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Registered number: 12469657 PEARS PARTNERSHIP CAPITAL LIMITED UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
PEARS PARTNERSHIP CAPITAL LIMITED COMPANY INFORMATION
DIRECTORS | WPG Registrars Limited
| Ian Shaw
| Mark Crowther (resigned 6 January 2025)
| Joseph Evans (appointed 6 February 2025)
COMPANY SECRETARY | William Bennett
REGISTERED NUMBER | 12469657
REGISTERED OFFICE | 12th Floor, Aldgate Tower
| 2 Leman Road
| London
| E1W 9US
PEARS PARTNERSHIP CAPITAL LIMITED CONTENTS
| Page
Directors' Report | 1
Statement of Comprehensive Income | 2
Statement of Financial Position | 3 - 4
Statement of Changes in Equity | 4
Notes to the Financial Statements | 5 - 11
PEARS PARTNERSHIP CAPITAL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
PRINCIPAL ACTIVITY
The principal activity of the Company is to provide advisory services.
DIRECTORS
The directors who served during the year were:
WPG Registrars Limited
Ian Shaw
Mark Crowther (resigned 6 January 2025)
Joseph Evans (appointed 6 February 2025)
SMALL COMPANIES NOTE
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 4 November 2025 and signed on its behalf.
William Bennett Secretary
Page 1
PEARS PARTNERSHIP CAPITAL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 2,620,592 | 1,468,155
GROSS PROFIT |  | 2,620,592 | 1,468,155
Administrative expenses |  | (1,518,621) | (1,488,697)
OPERATING PROFIT/(LOSS) |  | 1,101,971 | (20,542)
Interest receivable and similar income |  | 1,323 | 790
Interest payable and similar expenses | 5 | (82,631) | (118,378)
PROFIT/(LOSS) BEFORE TAX |  | 1,020,663 | (138,130)
Tax on profit/(loss) | 6 | (255,166) | -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |  | 765,497 | (138,130)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 765,497 | (138,130)
The notes on pages 5 to 11 form part of these financial statements.
Page 2
PEARS PARTNERSHIP CAPITAL LIMITED REGISTERED NUMBER: 12469657 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 323,125 |  | 30,591 |
Cash at bank and in hand |  | 23,958 |  | 25,117 |
|  | 347,083 |  | 55,708 |
Creditors: amounts falling due within one year | 8 | (750,704) |  | (1,224,826) |
NET CURRENT LIABILITIES |  |  | (403,621) |  | (1,169,118)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (403,621) |  | (1,169,118)
NET LIABILITIES |  |  | (403,621) |  | (1,169,118)
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 9 |  | 100 |  | 100
Profit and loss account | 10 |  | (403,721) |  | (1,169,218)
EQUITY DEFICIT |  |  | (403,621) |  | (1,169,118)
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 November 2025.
Ian Shaw
Director
The notes on pages 5 to 11 form part of these financial statements. Page 3
PEARS PARTNERSHIP CAPITAL LIMITED REGISTERED NUMBER: 12469657 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2024 | 100 | (1,169,218) | (1,169,118)
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 765,497 | 765,497
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 765,497 | 765,497
AT 30 APRIL 2025 | 100 | (403,721) | (403,621)
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2023 | 100 | (1,031,088) | (1,030,988)
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Loss for the year | - | (138,130) | (138,130)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | (138,130) | (138,130)
AT 30 APRIL 2024 | 100 | (1,169,218) | (1,169,118)
| The notes on pages 5 to 11 form part of these financial statements.
Page 4
PEARS PARTNERSHIP CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | GENERAL INFORMATION
Pears Partnership Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The financial statements have been prepared on a going concern basis even though the company has net liabilities of £403,621 (2024 - £1,169,118). The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.
| 2.3 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the fees receivable, exclusive of Value Added Tax.
| 2.4 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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. Page 5
PEARS PARTNERSHIP CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | TAXATION
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 operates and generates income.
| 2.8 | 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.
| 2.9 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | CREDITORS
Short-term creditors are measured at the transaction price.
| 2.11 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 6
PEARS PARTNERSHIP CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | FINANCIAL INSTRUMENTS (CONTINUED)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 7
PEARS PARTNERSHIP CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees receivable | 2,620,592 | 1,468,155
|  | 2,620,592 | 1,468,155
4. | EMPLOYEES
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 2 | 2
|  | Administrative staff | 4 | 4
|  |  | 6 | 6
5. | INTEREST PAYABLE AND SIMILAR CHARGES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | - | 2
| Loans from group undertakings | 82,631 | 118,376
|  | 82,631 | 118,378
Page 8
PEARS PARTNERSHIP CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 255,166 | -
|  | 255,166 | -
| TOTAL CURRENT TAX | 255,166 | -
| DEFERRED TAX |  |
| TOTAL DEFERRED TAX | - | -
| TAX ON PROFIT/(LOSS) | 255,166 | -
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is the same as (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 1,020,663 | (138,130)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 255,166 | (34,533)
| EFFECTS OF: |  |
| Unrelieved tax losses carried forward | - | 34,533
| TOTAL TAX CHARGE FOR THE YEAR | 255,166 | -
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 9
PEARS PARTNERSHIP CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 303,320 | 195
| Prepayments and accrued income | 19,805 | 30,396
|  | 323,125 | 30,591
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 432,248 | 1,081,007
| Corporation tax | 255,166 | -
| Other taxation and social security | 63,243 | 70,583
| Other creditors | 47 | 73,236
|  | 750,704 | 1,224,826
9. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
10. | RESERVES
Profit and loss account The profit and loss account includes all current year and period retained profits and losses. Page 10
PEARS PARTNERSHIP CAPITAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
11. | COMMITMENTS UNDER OPERATING LEASES
| At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 104,444 | 104,444
| Later than 1 year and not later than 5 years | 104,444 | 208,888
|  | 208,888 | 313,332
12. | RELATED PARTY TRANSACTIONS
| The company has taken advantage of the exemptions from disclosure available under FRS102 Section 1A, paragraph 1 AC.35 in connection with intra group transactions. During the year there were the following transactions with companies and entities in which the directors of this company’s holding company, Pears Family Investments Limited, are also directors.
|  | 2025 | 2024
|  | £ | £
| Advisory fees receivable | 1,111,121 | 836,707
| Management fee payable | 18,525 | -
13. | CONTROLLING PARTY
The company is a wholly owned subsidiary of Pears Family Investments Limited. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London E1W 9US.
Page 11