Wild Pearl Limited
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Notes to the Accounts |
for the year ended 31 July 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Going Concern |
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The director's intend to close the company down, therefore the accounts have not been prepared on the going concern basis. The directors have agreed to pay the current trade creditors personally and not to request the repayment of their directors loan account balance to enable the company to meet its obligations and close the company down. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
51 |
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51 |
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Other creditors |
2,613 |
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2,238 |
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2,664 |
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2,289 |
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3 |
Transactions with directors |
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During the year the directors used a current account with the company to record amounts due to them and amounts drawn by them. The account shows an amount owing back to the directors as at 31st July 2017 of £2,468.90 (2016: £2,093.50). The directors have agreed not to request repayment of the balance to enable the company to close down. |
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4 |
Related party transactions |
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All Directors of Wild Pearl Limited are also members of Sarum Partners LLP. Wild Pearl Limited is also a Partner of Sarum Partners LLP but currently receives 0% of profits.
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5 |
Controlling party |
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Mr Jonathan Beatson-Hird, Mr Jonathan Laughton, Mr Oliver De Giorgio Miller, Mr Andrew Shuttleworth and Mr Michael McBraida each hold 20% of the share capital of the company and are all directors of Wild Pearl Limited, together they are the ultimate controlling party of Wild Pearl Limited.
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6 |
Other information |
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Wild Pearl Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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Crescent House Carnegie Campus |
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Enterprise Way |
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Dunfermline |
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Fife |
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KY11 8GR |