December 2019

599,775

NET BOOK VALUE

At 31 December 2019

599,775

At 31 December 2018

599,775

Investment property was valued on an open market basis on 31st December 2019 by the director, Mr S A H

Al-Juboori.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Tax

11,581

11,172

Social security and other taxes

47

-

Accrued expenses

540

540

12,168

11,712

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Shareholder loans

209,540

228,740

Directors' loan accounts

300,768

669,177

510,308

897,917

7.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

81

108

Deferred

tax

£

Balance at 1 January 2019

108

Depreciation in excess of

(27

)

capital allowances

Balance at 31 December 2019

81

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

£

£

Dr S A H Al-Juboori

Balance outstanding at start of year

669,177

601,950

Amounts advanced

-

339,566

Amounts repaid

(368,409

)

(272,339

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

300,768

669,177

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr S A H Al-Juboori.