Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-3032022-04-05false3truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14027201 2022-04-05 2023-04-30 14027201 2021-05-01 2022-04-04 14027201 2023-04-30 14027201 2022-04-04 14027201 c:CompanySecretary1 2022-04-05 2023-04-30 14027201 c:Director1 2022-04-05 2023-04-30 14027201 c:Director1 2023-04-30 14027201 c:Director2 2022-04-05 2023-04-30 14027201 c:Director2 2023-04-30 14027201 c:Director3 2022-04-05 2023-04-30 14027201 c:Director3 2023-04-30 14027201 c:Director4 2022-04-05 2023-04-30 14027201 c:Director4 2023-04-30 14027201 c:RegisteredOffice 2022-04-05 2023-04-30 14027201 d:CurrentFinancialInstruments 2023-04-30 14027201 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 14027201 d:ShareCapital 2022-04-05 2023-04-30 14027201 d:ShareCapital 2023-04-30 14027201 d:ShareCapital 2022-04-04 14027201 d:RetainedEarningsAccumulatedLosses 2022-04-05 2023-04-30 14027201 d:RetainedEarningsAccumulatedLosses 2023-04-30 14027201 d:RetainedEarningsAccumulatedLosses 2022-04-04 14027201 c:FRS102 2022-04-05 2023-04-30 14027201 c:AuditExempt-NoAccountantsReport 2022-04-05 2023-04-30 14027201 c:FullAccounts 2022-04-05 2023-04-30 14027201 c:PrivateLimitedCompanyLtd 2022-04-05 2023-04-30 14027201 2 2022-04-05 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 14027201










PAPER ESTATES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2023



 
PAPER ESTATES LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears CBE (appointed 5 April 2022)
Sir Trevor Pears CMG (appointed 5 April 2022)
David Pears (appointed 5 April 2022)
WPG Registrars Limited (appointed 5 April 2022, resigned 13 October 2022)




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
14027201



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
PAPER 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


 
PAPER ESTATES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

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

PRINCIPAL ACTIVITY

The principal activity of the company is property dealing. 

INCORPORATION

The company was incorporated on 5 April 2022 and started its activities on the same day.

DIRECTORS

The directors who served during the period were:

Mark Pears CBE (appointed 5 April 2022)
Sir Trevor Pears CMG (appointed 5 April 2022)
David Pears (appointed 5 April 2022)
WPG Registrars Limited (appointed 5 April 2022, resigned 13 October 2022)

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 15 November 2023 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
PAPER ESTATES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM THE DATE OF INCORPORATION OF 05 APRIL 2022 TO 30 APRIL 2023

Period ended
30 April 2023
Note
£

  

Administrative expenses
  
(193,608)

OPERATING LOSS
  
(193,608)

Interest payable and similar charges
 4 
(9,535)

LOSS BEFORE TAX
  
(203,143)

Tax on loss
 5 
-

LOSS FOR THE FINANCIAL PERIOD
  
(203,143)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
  
(203,143)

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

Page 2

 
PAPER ESTATES LIMITED
REGISTERED NUMBER:14027201

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

30 April
2023
Note
£

  

CURRENT ASSETS
  

Debtors
 6 
1,000

Cash at bank and in hand
  
3,900

  
4,900

Creditors: amounts falling due within one year
 7 
(207,043)

NET CURRENT LIABILITIES
  
 
 
(202,143)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(202,143)

  

NET LIABILITIES
  
(202,143)


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000

Profit and loss account
  
(203,143)

EQUITY DEFICIT
  
(202,143)


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 period 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 15 November 2023.




David Pears
Director

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

Page 3

 
PAPER ESTATES LIMITED
 

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


Share capital
Profit and loss account
Total equity

£
£
£

At 5 April 2022
-
-
-


COMPREHENSIVE INCOME FOR THE PERIOD

Loss for the period

-
(203,143)
(203,143)

Shares issued during the period
1,000
-
1,000


AT 30 APRIL 2023
1,000
(203,143)
(202,143)


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

Page 4

 
PAPER ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

Paper 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

GOING CONCERN

The financial statements have been prepared on a going concern basis even though the company has net current liabilities of £202,143. 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 falldue, 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

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

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

 
PAPER 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 the Statement of comprehensive income, except that a charge attributable to anitem of income and expense recognised as other comprehensive income or to an item recogniseddirectly 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 beenenacted 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 property is impaired, the carryingamount is reduced to its selling price less costs to complete and sell. The impairment loss isrecognised 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 aremeasured initially at fair value, net of transaction costs, and are measured subsequently atamortised 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

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
Page 6

 
PAPER ESTATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.11
FINANCIAL INSTRUMENTS (CONTINUED)

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 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
Page 7

 
PAPER ESTATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.11
FINANCIAL INSTRUMENTS (CONTINUED)

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.

 
2.12

CREDITORS

Short term creditors are measured at the transaction price.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 3.


4.


INTEREST PAYABLE AND SIMILAR CHARGES

Period ended
30 April
2023
£


Other loan interest payable
9,535

9,535

Page 8

 
PAPER ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


TAXATION


Period ended
30 April
2023
£



TOTAL CURRENT TAX
-


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 19.5%. The differences are explained below:

Period ended
30 April
2023
£


Loss on ordinary activities before tax
(203,143)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5%
(39,613)

EFFECTS OF:


Unrelieved tax losses carried forward
39,613

TOTAL TAX CHARGE FOR THE YEAR
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.




6.


DEBTORS

30 April
2023
£



Other debtors
1,000

1,000


Page 9

 
PAPER ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30 April
2023
£

Sundry loans
207,043

207,043



8.


RELATED PARTY TRANSACTIONS

Creditors include amounts of £207,043 owed to WPG Treasury Limited, a company in which the directors Mark Pears CBE, Sir Trevor Pears CMG and David Pears have an interest. 
Interest thereon amounting to £9,535 was payable to the company.


9.


CONTROLLING PARTY

The company is a wholly owned subsidiary of Pears Family Industrial Holdings Limited, a company incorporated in England. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB.


Page 10