Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01false33falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12856917 2022-05-01 2023-04-30 12856917 2021-05-01 2022-04-30 12856917 2023-04-30 12856917 2022-04-30 12856917 2021-05-01 12856917 c:CompanySecretary1 2022-05-01 2023-04-30 12856917 c:Director1 2022-05-01 2023-04-30 12856917 c:Director2 2022-05-01 2023-04-30 12856917 c:Director3 2022-05-01 2023-04-30 12856917 c:RegisteredOffice 2022-05-01 2023-04-30 12856917 d:CurrentFinancialInstruments 2023-04-30 12856917 d:CurrentFinancialInstruments 2022-04-30 12856917 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 12856917 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 12856917 d:ShareCapital 2022-05-01 2023-04-30 12856917 d:ShareCapital 2023-04-30 12856917 d:ShareCapital 2021-05-01 2022-04-30 12856917 d:ShareCapital 2022-04-30 12856917 d:ShareCapital 2021-05-01 12856917 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 12856917 d:RetainedEarningsAccumulatedLosses 2023-04-30 12856917 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 12856917 d:RetainedEarningsAccumulatedLosses 2022-04-30 12856917 d:RetainedEarningsAccumulatedLosses 2021-05-01 12856917 c:FRS102 2022-05-01 2023-04-30 12856917 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 12856917 c:FullAccounts 2022-05-01 2023-04-30 12856917 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 12856917










PEARS CORPORATE MEMBER LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
PEARS CORPORATE MEMBER LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears CBE 
Sir Trevor Pears CMG 
David Pears 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
12856917



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
PEARS CORPORATE MEMBER 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 - 10


 
PEARS CORPORATE MEMBER 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 Lloyds underwriting.

DIRECTORS

The directors who served during the year were:

Mark Pears CBE 
Sir Trevor Pears CMG 
David Pears 

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

 
PEARS CORPORATE MEMBER LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(5,283)
(27)

OPERATING LOSS
  
(5,283)
(27)

Interest payable and similar charges
 4 
(716)
(554)

LOSS BEFORE TAX
  
(5,999)
(581)

Tax on loss
 5 
-
-

LOSS FOR THE YEAR
  
(5,999)
(581)

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
(5,999)
(581)

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
PEARS CORPORATE MEMBER LIMITED
REGISTERED NUMBER: 12856917

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2023
2022
2022
Note
£
£
£
£

  

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
-
5,250

Cash at bank and in hand
 7 
940
973

  
940
6,223

Creditors: amounts falling due within one year
 8 
(12,945)
(12,229)

NET CURRENT LIABILITIES
  
 
 
(12,005)
 
 
(6,006)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(12,005)
(6,006)

  

NET LIABILITIES
  
(12,005)
(6,006)


CAPITAL AND RESERVES
  

Called up share capital 
  
100
100

Profit and loss account
 9 
(12,105)
(6,106)

EQUITY DEFICIT
  
(12,005)
(6,006)


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 10 form part of these financial statements.

Page 3

 
PEARS CORPORATE MEMBER LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
100
(6,106)
(6,006)


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(5,999)
(5,999)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(5,999)
(5,999)


AT 30 APRIL 2023
100
(12,105)
(12,005)


The notes on pages 5 to 10 form part of these financial statements.


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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2021
100
(5,525)
(5,425)


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(581)
(581)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(581)
(581)


AT 30 APRIL 2022
100
(6,106)
(6,006)


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
PEARS CORPORATE MEMBER LIMITED
 

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

1.


GENERAL INFORMATION

Pears Corporate Member Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 30 City Road, London, United Kingdom, 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.

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 company's functional and presentational currency is GBP and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis even though the company has net current liabilities of £12,005 (2022 - £6,006).The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.

 
2.3

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

TAXATION

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.

 
2.5

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.

Page 5

 
PEARS CORPORATE MEMBER LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

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.

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price. 


 
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.

Page 6

 
PEARS CORPORATE MEMBER LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.8
FINANCIAL INSTRUMENTS (CONTINUED)

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 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.

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

 
PEARS CORPORATE MEMBER LIMITED
 

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

3.


EMPLOYEES

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


        2023
        2022
            No.
            No.







Directors
3
3


4.


INTEREST PAYABLE AND SIMILAR CHARGES

2023
2022
£
£


Other interest payable
716
554

716
554


5.


TAXATION


2023
2022
£
£



TOTAL CURRENT TAX
-
-


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

2023
2022
£
£


Loss on ordinary activities before tax
(5,999)
(581)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
(1,170)
(110)

EFFECTS OF:


Unrelieved tax losses carried forward
1,170
110

TOTAL TAX CHARGE FOR THE YEAR
-
-

Page 8

 
PEARS CORPORATE MEMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
5.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.




6.


DEBTORS

2023
2022
£
£


Other debtors
-
5,250

-
5,250



7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
940
973

940
973



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Sundry loan
12,945
12,229

12,945
12,229



9.


RESERVES

Profit and loss account

The profit and loss account includes all current period retained profits and losses.
Page 9

 
PEARS CORPORATE MEMBER LIMITED
 

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

10.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under FRS102 Section 1A, paragraph 1 AC.35 in connection with intra group 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
£
£

Loan interest payable to WPG Treasury Limited
716
554

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 to WPG Treasury Limited
12,945
12,229


11.


CONTROLLING PARTY

The company is a wholly owned subsidiary of Pears Family Investments Limited, a company incorporated in England. The registered office is Ground Floor, 30 City Road, London EC1Y 2AB. Group accounts can be obtained from the Registrar of Companies.

Page 10