Caseware UK (AP4) 2024.0.164 2024.0.164 2025-04-30 2025-04-30 2025-04-30 false false 2024-05-01 0 0 true false The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10440010 2024-05-01 2025-04-30 10440010 2023-05-01 2024-04-30 10440010 2025-04-30 10440010 2024-04-30 10440010 2023-05-01 10440010 c:CompanySecretary1 2024-05-01 2025-04-30 10440010 c:Director1 2024-05-01 2025-04-30 10440010 c:Director2 2024-05-01 2025-04-30 10440010 c:Director3 2024-05-01 2025-04-30 10440010 c:Director4 2024-05-01 2025-04-30 10440010 c:RegisteredOffice 2024-05-01 2025-04-30 10440010 d:CurrentFinancialInstruments 2025-04-30 10440010 d:CurrentFinancialInstruments 2024-04-30 10440010 d:Non-currentFinancialInstruments 2025-04-30 10440010 d:Non-currentFinancialInstruments 2024-04-30 10440010 d:CurrentFinancialInstruments d:WithinOneYear 2025-04-30 10440010 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 10440010 d:ShareCapital 2025-04-30 10440010 d:ShareCapital 2024-04-30 10440010 d:ShareCapital 2023-05-01 10440010 d:InvestmentPropertiesRevaluationReserve 2024-05-01 2025-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2024-05-01 2025-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2025-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2024-04-30 10440010 d:RetainedEarningsAccumulatedLosses 2023-05-01 10440010 c:FRS102 2024-05-01 2025-04-30 10440010 c:AuditExempt-NoAccountantsReport 2024-05-01 2025-04-30 10440010 c:FullAccounts 2024-05-01 2025-04-30 10440010 c:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 10440010 d:Subsidiary1 2024-05-01 2025-04-30 10440010 d:Subsidiary1 1 2024-05-01 2025-04-30 10440010 d:Subsidiary2 2024-05-01 2025-04-30 10440010 d:Subsidiary2 1 2024-05-01 2025-04-30 10440010 d:Subsidiary3 2024-05-01 2025-04-30 10440010 d:Subsidiary3 1 2024-05-01 2025-04-30 10440010 d:Subsidiary4 2024-05-01 2025-04-30 10440010 d:Subsidiary4 1 2024-05-01 2025-04-30 10440010 d:Subsidiary5 2024-05-01 2025-04-30 10440010 d:Subsidiary5 1 2024-05-01 2025-04-30 10440010 d:Subsidiary6 2024-05-01 2025-04-30 10440010 d:Subsidiary6 1 2024-05-01 2025-04-30 10440010 d:Subsidiary7 2024-05-01 2025-04-30 10440010 d:Subsidiary7 1 2024-05-01 2025-04-30 10440010 d:Subsidiary8 2024-05-01 2025-04-30 10440010 d:Subsidiary8 1 2024-05-01 2025-04-30 10440010 d:Subsidiary9 2024-05-01 2025-04-30 10440010 d:Subsidiary9 1 2024-05-01 2025-04-30 10440010 d:Subsidiary10 2024-05-01 2025-04-30 10440010 d:Subsidiary10 1 2024-05-01 2025-04-30 10440010 d:Subsidiary12 2024-05-01 2025-04-30 10440010 d:Subsidiary12 1 2024-05-01 2025-04-30 10440010 c:Consolidated 2025-04-30 10440010 c:ConsolidatedGroupCompanyAccounts 2024-05-01 2025-04-30 10440010 2 2024-05-01 2025-04-30 10440010 6 2024-05-01 2025-04-30 10440010 e:PoundSterling 2024-05-01 2025-04-30 iso4217:GBP xbrli:pure

Registered number: 10440010 PEARS FAMILY INVESTMENTS LIMITED UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
PEARS FAMILY INVESTMENTS LIMITED COMPANY INFORMATION
DIRECTORS | Mark Pears
| Sir Trevor Pears CMG
| David Pears
| WPG Registrars Limited
COMPANY SECRETARY | William Bennett
REGISTERED NUMBER | 10440010
REGISTERED OFFICE | 12th Floor Aldgate Tower
| 2 Leman Street
| London
| E1W 9US
PEARS FAMILY INVESTMENTS LIMITED CONTENTS
| Page
Directors' Report | 1
Consolidated Income Statement | 2
Consolidated Statement of Comprehensive Income | 3
Consolidated Statement of Financial Position | 4 - 5
Company Statement of Financial Position | 6
Consolidated Statement of Changes in Equity | 7 - 8
Company Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 - 25
PEARS FAMILY INVESTMENTS 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 activities of the group are property dealers and investors.
DIRECTORS
The directors who served during the year were:
Mark Pears
Sir Trevor Pears CMG
David Pears
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 on 20 April 2026 and signed on its behalf.
William Bennett Secretary
Page 1
PEARS FAMILY INVESTMENTS LIMITED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 9,329,386 | 8,279,527
Cost of sales | 3 | (591,593) | (815,872)
GROSS PROFIT | 3 | 8,737,793 | 7,463,655
Administrative expenses |  | (2,339,061) | (2,022,750)
Other operating income |  | 175,000 | -
Profit on sale of investment properties | 4 | 749,971 | 159,945
Fair value movements | 10 | 428,857 | 148,964
OPERATING PROFIT |  | 7,752,560 | 5,749,814
Share of profit of joint ventures | 9 | 21,102 | 473,417
TOTAL OPERATING PROFIT |  | 7,773,662 | 6,223,231
Income from other fixed asset investments | 6 | 402,843 | 390,105
Interest receivable and similar income |  | 529,729 | 263,908
Interest payable and similar expenses | 7 | (3,509,645) | (3,489,735)
PROFIT BEFORE TAX |  | 5,196,589 | 3,387,509
Tax on profit | 8 | (1,152,495) | 702,143
PROFIT FOR THE FINANCIAL YEAR |  | 4,044,094 | 4,089,652
PROFIT FOR THE YEAR ATTRIBUTABLE TO: |  |  |
Non-controlling interests |  | 38,903 | (89,483)
Owners of the parent |  | 4,005,191 | 4,179,135
|  | 4,044,094 | 4,089,652
Page 2
PEARS FAMILY INVESTMENTS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
|  |  |  | 2025 | 2024
|  |  |  | £ | £
PROFIT FOR THE YEAR ATTRIBUTABLE TO: |  |  |
Non-controlling interest |  | 38,903 | (89,483)
Owners of the parent Company |  | 4,005,191 | 4,179,135
|  | 4,044,094 | 4,089,652
The notes on pages 10 to 25 form part of these financial statements.
Page 3
PEARS FAMILY INVESTMENTS LIMITED REGISTERED NUMBER: 10440010 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Investments | 9 |  | 4,858,680 |  | 5,040,897
Investment property | 10 |  | 28,382,429 |  | 29,695,142
|  |  | 33,241,109 |  | 34,736,039
CURRENT ASSETS |  |  |  |  |
Stocks | 11 | 29,849,064 |  | 29,849,064 |
Debtors: amounts falling due after more than one year | 12 | 104,250,605 |  | 112,716,757 |
Debtors: amounts falling due within one year | 12 | 24,076,642 |  | 16,917,319 |
Cash at bank and in hand |  | 3,085,427 |  | 4,000,942 |
|  | 161,261,738 |  | 163,484,082 |
Creditors: amounts falling due within one year | 13 | (49,314,450) |  | (49,228,290) |
NET CURRENT ASSETS |  |  | 111,947,288 |  | 114,255,792
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 145,188,397 |  | 148,991,831
Creditors: amounts falling due after more than one year | 14 |  | (103,795,194) |  | (111,472,687)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 17 | (1,651,216) |  | (1,821,251) |
|  |  | (1,651,216) |  | (1,821,251)
NET ASSETS EXCLUDING PENSION ASSET |  |  | 39,741,987 |  | 35,697,893
NET ASSETS |  |  | 39,741,987 |  | 35,697,893
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Investment property revaluation reserve | 18 |  | 2,921,989 |  | 2,357,341
Profit and loss account | 18 |  | 38,466,761 |  | 35,026,218
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY |  |  | 41,388,850 |  | 37,383,659
Non-controlling interests |  |  | (1,646,863) |  | (1,685,766)
TOTAL EQUITY |  |  | 39,741,987 |  | 35,697,893
Page 4
PEARS FAMILY INVESTMENTS LIMITED REGISTERED NUMBER: 10440010 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 2025 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 April 2026.
David Pears
Director
The notes on pages 10 to 25 form part of these financial statements. Page 5
PEARS FAMILY INVESTMENTS LIMITED REGISTERED NUMBER: 10440010 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Fixed asset investments | 9 |  | 27,508,678 |  | 27,543,678
|  |  | 27,508,678 |  | 27,543,678
CURRENT ASSETS |  |  |  |  |
Debtors | 12 | 36,931,458 |  | 31,011,088 |
Cash at bank and in hand |  | 32,023 |  | 639,696 |
|  | 36,963,481 |  | 31,650,784 |
Creditors: amounts falling due within one year | 13 | (21,088,032) |  | (16,576,980) |
NET CURRENT ASSETS |  |  | 15,875,449 |  | 15,073,804
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 43,384,127 |  | 42,617,482
NET ASSETS |  |  | 43,384,127 |  | 42,617,482
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account | 18 |  | 43,384,027 |  | 42,617,382
TOTAL EQUITY |  |  | 43,384,127 |  | 42,617,482
The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 April 2026.
David Pears
Director
The notes on pages 10 to 25 form part of these financial statements. Page 6

|  | PEARS FAMILY INVESTMENTS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
|  | Called up share capital | Investment property revaluation reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 May 2024 | 100 | 2,357,341 | 35,026,218 | 37,383,659 | (1,685,766) | 35,697,893
| COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |  |  |
| Profit for the year | - | - | 4,005,191 | 4,005,191 | 38,903 | 4,044,094
| Deferred tax movements | - | 170,035 | (170,035) | - | - | -
| Transfer revaluation during the year | - | 394,613 | (394,613) | - | - | -
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 564,648 | 3,440,543 | 4,005,191 | 38,903 | 4,044,094
| AT 30 APRIL 2025 | 100 | 2,921,989 | 38,466,761 | 41,388,850 | (1,646,863) | 39,741,987
| The notes on pages 10 to 25 form part of these financial statements.
Page 7

|  | PEARS FAMILY INVESTMENTS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024
|  | Called up share capital | Investment property revaluation reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 May 2023 | 100 | 3,386,271 | 29,818,153 | 33,204,524 | (1,596,282) | 31,608,242
| COMPREHENSIVE INCOME FOR THE YEAR |  |  |  |  |  |
| Profit for the year | - | - | 4,179,135 | 4,179,135 | (89,484) | 4,089,651
| Transfer realised gains to retained earnings | - | (1,285,380) | 1,285,380 | - | - | -
| Deferred tax movements | - | 81,687 | (81,687) | - | - | -
| Transfer revaluation during the year | - | 174,763 | (174,763) | - | - | -
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | (1,028,930) | 5,208,065 | 4,179,135 | (89,484) | 4,089,651
| AT 30 APRIL 2023 | 100 | 2,357,341 | 35,026,218 | 37,383,659 | (1,685,766) | 35,697,893
| The notes on pages 10 to 25 form part of these financial statements.
Page 8

PEARS FAMILY INVESTMENTS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2024 | 100 | 42,617,382 | 42,617,482
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 766,645 | 766,645
AT 30 APRIL 2025 | 100 | 43,384,027 | 43,384,127
| The notes on pages 10 to 25 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2023 | 100 | 41,535,203 | 41,535,303
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 1,082,179 | 1,082,179
AT 30 APRIL 2024 | 100 | 42,617,382 | 42,617,482
| The notes on pages 10 to 25 form part of these financial statements.
Page 9
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | GENERAL INFORMATION
Pears Family Investments 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 Group management to exercise judgment in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements. Parent Company disclosure exemptions In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102: ∙No Statement of Cash Flows has been presented for the parent Company; The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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. At the Statement of financial position date, the group had net assets of £39,816,899 (2024: £35,697,893) and net current assets of £113,979,218 (2024: £114,255,792).The validity of the going concern concept is dependent on the continued support of the creditors.
| 2.3 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the rents receivable and the sale of property trading stock.
| 2.4 | PROPERTY TRANSACTIONS
Purchases and sales of properties are included on the basis of completions occurring during the year. Page 10
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | OPERATING LEASES: THE GROUP AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | BORROWING COSTS
All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred.
| 2.9 | PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
| 2.10 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds. Page 11
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | IMPAIRMENT OF FIXED ASSETS AND GOODWILL
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.13 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by our directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific assets. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
| 2.14 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment. Page 12
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | STOCKS
Stocks of properties are valued at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, Stocks are assessed for impairment. If property is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Income statement. All repairs, maintenance costs and renewals are written off as incurred. Certain refurbishment costs which are part of major property refurbishment programmes may,depending on the nature of the works being undertaken, be capitalised in the Statement of financial position as part of property stock.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | CREDITORS
Short term creditors are measured at the transaction price.
| 2.19 | REPAIRS AND MAINTENANCE
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 investment properties.
| 2.20 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 13
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.21 | FINANCIAL INSTRUMENTS
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other 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 Group'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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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, Page 14
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.21 | FINANCIAL INSTRUMENTS (CONTINUED)
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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 15
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | ANALYSIS OF TURNOVER
|  | Turnover 2025 | 2024 | Cost of sales 2025 | 2024 | Gross profit 2025 | 2024
|  | £ | £ | £ | £ | £ | £
| Trading stock properties | - | - | - | (13,377) | - | (13,377)
| Rental income | 3,561,532 | 3,423,180 | (591,593) | (802,495) | 2,969,939 | 2,620,685
| Leasing income | 3,259,101 | 3,458,977 | - | - | 3,259,101 | 3,458,977
| Fees | 2,508,753 | 1,397,370 | - | - | 2,508,753 | 1,397,370
|  | 9,329,386 | 8,279,527 | (591,593) | (815,872) | 8,737,793 | 7,463,655
4. | PROFIT ON SALE OF INVESTMENT PROPERTIES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of investment properties | 2,491,541 | 1,059,475
| Historical cost | (666,310) | (575,220)
|  | 1,825,231 | 484,255
| Prior years fair value surplus realised | (1,075,260) | (324,310)
|  | 749,971 | 159,945
5. | EMPLOYEES
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administrative staff | 9 | 9
6. | INCOME FROM INVESTMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Income from fixed asset investments | 402,843 | 390,105
|  | 402,843 | 390,105
Page 16
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | INTEREST PAYABLE AND SIMILAR CHARGES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 1,250,339 | 1,281,718
| Other loan interest payable | 2,226,107 | 2,192,115
| Other interest payable | 33,199 | 15,902
|  | 3,509,645 | 3,489,735
8. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 1,283,498 | 485,950
| Adjustments in respect of previous periods | (252,234) | (253,803)
|  | 1,031,264 | 232,147
| FOREIGN TAX |  |
| Foreign tax on income for the year | 291,266 | (852,603)
|  | 291,266 | (852,603)
| TOTAL CURRENT TAX | 1,322,530 | (620,456)
| DEFERRED TAX |  |
| Origination and reversal of timing differences | (170,035) | (81,687)
| TOTAL DEFERRED TAX | (170,035) | (81,687)
| TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES | 1,152,495 | (702,143)
Page 17
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 8.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 | 5,196,589 | 3,387,510
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,299,147 | 846,878
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes | 86,982 | 3,000,604
| Utilisation of tax losses | - | (269,401)
| Adjustments to tax charge in respect of prior periods | (252,234) | (253,803)
| Short term timing difference leading to a decrease in taxation | (170,035) | (81,687)
| Book profit on chargeable assets | (187,495) | (39,987)
| Capital gains | 416,592 | 93,428
| Unrelieved foreign tax suffered | 47,756 | 516,446
| Unrelieved tax losses carried forward | 414,786 | (852,603)
| Other | (395,790) | (3,624,102)
| Valuation gain not taxable | (107,214) | (37,916)
| TOTAL TAX CHARGE/(CREDIT) FOR THE YEAR | 1,152,495 | (702,143)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 18
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
9. | FIXED ASSET INVESTMENTS
| Group
|  | Listed investments | Investment in joint ventures | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| At 1 May 2024 | 1,991,109 | 3,049,788 | 5,040,897
| Foreign exchange movement | - | (155,563) | (155,563)
| Other | - | (47,756) | (47,756)
| Share of profit | - | 21,102 | 21,102
| At 30 April 2025 | 1,991,109 | 2,867,571 | 4,858,680
| Company
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 May 2024 | 27,543,678
| Disposals | (35,000)
| At 30 April 2025 | 27,508,678
Page 19
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| DIRECT SUBSIDIARY UNDERTAKINGS
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
|  |  |  | %
| Silver Dream Properties Limited | England | Ordinary | 100%
| Clipstone Estates Limited | England | Ordinary | 100%
| Fernglen Properties Limited | England | Ordinary A | 70%
| Lasting Properties Limited | England | Ordinary A | 60%
| Astraline Limited | England | Ordinary | 100%
| Bluenotch Limited | England | Ordinary | 100%
| Perimeter Properties Limited | England | Ordinary | 100%
| Bakeline Limited | England | Ordinary | 100%
| Xenia Property Holdings Limited | England | Ordinary | 100%
| Pears Partnership Capital Limited | England | Ordinary | 100%
| Pears Family Investments Limited indirectly owns 100% of the share capital of SES Property 1AG, Baar (registered in Switzerland). As at 18 December 2024, Pears Family Investments Limited transferred all it's share in Dramline Limited, to Dramline Holdings Limited, a company under common control. During the year, Pears Corporate Member Limited and RDN Industrials Limited were dissolved.
| ASSOCIATE
| The following was an indirect subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| WPAS Bidco Limited | England | Ordinary | 48%
Page 20
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | INVESTMENT PROPERTY
| Group
|  | Freehold investment property
|  | £
| VALUATION |
| At 1 May 2024 | 29,695,142
| Disposals | (1,741,570)
| Fair value movement | 428,857
| AT 30 APRIL 2025 | 28,382,429
The 2025 valuations were made by directors, on an open market value for existing use basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 20,874,604 | 21,506,669
|  | 20,874,604 | 21,506,669
The 2025 valuations were made by directors, on an open market value for existing use basis.
11. | STOCKS
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Freehold and leasehold property | 29,849,064 | 29,849,064
|  | 29,849,064 | 29,849,064
Page 21
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | DEBTORS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| DUE AFTER MORE THAN ONE YEAR |  |  |  |
| Other debtors | 104,250,605 | 112,716,757 | - | -
|  | 104,250,605 | 112,716,757 | - | -
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| DUE WITHIN ONE YEAR |  |  |  |
| Trade debtors | 1,114,227 | 1,132,600 | - | -
| Amounts owed from group undertakings | - | - | 24,946,197 | 24,826,447
| Sundry loans | 11,839,025 | 6,183,083 | 11,812,250 | 6,182,083
| Other debtors | 9,063,354 | 7,914,752 | 173,009 | 2,557
| Prepayments and accrued income | 2,060,036 | 1,686,884 | - | -
|  | 24,076,642 | 16,917,319 | 36,931,456 | 31,011,087
| The debtors due after one year and £7.4m (2024: £7.2m) of other debtors due within one year represent receivables from financial leasing.
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 7,515,320 | 8,186,824 | - | -
| Other loans | 261,415 | 243,890 | - | -
| Trade creditors | 88,515 | 64,145 | 1,060 | -
| Amounts owed to group undertakings | - | - | 20,594,961 | 16,096,980
| Sundry loans | 34,577,370 | 34,487,135 | - | -
| Corporation tax | 1,846,330 | 1,276,587 | - | -
| Other taxation and social security | 332,969 | 346,333 | - | -
| Other creditors | 2,239,062 | 1,644,761 | 480,000 | 480,000
| Accruals and deferred income | 2,453,469 | 2,978,615 | 12,011 | -
|  | 49,314,450 | 49,228,290 | 21,088,032 | 16,576,980
Page 22
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bank loans | 103,795,194 | 111,472,687
|  | 103,795,194 | 111,472,687
15. | LOANS
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |
| Bank loans | 7,515,320 | 8,186,824
| Other loans | 34,577,370 | 34,487,135
|  | 42,092,690 | 42,673,959
| AMOUNTS FALLING DUE 1-2 YEARS |  |
| Bank loans | 31,319,020 | 15,826,406
|  | 31,319,020 | 15,826,406
| AMOUNTS FALLING DUE 2-5 YEARS |  |
| Bank loans | 20,321,988 | 39,280,797
|  | 20,321,988 | 39,280,797
| AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS |  |
| Bank loans | 52,154,186 | 56,365,485
|  | 52,154,186 | 56,365,485
|  | 145,887,884 | 154,146,647
| The bank loans incurs interest rates between 0.25% and 1.98%. The loans are repayable by 31 March 2034. A subsidiary has acquired the rights of finance leasing income secured on the leasehold properties.
16. | NON CONTROLLING INTERESTS
The non-controlling interests represent 40% of the ordinary shares of Lasting Properties Limited and 30% of the ordinary shares of Fernglen Properties Limited. Page 23
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
17. | DEFERRED TAXATION
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,821,251 | 1,902,938
| Released to profit or loss | (170,035) | (81,687)
| AT END OF YEAR | 1,651,216 | 1,821,251
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Tax on revaluation of investment properties | 1,651,216 | 1,821,251
|  | 1,651,216 | 1,821,251
18. | RESERVES
Investment property revaluation reserve The investment property revaluation reserve includes all the current and prior year movements Profit and loss account The profit and loss account includes all current period retained profit and losses.
19. | COMMITMENTS UNDER OPERATING LEASES
| At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 104,444 | 104,444
| Later than 1 year and not later than 5 years | 104,444 | 208,888
|  | 208,888 | 313,332
Page 24
PEARS FAMILY INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
20. | RELATED PARTY 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 payable | 192,059 | 141,600
| Loan interest payable | 2,211,975 | 2,176,183
| Accountancy fees | 62,855 | 61,704
| Loan interest receivable | 504,646 | 250,323
| Estate agent services | 7,440 | 8,400
| Advisory fees receivable | 1,111,121 | 836,707
| 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 to family connected companies | 34,577,370 | 34,487,135
| Loan due from family connected companies | 11,839,025 | 6,183,083
| Balance due from family connected companies | 411,012 | 334,575
Page 25