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Registered number: 3357507










REAL LONDON PROPERTIES (UK) LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023
 


 
REAL LONDON PROPERTIES (UK) LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
3357507



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
REAL LONDON PROPERTIES (UK) 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 - 13


 
REAL LONDON PROPERTIES (UK) 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 and to act as the holding company for a group of property dealing and property investment companies.

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 15 November 2023 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
REAL LONDON PROPERTIES (UK) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Share of joint venture loss
  
(274,969)
(401,003)

TURNOVER
  
(274,969)
(401,003)

Administrative expenses
  
(39)
(46)

OPERATING LOSS
  
(275,008)
(401,049)

Income from shares in group undertakings
  
302,500
5,500,000

Interest receivable and similar income
  
1,579,308
516,707

Interest payable and similar expenses
 4 
(92,950)
(58,756)

PROFIT BEFORE TAX
  
1,513,850
5,556,902

Tax on profit
 5 
(236,130)
(10,811)

PROFIT FOR THE YEAR
  
1,277,720
5,546,091

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
1,277,720
5,546,091

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
REAL LONDON PROPERTIES (UK) LIMITED
REGISTERED NUMBER: 3357507

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2023
2022
2022
Note
£
£
£
£

FIXED ASSETS
  

Investments
  
13,728,598
11,413,567

  
13,728,598
11,413,567

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 7 
43,713,843
44,774,560

Cash at bank and in hand
  
4,220
11,842

  
43,718,063
44,786,402

Creditors: amounts falling due within one year
 8 
(2,974,106)
(3,005,134)

NET CURRENT ASSETS
  
 
 
40,743,957
 
 
41,781,268

TOTAL ASSETS LESS CURRENT LIABILITIES
  
54,472,555
53,194,835

  

NET ASSETS
  
54,472,555
53,194,835


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Profit and loss account
 9 
54,471,555
53,193,835

TOTAL EQUITY
  
54,472,555
53,194,835


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 15 November 2023.




David Pears
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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


Share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
1,000
53,193,835
53,194,835


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,277,720
1,277,720
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
1,277,720
1,277,720


AT 30 APRIL 2023
1,000
54,471,555
54,472,555



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


Share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2021
1,000
47,647,744
47,648,744


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
5,546,091
5,546,091
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
5,546,091
5,546,091


AT 30 APRIL 2022
1,000
53,193,835
53,194,835


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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

1.


GENERAL INFORMATION

Real London Properties (UK) Limited is a 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

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 joint venture share.

 
2.4

INTEREST INCOME

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

 
2.5

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.

 
2.6

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

 
REAL LONDON PROPERTIES (UK) 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 and associates are measured at cost less accumulated impairment.

  
2.8
JOINT VENTURES

The company accounts for joint ventures under the gross equity method. The company's share of the Joint Ventures' profits are separately disclosed in the profit and loss account. The company's share of gross assets and gross liabilities, including loans to and from the company, is shown in the notes to the balance sheet.

 
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.

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
Page 6

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (CONTINUED)

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.

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.


 

Page 7

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (CONTINUED)

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.


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
£
£


On loans from associated company
92,950
58,756

92,950
58,756

Page 8

 
REAL LONDON PROPERTIES (UK) 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
236,130
10,811


236,130
10,811


TOTAL CURRENT TAX
236,130
10,811

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
1,513,850
5,556,902


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 -19%)
295,201
1,055,811

EFFECTS OF:


Short-term timing difference leading to a decrease in taxation
(83)
-

Non-taxable income
(58,988)
(1,045,000)

TOTAL TAX CHARGE FOR THE YEAR
236,130
10,811


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.
 

Page 9

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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

6.
INVESTMENTS

2023
2023
2022
2022
Percentage held
Activity
£
£
£
£
In associated undertakings
  
Powis Street Estates Limited shares at cost
13,750
13,750
27.5%
Holding  Co
Welwyn Garden Estates Limited shares at cost
275
275
27.5%
Property trading
Logical Properties Limited shares at cost
1
1
50%
Dormant
Town Square (Basildon)(No.2) Limited shares at cost
1
1
50%
Dormant
In subsidiary undertakings
Holaw (616) Limited shares at cost
550
550
55%
Dormant
Westside Estates Limited shares at cost
550
550
55%
Property trading
Keylinks Properties Limited shares at cost
550
550
55%
Dormant
Plantation Properties Limited shares at cost
550
550
55%
Property trading
In joint ventures
Logical Properties Limited Joint Venture
At beginning of year
11,397,340
14,149,937
Property trading
Movement in year
2,315,031
(2,752,597)
At end of year
13,712,371
13,712,371
11,397,340
11397340
55%
13,728,598
11,413,567

Page 10

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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

6.

INVESTMENTS (CONTINUED)


The following investments are held indirectly


Country of incorporation
Holding
Activity

Powis Street Estates (No.2) Limited
England
27.5%
Property investment

Powis Street Estates (No.3) Limited
England
27.5%
Property investment


Details of the investments in the subsidiary undertakings, registered in England held by the company are  as follows:-


Country of
incorporation
Holding
Activity


Westside Estates Limited
England
55%
Property trading

Plantation Properties Limited
England
55%
Property trading


Associated undertakings and joint ventures: share of results and net assets (which in aggregate exceed the 15% threshold)


2023
2022

£
£

Turnover
993,835
1,079,644

Share of fixed assets
3,111,714
3,471,212

Share of current assets
12,888,491
12,061,059

Share of liabilities due within one year
1,016,512
944,558

Share of liabilities due after more than one year
8,141,654
8,347,795



Page 11

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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

 
6.
 

INVESTMENTS (CONTINUED)
 
Associated undertakings and joint ventures: share of results and net assets (which in aggregate exceed the 25% threshold)

Powis Street Estates (No.3) Limited
2023
2022
£
£


Turnover
155,374
202,445

Profit before tax
571,184
309,763

Taxation
(46,919)
(185,968)

Profit after tax
524,265
123,795

Share of fixed assets
3,111,164
3,080,000

Share of current assets
1,005,651
452,038

Share of liabilities due within one year
634,988
160,782

Share of liabilities due after more than one year
302,341
413,535



2023
2022
£
£

Logical Properties Limited


Turnover
280,157
293,677

Profit/(loss) before and after tax
47,679
(403,613)

Share of current assets
3,237,877
3,249,035

Share of liabilities due within one year
182,223
475,240

2023
2022
£
£

Welwyn Garden Estates Limited


Turnover
556,205
556,205

Profit before tax
109,981
105,870

Taxation
(20,896)
(20,115)

Profit after tax
89,085
85,755

Share of current assets
8,254,537
8,239,859

Share of liabilities due within one year
147,869
142,804

Share of liabilities due after more than one year
7,839,313
7,918,785
Page 12

 
REAL LONDON PROPERTIES (UK) LIMITED
 

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

7.


DEBTORS

2023
2022
£
£


Other debtors
43,713,843
44,774,560

43,713,843
44,774,560



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Amounts owed to associates
1,081,146
1,081,146

Amounts owed to group undertakings
1,702,681
1,594,731

Corporation tax
188,625
71,457

Other creditors
1,654
257,800

2,974,106
3,005,134



9.


RESERVES

Profit & loss account

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


10.


RELATED PARTY TRANSACTIONS

Included in debtors is an amount owed 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, amounting to £43,713,843 (2022 - £44,774,560). Interest thereon amounted to £1,579,282 (2022 - £516,707) for the year.
Included in creditors are the following loans from group undertakings:-
Westside Estates Limited £1,702,681 (2022: £1,594,731). Interest thereon - £92,950 (2022: £58,756).
Included in creditors are the following loans from associated undertakings:-
Welwyn Gardens Estates Limited £1,081,146 (2022: £1,081,146).


Page 13