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Registered number: 00820982










PERIMETER PROPERTIES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
PERIMETER PROPERTIES LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
00820982



REGISTERED OFFICE
12th Floor
Aldgate Tower

2 Leman Street

London

E1W 9US





 
PERIMETER PROPERTIES LIMITED
 

CONTENTS



Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 14

 
PERIMETER PROPERTIES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is property investment.

DIRECTORS

The directors who served during the year were:

Mark Pears 
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 4 November 2024 and signed on its behalf.
 


William Bennett 
Secretary

Page 1

 
PERIMETER PROPERTIES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
  
489,070
501,237

Cost of sales
  
(391,168)
(214,141)

GROSS PROFIT
  
97,902
287,096

Administrative expenses
  
(46,844)
(50,404)

Profit on sale of investment properties
 3 
129,331
156,779

Fair value movements
 6 
21,599
264,808

OPERATING PROFIT
  
201,988
658,279

Interest receivable and similar income
  
121,555
57,565

Interest payable and similar expenses
  
(9,432)
(487)

PROFIT BEFORE TAX
  
314,111
715,357

Tax on profit
 5 
74,015
(87,327)

PROFIT FOR THE FINANCIAL YEAR
  
388,126
628,030

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
388,126
628,030

The notes on pages 6 to 14 form part of these financial statements.

Page 2

 
PERIMETER PROPERTIES LIMITED
REGISTERED NUMBER: 00820982

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 6 
9,617,679
9,957,293

  
9,617,679
9,957,293

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 7 
2,526,293
1,904,652

Cash at bank and in hand
  
19,700
24,532

  
2,545,993
1,929,184

Creditors: amounts falling due within one year
 8 
(272,204)
(380,947)

NET CURRENT ASSETS
  
 
 
2,273,789
 
 
1,548,237

TOTAL ASSETS LESS CURRENT LIABILITIES
  
11,891,468
11,505,530

PROVISIONS FOR LIABILITIES
  

Deferred tax
 9 
(1,153,437)
(1,155,625)

  
 
 
(1,153,437)
 
 
(1,155,625)

NET ASSETS
  
10,738,031
10,349,905


CAPITAL AND RESERVES
  

Called up share capital 
 10 
100
100

Investment property revaluation reserve
 11 
4,186,354
4,223,575

Profit and loss account
 11 
6,551,577
6,126,230

TOTAL EQUITY
  
10,738,031
10,349,905


Page 3

 
PERIMETER PROPERTIES LIMITED
REGISTERED NUMBER: 00820982

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

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 4 November 2024.

David Pears
Director

The notes on pages 6 to 14 form part of these financial statements.
Page 4

 
PERIMETER PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
100
4,223,575
6,126,230
10,349,905


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
388,126
388,126

Transfer realised gains to retained earnings
-
(63,705)
63,705
-

Deferred tax movements
-
2,188
(2,188)
-

Transfer revaluation during the year
-
24,296
(24,296)
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(37,221)
425,347
388,126


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


AT 30 APRIL 2024
100
4,186,354
6,551,577
10,738,031



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


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
100
4,398,020
11,123,755
15,521,875


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
628,030
628,030

Transfer realised gains to retained earnings
-
(346,367)
346,367
-

Deferred tax movements
-
71,170
(71,170)
-

Transfer revaluation during the year
-
100,752
(100,752)
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(174,445)
802,475
628,030


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
(5,800,000)
(5,800,000)


AT 30 APRIL 2023
100
4,223,575
6,126,230
10,349,905


The notes on pages 6 to 14 form part of these financial statements.

Page 5

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Perimeter Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 rents receivable.

  
2.4

PROPERTY TRANSACTIONS

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

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the income statement.

 
2.6

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.

 
2.7

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.
 

Page 6

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
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.

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.
 
Page 7

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.8
FINANCIAL INSTRUMENTS (CONTINUED)


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 payments 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.

 
2.9

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.

 
2.10

CREDITORS

Short term creditors are measured at the transaction price.
 
Page 8

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.11

REPAIRS AND MAINTENANCE

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 investment properties.

  
2.12

FINANCE COSTS

Finance costs are charged to the Income statement 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.

  
2.13

INTEREST INCOME

Interest income is recognised in the Income statement using the effective interest method.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 9

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


PROFIT ON SALE OF INVESTMENT PROPERTIES

2024
2023
£
£

Sale of investment properties
511,883
1,652,265

Historical cost

(318,847)
(1,149,119)

193,036
503,146

Prior years fair value surplus realised

(63,705)
(346,367)

129,331
156,779



4.


EMPLOYEES




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


        2024
        2023
            No.
            No.







Directors
3
3


5.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
74,649
146,476

Adjustments in respect of previous periods
(146,476)
12,021


(71,827)
158,497


TOTAL CURRENT TAX
(71,827)
158,497

DEFERRED TAX


Origination and reversal of timing differences
(2,188)
(71,170)

TOTAL DEFERRED TAX
(2,188)
(71,170)


TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
(74,015)
87,327
Page 10

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
5.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
314,111
715,358


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
78,528
139,495

EFFECTS OF:


Expenses not deductible for tax purposes
674
-

Adjustments to tax charge in respect of prior periods
(146,476)
12,021

Timing differences leading to a decrease in taxation
(2,188)
(71,170)

Book profit on chargeable assets
(32,333)
(30,572)

Capital gains
33,854
89,242

Other differences leading to a decrease in the tax charge
-
(51)

Valuation gains not taxable
(6,074)
(51,638)

TOTAL TAX CHARGE FOR THE YEAR
(74,015)
87,327

Page 11

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 May 2023
9,957,293


Additions at cost
21,339


Disposals
(382,552)


Fair value movements
21,599



AT 30 APRIL 2024
9,617,679

The 2024 valuations were made by our directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
4,277,888
4,578,093

4,277,888
4,578,093

At the year end, the provision for diminution in value amounted to £2,697 (2023 - £NIL).


7.


DEBTORS

2024
2023
£
£


Trade debtors
40,863
48,495

Amounts owed by group undertakings
2,282,019
1,617,536

Other debtors
203,411
238,621

2,526,293
1,904,652


Page 12

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
74,649
146,476

Other creditors
86,145
114,484

Accruals and deferred income
111,410
119,987

272,204
380,947



9.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
1,155,625
1,226,795


Released to income statement
(2,188)
(71,170)



AT END OF YEAR
1,153,437
1,155,625

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax on revaluation on investment properties
1,153,437
1,155,625

1,153,437
1,155,625


10.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023 - 100) ordinary shares of £1.00 each
100
100


Page 13

 
PERIMETER PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


RESERVES

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior year movements.

Profit and loss account

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


12.


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.
The company received estate agents services from a partnership in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest, the cost of which amounted to £8,400 (2023 - £7,719).
The company received management services from CHP Management Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest, the cost of which amounted to £4,800 (2023 - £4,752).
The company received management services from Hamways Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest, the cost of which amounted to £18,000 (2023 - £16,800). At the year end, Hamways Limited owed the company £96,639 (2023 - £82,692).
The company received management services from The William Pears Group of Companies Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest, the cost of which amounted to £24,000 (2023 - £28,642). At the year end, The William Pears Group of Companies Limited owed the company £Nil (2023 - NIL). Interest thereon amounted to £NIL for the year (2023 - £20,602).


13.


CONTROLLING PARTY

The ultimate parent company is Pears Family Investments Limited a company incorporated in England. The registered office is 12th Floor, Aldgate Tower, 12 Leman Street, London, E1W 9US.

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