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Registered number: 13853900










PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
13853900



REGISTERED OFFICE
12th Floor
Aldgate Tower

2 Leman Street

London

E1W 9US





 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

CONTENTS



Page
Directors' Report
1
Consolidated Statement of Comprehensive Income
2
Consolidated Statement of Financial Position
3 - 4
Company Statement of Financial Position
5 - 6
Consolidated Statement of Changes in Equity
7
Company Statement of Changes in Equity
8
Notes to the Financial Statements
9 - 22


 
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.

Principal activities

The principal activities of the group are property dealers and investors.

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 22 January 2025 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
Period ended 30 April 2023
Note
£
£

  

Turnover
  
507,253
70,288

Cost of sales
  
(666,975)
-

GROSS (LOSS)/PROFIT
  
(159,722)
70,288

Administrative expenses
  
(56,375)
(204,630)

Profit on sale of investment property
 7 
24,000
-

OPERATING LOSS
  
(192,097)
(134,342)

Interest receivable and similar income
  
868
-

Interest payable and similar charges
 5 
(795,159)
(144,789)

LOSS BEFORE TAXATION
  
(986,388)
(279,131)

Tax on loss
 6 
(165,688)
-

LOSS FOR THE FINANCIAL YEAR
  
(1,152,076)
(279,131)

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
(1,152,076)
(279,131)

LOSS FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
(1,152,076)
(279,131)

  
(1,152,076)
(279,131)

The notes on pages 9 to 22 form part of these financial statements.

Page 2

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
REGISTERED NUMBER: 13853900

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 8 
38,012
-

Investment property
 10 
3,660,500
-

  
3,698,512
-

CURRENT ASSETS
  

Stocks
 11 
11,957,002
3,207,002

Debtors: amounts falling due within one year
 12 
315,130
71,838

Cash at bank and in hand
  
167,235
5,570

  
12,439,367
3,284,410

Creditors: amounts falling due within one year
 13 
(16,680,586)
(3,562,541)

NET CURRENT LIABILITIES
  
 
 
(4,241,219)
 
 
(278,131)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(542,707)
(278,131)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 14 
(887,500)
-

  
 
 
(887,500)
 
 
-

  

NET LIABILITIES
  
(1,430,207)
(278,131)


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Investment property revaluation reserve
 15 
2,662,500
-

Profit and loss account
 15 
(4,093,707)
(279,131)

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
(1,430,207)
(278,131)

EQUITY DEFICIT
  
(1,430,207)
(278,131)


Page 3

 
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.




David Pears
Director

The notes on pages 9 to 22 form part of these financial statements.

Page 4

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
REGISTERED NUMBER: 13853900

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 9 
3,371,054
2,000

  
3,371,054
2,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 12 
550
550

Cash at bank and in hand
  
24,096
450

  
24,646
1,000

Creditors: amounts falling due within one year
 13 
(3,638,834)
(2,000)

NET CURRENT LIABILITIES
  
 
 
(3,614,188)
 
 
(1,000)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(243,134)
1,000

  

  

  

NET (LIABILITIES)/ASSETS
  
(243,134)
1,000


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Profit and loss account
 15 
(244,134)
-

EQUITY DEFICIT
  
(243,134)
1,000


Page 5

 
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.




David Pears
Director

The notes on pages 9 to 22 form part of these financial statements.

Page 6

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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


Called up share capital
Investment property revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 May 2023
1,000
-
(279,131)
(278,131)
(278,131)


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year

-
-
(1,152,076)
(1,152,076)
(1,152,076)

Deferred tax movements
-
(134,405)
134,405
-
-

Transfer from profit loss reserve to investment 
property revaluation reserve
-
2,796,905
(2,796,905)
-
-


OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
2,662,500
(2,662,500)
-
-


TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
2,662,500
(3,814,576)
(1,152,076)
(1,152,076)


AT 30 APRIL 2024
1,000
2,662,500
(4,093,707)
(1,430,207)
(1,430,207)


The notes on pages 9 to 22 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


COMPREHENSIVE INCOME FOR THE PERIOD

Loss for the period
-
(279,131)
(279,131)
(279,131)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
-
(279,131)
(279,131)
(279,131)

Shares issued during the period
1,000
-
1,000
1,000


TOTAL TRANSACTIONS WITH OWNERS
1,000
-
1,000
1,000


AT 30 APRIL 2023
1,000
(279,131)
(278,131)
(278,131)


The notes on pages 9 to 22 form part of these financial statements.

Page 7

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

COMPANY 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
1,000
-
1,000


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(244,134)
(244,134)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(244,134)
(244,134)


AT 30 APRIL 2024
1,000
(244,134)
(243,134)


The notes on pages 9 to 22 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023


Called up share capital
Total equity

£
£

Shares issued during the period
1,000
1,000


AT 30 APRIL 2023
1,000
1,000


The notes on pages 9 to 22 form part of these financial statements.

Page 8

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

1.


GENERAL INFORMATION

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

 
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 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:

 
2.2

GOING CONCERN

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.
 
 
2.3

TURNOVER

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.

  
2.4

PROPERTY TRANSACTIONS

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

 
2.5

INTEREST INCOME

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

Page 9

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
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.

 
2.7

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 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.

 
2.8

INTANGIBLE ASSETS

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

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

INVESTMENT PROPERTY

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.

 
2.10

VALUATION OF INVESTMENTS

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.

 
2.11

STOCKS

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.


 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 11

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

FINANCIAL INSTRUMENTS

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

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.15
FINANCIAL INSTRUMENTS (CONTINUED)


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.

 
2.16

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.

Page 13

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.17

REPORTING PERIOD

The group reporting period is 1 May 2023 to 30 April 2024. The comparative reporting period was 17 January 2022 to 30 April 2023. 


3.


ANALYSIS OF TURNOVER

Turnover 2024
Period ended 30 April 2023
Cost of Sales 2024
Period ended 30 April 2023
Gross profit 2024
Period ended 30 April 2023
        £
        £
        £
        £
        £
        £

Sales of trading stock

-

-

(584,654)
 
-
 
(584,654)

-

Rental income

507,253

70,288

(82,321)
 
-
 
424,932

70,288


507,253

70,288

(666,975)
 
-
 
(159,722)

70,288



4.


EMPLOYEES

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



Group
Group
Company
Company
        2024
         2023
        2024
         2023
            No.
            No.
            No.
            No.









Directors
3
3
3
3


5.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
Period ended 30 April 2023
£
£


Other loan interest payable
795,159
144,789

795,159
144,789

Page 14

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

6.


TAXATION


2024
Period ended 30 April 2023
£
£

CORPORATION TAX


Current tax on loss for the year/period
31,283
-


31,283
-


TOTAL CURRENT TAX
31,283
-

DEFERRED TAX


Origination and reversal of timing differences
134,405
-

TOTAL DEFERRED TAX
134,405
-


TAX ON LOSS
165,688
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR / PERIOD

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:

2024
2023
£
£


Loss on ordinary activities before tax
(986,388)
(279,131)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
(246,597)
(53,035)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
795
-

Short-term timing difference leading to an increase in taxation
134,405
-

Unrelieved tax losses carried forward
277,085
53,035

TOTAL TAX CHARGE FOR THE YEAR / PERIOD
165,688
-

Page 15

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

7.


PROFIT ON SALE OF INVESTMENT PROPERTY

2024
Period ended 30 April 2023
£
£


Sale of investment properties
24,000
-

Historical cost

-
-

Prior years fair value surplus realised
-
-

24,000
-


8.


INTANGIBLE ASSETS

Group 





Goodwill

£



COST


Additions
38,012



At 30 April 2024

38,012






NET BOOK VALUE



At 30 April 2024
38,012



At 30 April 2023
-



Page 16

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

9.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 May 2023
2,000


Additions
3,369,054



At 30 April 2024
3,371,054





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Paper Estates Limited
England
Ordinary
100%
Sauce Properties Limited
England
Ordinary
100%
K Woolf (Export) Limited
England
Ordinary
100%
Gail Properties Limited *
England
Ordinary
100%

Page 17

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

10.


INVESTMENT PROPERTY

Group


Freehold investment property

£



VALUATION


Additions at cost
110,500


On acquisition of subsidiaries
3,550,000



AT 30 APRIL 2024
3,660,500

The 2024 valuations were made by 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
110,500
-

110,500
-

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


11.


STOCKS

Group
Group
2024
2023
£
£

Freehold and leasehold properties
11,957,002
3,207,002

11,957,002
3,207,002


Page 18

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

12.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
61,380
-
-
-

Other debtors
226,615
1,550
550
550

Prepayments and accrued income
27,135
70,288
-
-

315,130
71,838
550
550



13.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts owed to group undertakings
-
-
436,464
-

Sundry loan
15,909,279
3,458,612
3,202,317
2,000

Corporation tax
29,849
-
-
-

Other taxation and social security
13,352
2,140
-
-

Other creditors
477,781
71,492
53
-

Accruals and deferred income
250,325
30,297
-
-

16,680,586
3,562,541
3,638,834
2,000


Page 19

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

14.


DEFERRED TAXATION


Group



2024


£






Charged to profit or loss
134,405


Arising on business combinations
753,095



AT END OF YEAR
887,500




The deferred taxation balance is made up as follows:

Group
2024
£

Tax on revaluation of investment property
134,405

Arising on business combinations
753,095

887,500


15.


RESERVES

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

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

16.
 

BUSINESS COMBINATIONS

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.

 
ACQUISITION OF K WOOLF (EXPORT) LIMITED AND GAIL PROPERTIES LIMITED

RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED

Book value
Fair value
£
£

FIXED ASSETS

Investment property
3,550,000
3,550,000

3,550,000
3,550,000

CURRENT ASSETS

Debtors
519,511
519,511

Cash at bank and in hand
16,467
16,467

TOTAL ASSETS
4,085,978
4,085,978

CREDITORS

Due within one year
(1,841)
(1,841)

Deferred taxation
(753,095)
(753,095)

TOTAL IDENTIFIABLE NET ASSETS
3,331,042
3,331,042


Goodwill
38,012

TOTAL PURCHASE CONSIDERATION
3,369,054

CONSIDERATION

£


Cash
3,369,054

TOTAL PURCHASE CONSIDERATION
3,369,054




Page 21

 
PEARS FAMILY INDUSTRIAL HOLDINGS LIMITED
 

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

16.BUSINESS COMBINATIONS (CONTINUED)

The results of Gail Properties Limited  since acquisition are as follows:

Current period since acquisition
£

Turnover
105,309

Profit for the period since acquisition
40,958


17.


RELATED PARTY TRANSACTIONS

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.


2024
2023
£
£

Management fees payable
28,400
-
Loan interest payable
788,348
141,098
Accountancy fees payable
5,000
5,000

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.

2024
2023
£
£



Loans due to family connected companies
15,909,279
3,446,259

Page 22