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Registered number: 8476364










WILLIAM PEARS GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024
        



COMPANY INFORMATION


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




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
8476364



REGISTERED OFFICE
12th Floor
Aldgate Tower

2 Leman Street

London

E1W 9US




INDEPENDENT AUDITORS
Gravita II LLP

Statutory Auditor

Aldgate Tower

Leman Street

London

E1 8FA










CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditors' Report
7 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Statement of Financial Position
12 - 13
Company Statement of Financial Position
14
Consolidated Statement of Changes in Equity
15 - 16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18 - 19
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 46



GROUP 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 Group's turnover for the year decreased to £199.1m (2023 - £220.4m). The Group has made a loss before tax of £60.8m (2023  -  profit £33.8m ). 
 
A significant portion of the loss arising in the year was attributed to impairing the assets in the Verdant Leisure Topco Limited Group. The decision was made after Verdant Leisure Midco 2 Limited sold all it's shareholding in Verdant Leisure Bidco Limited for a consideration of £1. After reviewing the tangible fixed assets and goodwill, the directors have decided to write down, land and building by £54m and goodwill and patents by £29.3m.

In the financial year the Group contributed £25.2m (2023 - £20.1m) to The Pears Family Charitable Foundation.   
In the financial year the Group made an exchange gain on USD and EURO loan balances of £3.1m compared to a gain of £1.3m in the previous year.
During the year interest received from lending to non-group companies increased by 14% to £50.0m (2023 -£44.0m). The total loans to non-group companies at the year end were £163.5m (2023 - £525.1m). The directors are looking for opportunities to expand this area of the Group's business.
Net rental income from continuing operations increased by 2% to £34.5m (2023 - £33.7m), and the valuation of the investment property portfolio from continuing operations increased by £39m to £531m (2023 - £492m) as a result of acquisitions during the year.
The Group has a strong balance sheet and net liquid funds. The Directors therefore consider the Group is well positioned for business in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The management of the business and the execution of the group’s strategy are subject to a number of risks.
The principal risks for the Group are a reduction in the values of properties and of the Group's short term investments, loans and advances.


CREDIT RISK

This is the risk that counterparties will be unable or unwilling to meet their obligations to the Group as they fall due. It arises from lending transactions. The Board seeks to mitigate credit risk by focusing on niche market segments where it has specific expertise, through limiting exposures, by maintaining detailed lending policies and through rigorous underwriting processes.

LIQUIDITY RISK

This is the risk that the Group is not able to meet its financial obligations as they fall due, or can do so only at excessive cost. The Group finances its operations through retained reserves and new lending is financed from cash available.

OPERATIONAL RISK

This is the risk of loss arising from inadequate or failed internal process or systems, human error or external events. Operational risk is managed by senior management having responsibility for understanding how operational risk impacts within their business area and for putting in place appropriate controls and other mitigating factors.

INTEREST RATE RISK

This is the risk that the value of the Group's assets and liabilities or profitability will fluctuate because of changes in market rate. The Group manages interest rate risk by lending to borrowers at commercial rates of interest
Page 1


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

and accepts the risk that this entails. 

EXCHANGE RATE RISK

This is the risk that the value of the group's currency balances denominated in USD will fluctuate because of any significant movement in the US dollar/sterling rate of exchange which will impact our reported results.
The fall in the value of sterling relative to the US dollar in the financial year was small. The group accepts the risk that this entails.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Group's key performance indicators during the year were as follows:



2024
2023
       £m
       £m

Turnover

199,120

220,352

 
 


(Loss) /profit after tax

(43,997)

34,383

 
 


Equity shareholders' funds

1,069,381

1,113,179

 
 



During the year turnover decreased by 9.7% to £199.1m (2023 - £220.4m) and there was a net impairment of £12.9m on loans and advances arising in the year (2023 - £7.9m). Amounts written off investments and accrued income during the year was £25.2m (2023- £1.5m).
 
GROUP NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT
 
The group's long term objective is to preserve it's capital. The profits from the property portfolio are re-invested in the business or used to support the Pears family's philanthropic activities. The group is constantly looking to back business ventures in the property sector either by investing or lending to businesses. 

The group recognises the social, environment and economic impact on the people and resources.The group is constantly managing and reviewing the processes that ensures the basic human rights are adhered in dealing with all staff, clients, suppliers and stakeholders. 

The group have strict anti-bribery and anti-corruption policies applicable to all it's employees, directors, officers and all individuals and organisations who are associated with the group. The group requires the above associates to update their knowledge in anti-bribery and anti-corruption policies regularly. 




Page 2


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
 
Consequences of decision making in the long term

When making key business decisions, the directors consider the longer-term impact of these decisions on all stakeholders. Consideration of longer-term risks are set out in judgments in applying accounting policies and key sources of estimation uncertainty and principal risks

Our People

The Group is dedicated to being a responsible business. Our business strategy is aligned with the expectations of our staff, clients, communities, and society. For our business to succeed we aim to manage our people’s performance by providing appropriate training and coaching while ensuring we operate as efficiently as possible.

Business Relationships

The Group is operated for the benefit of the shareholders having regard to the stakeholders in the business.The directors are committed to using the profits from the corporate business to benefit their charitable endeavours.
We recognize the social, environmental and economic impact on the people and resources we work with. We are constantly updating, managing and reviewing our processes to ensure the needs of our staff, suppliers, clients and customers, on which our business depends, are met. We always try to be reasonable in our dealings and we take all feedback seriously.

Community and Environment

The group fulfils its obligations on corporate responsibility through contributions to The Pears Family Charitable Foundation which was founded in 1992.
The Group is committed to donating at least £20 million every year to enable the Pears Foundation to carry out its work which is funding organisations and projects working to deliver progress on key issues affecting the well being of people in the UK and all over the World.
Sir Trevor Pears CMG is the Foundation’s Executive Chair; he continues his involvement in the family business but his primary professional role is to lead the Foundation and develop the Pears family’s philanthropy. We have assessed the impact of our business on the environment and have implemented practices to reduce our carbon footprint.

Maintaining a reputation for high standards of business conduct

The judgments in applying accounting policies and key sources of estimation uncertainty and principal risks cover several areas which could be damaging to reputation. The directors sponsor a culture of compliance and ensure there are policies, procedures and training in all key areas of compliance. The health and safety of staff, customers, suppliers and the community is a priority for the directors.
 

Acting fairly between members of the Group

The directors meet regularly to discuss and agree group strategy.
 


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





David Pears
Director

Page 3


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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITIES

The Group carries on the business of lending, property investment and dealing, leisure park operator and equity investment. 

DIVIDENDS

The loss for the year, after taxation and non-controlling interests, amounted to £44m (2023  - profit £34.4m). 

Dividends amounting to £75,000 (2023 - £75,000) in respect of the ordinary shares were paid during the year under review.

DIRECTORS

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 

FUTURE DEVELOPMENTS

The Group has a strong balance sheet which will position the Group well for business in the future. The directors expect the lending element of the Group's business to expand in the future.

Page 4

FINANCIAL INSTRUMENTS

The Group’s financial instruments comprise loans, some cash in liquid resources and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group’s operations.
The main risks arising from the Group’s financial instruments are liquidity and interest rate risks. The Group finances its operations through a mixture of retained profits, sales of trading properties and loans from related companies. Liquidity risk is managed by maintaining a balance between continuity of bank funding and flexibility through the use of loans from related companies.
The Group’s policy is to lend to related companies at commercial rates of interest and the Group accepts the risk that this entails.

ENGAGEMENT WITH EMPLOYEES

The Group employed an average of 641 people (2023: 613) during the year. This includes 489 (2023: 461) employees of Verdant Leisure Topco Limited Group.
It is the Group's policy to treat its employees without discrimination and to operate equal opportunity and employment practices designed to achieve this.
The Group has an open and honest working environment and offers challenging, well rewarded jobs to its employees. The group also invests in its employees’ training and development.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors treat all customers, suppliers and other stakeholders with openness, honesty, fairness and integrity at all times. The directors ensure that all key suppliers have a designated contact within the group and all suppliers are regularly reviewed. The directors have facilitated a weekly payment run process to maximise the number of supplier invoices that are paid on time.

DISABLED EMPLOYEES

It is the Group's policy to give full and fair consideration to applications for employment made by disabled persons, to continue, wherever possible, the employment of staff who become disabled and to provide equal opportunities for the training and career development of disabled employees.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Group's greenhouse gas emissions for the year is 3,827t (2023 - 3,518.1t) of CO2. This is split between William Pears Group Limited 142t (2023:178.1t) and Verdant Leisure Topco Limited 3,685t (2023:3,340t) The energy consumption for the year is 18,481,071kWh (2023 -17,363,268kWh). This is split between William Pears Group Limited 753,822kWh (2023:847,243kWh) and Verdant Leisure Topco Limited Group 17,727,249kWh (2023: 16,516,025kWh)

Associated Greenhouse gases have been calculated using GHG reporting protocol.

The Group's intensity ratio for the year is 5.79t (2023 - 5.55t) which has been calculated in relation to the Group's full time equivalent staff numbers. William Pears Group Limited intensity ratio excluding Verdant Leisure Topco Limited Group is 0.82t (2023: 1.03t) and Verdant Leisure Topco Limited Group share is 7.54t (2023:7.25t). The Verdant Leisure Topco Limited Group covers the year ended 29 February 2024.

Page 5


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 and the Group'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 and the Group's auditors are aware of that information.

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





William Bennett
Secretary

Page 6

OPINION


We have audited the financial statements of William Pears Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity  and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's loss 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 Group 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 Group's or the parent 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 Group's and the parent 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 ReportOur 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 7

OPINION 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 Group 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 Group Strategic Report and the Directors' Report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

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 Group 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.

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 group 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 parent company and group 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 group 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.
Page 9


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.


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 2006Our 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
Statutory Auditor
Aldgate Tower
Leman Street
London
E1 8FA

23 May 2025
Page 10


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


2024
2023
Note
£000
£000

  

Turnover
 4 
199,120
220,352

Cost of sales
  
(70,818)
(80,053)

GROSS PROFIT
  
128,302
140,299

Administrative expenses
  
(138,251)
(77,701)

Net impairment charge on loans and advances
 20 
(12,880)
(7,919)

Profit on sale of Investment properties
 5 
1,748
2,944

Fair value movements
 18 
2,686
(13,742)

OPERATING (LOSS)/PROFIT
 6 
(18,395)
43,881

Share of profit of joint venture
  
456
506

Share of losses of associates
  
(7,203)
(3,064)

TOTAL OPERATING (LOSS)/PROFIT
  
(25,142)
41,323

Income from participating interests
 1010 
22,194
18,764

Income from fixed assets investments
 9 
6,200
1,523

Amounts written off investments and accrued income
  
(25,187)
(1,486)

Interest receivable and similar income
 11 
2,508
1,277

Interest payable and similar charges
 12 
(41,342)
(27,618)

(LOSS)/PROFIT BEFORE TAXATION
  
(60,769)
33,783

Tax on (loss)/profit
 13 
16,772
600

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
  
(43,997)
34,383

  

Currency translation differences
  
(80)
(789)

OTHER COMPREHENSIVE INCOME FOR THE YEAR
  
(80)
(789)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
(44,077)
33,594

(LOSS)/PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Non-controlling interests
  
(18,600)
(4,570)

Owners of the parent Company
  
(25,397)
38,953

  
(43,997)
34,383

The notes on pages 20 to 46 form part of these financial statements.

Page 11


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£000
£000
£000
£000

FIXED ASSETS
  

Patents
 15 
-
3,942

Goodwill
 15 
10,765
41,291

Negative goodwill
 15 
(943)
(943)

Tangible assets
 16 
95,819
149,599

Investments
 17 
300,415
243,858

Investment property
 18 
531,030
492,373

  
937,086
930,120

CURRENT ASSETS
  

Stocks
 19 
242,033
218,538

Debtors: amounts falling due within one year
 20 
247,432
587,882

Current asset investments
 21 
114,254
153,788

Cash at bank and in hand
  
213,263
84,017

  
816,982
1,044,225

Creditors: amounts falling due within one year
 22 
(511,277)
(498,250)

NET CURRENT ASSETS
  
 
 
305,705
 
 
545,975

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,242,791
1,476,095

Creditors: amounts falling due after more than one year
 23 
(106,902)
(275,817)

PROVISIONS FOR LIABILITIES
  

Deferred Taxation
 25 
(66,508)
(87,099)

  
 
 
(66,508)
 
 
(87,099)

NET ASSETS
  
1,069,381
1,113,179

Page 12


CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£000
£000
£000
£000

CAPITAL AND RESERVES
  

Called up share capital 
 26 
2
2

Capital redemption reserve
 27 
7,224
7,224

Investment property revaluation reserve
 27 
203,335
201,303

Other reserves
 27 
1,149
795

Profit and loss account
 27 
882,803
910,387

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
1,094,513
1,119,711

Non-controlling interests
  
(25,132)
(6,532)

TOTAL EQUITY
  
1,069,381
1,113,179


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




................................................
David Pears
Director

The notes on pages 20 to 46 form part of these financial statements.

Page 13


COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£000
£000
£000
£000

FIXED ASSETS
  

Investments
 17 
937,640
937,640

  
937,640
937,640

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 20 
4,844
4,691

Cash at bank and in hand
  
10
3

  
4,854
4,694

Creditors: amounts falling due within one year
 22 
(40)
(30)

NET CURRENT ASSETS
  
 
 
4,814
 
 
4,664

  

  

NET ASSETS
  
942,454
942,304


CAPITAL AND RESERVES
  

Called up share capital 
 26 
2
2

Profit and loss account
 27 
942,452
942,302

TOTAL EQUITY
  
942,454
942,304


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £225,000 (2023 - £229,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.


................................................
David Pears
Director

The notes on pages 20 to 46 form part of these financial statements.

Page 14


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



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


£000
£000
£000
£000
£000
£000
£000
£000


At 1 May 2023
2
7,224
201,303
795
910,387
1,119,711
(6,532)
1,113,179



COMPREHENSIVE INCOME FOR THE YEAR


Loss for the year

-
-
-
-
(25,397)
(25,397)
(18,600)
(43,997)


Currency translation differences
-
-
-
-
(80)
(80)
-
(80)


Transfer realised gains to retained earnings
-
-
(2,211)
-
2,211
-
-
-


Transfer deferred tax
-
-
(136)
-
136
-
-
-


Transfer revaluation during the year
-
-
4,379
-
(4,379)
-
-
-



OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
2,032
-
(2,112)
(80)
-
(80)



TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
2,032
-
(27,509)
(25,477)
(18,600)
(44,077)



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
-
-
-
(75)
(75)
-
(75)


Share based payments
-
-
-
354
-
354
-
354



AT 30 APRIL 2024
2
7,224
203,335
1,149
882,803
1,094,513
(25,132)
1,069,381



The notes on pages 20 to 46 form part of these financial statements.

Page 15


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



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


`
£000
£000
£000
£000
£000
£000
£000
£000


At 1 May 2022
2
7,224
211,351
398
862,250
1,081,225
(1,962)
1,079,263



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year

-
-
-
-
38,953
38,953
(4,570)
34,383


Currency translation differences
-
-
-
-
(789)
(789)
-
(789)


Transfer realised gains to retained earnings
-
-
(2,060)
-
2,060
-
-
-


Transfer deferred tax
-
-
4,094
-
(4,094)
-
-
-


Transfer revaluation during the year
-
-
(12,082)
-
12,082
-
-
-



OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
(10,048)
-
9,259
(789)
-
(789)



TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
(10,048)
-
48,212
38,164
(4,570)
33,594



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
-
-
-
(75)
(75)
-
(75)


Share based payments
-
-
-
397
-
397
-
397



AT 30 APRIL 2023
2
7,224
201,303
795
910,387
1,119,711
(6,532)
1,113,179



The notes on pages 20 to 46 form part of these financial statements.

Page 16


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


  Called up share capital
  Profit and loss account
Total equity

£000
£000
£000

At 1 May 2023
2
942,302
942,304


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
225
225


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(75)
(75)


AT 30 APRIL 2024
2
942,452
942,454



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


  Called up share capital
  Profit and loss account
Total equity

£000
£000
£000

At 1 May 2022
2
942,148
942,150


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
229
229


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(75)
(75)


AT 30 APRIL 2023
2
942,302
942,304


The notes on pages 20 to 46 form part of these financial statements.

Page 17


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£000
£000

CASH FLOWS FROM OPERATING ACTIVITIES

(Loss) /profit for the year
(43,997)
34,383

ADJUSTMENTS FOR:

Amortisation of intangible assets
5,131
5,130

Depreciation of tangible assets
4,410
4,002

Impairments of fixed assets
83,337
-

Profit on disposal of tangible assets
(109)
(52)

Interest payable and similar charges
41,342
27,618

Interest received
(2,508)
(1,277)

Taxation charge
(16,772)
(600)

Increase in stocks
(23,495)
(3,535)

Decrease in debtors
340,570
5,621

Income from participating interests
(22,194)
(18,764)

Increase in creditors
8,976
17,725

Net fair value (gains)/losses recognised in P&L
(2,686)
13,742

Share of operating profit in joint ventures
(342)
(433)

Share of operating loss in associates
7,090
2,745

Corporation tax received/(paid)
1,497
(7,758)

Income from investments
(6,200)
(1,523)

Profit on sale of investment properties
(1,748)
(2,944)

Foreign exchange movement
80
789

Share based payments
354
397

NET CASH GENERATED FROM OPERATING ACTIVITIES

372,736
75,266


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(5,220)
(8,497)

Sale of tangible fixed assets
700
787

Purchase of investment properties
(43,538)
(31,276)

Sale of investment properties
8,643
14,756

Purchase of trade investments
(60,000)
(150)

Sale of trade investments
10,413
197

Sale of share in joint ventures
650
550

Purchase of share in associates
(14,369)
(330)

Interest receivable
2,508
1,277

Income from participating interests
22,194
18,764

Income from investments
6,200
1,523

Sale of treasury bills
39,534
-

Purchase of treasury bills
-
(39,534)

NET CASH USED IN INVESTING ACTIVITIES

(32,285)
(41,933)
Page 18


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£000
£000



CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(169,688)
(30,156)

Dividends paid
(75)
(75)

Interest paid
(41,342)
(27,618)

NET CASH USED IN FINANCING ACTIVITIES
(211,105)
(57,849)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
129,346
(24,516)

Cash and cash equivalents at beginning of year
83,994
109,299

Effect of foreign exchange rates
(80)
(789)

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
213,260
83,994


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
213,263
84,017

Bank overdraft
(3)
(23)

213,260
83,994



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£000

£000

£000

Cash at bank and in hand

84,017

129,246

213,263

Bank overdrafts

(23)

20

(3)

Debt due after 1 year

(7,883)

324

(7,559)

Debt due within 1 year

(269)

(6)

(275)

Secured bank loans

(55,000)

(7)

(55,007)

Finance leases

(37,523)

150

(37,373)







(16,681)
129,727
113,046

The notes on pages 20 to 46 form part of these financial statements.

Page 19


1.


GENERAL INFORMATION

William Pears Group 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 as modified by the recognition of certain financial assets and liabilities measured at fair value 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 (see note 3).
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

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The results for all group companies are for the year ended 30 April 2024, with the exception of Verdant Leisure Topco Limited and its subsidiaries, which has a financial year ending 29 February 2024, being the year end for that Group. The directors have considered the results for this group for the two months to April 2024 and concluded that they are not material to be included in these consolidated financial statements.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

 
2.3

ASSOCIATES AND JOINT VENTURES

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.4

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the group and the company have 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.

 
2.5

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, sale of property trading stock and holiday homes, other activities and interest receivable.

  
2.6

PROPERTY TRANSACTIONS

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

 
2.7

INTANGIBLE ASSETS

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life. Goodwill is being amortised over 10 years. The Goodwill that arose from the acquisition of Verdant Leisure Topco Limited and its subsidiaries has been impaired to £nil during the year.
 
Negative goodwill is separately disclosed on the face of the Statement of financial position as a negative asset, and is recognised through the Statement of comprehensive income in the periods in which the non-monetary assets acquired are depreciated or sold.
Brand
Brand includes the Verdant Leisure trademark brand, the park names, children's characters and website domain names and has been valued using the relief from royalty method. The brand was impaired to £nil during the year.

Page 21

 
2.8

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 on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Land is not depreciated.

Depreciation is provided on the following basis:

Buildings
-
2% Straight line
Plant & machinery
-
20 - 25% Straight line
Motor vehicles
-
25% Reducing balance and straight line
Fixtures & fittings
-
15% Reducing balance
Office equipment
-
15% Reducing balance
Computer equipment
-
25% Reducing balance or 3 years straight line
Hire fleet holiday homes
-
15% Straight line

 
2.9

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.

 
2.10

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.11

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Current asset investments are stated at cost less impairment.


Page 22

 
2.12

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, inventories are assessed for impairment. If property is impaired, the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised immediately in the 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 balance sheet as part of property stock.

 
2.13

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.

 
2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

FINANCIAL INSTRUMENTS

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

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

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

Basic financial assets

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

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets
Page 23


2.15
FINANCIAL INSTRUMENTS (CONTINUED)


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.

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.

The Group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

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 24


2.15
FINANCIAL INSTRUMENTS (CONTINUED)


  
2.16

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. 

 
2.17

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP and is rounded to the nearest £1,000.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.18

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.

 
2.19

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.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.20

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.

Page 25

 
2.21

FINANCE LEASES

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.22

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.

 
2.23

INTEREST INCOME

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

 
2.24

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.

 
2.25

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.

Page 26


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Group and Company's significant accounting policies are stated in note 2 above. Not all of these accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide further detail relating to those accounting policies that management consider critical because of the level of complexity, judgment or estimation involved in their application and their impact on the financial statements.
(i) Property
The Group's trading property is carried in the statement of financial position at the lower of cost and estimated selling price less costs to complete and sell. Provision is made to write down properties to fair value if this is below cost.
The Group's investment property is carried in the statement of financial position at fair value.
The valuation methodology described below determines the fair value of property.
Properties held in the residential and commercial portfolios were valued by the in-house surveyors at Managing Agents employed by the Group. These valuations were reviewed and approved by the directors.
For residential property, the Managing Agent's own qualified surveying team provided a vacant possession value and also recommend the discount to apply to the vacant possession valuations to establish the market value of each property. The discounts are established by tenancy type and are based on evidence gathered from recent transactional market evidence.
Similarly, for Commercial property, the Managing Agent's own qualified surveyors recommend the yield to be applied to the Estimated Rental Value ("ERV") based on the type of property and location to establish the market value of each property.
However, if any assumptions made by the Managing Agent's valuers prove to be incorrect, this may mean that the value of the Group's properties differs from their valuation reported in the financial statements, which could have a material effect on the Group's financial position.
(ii) Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of loans and advances, management considers the assets that the borrower has available to repay its debts.
(iii) Impairment of goodwill
The Group annually considers whether there are indicators of impairment to goodwill. Where there are indicators impairment reviews are completed for affected CGUs. The recoverable amount of the CGU is based on the higher of value in use or fair value less costs to sell.
(iv) Tangible assets
Tangible assets are reviewed for impairment if there are any indicators to suggest that the carrying amount may not be recoverable. Recoverable amounts are determined based on estimated market values. Actual outcomes could vary from these estimates.

Page 27


4.


TURNOVER

An analysis of turnover by class of business is as follows:

2024
2023
        £000
        £000

Rent receivable

45,991

43,857

Property sales

46,218

72,515

Holiday homes

45,057

49,396

Other activities

8,154

7,852

Interest receivable

53,700

46,732


199,120

220,352



An analysis of turnover by geographical market:

2024
2023
        £000
        £000

United Kingdom

197,890

219,033

Rest of the World

1,230

1,319


199,120

220,352



5.


PROFIT ON SALE OF INVESTMENT PROPERTIES

2024
2023
£000
£000


Sale of investment properties
8,643
14,756

Historical cost
(2,104)
(5,875)

6,539
8,881


Prior years fair value surplus realised
(4,791)
(5,937)

1,748
2,944


Page 28


6.


OPERATING (LOSS)/PROFIT

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

2024
2023
£000
£000

Depreciation of tangible fixed assets
4,409
4,002

Amortisation of intangible assets, including goodwill
5,131
5,130

Fees payable to the Group's auditor and its associates for the audit of the group's annual financial statements
261
269

Share-based payment
354
397

Exchange differences
(3,098)
(1,256)

Other operating lease rentals
1,301
929

Defined contribution pension cost
722
477


7.


STAFF COSTS

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


Group
Group
2024
2023
£000
£000


Wages and salaries
28,261
27,669

Social security costs
3,153
3,269

Cost of defined contribution pension scheme
722
477

32,136
31,415


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


        2024
        2023
            No.
            No.







Administrative staff
287
259



Site development and club
354
354

641
613

Page 29


8.


DIRECTORS' REMUNERATION



2024
2023
£000
£000



Directors' emoluments
9,000
9,000

9,000
9,000





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

Number of directors to whom retirement benefits are accruing:-

2024
2023
        No
        No

Defined contribution scheme

3

3



9.


INCOME FROM FIXED ASSET INVESTMENTS

2024
2023
£000
£000

Income from fixed asset investments
6,200
1,523

6,200
1,523







10.


INCOME FROM PARTICIPATING INTERESTS

2024
2023
£000
£000



Dividend received on preference shares
22,194
18,764

22,194
18,764


11.


INTEREST RECEIVABLE

2024
2023
£000
£000


Other interest receivable
2,508
1,277

2,508
1,277

Page 30


12.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£000
£000


Bank interest payable
6,883
5,332

Other loan interest payable
31,555
19,580

Preference share dividends
948
898

Finance leases
1,188
1,170

Other interest payable
768
638

41,342
27,618


13.


TAXATION


2024
2023
£000
£000

CORPORATION TAX


Current tax on profits for the year
10,309
13,194

Adjustments in respect of previous periods
(6,569)
(9,466)


3,740
3,728

FOREIGN TAX


Foreign tax on income for the year
79
110

79
110

TOTAL CURRENT TAX
3,819
3,838

DEFERRED TAX


Origination and reversal of timing differences
(20,591)
(4,382)

Changes to tax rates
-
(176)

Increase in discount
-
142

Group relief
-
(22)

TOTAL DEFERRED TAX
(20,591)
(4,438)


TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
(16,772)
(600)
Page 31

 
13.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
£000
£000


(Loss)/profit on ordinary activities before tax
(60,769)
33,783


(Loss) /profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
(15,192)
6,588

EFFECTS OF:


Expenses not deductible for tax purposes
25,045
3,856

Capital allowances for year in excess of depreciation
(42)
-

Utilisation of tax losses
41
-

Adjustments to tax charge in respect of prior periods
(6,569)
(9,466)

Short-term timing difference leading to decrease in taxation
(20,591)
(4,382)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(9,921)
(6,147)

Book profit on chargeable assets
(548)
(713)

Capital gains
1,656
1,753

Unrelieved tax losses carried forward
7,461
5,184

Foreign tax suffered
79
110

Valuation (profit)/ loss not taxable
(501)
2,714

Other differences leading to an increase / (decrease) in the tax charge
2,310
(97)

TOTAL TAX CREDIT FOR THE YEAR
(16,772)
(600)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


14.


DIVIDENDS

2024
2023
£000
£000


Dividends paid on equity capital
75
75

75
75

Page 32


15.


INTANGIBLE ASSETS

Group 





Patents
Goodwill
Negative goodwill
Total

£000
£000
£000
£000



COST


At 1 May 2023
4,506
46,804
(980)
50,330



At 30 April 2024

4,506
46,804
(980)
50,330



AMORTISATION


At 1 May 2023
564
5,513
(37)
6,040


Charge for the year on owned assets
449
4,682
-
5,131


Impairment charge
3,493
25,844
-
29,337



At 30 April 2024

4,506
36,039
(37)
40,508



NET BOOK VALUE



At 30 April 2024
-
10,765
(943)
9,822



At 30 April 2023
3,942
41,291
(943)
44,290



Page 33



16.


TANGIBLE FIXED ASSETS


Group







Land and buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Hire vans
Total

£000
£000
£000
£000
£000
£000
£000



COST OR VALUATION


At 1 May 2023
139,009
5,955
1,049
7,887
1,141
6,209
161,250


Additions
1,601
1,206
467
3
38
1,905
5,220


Disposals
-
(22)
(256)
-
-
(1,366)
(1,644)


Transfers between classes
(154)
154
-
-
-
-
-



At 30 April 2024

140,456
7,293
1,260
7,890
1,179
6,748
164,826



DEPRECIATION


At 1 May 2023
1,286
1,265
456
6,425
1,093
1,126
11,651


Charge for the year on owned assets
1,154
1,495
181
217
17
1,345
4,409


Disposals
-
(22)
(181)
-
-
(850)
(1,053)


Impairment charge
54,000
-
-
-
-
-
54,000



At 30 April 2024

56,440
2,738
456
6,642
1,110
1,621
69,007



NET BOOK VALUE



At 30 April 2024
84,016
4,555
804
1,248
69
5,127
95,819



At 30 April 2023
137,723
4,690
593
1,462
48
5,083
149,599

Page 34


           16.TANGIBLE FIXED ASSETS (CONTINUED)

FINANCE LEASES

On 6 September 2019, Verdant Leisure Limited and Verdant Leisure 2 Limited (subsidiaries of Verdant Leisure Topco Limited Group) entered into lease agreements with Lloyds Bank SF Nominees Limited in respect of seven of the Group’s leisure parks. Under the terms of the agreements the entities are subject to ongoing rental obligations (“ground rent”) over the next 150 years. The assets are now recognised as leasehold land and buildings with a corresponding finance lease obligation recognised within finance lease liabilities. The total net book value of the assets held under finance leases is £38.2m (2023 - £38m).


17.


FIXED ASSET INVESTMENTS

Group





Investments in associates
Listed investments
Investment in joint venture
Trade investments
Total

£000
£000
£000
£000
£000



COST OR VALUATION


At 1 May 2023
23,280
1
5,881
214,696
243,858


Additions
14,369
-
-
60,000
74,369


Disposals
-
-
-
(7,168)
(7,168)


Other
(46)
-
(114)
-
(160)


Net movement
-
-
(650)
-
(650)


Share of profit/(loss)
(7,045)
-
456
-
(6,589)



At 30 April 2024

30,558
1
5,573
267,528
303,660



IMPAIRMENT


Charge for the period

-
-
-
3,245
3,245



NET BOOK VALUE



At 30 April 2024
30,558
1
5,573
264,283
300,415



At 30 April 2023
23,280
1
5,881
214,696
243,858

Page 35

Company





Investments in subsidiary companies

£000



COST OR VALUATION


At 1 May 2023
937,640



At 30 April 2024

937,640






NET BOOK VALUE



At 30 April 2024
937,640



At 30 April 2023
937,640



DIRECT SUBSIDIARY UNDERTAKINGS


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

WPG Finance Limited
Provision of Finance
Ordinary
 100
William Pears Group Investments Limited
Holding Company
Ordinary
 100
Hamways Limited
Managing Agent
Ordinary
  100



Page 36


INDIRECT SUBSIDIARY UNDERTAKINGS


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

The William Pears Group of Companies Limited
Trading
Ordinary
100
Anglo Caledonian Asset Management Limited
Property Dealing
Ordinary
100
Area Estates Limited
Property Dealing
Ordinary
100
William Pears Limited
Property Dealing
Ordinary
100
Haslam Court Management Limited
Management Company
Ordinary
100
Avondale Properties Limited
Property Investment
Ordinary
100
Capital Land Holdings Limited
Property Investment
Ordinary
100
Castle Lane Securities Limited
Property Investment
Ordinary
100
Clearview Properties Limited
Property Investment
Ordinary
100
Freehold Portfolio Limited
Property Investment
Ordinary
100
Hallway Properties Limited
Property Investment
Ordinary
100
Long Acre Securities Limited
Property Investment
Ordinary
100
HK Properties (UK) Limited
Property Investment
Ordinary
100
Manzil Way Residential Limited
Property Investment
Ordinary
100
Stanley N Evans Limited
Property Management
Ordinary
100
Swiftly Limited
Lloyds Underwriting
Ordinary
100
UTB No1 Limited
Provision of Finance
Ordinary
100
WX Investments Limited
Property Investment
Ordinary
100
Aramis Holdings Limited
Holding Company
Ordinary
85
WPG Treasury Limited
Provision of Finance
Ordinary
100
The Welkin Property Company Limited
Property Investment
Ordinary
100
Bromley Park Garden Estates Limited
Dormant
Ordinary
100
Law and Equity Property Company Limited
Dormant
Ordinary
100
Ordnance Estates Limited
Dormant
Ordinary
100
Saint Cross Securities Limited
Dormant
Ordinary
100
South Tottenham Land Securities Limited
Dormant
Ordinary
100
Pears Style Limited
Dormant
Ordinary
100
Highlaw Limited
Property Dealing
Ordinary
100
Echoline Limited
Holding Company
Ordinary
100
Carbline Limited
Holding Company
Ordinary
100
Earliba Finance Company Limited
Property Investment
Ordinary
100
Macro (Ipswich) Limited
Property Investment
Ordinary
100
Old Dairy Cottages Limited
Property Dealing
Ordinary
100
Tapline Limited
Dormant
Ordinary
100
Talisman Properties Limited
Dormant
Ordinary
100
*Verdant Leisure Topco Limited
Holding Company
Ordinary
69
*Verdant Leisure Midco 1 Limited
Intermediate Holding
Ordinary
69
*Verdant Leisure Midco 2 Limited
Intermediate Holding
Ordinary
69
*Verdant Leisure Bidco Limited
Financing and Management Services
Ordinary
69
*Verdant Leisure Group Limited
Intermediate Holding
Ordinary
69
*Verdant Leisure Holdings Limited
Financing and Management Services
Ordinary
69
*Verdant Leisure Limited
Leisure Park Operator
Ordinary
69
*Verdant Leisure 2 Limited
Leisure Park Operator
Ordinary
69
**Rodger Fish & Sons Limited
Dormant
Ordinary
69
**Queensberry Bay Caravan Park Limited
Dormant
Ordinary
69
**President Leisure Limited
Dormant
Ordinary
69
**Erigmore Estate Limited
Dormant
Ordinary
69
*Golden Coast Sporting Villas Limited
Leisure Park Operator
Ordinary
69
**River Lodge Holiday Park Limited
Dormant
Ordinary
69
***Marigold Avenue (Gateshead) Management Company Limited
Residents Property Management
Ordinary
100
***Mill and Bridgewater House Management Limited
Residents Property Management
Ordinary
100
***Rockall Way Management Company Limited
Dormant
Ordinary
100
***Stocking Hill Management Company Limited
Residents Property Management
Ordinary
100
Page 37

INDIRECT SUBSIDIARY UNDERTAKINGS (CONTINUED)


Name

Principal activity

Class of shares

Holding

***Styles Close Management Company Limited
Residents Property Management
Ordinary
100

The 69% shareholdings are held indirectly by Echoline Limited apart from Verdant Leisure Topco Limited. Verdant Leisure Topco Limited is held directly by Echoline Limited.
The registered office address for the above subsidiaries is 12th Floor Aldgate Tower, 2 Leman Street, London, E1W 9US except for as below:
*The registered office address for the above subsidiaries is 10 Mannin Way, Lancaster Business Park, Lancaster, England, LA1 3SW.
**The registered office address for the above subsidiaries is Thurston Manor Leisure Park, Innerwick, Dunbar, East Lothian, Scotland, EH42 1SA.

*** Held directly by Area Estates Limited.

Area Estates Limited owns 50% of the share capital of Riverside Walk (Mill End Management Company
Limited) (registered in England) which is currently dormant.


ASSOCIATES


The following were associates of the Company:


Name

Registered office

Class of shares

Holding

Orbit Estates Limited
Holding Company
Ordinary
25
P Win Quadrant LLP
Property Investment
Ordinary
10
Clearway (Next Wave) Holdings Limited
Investment Holding
Ordinary
47

The registered office address for the above associates is 12th Floor Aldgate Tower, 2 Leman Street, London, E1W 9US, except for Clearway (Next Wave) Holdings Limited which is 42 Wigmore Street, London, W1U 2RY.


JOINT VENTURE


The following was a joint venture of the Company:


Name

Registered office

Holding

Stanley N Evans (Properties) Limited
Property Investment
50

The registered office address for the above joint ventures is 12th Floor Aldgate Tower, 2 Leman Street, London, E1W 9US

Page 38


17.


FIXED ASSET INVESTMENTS (CONTINUED)

           

The group's aggregate share of the joint ventures' net assets at the Balance sheet date was as follows: 

2024
2023
£000
£000



Fixed assets
6,737
6,847

Current assets
1,149
1,364

Due within one year or less
(629)
(618)

Provision for liabilities
(1,684)
(1,712)

5,573
5,881





TRADE INVESTMENTS

Preference shares
Corporate bond
Total
      £000
      £000
      £000

At 1 May 2023

210,194

4,502

214,696
 
Additions

60,000

-

60,000
 
Disposal

(6,904)

(263)

(7,168)
 
Impairment

(3,245)

-

(3,245)
 
At 30 April 2024

260,045

4,239

264,283
 

Page 39


18.


INVESTMENT PROPERTY

Group


Freehold investment property
Long term leasehold investment property
Total

£000
£000
£000



VALUATION


At 1 May 2023
487,115
5,258
492,373


Additions at cost
43,244
294
43,538


Disposals
(6,895)
-
(6,895)


Fair value movement
2,199
(105)
2,094


Transfers between classes
(52)
52
-


Foreign exchange movement
(80)
-
(80)



AT 30 APRIL 2024
525,531
5,499
531,030

The 2024 valuations were made by the 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
£000
£000


Historic cost
236,857
197,789

236,857
197,789



At the year end, the provision for diminution in value amounted to £6m (2023: £4m).




19.


STOCKS

Group
Group
2024
2023
£000
£000

Freehold and leasehold property, caravan and lodge holiday homes
242,033
218,538

242,033
218,538


Included in stocks are caravan and lodge holiday homes from the Verdant Leisure Topco Limited Group £6.8m (2023:£5.8m). 

Page 40


20.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Amounts owed by group undertakings
-
-
4,843
4,687

Amounts owed by family connected companies
163,531
525,117
-
-

Other debtors
72,728
50,579
1
4

Prepayments and accrued income
10,578
12,135
-
-

Tax recoverable
174
51
-
-

Financial instruments
421
-
-
-

247,432
587,882
4,844
4,691


Debtors include net impairment charge on loans and advances arising in the year totaling £12.9m (2023- £7.9m).


21.


CURRENT ASSET INVESTMENTS

Group
Group
2024
2023
£000
£000

Treasury Bills
-
39,534

Unlisted investments
114,254
114,254

114,254
153,788



22.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank overdrafts
3
23
-
-

Bank loans
275
269
-
-

Trade creditors
5,690
4,545
-
-

Amounts owed to other participating interests
441,272
433,858
-
-

Corporation tax
16,797
11,367
40
30

Other taxation and social security
1,186
1,526
-
-

Obligations under finance lease and hire purchase contracts
173
155
-
-

Other creditors
22,760
25,013
-
-

Accruals and deferred income
23,121
21,323
-
-

Financial instruments
-
171
-
-

511,277
498,250
40
30



Page 41

Family connected companies are those companies in which the directors and/or their Family Trusts have a 50% or 100% interest.
Obligations under finance leases relate to the ground rent transaction (note 16), with the obligation secured against the property. Rent payments are payable quarterly.


23.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
2024
2023
£000
£000

Bank loans
62,566
62,883

Issue costs
(2,932)
(3,355)

Net obligations under finance leases
37,200
37,368

Amounts owed to family connected company
200
170,000

Accruals and deferred income
2,089
1,142

Preference shares
7,779
7,779

106,902
275,817



Amounts owed to a family connected company include an amount of £200,000 (2023: £170,000,000), being a loan. Interest is payable quarterly at 3% fixed per annum. The loan is secured by way of a first ranking debenture and is repayable on 30 April 2026.
Obligations under finance leases relate to the ground rent transaction (note 16), with the obligation secured against the property. Rent payments are payable quarterly.
The A and B Preference Shares carry a fixed dividend of 12.75% per annum rolling up annually.

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24.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£000
£000

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
275
269


275
269

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
7,559
277


7,559
277

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
55,007
7,606

Less issue costs
(2,932)
-


52,075
7,606

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
-
55,000

Less issue costs
-
(3,355)

-
51,645

59,909
59,797


Included in amounts payable later than five years are secured bank loans of £55m provided by LGT Private Debt (UK) Capital Limited to Verdant Leisure Topco Limited Group with a maturity date of 1 December 2028. Interest is 7.00% + SONIA payable quarterly in arrears. The bank loans are secured by a fixed and floating charge over all assets of Verdant Leisure Topco Limited Group. The loan notes are secured by cross guarantees granted by the Verdant Leisure Topco Limited Group. 
Included in the above figure is the sum of £7.8m (2023 - £8.2m) relating to a bank loan held by Clearview Properties Limited with a maturity date of 1 September 2025.The loan incurs a fixed interest rate at 2.67% per annum plus a floating rate at 1.75%. The loan is secured by a fixed charge over the freehold properties owned by that company. The amount of £4.3m has been guaranteed to the lender by a third party.

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25.


DEFERRED TAXATION


Group



2024
2023


£000

£000






At beginning of year
87,099
91,181


Released to the income statement
(20,591)
(4,082)



At 30 April 2024
66,508
87,099







The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£000
£000

Tax on revaluation of investment properties
66,508
66,372

Arising on business combinations
-
20,727

66,508
87,099


26.


SHARE CAPITAL

2024
2023
£000
£000
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



2,220 (2023 -2,220) Ordinary shares of £1.00 each
2
2

2024
2023
£000
£000
PREFERENCE SHARES CLASSIFIED AS LIABILITIES

ALLOTTED, CALLED UP AND FULLY PAID



7,778,708 (2023 - 7,778,708) Preference shares of £1.00 each
7,779
7,779


The preference shares comprise 909,386 A preference shares of £1 each and 6,869,322 B preference shares of £1 each.

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27.


RESERVES


          Capital redemption reserve

       The capital redemption reserve is a non-distributable reserve representing amounts transferred following              the redemption or purchase of the company's own shares.


Investment property revaluation reserve

          The investment property revaluation reserve includes all current and prior year retained revaluations.

Capital reserve
 
          The capital reserve relates to share based payments.

         
Profit and loss account

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


28.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £722,000 (2023 - £477,000). Contributions totaling £Nil (2023 - £Nil) were payable to the fund at the reporting date.


29.


COMMITMENTS UNDER OPERATING LEASES

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


Group
Group
2024
2023
£000
£000

Not later than 1 year
1,150
1,055

Later than 1 year and not later than 5 years
3,843
4,010

Later than 5 years
4,377
4,020

9,370
9,085
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30.


RELATED PARTY TRANSACTIONS

During the year there were the following transactions with companies and entities which the directors Mark Pears , Sir Trevor Pears CMG and David Pears have an interest.


2024
2023
£000
£000

Turnover
46,210
43,408
Management fees receivable
3,553
3,769
Loan interest payable
31,555
19,598
Rent payable
1,164
766
Income from fixed asset investment
6,200
2,583
Advisory fees payable
837
1,195


Preference shares were subscribed in the capital of a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest. The subscription was for £60m of £1 each. The dividend received was £5m.
During the year, a subsidiary contributed £25.2m (2023 - £20.1m) 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 have an interest.


2024
2023
£000
£000



Amounts due from family connected company
163,531
525,117

Management fees receivable
3,226
3,281

Amounts owed to family connected company
441,472
603,858

Loan interest receivable
1,719
9,200

Other loans payable
30
1,276




31.


BANKING ARRANGEMENTS

Certain subsidiary undertakings and family connected companies participate in group banking arrangements. Companies participating in the arrangement have a joint and several liability to the bank for the total group overdraft and loan 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 group, each family connected company having ample resources to meet its own liabilities.


32.


POST BALANCE SHEET EVENTS

On 24th December 2024, Verdant Leisure Midco 2 Limited sold all its shareholding in Verdant Leisure Bidco Limited for a consideration of £1 subject to completion.

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