Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falsetrue4false4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11508058 2022-05-01 2023-04-30 11508058 2021-05-01 2022-04-30 11508058 2023-04-30 11508058 2022-04-30 11508058 2021-05-01 11508058 c:CompanySecretary1 2022-05-01 2023-04-30 11508058 c:Director1 2022-05-01 2023-04-30 11508058 c:Director2 2022-05-01 2023-04-30 11508058 c:Director3 2022-05-01 2023-04-30 11508058 c:Director4 2022-05-01 2023-04-30 11508058 c:Director5 2022-05-01 2023-04-30 11508058 c:RegisteredOffice 2022-05-01 2023-04-30 11508058 d:CurrentFinancialInstruments 2023-04-30 11508058 d:CurrentFinancialInstruments 2022-04-30 11508058 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 11508058 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 11508058 d:UKTax 2022-05-01 2023-04-30 11508058 d:UKTax 2021-05-01 2022-04-30 11508058 d:ShareCapital 2022-05-01 2023-04-30 11508058 d:ShareCapital 2023-04-30 11508058 d:ShareCapital 2021-05-01 2022-04-30 11508058 d:ShareCapital 2022-04-30 11508058 d:ShareCapital 2021-05-01 11508058 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 11508058 d:RetainedEarningsAccumulatedLosses 2023-04-30 11508058 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 11508058 d:RetainedEarningsAccumulatedLosses 2022-04-30 11508058 d:RetainedEarningsAccumulatedLosses 2021-05-01 11508058 c:FRS102 2022-05-01 2023-04-30 11508058 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 11508058 c:FullAccounts 2022-05-01 2023-04-30 11508058 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11508058 2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 11508058










KNOWN ESTATES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023
 


 
KNOWN ESTATES LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
11508058



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
KNOWN ESTATES 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


 
KNOWN ESTATES 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 dealing.

DIRECTORS

The directors who served during the year were:

Mark Pears CBE 
Sir Trevor Pears CMG 
David Pears 
Stuart Robinson 
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 and signed on its behalf.
 





William Bennett
Secretary

Date: 3 November 2023

Page 1

 
KNOWN ESTATES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Turnover
 3 
-
28,425,185

Cost of sales
 3 
-
(18,936,564)

GROSS PROFIT
 3 
-
9,488,621

Administrative expenses
  
(5,067)
(71,976)

OPERATING (LOSS)/PROFIT
  
(5,067)
9,416,645

Interest receivable and similar income
  
140
-

Interest payable and similar expenses
 6 
-
(587,154)

(LOSS)/PROFIT BEFORE TAX
  
(4,927)
8,829,491

Tax on (loss)/profit
 7 
-
(1,677,603)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
  
(4,927)
7,151,888

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
(4,927)
7,151,888

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

Page 2

 
KNOWN ESTATES LIMITED
REGISTERED NUMBER: 11508058

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

  

CURRENT ASSETS
  

Stocks
 8 
275,000
275,000

Debtors: amounts falling due within one year
 9 
1,680
36,506

Cash at bank and in hand
  
19,566
2,030,632

  
296,246
2,342,138

Creditors: amounts falling due within one year
 10 
(6,683)
(1,747,648)

NET CURRENT ASSETS
  
 
 
289,563
 
 
594,490

TOTAL ASSETS LESS CURRENT LIABILITIES
  
289,563
594,490

  

NET ASSETS
  
289,563
594,490


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
288,563
593,490

TOTAL EQUITY
  
289,563
594,490


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 3 November 2023.




Mark Pears CBE
Stuart Robinson
Director
Director

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

Page 3

 
KNOWN ESTATES 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
1,000
593,490
594,490


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(4,927)
(4,927)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(4,927)
(4,927)

Dividends
-
(300,000)
(300,000)


AT 30 APRIL 2023
1,000
288,563
289,563



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
1,000
941,602
942,602


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
7,151,888
7,151,888
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
7,151,888
7,151,888

Dividends: Equity capital
-
(7,500,000)
(7,500,000)


AT 30 APRIL 2022
1,000
593,490
594,490


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

Page 4

 
KNOWN ESTATES LIMITED
 

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

1.


GENERAL INFORMATION

Known Estates 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 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

PROPERTY TRANSACTIONS

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

 
2.3

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.

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the rent receivable and sales of property trading stock.

 
2.5

INTEREST INCOME

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

 
2.6

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.

Page 5

 
KNOWN ESTATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

 
2.8

STOCKS

Stocks of properties are valued at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.9

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.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
 
Page 6

 
KNOWN ESTATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.11
FINANCIAL INSTRUMENTS (CONTINUED)


For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

  
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


ANALYSIS OF TURNOVER

Turnover
2023
Turnover
2022
Cost of
sales
2023
Cost of
sales
2022
Gross profit
2023
Gross profit
2022
        £
        £
        £
        £
        £
        £

Sales of trading
stock

-

27,250,000

-
 
(18,931,876)
 
-

8,318,124

Rental income

-

1,175,185

-
 
(4,688)
 
-

1,170,497

Total

-

28,425,185

-
 
(18,936,564)
 
-

9,488,621


Page 7

 
KNOWN ESTATES LIMITED
 

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

4.


AUDITORS' REMUNERATION

2023
2022
£
£


Fees payable to the Company's auditors for the audit of the Company's financial statements
-
3,950

5.


EMPLOYEES

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


        2023
        2022
            No.
            No.







Directors
4
4


6.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
-
412,763

Sundry loan interest payable
-
174,391

-
587,154

The bank loan interest charge includes £Nil (2022 - £124,489) of finance costs amortised during the year.


7.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the period
-
1,677,603


TOTAL CURRENT TAX
-
1,677,603
Page 8

 
KNOWN ESTATES LIMITED
 

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


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19.5% (2022 - 19%) as set out below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(4,927)
8,829,491


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
-
1,677,603

EFFECTS OF:

TOTAL TAX CHARGE FOR THE YEAR
-
1,677,603


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


8.


STOCKS

2023
2022
£
£

Freehold property
275,000
275,000

275,000
275,000



9.


DEBTORS

2023
2022
£
£


Other debtors
-
36,506

Prepayments and accrued income
1,680
-

1,680
36,506


Page 9

 
KNOWN ESTATES LIMITED
 

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

10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
1,683
5

Corporation tax
-
1,677,603

Other creditors
-
4,991

Accruals and deferred income
5,000
65,049

6,683
1,747,648



11.


RELATED PARTY TRANSACTIONS

The financial statements include interest payable to WPG Finance Limited of £Nil (2022 - £130,744), £Nil (2022 - £5,212) to WPG Treasury Limited and £Nil (2022 - £38,435) to Hackberry Properties Limited. 

The financial statements include an accountancy fee of £5,000 (2022 - £15,000) charged by The William Pears Group of Companies Limited, a company in which the directors Mark Pears CBE, Sir Trevor Pears CMG and David Pears have an interest and management fee of £Nil (2022 - £45,000) charged by Hackberry Developments UK Limited, a company in which director Stuart Robinson has an interest respectively.


12.


CONTROLLING PARTY

The company's immediate and ultimate holding company is Pears Property Ventures Limited, a company incorporated in England. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB.



Page 10