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Registered number: 3630389










ORCHARD ROAD PROPERTIES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023



 
ORCHARD ROAD PROPERTIES LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears CBE 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
3630389



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
ORCHARD ROAD PROPERTIES LIMITED
 

CONTENTS



Page
Directors' Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 12


 
ORCHARD ROAD PROPERTIES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

PRINCIPAL ACTIVITY

The principal activity of the company is property investment.

DIRECTORS

The directors who served during the year were:

Mark Pears CBE 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 9 October 2023 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
ORCHARD ROAD PROPERTIES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Turnover
  
325,556
335,725

Cost of sales
  
(88,627)
(98,012)

GROSS PROFIT
  
236,929
237,713

Administrative expenses
  
(27,685)
(30,079)

Profit on sale of investment properties
 3 
52,043
9,482

Fair value movements
 6 
(25,499)
868,651

OPERATING PROFIT
  
235,788
1,085,767

Interest receivable and similar income
  
164,085
44,270

PROFIT BEFORE TAX
  
399,873
1,130,037

Tax on profit
 5 
(65,783)
(205,365)

PROFIT FOR THE YEAR
  
334,090
924,672

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
334,090
924,672

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
ORCHARD ROAD PROPERTIES LIMITED
REGISTERED NUMBER: 3630389

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investment property
 6 
6,381,807
7,198,560

  
6,381,807
7,198,560

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 7 
5,042,566
3,873,008

Cash at bank and in hand
  
2,398
2,086

  
5,044,964
3,875,094

Creditors: amounts falling due within one year
 8 
(180,421)
(132,150)

NET CURRENT ASSETS
  
 
 
4,864,543
 
 
3,742,944

TOTAL ASSETS LESS CURRENT LIABILITIES
  
11,246,350
10,941,504

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 9 
(265,720)
(294,964)

  
 
 
(265,720)
 
 
(294,964)

NET ASSETS
  
10,980,630
10,646,540


CAPITAL AND RESERVES
  

Called up share capital 
  
999
999

Investment property revaluation reserve
 10 
1,703,352
1,904,238

Profit and loss account
 10 
9,276,279
8,741,303

TOTAL EQUITY
  
10,980,630
10,646,540


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2023.

David Pears
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
ORCHARD ROAD PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
999
1,904,238
8,741,303
10,646,540


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year

-
-
334,090
334,090

Transfer realised gains to retained earnings
-
(204,631)
204,631
-

Deferred tax movements
-
29,244
(29,244)
-

Transfer revaluation during the year
-
(25,499)
25,499
-


OTHER RESERVE MOVEMENTS FOR THE YEAR
-
(200,886)
200,886
-


TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(200,886)
534,976
334,090


AT 30 APRIL 2023
999
1,703,352
9,276,279
10,980,630



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2021
999
1,340,646
8,380,223
9,721,868


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year

-
-
924,672
924,672

Transfer realised gains to retained earnings
-
(90,113)
90,113
-

Deferred tax movements
-
(150,518)
150,518
-

Transfer revaluation during the year
-
804,223
(804,223)
-


OTHER RESERVE MOVEMENTS FOR THE
YEAR
-
563,592
(563,592)
-


TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
563,592
361,080
924,672


AT 30 APRIL 2022
999
1,904,238
8,741,303
10,646,540


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

Orchard Road Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 other than where additional disclosure is required to show a true and fair view. 
The company's functional and presentational currency is GBP and rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

  
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the rents receivable.

  
2.4

PROPERTY TRANSACTIONS

Purchases and sales of properties are included on the basis of completions occurring during the year.

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by our directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Page 5

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
Page 6

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.8
FINANCIAL INSTRUMENTS (CONTINUED)

amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to related parties.  

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

CREDITORS

Short term creditors are measured at the transaction price.

 
2.10

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 8

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


PROFIT ON SALE OF INVESTMENT PROPERTIES

2023
2022
£
£

Sale of investment properties
843,297
360,295

Historical cost
(586,623)
(260,700)

256,674
99,595

Prior years fair value surplus realised
(204,631)
(90,113)

52,043
9,482



4.


EMPLOYEES

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


        2023
        2022
            No.
            No.







Directors
3
3

Page 9

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
95,027
54,847


TOTAL CURRENT TAX
95,027
54,847

DEFERRED TAX


Origination and reversal of timing differences
(29,244)
150,518

TOTAL DEFERRED TAX
(29,244)
150,518


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
65,783
205,365

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022 -lower than) the standard rate of corporation tax in the UK of 19.5% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
399,873
1,130,037


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 -19%)
77,975
214,707

EFFECTS OF:


Timing difference leading to a (decrease)/increase in taxation
(29,244)
150,518

Book profit on chargeable assets
(10,148)
(1,802)

Capital gains
22,261
6,985

Changes in provisions leading to a decrease in the tax charge
(33)
-

Valuation losses/(gains) not taxable
4,972
(165,043)

TOTAL TAX CHARGE FOR THE YEAR
65,783
205,365


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 10

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


INVESTMENT PROPERTY


Freehold investment property
Long term leasehold investment property
Total

£
£
£



VALUATION


At 1 May 2022
6,770,775
427,785
7,198,560


Disposals
(791,254)
-
(791,254)


Fair value movement
(23,406)
(2,093)
(25,499)



AT 30 APRIL 2023
5,956,115
425,692
6,381,807

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
4,412,735
4,999,358

4,412,735
4,999,358




7.


DEBTORS

2023
2022
£
£


Sundry loan
4,956,594
3,785,814

Other debtors
85,972
87,194

5,042,566
3,873,008



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Corporation tax
94,946
54,766

Other creditors
47,988
37,134

Accruals and deferred income
37,487
40,250

180,421
132,150


Page 11

 
ORCHARD ROAD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
294,964
144,446


(Released)/charged to income statement
(29,244)
150,518



AT END OF YEAR
265,720
294,964

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Tax on revaluation of investment properties
265,720
294,964

265,720
294,964


10.


RESERVES

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior year movements.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.


11.


RELATED PARTY TRANSACTIONS

During the year there were the following transactions with companies and entities in which the directors, Mark Pears CBE, Sir Trevor Pears CMG and David Pears have an interest.


2023
2022
£
£

Management fees payable
27,600
30,000
Loan interest receivable from The William Pears Group of Companies
Limited
164,034
44,269

At the year end there were the following balances with companies and entities in which the directors, Mark Pears CBE, Sir Trevor Pears CMG and David Pears have an interest.


2023
2022
£
£
Loan due from The William Pears Group of Companies Limited

4,956,594

3,785,814



Page 12