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Registered number: 556533 THE WILLIAM PEARS GROUP OF COMPANIES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
COMPANY INFORMATION
DIRECTORS | Mark Pears
| Sir Trevor Pears CMG
| David Pears
| WPG Registrars Limited
COMPANY SECRETARY | William Bennett
REGISTERED NUMBER | 556533
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
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 26
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
INTRODUCTION
The directors present their report and financial statements for the year ended 30 April 2025.
BUSINESS REVIEW
The level of business and the financial position at the year end were satisfactory. The directors consider the Company is well positioned for business in the future. This report only covers the company’s activities carrying out the administration and management of its group and associated companies.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk for the Company is a fall in the value of investments and securities owned which would reduce profits.
FINANCIAL KEY PERFORMANCE INDICATORS
During the year turnover has increased by 11.3% to £6.4m (2024 - £5.8m) and the book value of securities amounted to £114.3m (2024 - £114.3m). During the year net current liabilities increased by 6.16% to £385.1m (2024 - £362.8m) due to a decrease in current assets of £28.7m and a decrease in current liabilities of £6.4m. During the year current assets decreased by 16.15% to £149.5m (2024 - £178.3m) and current liabilities decreased by 1.19% to £534.6m (2024 - £541.0m). This report was approved by the board on 12 February 2026 and signed on its behalf.
David Pears Director
Page 1
THE WILLIAM PEARS GROUP OF COMPANIES 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 Strategic Report, 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 ACTIVITIES
The Company is engaged in the administration and management of its group and associated companies, property dealing through its subsidiaries and joint venture arrangements and share dealing.
BUSINESS REVIEW
In the financial year the company contributed £25.2m (2024 - £25.2m) to the Pears Family Charitable Foundation.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £4,703,683 (2024 - £4,572,034). The Company did not pay dividends (2024 - £Nil) to its holding company for the year under review.
DIRECTORS
The directors who served during the year were:
Mark Pears
Sir Trevor Pears CMG
David Pears
WPG Registrars Limited
Page 2
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
FUTURE DEVELOPMENTS
The directors consider the Company is well positioned for business in the future.
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. This report was approved by the board on 12 February 2026 and signed on its behalf.
William Bennett Secretary
Page 3
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES LIMITED OPINION We have audited the financial statements of The William Pears Group of Companies 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 profit 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 4
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES 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 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 Strategic report 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 Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Directors' responsibilities statement set out on page 2, 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 5
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES 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 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 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 6
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM PEARS GROUP OF COMPANIES 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 13 February 2026 Page 7
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 6,437,759 | 5,784,106
GROSS PROFIT |  | 6,437,759 | 5,784,106
Administrative expenses |  | (39,269,224) | (37,732,961)
OPERATING LOSS | 4 | (32,831,465) | (31,948,855)
Income from shares in group undertakings |  | 41,000,108 | 41,141,000
Income from participating interests | 5 | 22,863,624 | 22,194,326
Interest receivable and similar income | 8 | 3,007,445 | 1,625,106
Interest payable and similar expenses | 9 | (29,336,029) | (28,439,543)
PROFIT BEFORE TAX |  | 4,703,683 | 4,572,034
Tax on profit | 10 | - | -
PROFIT FOR THE FINANCIAL YEAR |  | 4,703,683 | 4,572,034
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 4,703,683 | 4,572,034
The notes on pages 11 to 26 form part of these financial statements.
Page 8
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED REGISTERED NUMBER:556533
STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible Fixed Assets | 11 |  | 1,015,963 |  | 985,451
Investments | 12 |  | 394,834,862 |  | 367,845,074
|  |  | 395,850,825 |  | 368,830,525
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 9,958,948 |  | 8,370,767 |
Current asset investments | 14 | 114,254,239 |  | 114,254,239 |
Cash at bank and in hand |  | 25,340,349 |  | 55,673,931 |
|  | 149,553,536 |  | 178,298,937 |
Creditors: amounts falling due within one year | 15 | (534,620,268) |  | (541,049,052) |
NET CURRENT LIABILITIES |  |  | (385,066,732) |  | (362,750,115)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 10,784,093 |  | 6,080,410
NET ASSETS |  |  | 10,784,093 |  | 6,080,410
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 16 |  | 21,510 |  | 21,510
Profit and loss account | 17 |  | 10,762,583 |  | 6,058,900
TOTAL EQUITY |  |  | 10,784,093 |  | 6,080,410
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2026.
David Pears
Director
The notes on pages 11 to 26 form part of these financial statements. Page 9
THE WILLIAM PEARS GROUP OF COMPANIES 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 | 21,510 | 6,058,900 | 6,080,410
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 4,703,683 | 4,703,683
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 4,703,683 | 4,703,683
AT 30 APRIL 2025 | 21,510 | 10,762,583 | 10,784,093
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 | 21,510 | 1,486,866 | 1,508,376
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 4,572,034 | 4,572,034
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 4,572,034 | 4,572,034
AT 30 APRIL 2024 | 21,510 | 6,058,900 | 6,080,410
| The notes on pages 11 to 26 form part of these financial statements.
Page 10
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | GENERAL INFORMATION
The William Pears Group of Companies 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 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 management to exercise judgment in applying the Company's accounting policies. The Company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group. The following principal accounting policies have been applied:
| 2.2 | FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of William Pears Group Limited as at 30 April 2025 and these financial statements may be obtained from Companies House.
| 2.3 | GOING CONCERN
The financial statements have been prepared on a going concern basis even though the company has net current liabilities of £385,066,732 (2024 - £362,750,115). 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. Page 11
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is GBP and rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of profit shares, management fees receivable and other dealing activities.
| 2.6 | OPERATING LEASES
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.
| 2.7 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 12
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 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 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Fixtures & fittings | - | 15% |
|  |  |  | Computer equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 13
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.13 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period. Current asset investments are stated at cost less impairment.
| 2.14 | ASSOCIATES AND JOINT VENTURES
Associates and Joint Ventures are held at cost less impairment.
| 2.15 | 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.
| 2.16 | CREDITORS
Short term creditors are measured at the transaction price.
| 2.17 | 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 14
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.17 | 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 15
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | TURNOVER
The turnover of the Company for the year has been derived from its principal activities wholly undertaken in the United Kingdom and comprises the following:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management fees receivable | 5,465,549 | 4,772,420
| Loss on share dealing activities | - | (7,393)
| Profit on repayment of bonds | 370,432 | 349,814
| Other income | 601,778 | 669,265
|  | 6,437,759 | 5,784,106
4. | OPERATING LOSS
| The operating loss is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 189,585 | 175,273
| Fees payable to the Company's auditor and its associates for the audit of the company's annual accounts | 48,205 | 50,850
| Foreign exchange loss/(profit) | 2,768 | (12,070)
| Operating leases | 1,077,326 | 1,300,784
| Defined contribution pension cost | 115,205 | 203,267
| Charitable donations | 25,166,485 | 25,150,104
5. | INCOME FROM PARTICIPATING INTERESTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividend received on preference shares | 22,863,624 | 22,194,326
|  | 22,863,624 | 22,194,326
Page 16
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,100,431 | 6,358,324
| Social security costs | 925,795 | 832,872
| Cost of defined contribution scheme | 115,205 | 203,267
|  | 8,141,431 | 7,394,463
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administrative staff | 45 | 46
7. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 3,000,000 | 3,000,000
|  | 3,000,000 | 3,000,000
| The highest paid director received remuneration of £3,000,000 (2024 - £3,000,000).
8. | INTEREST RECEIVABLE AND SIMILAR INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 3,007,445 | 1,625,106
|  | 3,007,445 | 1,625,106
Page 17
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
9. | INTEREST PAYABLE AND SIMILAR CHARGES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 24,205,303 | 24,938,589
| Loans from group undertakings | 5,130,297 | 3,500,954
| Other interest payable | 429 | -
|  | 29,336,029 | 28,439,543
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| TOTAL CURRENT TAX | - | -
| 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 | 4,703,683 | 4,572,034
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,175,921 | 1,143,009
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes | 52,910 | 62,114
| Capital allowances for year in excess of depreciation | 47,226 | 11,947
| Non-taxable income | (15,966,549) | (15,834,284)
| Group relief | 14,690,492 | 14,617,214
| TOTAL TAX CHARGE FOR THE YEAR | - | -
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 18
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
11. | TANGIBLE FIXED ASSETS
|  | Motor vehicles | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £ | £
| COST OR VALUATION |  |  |  |
| At 1 May 2024 | 224,200 | 5,210,611 | 1,179,572 | 6,614,383
| Additions | 87,999 | 50,826 | 86,805 | 225,630
| Disposals | (78,500) | - | - | (78,500)
| At 30 April 2025 | 233,699 | 5,261,437 | 1,266,377 | 6,761,513
| DEPRECIATION |  |  |  |
| At 1 May 2024 | 104,028 | 4,427,383 | 1,097,521 | 5,628,932
| Charge for the year on owned assets | 51,588 | 117,484 | 20,513 | 189,585
| Disposals | (72,967) | - | - | (72,967)
| At 30 April 2025 | 82,649 | 4,544,867 | 1,118,034 | 5,745,550
| NET BOOK VALUE |  |  |  |
| At 30 April 2025 | 151,050 | 716,570 | 148,343 | 1,015,963
| At 30 April 2024 | 120,172 | 783,228 | 82,051 | 985,451
12. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies | Investments in associates | Unlisted investments | Trade investments | Total
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 May 2024 | 150,527,172 | 11,633,925 | 110 | 205,683,867 | 367,845,074
| Additions | 27,005,636 | 350,000 | - | - | 27,355,636
| Disposals | (35,000) | - | - | (330,848) | (365,848)
| At 30 April 2025 | 177,497,808 | 11,983,925 | 110 | 205,353,019 | 394,834,862
| Trade investments comprises of preferences shares totaling £200,044,101 (2024 - £200,044,101) and bonds totaling £5,308,918 (2024 - 5,639,766).
Page 19
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| SUBSIDIARY UNDERTAKINGS
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Anglo Caledonian Asset Management Limited | England | Property Dealing | Ordinary | 100
| Aramis Holdings Limited | England | Holding Company | Ordinary | 85
| Aramis Services Limited | England | Trading Company | Ordinary | 85
| Area Estates Limited | England | Property Dealing | Ordinary | 100
| Avondale Properties Limited | England | Property Investment | Ordinary | 100
| Talisman Properties Limited | England | Dormant | Ordinary | 100
| Bickenhall Engineering Company Limited | England | Property Dealing | Ordinary | 100
| Bromley Park Gardens Estates Limited | England | Dormant | Ordinary | 100
| William Pears Limited | England | Property Dealing | Ordinary | 100
| Capital Land Holdings Limited | England | Property Investment | Ordinary | 100
| Castle Lane Securities Limited | England | Property Investment | Ordinary | 100
| Clearview Properties Limited | England | Property Investment | Ordinary | 100
| Earliba Finance Company Limited | England | Property Investment | Ordinary | 100
| Echoline Limited | England | Holding Company | Ordinary | 100
| Freehold Portfolio Limited | England | Property Investment | Ordinary | 100
| Hallway Properties Limited | England | Property Investment | Ordinary | 100
| *Haslam Court Management Limited | England | Management Company | Ordinary | 100
| Highlaw Limited | England | Property Dealing | Ordinary | 100
| HK Properties (UK) Limited | England | Property Investment | Ordinary | 100
| Law and Equity Property Company Limited | England | Dormant | Ordinary | 100
| Long Acre Securities Limited | England | Property Investment | Ordinary | 100
| Macro (Ipswich) Limited | England | Property Investment | Ordinary | 100
| Manzil Way Residential Limited | England | Property Investment | Ordinary | 100
| Stanley N Evans Limited | England | Holding Company | Ordinary | 100
| Swiftly Limited | England | Lloyds Underwriting | Ordinary | 100
| UTB No 1 Limited | England | Provision of Finance | Ordinary | 100
| WX Investments Limited | England | Property Investment | Ordinary | 100
| Old Dairy Cottages Limited | England | Property Dealing | Ordinary | 100
| WPG Treasury Limited | England | Provision of Finance | Ordinary | 100
| The Welkin Property Company Limited | England | Property Investment | Ordinary | 100
| Sefton Holdings Limited | England | Property Investment | Ordinary | 29
| Saint Cross Securities Limited | England | Dormant | Ordinary | 100
| South Tottenham Land Securities Limited | England | Dormant | Ordinary | 100
| Bleasdale Investments Limited | England | Holding Company | Ordinary | 100
| Bleasdale Estates Limited | England | Investment and Holding | Ordinary | 100
| Fenwick Street Investments Limited | England | Property Investment | Ordinary | 49
Page 20
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 SUBSIDIARY UNDERTAKINGS (CONTINUED)
| Name | Registered office | Principal activity | Class of shares | Holding
| Sefton Bleasdale Limited | England | Management and Dealing | Ordinary | 100
| Ordnance Estates Limited | England | Dormant | Ordinary | 100
| Pears Style Limited | England | Dormant | Ordinary | 100
| Tapline Limited | England | Dormant | Ordinary | 100
| **Verdant Leisure Topco Limited | England and Wales | Holding Company | Ordinary | 69
| **Verdant Leisure Midco 1 Limited | England and Wales | Intermediate Holding | Ordinary | 69
| Tenure Estates Limited | England | Dormant | Ordinary | 100
| **Verdant Leisure Midco Limited 2 Limited | England and Wales | Intermediate Holding | Ordinary | 69
| ***Marigold Avenue (Gateshead) Management Company Limited | England | Residents Property Management | Ordinary | 100
| ***Mill and Bridgewater House Management Limited | England | Residents Property Management | Ordinary | 100
| ***Rockall Way Management Company Limited | England | Dormant | Ordinary | 100
| ***Stocking Hill Management Company Limited | England | Residents Property Management | Ordinary | 100
| ***Styles Close Management Company Limited | England | Residents Property Management | Ordinary | 100
| ***Orchard Close The Reddings Limited | England | Dormant | Ordinary | 100
| ***Tuffley Property Management Limited | England | Residents Property Management | Ordinary | 100
| ****Hydewood Management Company Limited | England | Residents Property Management | Ordinary | 100
Page 21
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 SUBSIDIARY UNDERTAKINGS (CONTINUED)
| * Held directly by Castle Lane Securities Limited. **Shares held indirectly by Echoline Limited apart from Verdant Leisure Topco Limited. Verdant Leisure Topco Limited is held directly by Echoline Limited. During the year Verdant Leisure Midco 2 Limited sold all its shareholding in Verdant Leisure Bidco Limited. ***Shares held indirectly by Area Estates Limited. ****Held directly by Old Dairy Cottages Limited. The company directly and indirectly hold 100% shares in Sefton Holdings Limited and Fenwick Street Investments Limited. The registered office of the above subsidiaries registered in England is 12th Floor, Aldgate Tower, Leman Street, London, E1W 9US. The registered office of all the companies registered in England and Wales is 10 Mannin Way, Lancaster Business Park, Lancaster, England, LA1 3SW.
Page 22
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| PARTICIPATING INTERESTS
| The Company owns 25% of the share capital of Orbit Estates Limited (registered in England) which is a holding company for a property investment group. The Company owns 1% of the members interests of P Win Quadrant LLP (registered in England).
13. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by joint ventures and associated undertakings | 2,624 | 944
| Other debtors | 4,550,304 | 3,341,228
| Prepayments and accrued income | 5,406,020 | 5,028,595
|  | 9,958,948 | 8,370,767
14. | CURRENT ASSET INVESTMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unlisted investments | 114,254,239 | 114,254,239
|  | 114,254,239 | 114,254,239
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 37,055 | -
| Amounts owed to group undertakings | 112,797,465 | 121,542,020
| Amounts owed to family connected companies | 416,492,089 | 414,555,730
| Other creditors | 4,401,688 | 4,606,428
| Accruals and deferred income | 891,971 | 344,874
|  | 534,620,268 | 541,049,052
| The family connected companies are those companies in which the directors and/or their family trusts have a 50% or 100% interest.
16. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
Page 23
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 16.SHARE CAPITAL (CONTINUED)
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 100 Ordinary shares of £1.00 each | 100 | 100
|  | 21,410 1% Non-cumulative preference shares of £1.00 each | 21,410 | 21,410
|  |  | 21,510 | 21,510
17. | RESERVES
Profit & loss account The profit and loss account includes all current and prior year retained profits and losses. Page 24
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
18. | RELATED PARTY TRANSACTIONS
| The Company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under section 33 of FRS102 in connection with intra group transactions. During the year there were the following transactions with companies and entities in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management fees receivable | 2,684,816 | 2,625,583
| Management fees payable | 6,000 | 5,000
| Advisory fees payable | 1,111,121 | 836,707
| Other loan interest payable | 24,205,303 | 24,938,589
| Rent payable | 905,388 | 1,164,221
During the year the Company contributed £25,120,261 (2024 - £25,118,843) to The Pears Family Charitable Foundation, a registered charity in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears are trustees. At the year end there were the following balances with companies and entities in which the directors Mark Pears , Sir Trevor Pears CMG and David Pears have an interest.
|  | 2025 | 2024
|  | £ | £
| Loan due from family connected companies | 2,624 | 944
| Management fees receivable | 2,591,450 | 2,294,000
| Loans due to family connected companies | 416,492,089 | 414,555,730
| Other loans payable | 97,370 | 30,055
19. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £115,205 (2024 - £203,267). Page 25
THE WILLIAM PEARS GROUP OF COMPANIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
20. | 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 | 899,468 | 899,468
| Later than 1 year and not later than 5 years | 2,287,280 | 2,841,055
| Later than 5 years | 2,820,900 | 3,167,022
|  | 6,007,648 | 6,907,545
21. | CONTROLLING PARTY
The Company is a wholly owned subsidiary of William Pears Group Investments Limited.The Company's ultimate holding company is William Pears Group Limited, a company incorporated in England. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US.
22. | BANKING ARRANGEMENTS
The Company, in common with certain family connected companies, participates in a group banking arrangement in respect of overdraft and loan facilities. Companies participating in this arrangement have a joint and several liability to the bank for the total group indebtedness. The total amount outstanding at 30 April 2025 was £Nil (2024 - £Nil). The directors do not consider that the bank will ever need recourse to this company, each family connected company having ample resources to meet its own liabilities.
Page 26