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Registered number: 556533










THE WILLIAM PEARS GROUP OF COMPANIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024
 


 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
556533



REGISTERED OFFICE
12th Floor
Aldgate Tower

Leman Street

London

E1W 9US




INDEPENDENT AUDITORS
Gravita II LLP
Chartered Accountants & Statutory Auditor

Aldgate Tower

2 Leman Street

London

E1 8FA





 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 26


 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

BUSINESS REVIEW
 
The level of business and the financial position at the year end were satisfactory. The directors consider the Company is well positioned for business in the future. This report only covers the company’s activities carrying out the administration and management of its group and associated companies.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal risk for the Company is a fall in the value of investments and securities owned which would reduce profits. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
During the year turnover has decreased by  40.0% to £5.8m (2023 - £9.6m) and the book value of securities amounted to £114.3m (2023  -  £114.3m). 
During the year net current liabilities decreased by 1.19% to £362.8m (2023 - £367.1m) due to a increase in current assets of £28.1m and an increase in current liabilities of £23.7m.
During the year current assets increased by 18.7% to £178.3m (2023 - £150.2m) and current liabilities increased by 4.6% to £541.0m (2023 - £517.3m).


This report was approved by the board on 20 February 2025 and signed on its behalf.





David Pears
Director

Page 1

 
THE WILLIAM PEARS GROUP OF COMPANIES 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.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITIES

The Company is engaged in the administration and management of its group and associated companies, property dealing through its subsidiaries and joint venture arrangements and share dealing.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £4,572,034 (2023 - £16,220,290).

The Company did not pay dividends (2023 - £16,956,000) to its holding company for the year under review.

DIRECTORS

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 

Page 2

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


FUTURE DEVELOPMENTS

The directors consider the Company is well positioned for business in the future.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board on 20 February 2025 and signed on its behalf.
 





William Bennett
Secretary

Page 3

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 


OPINION

We have audited the financial statements of The William Pears Group of Companies Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity,  and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the  year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.
Page 4

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES LIMITED (CONTINUED)

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS
 
As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Page 5

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES LIMITED (CONTINUED)

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the group;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including, but not limited to, the Companies Act 2006,  and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

understanding the business model as part of the control and business environment;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations; and
reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentations or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Page 6

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Ian Hughes ACA (Senior statutory auditor)
for and on behalf of
Gravita II LLP
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
26 February 2025
Page 7

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 3 
5,784,106
9,647,190

GROSS PROFIT
  
5,784,106
9,647,190

Administrative expenses
  
(37,732,961)
(33,547,013)

OPERATING LOSS
 4 
(31,948,855)
(23,899,823)

Income from shares in group undertakings
  
41,141,000
39,300,000

Income from participating interests
 5 
22,194,326
17,666,832

Interest receivable and similar income
 8 
1,625,106
804,878

Interest payable and similar expenses
 9 
(28,439,543)
(17,651,597)

PROFIT BEFORE TAX
  
4,572,034
16,220,290

Tax on profit
 10 
-
-

PROFIT FOR THE FINANCIAL YEAR
  
4,572,034
16,220,290

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
4,572,034
16,220,290

The notes on pages 11 to 26 form part of these financial statements.

Page 8

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
REGISTERED NUMBER:556533

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible Fixed Assets
 12 
985,451
1,035,069

Investments
 13 
367,845,074
367,604,540

  
368,830,525
368,639,609

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 14 
8,370,767
9,788,562

Current asset investments
 15 
114,254,239
114,254,239

Cash at bank and in hand
  
55,673,931
26,151,992

  
178,298,937
150,194,793

Creditors: amounts falling due within one year
 16 
(541,049,052)
(517,326,026)

NET CURRENT LIABILITIES
  
 
 
(362,750,115)
 
 
(367,131,233)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,080,410
1,508,376

  

NET ASSETS
  
6,080,410
1,508,376


CAPITAL AND RESERVES
  

Called up share capital 
 17 
21,510
21,510

Profit and loss account
 18 
6,058,900
1,486,866

TOTAL EQUITY
  
6,080,410
1,508,376


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2025.




David Pears
Director

The notes on pages 11 to 26 form part of these financial statements.

Page 9

 
THE WILLIAM PEARS GROUP OF COMPANIES 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
21,510
1,486,866
1,508,376


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
4,572,034
4,572,034
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
4,572,034
4,572,034


AT 30 APRIL 2024
21,510
6,058,900
6,080,410



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
21,510
2,222,576
2,244,086


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
16,220,290
16,220,290
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
16,220,290
16,220,290

Dividends: Equity capital
-
(16,956,000)
(16,956,000)


AT 30 APRIL 2023
21,510
1,486,866
1,508,376


The notes on pages 11 to 26 form part of these financial statements.

Page 10

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

The William Pears Group of Companies 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 management to exercise judgment in applying the Company's accounting policies.

The Company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
 
This information is included in the consolidated financial statements of William Pears Group
Limited as at 30 April 2024 and these financial statements may be obtained from Companies
House.

 
2.3

GOING CONCERN

The financial statements have been prepared on a going concern basis even though the company has net current liabilities of £362,750,115 (2023 - £367,131,233). The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.
 

Page 11

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of profit shares, management fees receivable and other dealing activities. 

 
2.6

OPERATING LEASES

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.

 
2.7

INTEREST INCOME

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

 
2.8

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.

 
2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.10

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.

 
2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures & fittings
-
15%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company 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 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.

Current asset investments are stated at cost less impairment. 

 
2.14

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

 
2.15

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.

 
2.16

CREDITORS

Short term creditors are measured at the transaction price. 

 
2.17

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


 

Page 14

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.17
FINANCIAL INSTRUMENTS (CONTINUED)

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 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.

 

Page 15

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.17
FINANCIAL INSTRUMENTS (CONTINUED)

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


Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.18

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.


TURNOVER


The turnover of the Company for the year has been derived from its principal activities wholly undertaken in the United Kingdom and comprises the following:


2024
2023
£
£


Management fees receivable
4,772,420
6,078,715

(Loss)/profit on share dealing activities
(7,393)
8,080

Share of profits from subsidiary undertakings
-
2,525,875

Profit on repayment of bonds
349,814
312,225

Other income
669,265
722,295

5,784,106
9,647,190




Page 16

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
175,273
205,036

Fees payable to the Company's auditor and its associates for the audit of
the company's annual accounts
50,850
65,225

Foreign exchange profit
(12,070)
(45,460)

Operating leases
47,599
863,046

Defined contribution pension cost
203,267
114,113

Charitable donations
25,150,104
20,093,089


5.


INCOME FROM PARTICIPATING INTERESTS

2024
2023
£
£


Dividend received on preference shares
22,194,326
17,666,832

22,194,326
17,666,832



6.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,358,324
6,809,458

Social security costs
832,872
884,802

Cost of defined contribution scheme
203,267
114,113

7,394,463
7,808,373


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


        2024
        2023
            No.
            No.







Administrative staff
46
47

Page 17

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
3,000,000
3,000,000

3,000,000
3,000,000


The highest paid director received remuneration of £3,000,000 (2023 -£3,000,000).


8.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Interest receivable from group companies
-
145

Other interest receivable
1,625,106
804,733

1,625,106
804,878


9.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Other loan interest payable
24,938,589
13,322,960

Loans from group undertakings
3,500,954
4,328,637

28,439,543
17,651,597


10.


TAXATION


2024
2023
£
£



TOTAL CURRENT TAX
-
-
Page 18

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.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
4,572,034
16,220,290


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19.5%)
1,143,009
3,162,957

EFFECTS OF:


Expenses not deductible for tax purposes
62,114
36,390

Depreciation for the year in excess of capital allowances
11,947
20,078

Short term timing difference leading to an increase in taxation
-
341

Non-taxable income
(15,834,284)
(11,108,532)

Group relief
14,617,214
7,888,766

TOTAL TAX CHARGE FOR THE YEAR
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.




11.


DIVIDENDS

2024
2023
£
£


Dividends paid
-
16,956,000

-
16,956,000

Page 19

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 May 2023
170,061
5,210,611
1,141,545
6,522,217


Additions
102,869
-
38,027
140,896


Disposals
(48,730)
-
-
(48,730)



At 30 April 2024

224,200
5,210,611
1,179,572
6,614,383



DEPRECIATION


At 1 May 2023
115,136
4,289,166
1,082,846
5,487,148


Charge for the year on owned assets
22,381
138,217
14,675
175,273


Disposals
(33,489)
-
-
(33,489)



At 30 April 2024

104,028
4,427,383
1,097,521
5,628,932



NET BOOK VALUE



At 30 April 2024
120,172
783,228
82,051
985,451



At 30 April 2023
54,925
921,445
58,699
1,035,069


13.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Investments in associates
Unlisted investments
Trade investments
Total

£
£
£
£
£



COST OR VALUATION


At 1 May 2023
150,527,172
11,041,925
110
206,035,333
367,604,540


Additions
-
592,000
-
-
592,000


Disposals
-
-
-
(351,466)
(351,466)



At 30 April 2024
150,527,172
11,633,925
110
205,683,867
367,845,074




Trade investments comprises of preferences shares totalling £200,044,101 (2023 - £200,044,101) and bonds totalling £5,639,766 (2023 - 5,991,232). 

Page 20

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Anglo Caledonian Asset Management Limited
England
Property Dealing
Ordinary
100
Aramis Holdings Limited
England
Holding Company
Ordinary
85
Area Estates Limited
England
Property Dealing
Ordinary
100
Avondale Properties Limited
England
Property Investment
Ordinary
100
Bickenhall Engineering Company Limited
England
Property Dealing
Ordinary
100
Bromley Park Gardens Estates Limited
England
Dormant
Ordinary
100
Capital Land Holdings Limited
England
Property Investment
Ordinary
100
Carbline Limited
England
Holding Company
Ordinary
100
Castle Lane Securities Limited
England
Property Investment
Ordinary
100
Clearview Properties Limited
England
Property Investment
Ordinary
100
Earliba Finance Company Limited
England
Property Investment
Ordinary
100
Echoline Limited
England
Holding Company
Ordinary
100
**Erigmore Estate Limited
Scotland
Dormant
Ordinary
69
Freehold Portfolio Limited
England
Property Investment
Ordinary
100
**Golden Coast Sporting Villas Limited
England and Wales
Leisure park operator
Ordinary
69
Hallway Properties Limited
England
Property Investment
Ordinary
100
*Haslam Court Management Limited
England
Management Company
Ordinary
100
Highlaw Limited
England
Property Dealing
Ordinary
100
HK Properties (UK) Limited
England
Property Investment
Ordinary
100
Law and Equity Property Company Limited
England
Dormant
Ordinary
100
Long Acre Securities Limited
England
Property Investment
Ordinary
100
Macro (Ipswich) Limited
England
Property Investment
Ordinary
100
Manzil Way Residential Limited
England
Property Investment
Ordinary
100
Old Dairy Cottages Limited
England
Property Dealing
Ordinary
100
Ordnance Estates Limited
England
Dormant
Ordinary
100
Pears Style Limited
England
Dormant
Ordinary
100
**President Leisure Limited
Scotland
Dormant
Ordinary
69
**Queensberry Bay Caravan Park Limited
Scotland
Dormant
Ordinary
69
**River Lodge Holiday Park Limited
Scotland
Previous landowner to become dormant
Ordinary
69
**Rodger Fish & Sons Limited
Scotland
To become dormant
Ordinary
69
Saint Cross Securities Limited
England
Dormant
Ordinary
100
Stanley N Evans Limited
England
Property Management
Ordinary
100
South Tottenham Land Securities Limited
England
Dormant
Ordinary
100
Swiftly Limited
England
Lloyds Underwriting
Ordinary
100
The Welkin Property Company Limited
England
Property Investment
Ordinary
100
Page 21

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
SUBSIDIARY UNDERTAKINGS (CONTINUED)


Name

Registered office

Principal activity

Class of shares

Holding

Tapline Limited
England
Dormant
Ordinary
69
Talisman Properties Limited
England
Dormant
Ordinary
100
** Verdant Leisure Topco Limited
England and Wales
Holding company
Ordinary
69
UTB No.1 Limited
England
Provision of Finance
Ordinary
100
** Verdant Leisure Midco 1 Limited
England and Wales
Intermediate holding
Ordinary
69
** Verdant Leisure Midco 2 Limited
England and Wales
Intermediate holding
Ordinary
69
** Verdant Leisure Bidco  Limited
England and Wales
Financing and management services
Ordinary
69
** Verdant Leisure Group Limited
England and Wales
Intermediate holding
Ordinary
69
** Verdant Leisure Holdings Limited
England and Wales
Financing and
management services
Ordinary
69
** Verdant Leisure Limited
England and Wales
Leisure park operator
Ordinary
69
** Verdant Leisure 2 Limited
England and Wales
Leisure park operator
Ordinary
69
William Pears Limited
England
Property Dealing
Ordinary
100
WPG Treasury Limited
England
Provision of Finance
Ordinary
100
WX Investments Limited
England
Property Investment
Ordinary
100

* Held directly by Castle Lane Securities Limited.
**Shares held indirectly by Echoline Limited apart from Verdant Leisure Topco Limited (formerly Violet Topco Limited). Verdant Leisure Topco Limited (formerly Violet Topco Limited) is held directly by Echoline Limited.
The registered office of the above subsidiaries registered in England is 12th Floor, Aldgate                              Tower, Leman Street, London, E1W 9US.
The registered office of all the companies registered in England and Wales is 10 Mannin Way, Lancaster Business Park, Lancaster, England, LA1 3SW.
The registered office of all the companies registered in Scotland is Thurston House, Thurston Manor Leisure Park, Innerwick, Dunbar, East Lothian, Scotland, EH42 1SA.

Page 22

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

PARTICIPATING INTERESTS


The Company owns 25% of the share capital of Orbit Estates Limited (registered in England) which is a holding company for a property investment group.
The Company owns 1% of the members interests of P Win Quadrant LLP (registered in England).


14.


DEBTORS

2024
2023
£
£


Amounts owed by group undertakings
-
15,013

Amounts owed by joint ventures and associated undertakings
944
244

Other debtors
3,341,228
4,261,944

Prepayments and accrued income
5,028,595
5,511,361

8,370,767
9,788,562



15.


CURRENT ASSET INVESTMENTS

2024
2023
£
£

Unlisted investments
114,254,239
114,254,239

114,254,239
114,254,239






16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
-
20,499

Amounts owed to group undertakings
121,542,020
102,198,997

Amounts owed to family connected companies
414,555,730
409,456,461

Other creditors
4,606,428
5,150,481

Accruals and deferred income
344,874
499,588

541,049,052
517,326,026


The family connected companies are those companies in which the directors and/or their family trusts have a 50% or 100% interest.


17.


SHARE CAPITAL

2024
2023
Page 23

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.SHARE CAPITAL (CONTINUED)

£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares of £1.00 each
100
100
21,410 1% Non-cumulative preference shares of £1.00 each
21,410
21,410

21,510

21,510



18.


RESERVES

Profit & loss account

The profit and loss account includes all current and prior year retained profits and losses.

Page 24

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under section 33 of FRS102 in connection with intra group 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 receivable
2,625,583
3,093,550

Management fees payable
5,000
6,000

Advisory fees payable
836,707
1,195,450

Other loan interest payable
24,938,589
13,322,960

Rent payable
1,164,221
765,307

During the year the Company contributed £25,118,843 (2023 - £20,068,523) to The Pears Family Charitable Foundation, a registered charity in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears are trustees.
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
2022
        £
        £
Loan due from family connected companies

944

244

Management fees receivable

2,294,000

2,484,400

Loans due to family connected companies

414,555,730

409,456,461

Other loans payable

30,055

32,715










20.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £203,267 (2023 - £114,113). 

Page 25

 
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


COMMITMENTS UNDER OPERATING LEASES

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

2024
2023
£
£



Not later than 1 year
899,468
804,906

Later than 1 year and not later than 5 years
2,841,055
3,007,438

Later than 5 years
3,167,022
2,559,138

6,907,545
6,371,482


22.


CONTROLLING PARTY

The Company is a wholly owned subsidiary of William Pears Group Investments Limited.The Company's ultimate holding company is William Pears Group Limited, a company incorporated in England. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US.


23.
BANKING ARRANGEMENTS

The Company, in common with certain family connected companies, participates in a group banking arrangement in respect of overdraft and loan facilities. Companies participating in this arrangement have a joint and several liability to the bank for the total group indebtedness. The total amount outstanding at 30 April 2024 was £Nil (2023 - £Nil). The directors do not consider that the bank will ever need recourse to this company, each family connected company having ample resources to meet its own liabilities.


Page 26