Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01falseThe principal activity of the company is that of property investment.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05049262 2023-03-01 2024-02-29 05049262 2022-03-01 2023-02-28 05049262 2024-02-29 05049262 2023-02-28 05049262 2022-03-01 05049262 c:Director1 2023-03-01 2024-02-29 05049262 d:FurnitureFittings 2023-03-01 2024-02-29 05049262 d:FurnitureFittings 2024-02-29 05049262 d:FurnitureFittings 2023-02-28 05049262 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 05049262 d:LeaseholdInvestmentProperty 2023-03-01 2024-02-29 05049262 d:LeaseholdInvestmentProperty 2024-02-29 05049262 d:LeaseholdInvestmentProperty 2023-02-28 05049262 d:CurrentFinancialInstruments 2024-02-29 05049262 d:CurrentFinancialInstruments 2023-02-28 05049262 d:Non-currentFinancialInstruments 2024-02-29 05049262 d:Non-currentFinancialInstruments 2023-02-28 05049262 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 05049262 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 05049262 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 05049262 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 05049262 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 05049262 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 05049262 d:ShareCapital 2024-02-29 05049262 d:ShareCapital 2023-02-28 05049262 d:OtherMiscellaneousReserve 2024-02-29 05049262 d:OtherMiscellaneousReserve 2023-02-28 05049262 d:RetainedEarningsAccumulatedLosses 2024-02-29 05049262 d:RetainedEarningsAccumulatedLosses 2023-02-28 05049262 c:OrdinaryShareClass1 2023-03-01 2024-02-29 05049262 c:OrdinaryShareClass1 2024-02-29 05049262 c:FRS102 2023-03-01 2024-02-29 05049262 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 05049262 c:FullAccounts 2023-03-01 2024-02-29 05049262 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05049262 d:OtherDeferredTax 2024-02-29 05049262 d:OtherDeferredTax 2023-02-28 05049262 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05049262














PEARTREE INTERNATIONAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
PEARTREE INTERNATIONAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
PEARTREE INTERNATIONAL LIMITED
REGISTERED NUMBER:05049262

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,944
5,260

Investment property
 5 
14,855,649
15,855,649

  
14,859,593
15,860,909

Current assets
  

Debtors: amounts falling due after more than one year
 6 
71,990
-

Debtors: amounts falling due within one year
 6 
1,126,813
853,344

Cash at bank and in hand
  
6,927
50,315

  
1,205,730
903,659

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(153,883)
(211,214)

Net current assets
  
 
 
1,051,847
 
 
692,445

Total assets less current liabilities
  
15,911,440
16,553,354

Creditors: amounts falling due after more than one year
 8 
(9,692,144)
(10,268,285)

Provisions for liabilities
  

Deferred tax
 10 
(1,138,130)
(1,253,543)

  
 
 
(1,138,130)
 
 
(1,253,543)

Net assets
  
5,081,166
5,031,526


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Other reserves
  
3,414,392
3,760,631

Profit and loss account
  
1,665,774
1,269,895

  
5,081,166
5,031,526

Page 1

 
PEARTREE INTERNATIONAL LIMITED
REGISTERED NUMBER:05049262
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 director acknowledges his 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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




C Korine
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PEARTREE INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Peartree International Limited is a private limited liability company registered in England and Wales. Its registered office and business address is at Cumberland House, 80 Scrubs Lane, London, NW10 6RF.
The principal activity of the company is that of property investment.

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.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents rental income which is receivable in the period.
Rental income is recognised in the period the properties are occupied.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 3

 
PEARTREE INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Investment property

Investment properties are included in the Statement of Financial Position at their open market value  determined annually by the director 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 values are recognised in the Statement of Comprehensive Income.

 
2.5

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and bank balances, bank and related party loans. 
 
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction cost plus attributable transaction cost. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors. If the arrangement constitutes a financial transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest. 
Interest bearing borrowings classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, they are stated at amortised cost using the effective interest method. 
Cash and cash equivalents comprise cash balances and call deposits. 

 
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 4

 
PEARTREE INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, 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. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
a) 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
b) 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
PEARTREE INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Fixtures & fittings

£



Cost


At 1 March 2023
19,799



At 29 February 2024

19,799



Depreciation


At 1 March 2023
14,539


Charge for the year on owned assets
1,316



At 29 February 2024

15,855



Net book value



At 29 February 2024
3,944



At 28 February 2023
5,260


5.


Investment property





Long term leasehold investment property

£



Valuation


At 1 March 2023
15,855,649


Disposals
(1,000,000)



At 29 February 2024
14,855,649

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




Page 6

 
PEARTREE INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
71,990
-

71,990
-


2024
2023
£
£

Due within one year

Other debtors
1,073,505
835,573

Prepayments and accrued income
53,308
17,771

1,126,813
853,344



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
52,196
46,537

Other creditors
19,473
48,781

Accruals and deferred income
82,214
115,896

153,883
211,214



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,424,482
7,158,512

Other creditors
2,267,662
3,109,773

9,692,144
10,268,285


The bank loans are secured on the investment properties and personal guarantees provided by the director.

Page 7

 
PEARTREE INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
7,424,482
7,158,512



10.


Deferred taxation






2024
2023


£

£






At beginning of year
1,253,543
1,205,246


Charged to profit or loss
(115,413)
48,297



At end of year
1,138,130
1,253,543

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value changes in investment properties
1,138,130
1,253,543


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1 each
1,000
1,000



12.Director's personal guarantees

C Korine, the company's director and shareholder, has provided a personal guarantee as part of the security for the company's borrowings.

 
Page 8