Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302024-04-3002023-05-01false0falsetruefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10440010 2023-05-01 2024-04-30 10440010 2022-05-01 2023-04-30 10440010 2024-04-30 10440010 2023-04-30 10440010 2022-05-01 10440010 c:CompanySecretary1 2023-05-01 2024-04-30 10440010 c:Director1 2023-05-01 2024-04-30 10440010 c:Director2 2023-05-01 2024-04-30 10440010 c:Director3 2023-05-01 2024-04-30 10440010 c:Director4 2023-05-01 2024-04-30 10440010 c:RegisteredOffice 2023-05-01 2024-04-30 10440010 d:CurrentFinancialInstruments 2024-04-30 10440010 d:CurrentFinancialInstruments 2023-04-30 10440010 d:Non-currentFinancialInstruments 2024-04-30 10440010 d:Non-currentFinancialInstruments 2023-04-30 10440010 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 10440010 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10440010 d:ShareCapital 2024-04-30 10440010 d:ShareCapital 2023-04-30 10440010 d:ShareCapital 2022-05-01 10440010 d:InvestmentPropertiesRevaluationReserve 2023-05-01 2024-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2024-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2023-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2022-05-01 10440010 c:FRS102 2023-05-01 2024-04-30 10440010 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 10440010 c:FullAccounts 2023-05-01 2024-04-30 10440010 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10440010 d:Subsidiary1 2023-05-01 2024-04-30 10440010 d:Subsidiary1 1 2023-05-01 2024-04-30 10440010 d:Subsidiary2 2023-05-01 2024-04-30 10440010 d:Subsidiary2 1 2023-05-01 2024-04-30 10440010 d:Subsidiary3 2023-05-01 2024-04-30 10440010 d:Subsidiary3 1 2023-05-01 2024-04-30 10440010 d:Subsidiary4 2023-05-01 2024-04-30 10440010 d:Subsidiary4 1 2023-05-01 2024-04-30 10440010 d:Subsidiary5 2023-05-01 2024-04-30 10440010 d:Subsidiary5 1 2023-05-01 2024-04-30 10440010 d:Subsidiary6 2023-05-01 2024-04-30 10440010 d:Subsidiary6 1 2023-05-01 2024-04-30 10440010 d:Subsidiary7 2023-05-01 2024-04-30 10440010 d:Subsidiary7 1 2023-05-01 2024-04-30 10440010 d:Subsidiary8 2023-05-01 2024-04-30 10440010 d:Subsidiary8 1 2023-05-01 2024-04-30 10440010 d:Subsidiary9 2023-05-01 2024-04-30 10440010 d:Subsidiary9 1 2023-05-01 2024-04-30 10440010 d:Subsidiary10 2023-05-01 2024-04-30 10440010 d:Subsidiary10 1 2023-05-01 2024-04-30 10440010 d:Subsidiary11 2023-05-01 2024-04-30 10440010 d:Subsidiary11 1 2023-05-01 2024-04-30 10440010 d:Subsidiary12 2023-05-01 2024-04-30 10440010 d:Subsidiary12 1 2023-05-01 2024-04-30 10440010 d:Subsidiary13 2023-05-01 2024-04-30 10440010 d:Subsidiary13 1 2023-05-01 2024-04-30 10440010 c:Consolidated 2024-04-30 10440010 c:ConsolidatedGroupCompanyAccounts 2023-05-01 2024-04-30 10440010 2 2023-05-01 2024-04-30 10440010 6 2023-05-01 2024-04-30 10440010 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 10440010










PEARS FAMILY INVESTMENTS LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024



 
PEARS FAMILY INVESTMENTS LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
10440010



REGISTERED OFFICE
12th Floor Aldgate Tower
2 Leman Street

London

E1W 9US





 
PEARS FAMILY INVESTMENTS LIMITED
 

CONTENTS



Page
Directors' Report
1
Consolidated Income Statement
2
Consolidated Statement of Comprehensive Income
3
Consolidated Statement of Financial Position
4 - 5
Company Statement of Financial Position
6
Consolidated Statement of Changes in Equity
7 - 8
Company Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 25


 
PEARS FAMILY INVESTMENTS 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 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 3 March 2025 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
PEARS FAMILY INVESTMENTS LIMITED
 

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023
Note
£
£

  

Turnover
 3 
8,279,527
8,125,428

Cost of sales
 3 
(815,872)
(679,540)

GROSS PROFIT
 3 
7,463,655
7,445,888

Administrative expenses
  
(2,022,750)
(2,207,292)

Profit on sale of investment properties
 4 
159,945
551,327

Fair value movements
 10 
148,964
437,170

OPERATING PROFIT
  
5,749,814
6,227,093

Share of profit/(loss) of joint ventures
 9 
473,417
(553,653)

TOTAL OPERATING PROFIT
  
6,223,231
5,673,440

Income from other fixed asset investments
 6 
390,105
361,307

Interest receivable and similar income
  
263,908
171,589

Interest payable and similar expenses
 7 
(3,489,735)
(3,539,724)

PROFIT BEFORE TAX
  
3,387,509
2,666,612

Tax on profit
 8 
702,143
2,896

PROFIT FOR THE FINANCIAL YEAR
  
4,089,652
2,669,508

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Non-controlling interests
  
(89,483)
(71,199)

Owners of the parent
  
4,179,135
2,740,707

  
4,089,652
2,669,508

The notes on pages 10 to 25 form part of these financial statements.

Page 2

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

2024
2023
£
£

OTHER COMPREHENSIVE INCOME
  

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  


Non-controlling interest
  
(89,483)
(71,199)

Owners of the parent Company
  
4,179,135
2,740,707

  
4,089,652
2,669,508

The notes on pages 10 to 25 form part of these financial statements.

Page 3

 
PEARS FAMILY INVESTMENTS LIMITED
REGISTERED NUMBER: 10440010

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 9 
5,040,897
3,431,280

Investment property
 10 
29,695,142
30,424,370

  
34,736,039
33,855,650

CURRENT ASSETS
  

Stocks
 11 
29,849,064
29,849,064

Debtors: amounts falling due after more than one year
 12 
112,716,757
120,764,218

Debtors: amounts falling due within one year
 12 
16,917,319
13,518,275

Cash at bank and in hand
  
4,000,942
4,005,924

  
163,484,082
168,137,481

Creditors: amounts falling due within one year
 13 
(49,228,290)
(48,878,892)

NET CURRENT ASSETS
  
 
 
114,255,792
 
 
119,258,589

TOTAL ASSETS LESS CURRENT LIABILITIES
  
148,991,831
153,114,239

Creditors: amounts falling due after more than one year
 14 
(111,472,687)
(119,603,060)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 17 
(1,821,251)
(1,902,937)

  
 
 
(1,821,251)
 
 
(1,902,937)

NET ASSETS EXCLUDING PENSION ASSET
  
35,697,893
31,608,242

NET ASSETS
  
35,697,893
31,608,242


CAPITAL AND RESERVES
  

Called up share capital 
  
100
100

Investment property revaluation reserve
 18 
2,357,341
3,386,271

Profit and loss account
 18 
35,026,218
29,818,153

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
37,383,659
33,204,524

Non-controlling interests
  
(1,685,766)
(1,596,282)

TOTAL EQUITY
  
35,697,893
31,608,242


Page 4

 
PEARS FAMILY INVESTMENTS LIMITED
REGISTERED NUMBER: 10440010

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 3 March 2025.




David Pears
Director

The notes on pages 10 to 25 form part of these financial statements.

Page 5

 
PEARS FAMILY INVESTMENTS LIMITED
REGISTERED NUMBER: 10440010

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Fixed asset investments
 9 
27,543,679
27,542,779

  
27,543,679
27,542,779

CURRENT ASSETS
  

Debtors
 12 
31,011,086
26,051,411

Cash at bank and in hand
  
639,696
19,600

  
31,650,782
26,071,011

Creditors: amounts falling due within one year
 13 
(16,576,979)
(12,078,487)

NET CURRENT ASSETS
  
 
 
15,073,803
 
 
13,992,524

TOTAL ASSETS LESS CURRENT LIABILITIES
  
42,617,482
41,535,303

  

  

NET ASSETS
  
42,617,482
41,535,303


CAPITAL AND RESERVES
  

Called up share capital 
  
100
100

Profit and loss account
 18 
42,617,382
41,535,203

TOTAL EQUITY
  
42,617,482
41,535,303


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 3 March 2025.




David Pears
Director

The notes on pages 10 to 25 form part of these financial statements.

Page 6

 

 
PEARS FAMILY INVESTMENTS 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
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 May 2023
100
3,386,271
29,818,153
33,204,524
(1,596,282)
31,608,242



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
4,179,135
4,179,135
(89,484)
4,089,651


Transfer realised gains to retained earnings
-
(1,285,380)
1,285,380
-
-
-


Deferred tax movements
-
81,687
(81,687)
-
-
-


Transfer revaluation during the year
-
174,763
(174,763)
-
-
-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(1,028,930)
5,208,065
4,179,135
(89,484)
4,089,651



AT 30 APRIL 2024
100
2,357,341
35,026,218
37,383,659
(1,685,766)
35,697,893



The notes on pages 10 to 25 form part of these financial statements.

Page 7

 

 
PEARS FAMILY INVESTMENTS LIMITED


 

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



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


£
£
£
£
£
£


At 1 May 2022
100
2,596,451
27,867,266
30,463,817
(1,525,083)
28,938,734



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
2,740,707
2,740,707
(71,199)
2,669,508


Transfer realised gains to retained earnings
-
435,701
(435,701)
-
-
-


Deferred tax movements
-
125,120
(125,120)
-
-
-


Transfer revaluation during the year
-
228,999
(228,999)
-
-
-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
789,820
1,950,887
2,740,707
(71,199)
2,669,508



AT 30 APRIL 2023
100
3,386,271
29,818,153
33,204,524
(1,596,282)
31,608,242



The notes on pages 10 to 25 form part of these financial statements.

Page 8

 
PEARS FAMILY INVESTMENTS 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
100
41,535,203
41,535,303


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,082,179
1,082,179


AT 30 APRIL 2024
100
42,617,382
42,617,482


The notes on pages 10 to 25 form part of these financial statements.


COMPANY 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
100
16,314,476
16,314,576


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
25,220,727
25,220,727


AT 30 APRIL 2023
100
41,535,203
41,535,303


The notes on pages 10 to 25 form part of these financial statements.

Page 9

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

1.


GENERAL INFORMATION

Pears Family Investments 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.



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 Income Statement 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 assets of £35,697,893 (2023: £31,608,242) and net current assets of £114,255,792 (2023: £119,258,589).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.

Page 10

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

INTEREST INCOME

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

 
2.7

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.

 
2.8

BORROWING COSTS

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred.

  
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 11

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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.

 
2.12

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by our 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 assets. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.14

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 12

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

CREDITORS

Short term creditors are measured at the transaction price.

  
2.19

REPAIRS AND MAINTENANCE

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 investment properties.

 
2.20

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 INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.21

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 14

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.21
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.

Page 15

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

3.


ANALYSIS OF TURNOVER

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

Trading stock properties

-

-

(13,377)
 
(83,489)
 
(13,377)

(83,489)

Rental income

3,423,180

3,459,130

(802,495)
 
(596,051)
 
2,620,685

2,863,079

Leasing income

3,458,977

3,303,055

-
 
-
 
3,458,977

3,303,055

Fees

1,397,370

1,363,243

-
 
-
 
1,397,370

1,363,243


8,279,527

8,125,428

(815,872)
 
(679,540)
 
7,463,655

7,445,888



4.


PROFIT ON SALE OF INVESTMENT PROPERTIES

2024
2023
£
£


Sale of investment properties
1,059,475
4,061,128

Historical cost
(575,220)
(2,604,215)

484,255
1,456,913


Prior years fair value surplus realised
(324,310)
(905,586)

159,945
551,327



5.


EMPLOYEES

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


        2024
        2023
            No.
            No.







Administrative staff
9
8


6.


INCOME FROM INVESTMENTS

2024
2023
£
£

Income from fixed asset investments
390,105
361,307

390,105
361,307






Page 16

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

7.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Bank interest payable
1,281,718
1,068,316

Other loan interest payable
2,192,115
2,470,860

Other interest payable
15,902
548

3,489,735
3,539,724




8.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
485,950
351,691

Adjustments in respect of previous periods
(253,803)
(47,965)


232,147
303,726

FOREIGN TAX


Foreign tax on income for the year
(852,603)
(181,502)

(852,603)
(181,502)

TOTAL CURRENT TAX
(620,456)
122,224

DEFERRED TAX


Origination and reversal of timing differences
(81,687)
(125,120)

TOTAL DEFERRED TAX
(81,687)
(125,120)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
(702,143)
(2,896)


Page 17

 
PEARS FAMILY INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
8.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
3,387,510
2,666,612


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
846,878
519,989

EFFECTS OF:


Expenses not deductible for tax purposes
3,000,604
-

Utilisation of tax losses
(269,401)
(23,511)

Adjustments to tax charge in respect of prior periods
(253,803)
(47,965)

Short term timing difference leading to a decrease in taxation
(81,687)
(125,120)

Non-taxable income
(3,833,214)
(70,455)

Book profit on chargeable assets
(39,987)
(107,509)

Capital gains
93,428
248,996

Unrelieved tax losses carried forward
516,446
508,752

Unrelieved foreign tax credit
(852,603)
(181,502)

Other
209,112
(639,322)

Valuation gain not taxable
(37,916)
(85,249)

TOTAL TAX CREDIT FOR THE YEAR
(702,143)
(2,896)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 18

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

9.


FIXED ASSET INVESTMENTS

Group





Listed investments
Investment in joint ventures
Total

£
£
£



COST OR VALUATION


At 1 May 2023
1,991,109
1,440,171
3,431,280


Foreign exchange movement
-
12,859
12,859


Other
-
1,123,341
1,123,341


Share of profit
-
473,417
473,417



At 30 April 2024
1,991,109
3,049,788
5,040,897




Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 May 2023
27,543,677



At 30 April 2024
27,543,677




Page 19

 
PEARS FAMILY INVESTMENTS LIMITED
 

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



DIRECT SUBSIDIARY UNDERTAKINGS


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

RDN Industrials Limited
England
Ordinary
100%
Silver Dream Properties Limited
England
Ordinary
100%
Clipstone Estates Limited
England
Ordinary
100%
Fernglen Properties Limited
England
Ordinary A
70%
Lasting Properties Limited
England
Ordinary A
60%
Astraline Limited
England
Ordinary
100%
Bluenotch Limited
England
Ordinary
100%
Perimeter Properties Limited
England
Ordinary
100%
Bakeline Limited
England
Ordinary
100%
Xenia Property Holdings Limited
England
Ordinary
100%
Pears Corporate Member Limited
England
Ordinary
100%
Pears Partnership Capital Limited
England
Ordinary
100%
Dramline Limited
England
Ordinary
100%

Pears Family Investments Limited indirectly owns 100% of the share capital of SES Property 1AG, Baar (registered in Switzerland)


ASSOCIATE


The following was an associate of the Company:

Name

Registered office

Class of shares

Holding

WPAS Bidco Limited
England
Ordinary
  48%

Page 20

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

10.


INVESTMENT PROPERTY

Group


Freehold investment property

£



VALUATION


At 1 May 2023
30,424,369


Additions at cost
21,339


Disposals
(899,530)


Fair value movement
148,964



AT 30 APRIL 2024
29,695,142

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
21,506,669
22,086,348

21,506,669
22,086,348

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 property
29,849,064
29,849,064

29,849,064
29,849,064


Page 21

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

12.


DEBTORS

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

DUE AFTER MORE THAN ONE YEAR

Other debtors
112,716,757
120,764,218
-
-

112,716,757
120,764,218
-
-


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

DUE WITHIN ONE YEAR

Trade debtors
1,132,600
1,158,701
-
-

Amounts owed from group undertakings
-
-
24,826,447
23,860,829

Sundry loans
6,183,083
2,194,538
6,182,083
2,190,582

Other debtors
7,914,752
8,943,277
2,557
-

Prepayments and accrued income
1,686,884
1,221,759
-
-

16,917,319
13,518,275
31,011,087
26,051,411


The debtors due after one year and £7.2m (2023: £7.2m) of other debtors due within one year represent receivables from financial leasing.


13.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

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

Bank overdrafts
-
2,882
-
-

Bank loans
8,186,824
7,599,271
-
-

Other loans
243,890
227,496
-
-

Trade creditors
64,145
79,843
-
15,000

Amounts owed to group undertakings
-
-
16,096,979
11,583,487

Sundry loans
34,487,135
34,175,765
-
-

Corporation tax
1,276,587
973,004
-
-

Other taxation and social security
346,333
322,853
-
-

Other creditors
1,644,761
1,787,809
480,000
480,000

Accruals and deferred income
2,978,615
3,709,969
-
-

49,228,290
48,878,892
16,576,979
12,078,487


Page 22

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

14.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
2024
2023
£
£

Bank loans
111,472,687
119,603,060

111,472,687
119,603,060



15.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
8,186,824
7,599,271

Other loans
34,487,135
34,175,765


42,673,959
41,775,036

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
15,826,406
7,420,168


15,826,406
7,420,168

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
39,280,797
51,392,761


39,280,797
51,392,761

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
56,365,485
60,790,131

56,365,485
60,790,131

154,146,647
161,378,096


The bank loans incurs interest rates between 0.25% and 1.98%. The loans are repayable by 31  March  2034. A subsidiary has acquired the rights of finance leasing income secured on the                                           leasehold properties.


16.


NON CONTROLLING INTERESTS

The non-controlling interests represent 40% of the ordinary shares of Lasting Properties Limited and 30% of the ordinary shares of Fernglen Properties Limited. 

Page 23

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

17.


DEFERRED TAXATION


Group



2024
2023


£

£



At beginning of year
1,902,938
2,028,057


Released to profit or loss
(81,687)
(125,120)



AT END OF YEAR
1,821,251
1,902,937




Group
Group
2024
2023
£
£

Tax on revaluation of investment properties
1,821,251
1,902,937

1,821,251
1,902,937


18.


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.


19.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
104,444
104,444

Later than 1 year and not later than 5 years
208,888
313,332

313,332
417,776
Page 24

 
PEARS FAMILY INVESTMENTS LIMITED
 

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

20.


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
141,600
141,394
Loan interest payable
2,176,183
2,470,549
Accountancy fees
61,704
30,930
Loan interest receivable
250,323
120,822
Estate agent services
8,400
7,719
Advisory fees receivable
836,707
1,195,450

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
£
£



Loan due to family connected companies
34,487,135
34,175,765

Loan due from family connected companies
6,183,083
2,194,538

Balance due from family connected companies
334,575
247,502











Page 25