Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3000The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01false33truefalse 9740570 2023-05-01 2024-04-30 9740570 2022-05-01 2023-04-30 9740570 2024-04-30 9740570 2023-04-30 9740570 2022-05-01 9740570 c:CompanySecretary1 2023-05-01 2024-04-30 9740570 c:Director1 2023-05-01 2024-04-30 9740570 c:Director2 2023-05-01 2024-04-30 9740570 c:Director3 2023-05-01 2024-04-30 9740570 c:Director4 2023-05-01 2024-04-30 9740570 c:RegisteredOffice 2023-05-01 2024-04-30 9740570 d:CurrentFinancialInstruments 2024-04-30 9740570 d:CurrentFinancialInstruments 2023-04-30 9740570 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 9740570 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 9740570 d:UKTax 2023-05-01 2024-04-30 9740570 d:UKTax 2022-05-01 2023-04-30 9740570 d:ShareCapital 2023-05-01 2024-04-30 9740570 d:ShareCapital 2024-04-30 9740570 d:ShareCapital 2022-05-01 2023-04-30 9740570 d:ShareCapital 2023-04-30 9740570 d:ShareCapital 2022-05-01 9740570 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 9740570 d:RetainedEarningsAccumulatedLosses 2024-04-30 9740570 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 9740570 d:RetainedEarningsAccumulatedLosses 2023-04-30 9740570 d:RetainedEarningsAccumulatedLosses 2022-05-01 9740570 c:FRS102 2023-05-01 2024-04-30 9740570 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 9740570 c:FullAccounts 2023-05-01 2024-04-30 9740570 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 9740570 d:Subsidiary1 2023-05-01 2024-04-30 9740570 d:Subsidiary1 1 2023-05-01 2024-04-30 9740570 d:Subsidiary2 2023-05-01 2024-04-30 9740570 d:Subsidiary2 1 2023-05-01 2024-04-30 9740570 d:Subsidiary3 2023-05-01 2024-04-30 9740570 d:Subsidiary4 2023-05-01 2024-04-30 9740570 d:Subsidiary4 1 2023-05-01 2024-04-30 9740570 d:Subsidiary5 2023-05-01 2024-04-30 9740570 d:Subsidiary5 1 2023-05-01 2024-04-30 9740570 d:Subsidiary6 2023-05-01 2024-04-30 9740570 d:Subsidiary6 1 2023-05-01 2024-04-30 9740570 d:Subsidiary7 2023-05-01 2024-04-30 9740570 d:Subsidiary7 1 2023-05-01 2024-04-30 9740570 d:Subsidiary8 2023-05-01 2024-04-30 9740570 d:Subsidiary9 2023-05-01 2024-04-30 9740570 d:Subsidiary9 1 2023-05-01 2024-04-30 9740570 d:Subsidiary10 2023-05-01 2024-04-30 9740570 d:Subsidiary10 1 2023-05-01 2024-04-30 9740570 d:Subsidiary11 2023-05-01 2024-04-30 9740570 d:Subsidiary11 1 2023-05-01 2024-04-30 9740570 d:Subsidiary12 2023-05-01 2024-04-30 9740570 d:Subsidiary12 1 2023-05-01 2024-04-30 9740570 2 2023-05-01 2024-04-30 9740570 6 2023-05-01 2024-04-30 9740570 d:JointVenture1 2023-05-01 2024-04-30 9740570 d:JointVenture1 1 2023-05-01 2024-04-30 9740570 d:JointVenture2 2023-05-01 2024-04-30 9740570 d:JointVenture2 1 2023-05-01 2024-04-30 9740570 d:JointVenture3 2023-05-01 2024-04-30 9740570 d:JointVenture3 1 2023-05-01 2024-04-30 9740570 d:JointVenture5 2023-05-01 2024-04-30 9740570 d:JointVenture5 1 2023-05-01 2024-04-30 9740570 d:JointVenture6 2023-05-01 2024-04-30 9740570 d:JointVenture6 1 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 9740570










PEARS PROPERTY VENTURES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024



 
PEARS PROPERTY VENTURES LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
9740570



REGISTERED OFFICE
12th Floor Aldgate Tower
2 Leman Street

London

E1W 9US





 
PEARS PROPERTY VENTURES 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


 
PEARS PROPERTY VENTURES 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 to act as a holding company.

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 5 December 2024 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
PEARS PROPERTY VENTURES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(6,608)
(16,229)

OPERATING LOSS
  
(6,608)
(16,229)

Income from shares in group undertakings
  
1,368,000
132,000

Amounts written off investments
  
-
(1,600)

Interest receivable and similar income
 5 
1,456,627
797,386

PROFIT BEFORE TAX
  
2,818,019
911,557

Tax on profit
 6 
(362,505)
(152,272)

PROFIT FOR THE FINANCIAL YEAR
  
2,455,514
759,285

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
2,455,514
759,285

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

Page 2

 
PEARS PROPERTY VENTURES LIMITED
REGISTERED NUMBER: 9740570

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 7 
6,601
6,601

  
6,601
6,601

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 8 
25,122,980
22,458,970

Cash at bank and in hand
  
409
2,842

  
25,123,389
22,461,812

Creditors: amounts falling due within one year
 9 
(363,005)
(156,942)

NET CURRENT ASSETS
  
 
 
24,760,384
 
 
22,304,870

TOTAL ASSETS LESS CURRENT LIABILITIES
  
24,766,985
22,311,471

  

NET ASSETS
  
24,766,985
22,311,471


CAPITAL AND RESERVES
  

Called up share capital 
  
999
999

Profit and loss account
  
24,765,986
22,310,472

TOTAL EQUITY
  
24,766,985
22,311,471


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 5 December 2024.




David Pears
Director

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

Page 3

 
PEARS PROPERTY VENTURES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
999
22,310,472
22,311,471



Profit for the year
-
2,455,514
2,455,514
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
2,455,514
2,455,514


AT 30 APRIL 2024
999
24,765,986
24,766,985



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
999
21,551,187
21,552,186



Profit for the year
-
759,285
759,285
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
759,285
759,285


AT 30 APRIL 2023
999
22,310,472
22,311,471


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

Page 4

 
PEARS PROPERTY VENTURES LIMITED
 

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

1.


GENERAL INFORMATION

Pears Property Ventures 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 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

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 
2.4

VALUATION OF INVESTMENTS

Investments in subsidiaries and joint ventures are measured at cost less accumulated impairment.

 
2.5

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.

 
2.6

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 5

 
PEARS PROPERTY VENTURES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
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.
 
Page 6

 
PEARS PROPERTY VENTURES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.8
FINANCIAL INSTRUMENTS (CONTINUED)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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.

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

INTEREST INCOME

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

Page 7

 
PEARS PROPERTY VENTURES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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.


3.


AUDITORS' REMUNERATION

2024
2023
£
£


Fees payable to the Company's auditor and its associates for the audit of
the Company's annual financial statements
-
4,170


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.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Interest receivable from joint venture
50,612
35,645

Sundry loan interest receivable
1,403,399
761,741

Other interest receivable
2,616
-

1,456,627
797,386


6.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
362,505
152,272


TOTAL CURRENT TAX
362,505
152,272
Page 8

 
PEARS PROPERTY VENTURES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
6.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
2,818,020
911,557


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
704,505
177,754

EFFECTS OF:


Non-taxable income
(342,000)
(25,740)

Other differences in the tax charge
-
258

TOTAL TAX CHARGE FOR THE YEAR
362,505
152,272


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


7.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



COST OR VALUATION


At 1 May 2023
5,340
1,261
6,601


Reclassification
(400)
400
-



At 30 April 2024
4,940
1,661
6,601




Page 9

 
PEARS PROPERTY VENTURES LIMITED
 

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

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

P Car Properties 
Limited
3 Coach House Yard,Hampstead High Street,London,United Kingdom NW3 1QF
Property dealing
Ordinary A
50
Elmbury Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
Ordinary A
50
Pandora Properties 
Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
Ordinary A
50
Known Estates Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
Ordinary A
44
Pagor Properties Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property investment
Ordinary A
50
J P Library Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
Ordinary A
50
Craiglynne Properties Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Hotels operation
Ordinary A
50
P Khal Properties (Leeds) Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
Ordinary A
50
PJ Properties (Bucks) Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
Ordinary A
50
SP Properties (Finchley) Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
Ordinary A
50


Page 10

 
PEARS PROPERTY VENTURES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
SUBSIDIARY UNDERTAKINGS (CONTINUED)

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

P Car Properties Limited
(305,015)
(15,062)

Elmbury Limited
(2,338,329)
(331,707)

SP Properties (Finchley) Limited
(545,070)
(210,665)

Pandora Properties Limited
(665,174)
(159,319)

PJ Properties (Bucks) Limited
(295,116)
(87,416)

Pagor Properties Limited
(319,753)
(122,626)

Craiglynne Properties Limited
(985,929)
(986,929)

J P Library Limited
1,000
-

Known Estates Limited
282,866
(6,697)

P Khal Properties (Leeds) Limited
2,924,961
134,756




JOINT VENTURES


The following were joint ventures of the Company:


Name

Registered office

Principal activity

Holding

4 Canal Street Limited
Timber Wharf,16-22 Worsley Street,Manchester,M15 4LD
Property investment
50
PU Properties (Salford)
Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
50
Bywater Warehouse Limited (Dissolved 06 August 2024)
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property investment
38
Rockport Estates Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property dealing
40
*Phoenix Leisure Mnanagement Limited
12th Floor, Aldgate Tower, 2 Leman Street, London, E1 8FA.
Property investment
40

* Held directly by Rockport Estates Limited

Page 11

 
PEARS PROPERTY VENTURES LIMITED
 

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

8.


DEBTORS

2024
2023
£
£


Amounts owed by joint ventures and associated undertakings
844,338
795,063

Sundry loans
24,150,641
21,567,840

Prepayments and accrued income
128,001
96,067

25,122,980
22,458,970



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
362,505
152,272

Other creditors
500
500

Accruals and deferred income
-
4,170

363,005
156,942



10.


RELATED PARTY TRANSACTIONS

Debtors included an amount of £844,338 (2023 - £795,063) due from 4 Canal Street Limited, a joint venture company of Pears Property Ventures Limited. The financial statements include £50,612 (2023  - £35,612) of interest receivable from the company.
Debtors included an amount of £24,150,641 (2023 - £21,567,840) due from WPG Treasury Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest. The financial statements include £1,403,399 (2023 -  £761,741) of interest receivable from the company.


Page 12