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Registered number: 11508058










KNOWN ESTATES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024
 


 
KNOWN ESTATES LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
11508058



REGISTERED OFFICE
12th Floor
Aldgate Tower

2 Leman Street

London

E1W 9US





 
KNOWN ESTATES 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 - 10


 
KNOWN ESTATES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

PRINCIPAL ACTIVITY

The principal activity of the company is property dealing.

DIRECTORS

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 
Stuart Robinson 
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 and signed on its behalf.
 





William Bennett
Secretary

Date: 27 January 2025

Page 1

 
KNOWN ESTATES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

Turnover
 3
-
-

Cost of sales
 3
(1,680)
-

GROSS LOSS
3
(1,680)
-

Administrative expenses
  
(5,578)
(5,067)

OPERATING LOSS
  
(7,258)
(5,067)

Interest receivable and similar income
  
561
140

LOSS BEFORE TAX
  
(6,697)
(4,927)

Tax on loss
 5 
-
-

LOSS FOR THE FINANCIAL YEAR
  
(6,697)
(4,927)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
(6,697)
(4,927)

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
KNOWN ESTATES LIMITED
REGISTERED NUMBER: 11508058

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

  

CURRENT ASSETS
  

Stocks
 6 
275,000
275,000

Debtors: amounts falling due within one year
 7 
1,715
1,680

Cash at bank and in hand
  
12,869
19,566

  
289,584
296,246

Creditors: amounts falling due within one year
 8 
(6,718)
(6,683)

NET CURRENT ASSETS
  
 
 
282,866
 
 
289,563

TOTAL ASSETS LESS CURRENT LIABILITIES
  
282,866
289,563

  

NET ASSETS
  
282,866
289,563


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
281,866
288,563

TOTAL EQUITY
  
282,866
289,563


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 27 January 2025.




David Pears
Stuart Robinson
Director
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
KNOWN ESTATES 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
1,000
288,563
289,563


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(6,697)
(6,697)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(6,697)
(6,697)


AT 30 APRIL 2024
1,000
281,866
282,866



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
1,000
593,490
594,490


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(4,927)
(4,927)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(4,927)
(4,927)

Dividends
-
(300,000)
(300,000)


AT 30 APRIL 2023
1,000
288,563
289,563


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
KNOWN ESTATES LIMITED
 

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

1.


GENERAL INFORMATION

Known Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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

PROPERTY TRANSACTIONS

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

 
2.3

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.

 
2.4

INTEREST INCOME

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

 
2.5

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 stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
KNOWN ESTATES 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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

 
KNOWN ESTATES 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 payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
KNOWN ESTATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


ANALYSIS OF TURNOVER

Turnover
2024
Turnover
2023
Cost of
sales
2024
Cost of
sales
2023
Gross Loss
2024
Gross profit
2023
        £
        £
        £
        £
        £
        £

Sales of trading
stock

-

-

-
 
-
 
-

-

Rental income

-

-

(1,680)
 
-
 
(1,680)

-

Total

-

-

(1,680)
 
-
 
(1,680)

-



4.


EMPLOYEES




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


        2024
        2023
            No.
            No.







Directors
4
4


5.


TAXATION


2024
2023
£
£


Current tax on profits for the year
-
-

TOTAL CURRENT TAX
-
-
Page 8

 
KNOWN ESTATES LIMITED
 

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


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

2024
2023
£
£


Loss on ordinary activities before tax
(6,697)
(4,927)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
(1,674)
(961)

EFFECTS OF:


Unrelieved tax losses carried forward
1,674
961

TOTAL TAX CHARGE FOR THE YEAR
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


6.


STOCKS

2024
2023
£
£

Freehold property
275,000
275,000

275,000
275,000



7.


DEBTORS

2024
2023
£
£


Prepayments and accrued income
1,715
1,680

1,715
1,680


Page 9

 
KNOWN ESTATES LIMITED
 

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

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
1,718
1,683

Accruals and deferred income
5,000
5,000

6,718
6,683



9.


RELATED PARTY TRANSACTIONS

The financial statements include an accountancy fee of £5,000 (2023 - £5,000) charged by The William Pears Group of Companies Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.




10.


CONTROLLING PARTY

The company's immediate and ultimate holding company is Pears Property Ventures Limited, a company incorporated in England. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US.



Page 10