Registered number: 13853900
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
COMPANY INFORMATION
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
CONTENTS
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Notes to the Financial Statements
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PEARS FAMILY INDUSTRIAL HOLDINGS 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.
The principal activities of the group are property dealers and investors.
The directors who served during the year were:
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 22 January 2025 and signed on its behalf.
William Bennett
Secretary
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Page 1
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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Period ended 30 April 2023
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Profit on sale of investment property
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Interest receivable and similar income
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Interest payable and similar charges
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LOSS FOR THE FINANCIAL YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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LOSS FOR THE YEAR ATTRIBUTABLE TO:
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Owners of the parent Company
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The notes on pages 9 to 22 form part of these financial statements.
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Page 2
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
REGISTERED NUMBER: 13853900
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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Investment property revaluation reserve
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EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
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Page 3
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
REGISTERED NUMBER: 13853900
CONSOLIDATED 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 Company's financial statements have been prepared in accordance with the 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 22 January 2025.
The notes on pages 9 to 22 form part of these financial statements.
Page 4
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
REGISTERED NUMBER: 13853900
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Page 5
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
REGISTERED NUMBER: 13853900
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 Company's financial statements have been prepared in accordance with the 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 22 January 2025.
The notes on pages 9 to 22 form part of these financial statements.
Page 6
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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Investment property revaluation reserve
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Equity attributable to owners of parent Company
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COMPREHENSIVE INCOME FOR THE YEAR
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Transfer from profit loss reserve to investment
property revaluation reserve
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OTHER COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 9 to 22 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023
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Equity attributable to owners of parent Company
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COMPREHENSIVE INCOME FOR THE PERIOD
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TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
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Shares issued during the period
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TOTAL TRANSACTIONS WITH OWNERS
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The notes on pages 9 to 22 form part of these financial statements.
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Page 7
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 9 to 22 form part of these financial statements.
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023
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Shares issued during the period
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The notes on pages 9 to 22 form part of these financial statements.
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Page 8
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Pears Family Industrial Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Aldgate Tower, London, E1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Group and company's functional and presentational currency is GBP and rounded to the
nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of
the following disclosure exemptions available in FRS 102:
No Statement of Cash Flows has been presented for the parent Company;
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that
the group 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. At the Statement of financial position date, the group had net liabilities of
£1,430,207 (2023: £278,131) and net current liabilities of £4,241,219 (2023: £278,131).The
validity of the going concern concept is dependent on the continued support of the creditors.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the
Group and the turnover can be reliably measured. Turnover is measured as the fair value of the
rents receivable and the sale of property trading stock.
Purchases and sales of properties are included on the basis of completions occurring during the
year.
Interest income is recognised in profit or loss using the effective interest method.
Page 9
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
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CURRENT AND DEFERRED TAXATION
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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 and the Group operate and generate 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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.
GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of comprehensive income over its useful economic life.
OTHER INTANGIBLE ASSETS
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 10
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
Investment property is carried at fair value determined annually by the directors 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 profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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 carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised 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.
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.
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CASH AND CASH EQUIVALENTS
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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.
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.
Page 11
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Group 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 Group's Statement of financial position when the Group 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 Group'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 Group after the deduction of all its liabilities.
Page 12
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FINANCIAL INSTRUMENTS (CONTINUED)
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Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
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PROVISIONS FOR LIABILITIES
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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.
Page 13
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
The group reporting period is 1 May 2023 to 30 April 2024. The comparative reporting period was 17 January 2022 to 30 April 2023.
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Period ended 30 April 2023
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Period ended 30 April 2023
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Period ended 30 April 2023
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The average monthly number of employees, including the directors, during the year was as follows:
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INTEREST PAYABLE AND SIMILAR CHARGES
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Period ended 30 April 2023
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Other loan interest payable
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Page 14
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Period ended 30 April 2023
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Current tax on loss for the year/period
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Origination and reversal of timing differences
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FACTORS AFFECTING TAX CHARGE FOR THE YEAR / PERIOD
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The tax assessed for the year/period is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -19%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Short-term timing difference leading to an increase in taxation
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Unrelieved tax losses carried forward
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TOTAL TAX CHARGE FOR THE YEAR / PERIOD
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Page 15
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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PROFIT ON SALE OF INVESTMENT PROPERTY
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Period ended 30 April 2023
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Sale of investment properties
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Prior years fair value surplus realised
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Page 16
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Gail Properties Limited *
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Page 17
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Freehold investment property
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On acquisition of subsidiaries
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The 2024 valuations were made by directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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The 2024 valuations were made by directors, on an open market value for existing use basis.
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Freehold and leasehold properties
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Page 18
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 19
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Charged to profit or loss
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Arising on business combinations
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The deferred taxation balance is made up as follows:
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Tax on revaluation of investment property
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Arising on business combinations
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Investment property revaluation reserve
The investment property revaluation reserve includes all the current and prior year movements.
Profit and loss account
The profit and loss account includes all current period retained profit and losses.
Page 20
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
K Woolf (Export) Limited
On 26 June 2023, Pears Family Industrial Holdings Limited acquired 100% of the issued share
capital of K Woolf (Export) Limited for a cash consideration of £668,981.
Gail Properties Limited
On 26 June 2023, Pears Family Industrial Holdings Limited acquired 80% of the issued share
capital of Gail Properties Limited for a cash consideration of £2,700,073.
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ACQUISITION OF K WOOLF (EXPORT) LIMITED AND GAIL PROPERTIES LIMITED
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RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
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TOTAL IDENTIFIABLE NET ASSETS
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TOTAL PURCHASE CONSIDERATION
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TOTAL PURCHASE CONSIDERATION
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Page 21
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PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
16.BUSINESS COMBINATIONS (CONTINUED)
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The results of Gail Properties Limited since acquisition are as follows:
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Current period since acquisition
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Profit for the period since acquisition
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RELATED PARTY TRANSACTIONS
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During the year there were the following transactions with companies and entities in which the directors,
Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.
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At the year end there were the following balances with companies and entities in which the directors,
Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.
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Loans due to family connected companies
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Page 22
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