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Registered number: 3374226 TERRAFIRMA PROPERTIES LIMITED UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
TERRAFIRMA PROPERTIES LIMITED COMPANY INFORMATION
DIRECTORS | Mark Pears
| Sir Trevor Pears CMG
| David Pears
| Doron Ilan Spiro
| WPG Registrars Limited
COMPANY SECRETARY | William Bennett
REGISTERED NUMBER | 3374226
REGISTERED OFFICE | 12th Floor
| Aldgate Tower
| 2 Leman Street
| London
| United Kingdom
| E1W 9US
TERRAFIRMA PROPERTIES LIMITED CONTENTS
| Page
Directors' report | 1
Statement of comprehensive income | 2
Statement of financial position | 3
Statement of changes in equity | 4
Notes to the financial statements | 5 - 10
TERRAFIRMA PROPERTIES 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 dealing in freehold/leasehold ground rents and rent charges arising out of land.
DIRECTORS
The directors who served during the year were:
Mark Pears
Sir Trevor Pears CMG
David Pears
Doron Ilan Spiro
WPG Registrars Limited
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: 11 December 2025
Page 1
TERRAFIRMA PROPERTIES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 6,465 | 7,895
Cost of sales | 3 | (1,252) | (4)
GROSS PROFIT | 3 | 5,213 | 7,891
Administrative expenses |  | (6,000) | (7,200)
OPERATING (LOSS)/PROFIT |  | (787) | 691
Interest receivable and similar income |  | 2,230 | 2,316
PROFIT BEFORE TAX |  | 1,443 | 3,007
Tax on profit | 5 | (274) | (571)
PROFIT FOR THE FINANCIAL YEAR |  | 1,169 | 2,436
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 1,169 | 2,436
The notes on pages 5 to 10 form part of these financial statements.
Page 2
TERRAFIRMA PROPERTIES LIMITED REGISTERED NUMBER: 3374226 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
CURRENT ASSETS |  |  |  |  |
Stocks | 6 | 34,408 |  | 34,455 |
Debtors: amounts falling due within one year | 7 | 62,249 |  | 60,057 |
Cash at bank and in hand |  | 481 |  | 2,971 |
|  | 97,138 |  | 97,483 |
Creditors: amounts falling due within one year | 8 | (7,320) |  | (8,834) |
NET CURRENT ASSETS |  |  | 89,818 |  | 88,649
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 89,818 |  | 88,649
NET ASSETS |  |  | 89,818 |  | 88,649
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital |  |  | 1,000 |  | 1,000
Profit and loss account |  |  | 88,818 |  | 87,649
TOTAL EQUITY |  |  | 89,818 |  | 88,649
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 by:
David Pears | Doron Ilan Spiro
Director | Director
Date: 11 December 2025 |
The notes on pages 5 to 10 form part of these financial statements. Page 3
TERRAFIRMA PROPERTIES 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 | 87,649 | 88,649
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 1,169 | 1,169
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 1,169 | 1,169
AT 30 APRIL 2024 | 1,000 | 88,818 | 89,818
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 | 85,213 | 86,213
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 2,436 | 2,436
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 2,436 | 2,436
AT 30 APRIL 2023 | 1,000 | 87,649 | 88,649
| The notes on pages 5 to 10 form part of these financial statements.
Page 4
TERRAFIRMA PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | GENERAL INFORMATION
Terrafirma Properties 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 | GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
| 2.3 | 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 rents receivable, other income and property sales.
| 2.4 | PROPERTY TRANSACTIONS
Purchases and sales of properties are included on the basis of completions occurring during the year.
| 2.5 | 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.
| 2.6 | 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. Page 5
TERRAFIRMA PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | 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.
| 2.8 | 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. 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. Page 6
TERRAFIRMA PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.8 | FINANCIAL INSTRUMENTS (CONTINUED)
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.
| 2.9 | 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.
| 2.10 | 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. Page 7
TERRAFIRMA PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
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 2025 | Gross Profit 2024
|  | £ | £ | £ | £ | £ | £
| Sales of trading stock properties | 900 | 1,000 | (1,252) | (4) | (352) | 996
| Rental and other income | 5,565 | 6,895 | - | - | 5,565 | 6,895
| Total | 6,465 | 7,895 | (1,252) | (4) | 5,213 | 7,891
4. | EMPLOYEES
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 4
5. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 274 | 571
| TOTAL CURRENT TAX | 274 | 571
Page 8
TERRAFIRMA PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 5.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is lower than (2024 -lower than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,443 | 3,007
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%) | 361 | 752
| EFFECTS OF: |  |
| Other differences leading to an decrease in the tax charge | (87) | (181)
| TOTAL TAX CHARGE FOR THE YEAR | 274 | 571
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
6. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold/Leasehold ground rents and rent charges | 34,408 | 34,455
7. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,565 | 2,200
| Sundry loan | 56,085 | 53,987
| Other debtors | 3,599 | 3,870
|  | 62,249 | 60,057
Page 9
TERRAFIRMA PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax | 274 | 571
| Other creditors | 1,200 | 1,248
| Accruals and deferred income | 5,846 | 7,015
|  | 7,320 | 8,834
9. | RELATED PARTY TRANSACTIONS
| Debtors include an amount of £56,085 (2024 - £53,987) owed by WPG Treasury Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest. The financial statements include interest receivable of £2,071 (2024 - £2,176) from that company. The financial statements include a charge for an accountancy fee of £6,000 (2024 - £7,200) 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.
Page 10