Caseware UK (AP4) 2024.0.164 2024.0.164 2025-04-30 2025-04-30 2024-05-01 false 6 6 false false false 13025453 2024-05-01 2025-04-30 13025453 2023-05-01 2024-04-30 13025453 2025-04-30 13025453 2024-04-30 13025453 2023-05-01 13025453 c:CompanySecretary1 2024-05-01 2025-04-30 13025453 c:Director1 2024-05-01 2025-04-30 13025453 c:Director2 2024-05-01 2025-04-30 13025453 c:Director3 2024-05-01 2025-04-30 13025453 c:Director4 2024-05-01 2025-04-30 13025453 c:Director5 2024-05-01 2025-04-30 13025453 c:Director6 2024-05-01 2025-04-30 13025453 c:Director7 2024-05-01 2025-04-30 13025453 c:RegisteredOffice 2024-05-01 2025-04-30 13025453 d:CurrentFinancialInstruments 2025-04-30 13025453 d:CurrentFinancialInstruments 2024-04-30 13025453 d:CurrentFinancialInstruments d:WithinOneYear 2025-04-30 13025453 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 13025453 d:ShareCapital 2024-05-01 2025-04-30 13025453 d:ShareCapital 2025-04-30 13025453 d:ShareCapital 2023-05-01 2024-04-30 13025453 d:ShareCapital 2024-04-30 13025453 d:ShareCapital 2023-05-01 13025453 d:RetainedEarningsAccumulatedLosses 2024-05-01 2025-04-30 13025453 d:RetainedEarningsAccumulatedLosses 2025-04-30 13025453 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 13025453 d:RetainedEarningsAccumulatedLosses 2024-04-30 13025453 d:RetainedEarningsAccumulatedLosses 2023-05-01 13025453 c:FRS102 2024-05-01 2025-04-30 13025453 c:Audited 2024-05-01 2025-04-30 13025453 c:FullAccounts 2024-05-01 2025-04-30 13025453 c:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 13025453 2 2024-05-01 2025-04-30 13025453 e:PoundSterling 2024-05-01 2025-04-30 iso4217:GBP xbrli:pure

Registered number: 13025453 SP PROPERTIES (FINCHLEY) LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
SP PROPERTIES (FINCHLEY) LIMITED COMPANY INFORMATION
DIRECTORS | Mark Pears
| Sir Trevor Pears CMG
| David Pears
| Chris Savva
| Russell Baum
| Lincoln Small
| WPG Registrars Limited
COMPANY SECRETARY | William Bennett
REGISTERED NUMBER | 13025453
REGISTERED OFFICE | 12th Floor
| Aldgate Tower
| 2 Leman Street
| London
| E1W 9US
INDEPENDENT AUDITORS | Gravita Audit II Limited
| Chartered Accountants & Statutory Auditor
| Aldgate Tower
| 2 Leman Street
| London
| E1 8FA
SP PROPERTIES (FINCHLEY) LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 - 15
SP PROPERTIES (FINCHLEY) 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.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PRINCIPAL ACTIVITY
The principal activity of the company is property dealing.
DIRECTORS
The directors who served during the year were:
Mark Pears
Sir Trevor Pears CMG
David Pears
Chris Savva
Russell Baum
Lincoln Small
WPG Registrars Limited
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 1
SP PROPERTIES (FINCHLEY) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 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 and signed on its behalf.
William Bennett Secretary
Date: 12 November 2025
Page 2
SP PROPERTIES (FINCHLEY) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SP PROPERTIES (FINCHLEY) LIMITED OPINION We have audited the financial statements of SP Properties (Finchley) Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 April 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 3
SP PROPERTIES (FINCHLEY) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SP PROPERTIES (FINCHLEY) LIMITED (CONTINUED) OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Page 4
SP PROPERTIES (FINCHLEY) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SP PROPERTIES (FINCHLEY) LIMITED (CONTINUED) The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including, but not limited to, the Companies Act 2006, and taxation legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙understanding the business model as part of the control and business environment; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and; ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; ∙reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations; and ∙reading the minutes of meetings of those charged with governance. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentations or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. Page 5
SP PROPERTIES (FINCHLEY) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SP PROPERTIES (FINCHLEY) LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. USE OF OUR REPORT This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Ian Hughes ACA (Senior statutory auditor) for and on behalf of Gravita Audit II Limited Chartered Accountants Statutory Auditor Aldgate Tower 2 Leman Street London E1 8FA 14 November 2025 Page 6
SP PROPERTIES (FINCHLEY) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 20,519 | 26,885
Cost of sales | 3 | (6,012) | (10,804)
GROSS PROFIT | 3 | 14,507 | 16,081
Administrative expenses |  | (16,824) | (22,719)
OPERATING LOSS |  | (2,317) | (6,638)
Interest receivable and similar income |  | 1,354 | 858
Interest payable and similar expenses | 6 | (222,396) | (204,885)
LOSS BEFORE TAX |  | (223,359) | (210,665)
Tax on loss | 7 | - | -
LOSS FOR THE FINANCIAL YEAR |  | (223,359) | (210,665)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | (223,359) | (210,665)
The notes on pages 10 to 15 form part of these financial statements.
Page 7
SP PROPERTIES (FINCHLEY) LIMITED REGISTERED NUMBER: 13025453 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
CURRENT ASSETS |  |  |  |  |
Stocks | 8 | 1,612,504 |  | 1,610,358 |
Debtors: amounts falling due within one year | 9 | 3,405 |  | 5,099 |
Cash at bank and in hand |  | 25,446 |  | 35,306 |
|  | 1,641,355 |  | 1,650,763 |
Creditors: amounts falling due within one year | 10 | (2,409,784) |  | (2,195,833) |
NET CURRENT LIABILITIES |  |  | (768,429) |  | (545,070)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (768,429) |  | (545,070)
NET LIABILITIES |  |  | (768,429) |  | (545,070)
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital |  |  | 1,000 |  | 1,000
Profit and loss account |  |  | (769,429) |  | (546,070)
EQUITY DEFICIT |  |  | (768,429) |  | (545,070)
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 by:
David Pears | Chris Savva
Director | Director
Date: 12 November 2025 |
The notes on pages 10 to 15 form part of these financial statements. Page 8
SP PROPERTIES (FINCHLEY) LIMITED 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 | 1,000 | (546,070) | (545,070)
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Loss for the year | - | (223,359) | (223,359)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | (223,359) | (223,359)
AT 30 APRIL 2025 | 1,000 | (769,429) | (768,429)
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 | 1,000 | (335,405) | (334,405)
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Loss for the year | - | (210,665) | (210,665)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | (210,665) | (210,665)
AT 30 APRIL 2024 | 1,000 | (546,070) | (545,070)
| The notes on pages 10 to 15 form part of these financial statements.
Page 9
SP PROPERTIES (FINCHLEY) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | GENERAL INFORMATION
SP Properties (Finchley) 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 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 company's functional and presentational currency is GBP and rounded to the nearest £1. The following principal accounting policies have been applied:
| 2.2 | 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 at the fair value of the rents receivable and property sales.
| 2.3 | PROPERTY TRANSACTIONS
Purchases and sales of properties are included on the basis of completions occurring during the year.
| 2.4 | GOING CONCERN
The financial statements have been prepared on a going concern basis even though the company has net liabilities of £768,429 (2024 - £545,070). 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.
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | FINANCE COSTS
Finance costs are charged to the Statement of Comprehensive Income 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 10
SP PROPERTIES (FINCHLEY) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | TAXATION
Tax is recognised in the Statement of Comprehensive Income, 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 | STOCKS
Stocks of properties are valued at the lower of cost and estimated selling price less cost to complete and sell. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income. All repairs, maintenance costs and renewals are written off as incurred. Certain refurbishment costs which are part of major property refurbishment programmes may,depending on the nature of the works being undertaken, be capitalised in the Statement of financial position as part of property stock.
| 2.9 | 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.
| 2.10 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | 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.
| 2.12 | 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. Page 11
SP PROPERTIES (FINCHLEY) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | FINANCIAL INSTRUMENTS (CONTINUED)
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. 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 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. Page 12
SP PROPERTIES (FINCHLEY) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | FINANCIAL INSTRUMENTS (CONTINUED)
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.
3. | ANALYSIS OF TURNOVER
| All turnover arose within the United Kingdom.
|  | Turnover 2025 | Turnover 2024 | Cost of sales 2025 | Cost of sales 2024 | Gross profit/(loss) 2025 | Gross loss 2024
|  | £ | £ | £ | £ | £ | £
| Sales of trading stock properties | - | - | (4,032) | (8,411) | (4,032) | (8,411)
| Rental income | 20,519 | 26,885 | (1,980) | (2,393) | 18,539 | 24,492
|  | 20,519 | 26,885 | (6,012) | (10,804) | 14,507 | 16,081
Cost of sales of rental income comprises property outgoings.
4. | AUDITORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 4,824 | 4,500
Page 13
SP PROPERTIES (FINCHLEY) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | EMPLOYEES
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 6 | 6
6. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| On sundry loans | 222,396 | 204,885
7. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| TOTAL CURRENT TAX | - | -
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (223,359) | (210,665)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (55,840) | (52,666)
| EFFECTS OF: |  |
| Unrelieved tax losses carried forward | 55,840 | 52,666
| TOTAL TAX CHARGE FOR THE YEAR | - | -
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 14
SP PROPERTIES (FINCHLEY) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold property | 1,612,504 | 1,610,358
9. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 3,405 | 5,099
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sundry loans | 2,372,120 | 2,150,133
| Other creditors | 2,318 | 3,000
| Accruals and deferred income | 35,346 | 42,700
|  | 2,409,784 | 2,195,833
| Details of security provided: The sundry loans are secured by way of a fixed and floating charge over the assets in the company.
11. | RELATED PARTY TRANSACTIONS
| Creditors include an amount of £2,042,799 and £92,122 (2024 - £1,851,630 and £83,501) owed to WPG Finance Limited and WPG Treasury Limited respectively, both companies in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest. The financial statements include a charge for interest of £191,521 and £8,637 (2024 - £177,872 and £6,526) payable to each company respectively. Creditors also includes an amount of £237,199 (2024 - £215,002) owed to Woodgrange Surrey Limited, a company in which the directors Russell Baum and Chris Savva have an interest. The financial statements include a charge for interest of £22,238 (2024 - £20,487) payable to that company. The financial statements include an accountancy fee of £12,000 (2024 - £18,000) payable to The William Pears Group of Companies Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.
12. | CONTROLLING PARTY
The company's immediate and ultimate holding company is Pears Property Ventures Limited, a company incorporated in England. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US.
Page 15