Registered number: 8480904
WILLIAM PEARS GROUP INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
CONTENTS
|
|
|
|
|
|
Independent Auditors' Report
|
|
Statement of Comprehensive Income
|
|
Statement of Financial Position
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
The directors consider the state of affairs of the company to be satisfactory for the year under review. This report only covers the company's activities as a holding company.
PRINCIPAL RISKS AND UNCERTAINTIES
|
The principal risk for the company is a fall in the value of its investments.
FINANCIAL KEY PERFORMANCE INDICATORS
|
The company's key performance indicators during the year:
Income £16.9m (2022 - £16.9m)
(Loss)/profit after tax £(30.0m) (2022 - £42.0m)
Equity shareholders' funds £376.1m (2022 - £406.2m)
This report was approved by the board on 26 January 2024 and signed on its behalf.
Page 1
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
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.
The principal activity of the company is to act as the holding company for a group of property dealing and property investment companies.
The loss for the year, after taxation, amounted to £30,006,536 (2022 - profit £41,995,702).
The company paid a dividend of £75,000 (2022 - £75,000) during the year under review.
The directors who served during the year were:
The directors consider the Company is well positioned for business in the future.
Page 2
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
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 26 January 2024 and signed on its behalf.
William Bennett
Secretary
|
Page 3
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM PEARS GROUP INVESTMENTS LIMITED
OPINION
We have audited the financial statements of William Pears Group Investments Limited (the 'Company') for the year ended 30 April 2023, 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 2023 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM PEARS GROUP INVESTMENTS 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
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM PEARS GROUP INVESTMENTS 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 company;
∙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
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM PEARS GROUP INVESTMENTS 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 II LLP
Chartered Accountants
Statutory Auditor
Ground Floor
30 City Road
London
EC1Y 2AB
29 January 2024
Page 7
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
|
|
|
|
|
|
|
|
|
|
|
|
Income from shares in group companies
|
|
|
|
Amounts written (down)/back to investments
|
|
|
|
Interest payable and similar charges
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS)/PROFIT FOR THE FINANCIAL YEAR
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
The notes on pages 11 to 19 form part of these financial statements.
|
Page 8
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
REGISTERED NUMBER: 8480904
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 January 2024.
The notes on pages 11 to 19 form part of these financial statements.
Page 9
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 11 to 19 form part of these financial statements.
|
Page 10
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
William Pears Group Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 30 City Road, London EC1Y 2AB. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.
2.ACCOUNTING POLICIES
|
|
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 company's functional and presentational currency is GBP and rounded to the nearest £1.
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 has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The following principal accounting policies have been applied:
|
|
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 3 Financial Statement Presentation paragraph 3.17(d);
∙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 2023 and these financial statements may be obtained from Companies House.
At the balance sheet date the company had net current liabilities of £423,907,780 (2022 - £423,826,244). The validity of the going concern concept is dependent on the continued support of the 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 11
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.ACCOUNTING POLICIES (CONTINUED)
|
|
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.
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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables 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
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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
Page 12
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.ACCOUNTING POLICIES (CONTINUED)
|
|
FINANCIAL INSTRUMENTS (CONTINUED)
|
contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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 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.
Short term creditors are measured at the transaction price.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 13
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.ACCOUNTING POLICIES (CONTINUED)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Tax is recognised in the Income statement, 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.
|
|
|
During the year, the Company obtained the following services from the Company's auditors:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the Company's auditors for the audit of the Company's financial statements
|
|
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
INTEREST PAYABLE AND SIMILAR CHARGES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans from group undertakings
|
|
|
|
|
|
|
Page 14
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
|
FACTORS AFFECTING TAX CHARGE FOR THE YEAR
|
|
The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19.5% (2022 - 19%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit on ordinary activities before tax
|
|
|
|
(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
|
|
|
|
|
|
|
|
Non-taxable loss/(income)
|
|
|
|
Dividends from UK companies
|
|
|
|
|
|
|
|
TOTAL TAX CHARGE FOR THE YEAR
|
|
|
|
FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
|
There were no factors that may affect future tax charges.
Page 15
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 16
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
|
|
|
|
The following were subsidiary undertakings of the Company:
|
|
|
|
|
|
|
The William Pears Group of Companies Limited
|
|
|
|
|
*Anglo Caledonian Asset Management Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Avondale Properties Limited
|
|
|
|
|
*Bickenhall Engineering Company Limited
|
|
|
|
|
*Bromley Park Gardens Estates Limited
|
|
|
|
|
*Capital Land Holdings Limited
|
|
|
|
|
|
|
|
|
|
*Castle Lane Securities Limited
|
|
|
|
|
*Clearview Properties Limited
|
|
|
|
|
*Earliba Finance Co Limited
|
|
|
|
|
|
|
|
|
|
Erigmore Estate Limited***
|
|
|
|
|
*Freehold Portfolio Limited
|
|
|
|
|
Golden Coast Sporting Villas Limited**
|
|
|
|
|
*Hallway Properties Limited
|
|
|
|
|
*Haslam Court Management Limited
|
Indirect Management Company
|
|
|
|
|
|
|
|
|
*HK Properties (UK) Limited
|
|
|
|
|
*Law and Equity Property Company Limited
|
|
|
|
|
*Long Acre Securities Limited
|
|
|
|
|
|
|
|
|
|
*Manzil Way Residential Limited
|
|
|
|
|
*Old Dairy Cottages Limited
|
|
|
|
|
*Ordnance Estates Limited
|
|
|
|
|
|
|
|
|
|
President Leisure Limited***
|
|
|
|
|
Queensberry Bay Caravan Park Limited***
|
|
|
|
|
River Lodge Holiday Park Limited***
|
|
|
|
|
Rodger Fish & Sons Limited***
|
|
|
|
|
*Saint Cross Securities Limited
|
|
|
|
|
*South Tottenham Land Securities Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The Welkin Property Company Limited
|
|
|
|
|
|
|
|
|
|
Verdant Leisure Topco Limited**
|
|
|
|
|
Verdant Leisure Midco 1 Limited**
|
|
|
|
|
Verdant Leisure Midco 2 Limited**
|
|
|
|
|
Verdant Leisure Bidco Limited**
|
Financing and Management Services
|
|
|
|
Verdant Leisure Group Limited**
|
|
|
|
Page 17
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
SUBSIDIARY UNDERTAKINGS (CONTINUED)
|
Verdant Leisure Holdings Limited**
|
Financing and Management Services
|
|
|
|
Verdant Leisure Limited**
|
|
|
|
|
Verdant Leisure 2 Limited**
|
|
|
|
|
*Talisman Properties Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Held directly by The William Pears Group of Companies Limited.
The 69% shareholdings are held indirectly by Echoline Limited apart from Verdant Leisure Topco Limited. Verdant Leisure Topco Limited is held directly by Echoline Limited. Echoline holds 100% of Tapline Limited.
The William Pears Group of Companies Limited owns 25% of the share capital of Orbit Estates Limited (registered in England) which carries on the business of a holding company.
The William Pears Group of Companies Limited indiectly owns 50% of the share capital of Riverside Walk (Mill End Management Company Limited) (registered in England) which is currently dormant.
The registered office of the above subsidiaries is Ground Floor, 30 City Road, London EC1Y 2AB, except for:
**The registered office address for the above subsidiaries is 10 Mannin Way, Lancaster Business Park, Lancaster, England, LA1 3SW.
***The registered office address for the above subsidiaries is Thurston House, Thurston Manor Leisure Park, Innerwick, Dunbar, East Lothian, Scotland, EH42 1SA.
|
Page 18
|
WILLIAM PEARS GROUP INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Included in amounts owed to group undertakings is an amount of £422m (2022 - £422m) that is secured by a charge over the shares of The William Pears Group of Companies Limited, 100% owned subsidiary of William Pears Group Investments Limited.
|
|
|
ALLOTTED, CALLED UP AND FULLY PAID
|
|
|
|
|
|
|
|
|
|
100 (2022 - 100) Ordinary shares of £1.00 each
|
|
|
|
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.
Share premium account
The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account
The profit and loss account includes all current and prior year retained profits and losses.
The company is a wholly owned subsidiary of William Pears Group Limited, a company incorporated in England. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB.
Page 19
|
|