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Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and financial statements for the year ended 30 April 2024.
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.
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.
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.
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.
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.
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
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
and accepts the risk that this entails.
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.
The Group's key performance indicators during the year were as follows:
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).
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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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The directors present their report and the financial statements for the year ended 30 April 2024.
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.
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 2006. They 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.
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.
The directors who served during the year were:
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.
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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.
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.
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.
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.
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This report was approved by the board on 20 May 2025 and signed on its behalf.
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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 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).
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.
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.
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.
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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.
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.
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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.
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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.
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.
for and on behalf of
Statutory Auditor
Aldgate Tower
London
E1 8FA
23 May 2025
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.
The notes on pages 20 to 46 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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.
The notes on pages 20 to 46 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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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
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:
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.
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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.
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.
Purchases and sales of properties are included on the basis of completions occurring during the year.
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.
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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:
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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.
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
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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.
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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.
Functional and presentation currency
Transactions and balances
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Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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(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.
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Number of directors to whom retirement benefits are accruing:-
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13.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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16.TANGIBLE FIXED ASSETS (CONTINUED)
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).
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INDIRECT SUBSIDIARY UNDERTAKINGS (CONTINUED)
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The group's aggregate share of the joint ventures' net assets at the Balance sheet date was as follows:
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
At the year end, the provision for diminution in value amounted to £6m (2023: £4m).
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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.
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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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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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.
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.
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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.
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.
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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