Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30false2022-05-0133truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 2037739 2022-05-01 2023-04-30 2037739 2021-05-01 2022-04-30 2037739 2023-04-30 2037739 2022-04-30 2037739 2021-05-01 2037739 c:CompanySecretary1 2022-05-01 2023-04-30 2037739 c:Director1 2022-05-01 2023-04-30 2037739 c:Director2 2022-05-01 2023-04-30 2037739 c:Director3 2022-05-01 2023-04-30 2037739 c:Director4 2022-05-01 2023-04-30 2037739 c:RegisteredOffice 2022-05-01 2023-04-30 2037739 d:CurrentFinancialInstruments 2023-04-30 2037739 d:CurrentFinancialInstruments 2022-04-30 2037739 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 2037739 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 2037739 d:UKTax 2022-05-01 2023-04-30 2037739 d:UKTax 2021-05-01 2022-04-30 2037739 d:ShareCapital 2022-05-01 2023-04-30 2037739 d:ShareCapital 2023-04-30 2037739 d:ShareCapital 2021-05-01 2022-04-30 2037739 d:ShareCapital 2022-04-30 2037739 d:ShareCapital 2021-05-01 2037739 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 2037739 d:RetainedEarningsAccumulatedLosses 2023-04-30 2037739 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 2037739 d:RetainedEarningsAccumulatedLosses 2022-04-30 2037739 d:RetainedEarningsAccumulatedLosses 2021-05-01 2037739 c:FRS102 2022-05-01 2023-04-30 2037739 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 2037739 c:FullAccounts 2022-05-01 2023-04-30 2037739 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 2037739 2 2022-05-01 2023-04-30 2037739 6 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 2037739










INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023



 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
2037739



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
INDUSTRIAL & MERCANTILE INVESTMENTS 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


 
INDUSTRIAL & MERCANTILE INVESTMENTS 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 
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 13 November 2023 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Turnover
     3
80,693
80,009

Cost of sales
     3
(9,193)
(8,143)

GROSS PROFIT
     3
71,500
71,866

Administrative expenses
  
(10,852)
(9,637)

Other operating income
 4 
775,141
834,738

OPERATING PROFIT
  
835,789
896,967

Interest receivable and similar income
  
737,196
254,870

Interest payable and similar charges
 6 
(43,254)
(26,108)

PROFIT BEFORE TAX
  
1,529,731
1,125,729

Tax on profit
 7 
(298,193)
(213,889)

PROFIT FOR THE YEAR
  
1,231,538
911,840

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
1,231,538
911,840

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

Page 2

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
REGISTERED NUMBER: 2037739

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 8 
12,318,300
12,318,300

  
12,318,300
12,318,300

CURRENT ASSETS
  

Stocks
 9 
58,859
58,859

Debtors: amounts falling due within one year
 10 
21,228,594
20,631,806

Cash at bank and in hand
  
24,852
29,590

  
21,312,305
20,720,255

Creditors: amounts falling due within one year
 11 
(770,243)
(1,409,731)

NET CURRENT ASSETS
  
 
 
20,542,062
 
 
19,310,524

TOTAL ASSETS LESS CURRENT LIABILITIES
  
32,860,362
31,628,824

  

NET ASSETS
  
32,860,362
31,628,824


CAPITAL AND RESERVES
  

Called up share capital 
  
6
6

Profit and loss account
 12 
32,860,356
31,628,818

TOTAL EQUITY
  
32,860,362
31,628,824


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 13 November 2023.




David Pears
Director

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

Page 3

 
INDUSTRIAL & MERCANTILE INVESTMENTS 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
6
31,628,818
31,628,824


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,231,538
1,231,538
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
1,231,538
1,231,538


AT 30 APRIL 2023
6
32,860,356
32,860,362



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
6
30,716,978
30,716,984


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
911,840
911,840
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
911,840
911,840


AT 30 APRIL 2022
6
31,628,818
31,628,824


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

Page 4

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

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

1.


GENERAL INFORMATION

Industrial & Mercantile Investments 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 company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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 and sales of property trading stock.

  
2.4

PROPERTY TRANSACTIONS

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

 
2.5

INTEREST INCOME

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

 
2.6

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.

Page 5

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 property is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Income statement.
All repairs, maintenance costs and renewals are written off as incurred.
Certain refurbishment costs which are part of major property refurbishment programmes may, depending on the nature of the works being undertaken, be capitalised in the Statement of financial position as part of property stock.
 

 
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

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.

 
2.11

CREDITORS

Short term creditors are measured at the transaction price.

 
2.12

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.

Page 6

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (CONTINUED)

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 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 instrument is 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.

Page 7

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (CONTINUED)

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/(from) 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.


3.


TURNOVER

All turnover arose within the United Kingdom.

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

Sale of trading
stock
properties

-

-

(1,513)
 
(870)
 
(1,513)

(870)

Rental income

80,693

80,009

(7,680)
 
(7,273)
 
73,013

72,736


80,693

80,009

(9,193)
 
(8,143)
 
71,500

71,866


Cost of sales of rental income comprises property outgoings.

Page 8

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

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

4.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
775,141
834,738

775,141
834,738



5.


EMPLOYEES

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


        2023
        2022
            No.
            No.







Directors
3
3


6.


INTEREST PAYABLE AND SIMILAR CHARGES

2023
2022
£
£


Loans from group undertakings
43,254
25,101

Other interest payable
-
1,007

43,254
26,108


7.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
298,193
213,889


298,193
213,889


TOTAL CURRENT TAX
298,193
213,889

DEFERRED TAX

TOTAL DEFERRED TAX
-
-


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
298,193
213,889
Page 9

 
INDUSTRIAL & MERCANTILE INVESTMENTS 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 lower than (2022 - the same as) 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
1,529,731
1,125,729


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
298,298
213,889

EFFECTS OF:


Other differences leading to a decrease in the tax charge
(105)
-

TOTAL TAX CHARGE FOR THE YEAR
298,193
213,889


8.


FIXED ASSET INVESTMENTS





Investments in subsidiary company

£



COST OR VALUATION


At 1 May 2022
12,318,300



At 30 April 2023

12,318,300






NET BOOK VALUE



At 30 April 2023
12,318,300



At 30 April 2022
12,318,300

Page 10

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

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

9.


STOCKS

2023
2022
£
£

Freehold and leasehold property
58,859
58,859

58,859
58,859



10.


DEBTORS

2023
2022
£
£


Sundry loan
21,222,747
20,627,631

Other debtors
5,847
4,175

21,228,594
20,631,806



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Amounts owed to group undertakings
475,705
1,207,592

Corporation tax
229,733
145,429

Other creditors
30,685
24,078

Accruals and deferred income
34,120
32,632

770,243
1,409,731



12.


RESERVES

Profit & loss account

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

Page 11

 
INDUSTRIAL & MERCANTILE INVESTMENTS LIMITED
 

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

13.


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
10,800
9,600
Loan interest receivable from The William Pears Group of Companies
Limited
737,189
254,870
Loan interest payable to Whitehall Place Properties Limited
43,254
25,101
Profit share receivable from Whitehall Place Properties Limited
775,141
834,738

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
21,222,747
20,627,631

Loan due to Whitehall Place Properties Limited
475,705
1,207,592

Balance due from Hamways Limited
319
236

The company received estate agents services from a partnership in which the directors have an interest, the cost of which amounted to £6,360 (2022 - £6,240).


Page 12