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REGISTERED NUMBER: 06794921 (England and Wales)




















Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

FOR THE YEAR ENDED

31 December 2022

for

PP ASSET MANAGEMENT LIMITED

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 10

Consolidated Statement of Other Comprehensive
Income

11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


PP ASSET MANAGEMENT LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: P Pels





REGISTERED OFFICE: First Floor
Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 06794921 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2022


The director presents his strategic report of the group for the year ended 31 December 2022.

Founded in 2009, PP Asset Management Ltd ("PPAM") is an independent investment and asset management company based in London, UK. PPAM serves as the exclusive investment vehicle for its owner, Philip Pels. The PPAM Group is a leading capital provider and partner to renewable energy developers in the UK and the US and a UK property developer.

PRINCIPAL ACTIVITIES
The PPAM group focuses on making investments in Residential Property in the UK and Renewable Energy Developers globally.

PPAM has invested in a UK property developer called The Park Property Group. The Park Property Group operates at all stages of the property development lifestyle. It originates, obtains planning consents, constructs, and then holds or sells the completed properties.

PPAM renewable energy developers identify sites suitable for large scale renewable energy projects and develop these sites from inception to a ready to build stage. The development assets are then sold to utilities and/or infrastructure funds who seek long term returns from renewable energy projects.

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity risk
The ability of the Group to meet its current obligations needs to be continually considered. The business mitigates against this by liquidity forecasting on a near and long-term basis to identify and remedy situations before they arise.

Development risk
Development activities by their very nature have an inherent level of risk. Assessment and mitigation of development risks is at the core of the PPAM business model. All of our subsidiaries have experienced cross functional management teams and are based within the countries that we operate in. This provides PPAM with comfort that development risks are understood and appropriately managed.

Market risk
The Group does not have a trading book and therefore the only risks applicable are non-trading market risk and foreign exchange risk.

Non-trading market risk arises from PPAM's private equity investments. Exposure is limited to the valuations of the investments.

Foreign exchange risk
The Group uses a prudent methodology where appropriate balances are received in a foreign currency are converted into sterling, in order to pay expenses, which are primarily sterling-based. Frequent monitoring of the foreign exchange spot prices is performed.

Credit risk
Credit risk is limited. The material credit exposures are amounts receivable from related parties and bank deposits. Bank deposits are held in accounts at large international banking institutions and are not invested in risky or illiquid investments. The other amounts receivable is mostly from companies with institutional backing whom senior management have completed financial due diligence on.

Thorough analysis of receivables, including employee loans, was carried out by senior management throughout the year, and a prudent approach was undertaken to the recoverability of these receivables.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, senior management are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.


PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2022

BUSINESS REVIEW
The results for the period and financial position of the company are as shown in the annexed financial statements.

The Group has concentrated on a range of investments across electricity generating assets and property construction.

The properties are constructed with the intention of selling them for profit.

The electricity generating assets are taken to approval stage and sold to external companies resulting in profits for the Group.

CHARITABLE DONATIONS AND EXPENDITURE
During the year, the group made a total charitable donation of £9.3m (2022: £216k).

GROUP PERFORMANCE AND FINANCIAL POSITION
Turnover realised for 2022 was £1.58m (2021: £7.3m) and this represents a decrease of 78% compared to the previous year however, gross profit increased to £400k in comparison to prior year gross loss (2021: (£1.11m)) .

Movement in profit before tax was £134.3m (Loss before tax 2021: £5.7m) which is a result of the disposal of subsidiaries during the year.

The Group's shareholders' surplus funds now stand at £103.9m (2021: deficit (£19.7m)) and the director consider the state of affairs to be satisfactory and is pleased with the performance of the group under the current economic conditions.

ON BEHALF OF THE BOARD:





P Pels - Director


26 September 2024

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Report of the Director
FOR THE YEAR ENDED 31 DECEMBER 2022


The director presents his report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS
No interim dividend was paid during the year. The director recommends a final dividend of £108,700 per share.

The total distribution of dividends for the year ended 31 December 2022 will be £ 10,870,000 .

There were £NIL distribution of dividends in 2021.

DIRECTOR
P Pels held office during the whole of the period from 1 January 2022 to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE
Donations made during the year is disclosed in the strategic report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with the Companies Act, to set out in the strategic report, information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the group and parent financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare group and parent financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the parent company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 director is 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 the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Report of the Director
FOR THE YEAR ENDED 31 DECEMBER 2022


AUDITORS
The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Pels - Director


26 September 2024

Report of the Independent Auditors to the Members of
PP Asset Management Limited


Opinion
We have audited the financial statements of PP Asset Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flow and Notes to the Parent and Consolidated Financial Statements, 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 group's and of the parent company affairs as at 31 December 2022 and of the group's 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.

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 director's 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 group's and the parent 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.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
PP Asset Management Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
PP Asset Management Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.

International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

-Challenging assumptions made by management in its significant accounting estimates.

-Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

-Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

-Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

Report of the Independent Auditors to the Members of
PP Asset Management Limited


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 Report of the Auditors.

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 a Report of the Auditors 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.




Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

26 September 2024

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Consolidated
Profit and Loss Account
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 1,578,132 7,280,038

Cost of sales 1,177,861 8,394,174
GROSS PROFIT/(LOSS) 400,271 (1,114,136 )

Distribution costs 175,000 (76,340 )
Administrative expenses 128,471,438 3,304,532
128,646,438 3,228,192
(128,246,167 ) (4,342,328 )

Other operating income 4 251,062,253 4,610,294
GROUP OPERATING PROFIT 6 122,816,086 267,966

Share of operating profit/(loss) in
Joint ventures 5,493 (7,363 )
Associates 10,428,929 1,711,338

Income from shares in group undertakings 44,160 -
Interest receivable and similar income 2,387,880 112,080
2,432,040 112,080
135,682,548 2,084,021

Interest payable and similar expenses 8 1,367,441 7,759,003
PROFIT/(LOSS) BEFORE TAXATION 134,315,107 (5,674,982 )

Tax on profit/(loss) 9 - 182
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

134,315,107

(5,675,164

)
Profit/(loss) attributable to:
Owners of the parent 134,574,717 (3,468,152 )
Non-controlling interests (259,610 ) (2,207,012 )
134,315,107 (5,675,164 )

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Consolidated
Statement of Other
Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 134,315,107 (5,675,164 )


OTHER COMPREHENSIVE INCOME
Cumulative translation adjustment 817,785 (384,000 )
Disposal of subsidiary (819,363 ) -
Impairment of fixed asset investment 175,000 -
Income tax relating to components of other
comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

173,422

(384,000

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

134,488,529

(6,059,164

)

Total comprehensive income attributable to:
Owners of the parent 134,748,139 (3,666,579 )
Non-controlling interests (259,610 ) (2,392,585 )
134,488,529 (6,059,164 )

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Consolidated Balance Sheet
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 871,214 1,072,794
Tangible assets 13 - 109,240,114
Investments 14
Interest in joint venture
Share of gross assets 258 342
Share of gross liabilities (933 ) (6,510 )
(675 ) (6,168 )
Interest in associate 12,143,949 1,711,888
Other investments 9,250,242 36,252
Investment property 15 8,559,972 6,825,000
30,824,702 118,879,880

CURRENT ASSETS
Stocks 16 75,000 1,217,332
Debtors 17 133,899,418 16,239,250
Cash at bank 10,095,049 2,987,430
144,069,467 20,444,012
CREDITORS
Amounts falling due within one year 18 2,268,684 36,372,182
NET CURRENT ASSETS/(LIABILITIES) 141,800,783 (15,928,170 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

172,625,485

102,951,710

CREDITORS
Amounts falling due after more than one year 19 (4,757,550 ) (122,647,661 )

PROVISIONS FOR LIABILITIES 22 (63,945,357 ) -
NET ASSETS/(LIABILITIES) 103,922,578 (19,695,951 )

CAPITAL AND RESERVES
Called up share capital 23 100 100
Translation reserves - 95,547
Profit and loss account 103,922,478 (19,231,845 )
SHAREHOLDERS' FUNDS 103,922,578 (19,136,198 )

NON-CONTROLLING INTERESTS 24 - (559,753 )
TOTAL EQUITY 103,922,578 (19,695,951 )

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:




P Pels - Director


PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Company Balance Sheet
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 9,051,474 37,602
Investment property 15 - -
9,051,474 37,602

CURRENT ASSETS
Debtors 17 24,149,547 19,874,420
Cash at bank 7,673,883 8,829
31,823,430 19,883,249
CREDITORS
Amounts falling due within one year 18 120,411 20,015,497
NET CURRENT ASSETS/(LIABILITIES) 31,703,019 (132,248 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,754,493

(94,646

)

CAPITAL AND RESERVES
Called up share capital 23 100 100
Profit and loss account 40,754,393 (94,746 )
SHAREHOLDERS' FUNDS 40,754,493 (94,646 )

Company's profit/(loss) for the financial year 51,719,139 (395,757 )

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





P Pels - Director


PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Profit
share and loss Translation
capital account reserves
£    £    £   
Balance at 1 January 2021 100 (15,763,693 ) 479,547

Changes in equity
Total comprehensive income - (3,468,152 ) (384,000 )
Balance at 31 December 2021 100 (19,231,845 ) 95,547

Changes in equity
Dividends - (10,870,000 ) -
Total comprehensive income - 133,930,354 817,785
Non-controlling interest and
translation reserve adjustment on
disposal


-


93,969


(913,332


)
Balance at 31 December 2022 100 103,922,478 -
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2021 (15,284,046 ) (5,147,685 ) (20,431,731 )

Changes in equity
Total comprehensive income (3,852,152 ) (2,392,585 ) (6,244,737 )
Capital contributions - 6,980,517 6,980,517
Balance at 31 December 2021 (19,136,198 ) (559,753 ) (19,695,951 )

Changes in equity
Dividends (10,870,000 ) - (10,870,000 )
Total comprehensive income 134,748,139 (259,610 ) 134,488,529
Non-controlling interest and
translation reserve adjustment on
disposal


(819,363


)


819,363


-
Balance at 31 December 2022 103,922,578 - 103,922,578

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 January 2021 100 301,011 301,111

Changes in equity
Total comprehensive income - (395,757 ) (395,757 )
Balance at 31 December 2021 100 (94,746 ) (94,646 )

Changes in equity
Dividends - (10,870,000 ) (10,870,000 )
Total comprehensive income - 51,719,139 51,719,139
Balance at 31 December 2022 100 40,754,393 40,754,493

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 28 (253,609,177 ) (8,459,715 )
Interest paid (1,367,441 ) (2,300,781 )
Tax paid - (182 )
Net cash from operating activities (254,976,618 ) (10,760,678 )

Cash flows from investing activities
Purchase of tangible fixed assets (739,872 ) (35,199,383 )
Purchase of fixed asset investments (9,467,179 ) (36,702 )
Purchase of investment property (1,734,972 ) -
Sale of intangible fixed assets 56,378 -
Sale of tangible fixed assets 109,979,986 9,255,955
Sale of fixed asset investments 288,575,516 -
Interest received 2,387,880 112,080
Dividends received 44,160 -
Net cash from investing activities 389,101,897 (25,868,050 )

Cash flows from financing activities
New loans in year - 35,003,506
Loan repayments in year (118,177,604 ) (4,043,952 )
Amount withdrawn by directors 1,286,955 (1,219,788 )
Equity dividends paid (10,870,000 ) -
Capital received from non-contr interest 259,610 6,980,517
Net cash from financing activities (127,501,039 ) 36,720,283

Increase in cash and cash equivalents 6,624,240 91,555
Cash and cash equivalents at beginning
of year

29

2,987,430

3,279,875
Effect of foreign exchange rate changes 483,379 (384,000 )
Cash and cash equivalents at end of
year

29

10,095,049

2,987,430

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

PP Asset Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

The director has considered a period of at least 12 months from the date of signing of the balance sheet in making his assessment on the going concern of the Group.

Advantage has been taken of the reduced disclosure regime for ultimate parents, and thus the company has not presented its statement of cash flows as allowed by FRS 102 Section 1.12 (b).

Basis of consolidation
The Group consolidated financial statements include the financial statements of the Company and associates and all of its material subsidiary undertakings together with the Group’s share of the results of joint ventures and associates made up to 31 December 2022.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group’s accounting policies when preparing the consolidated financial statements.

Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated profit and loss statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with joint ventures to the extent of the Group’s interest in the entity.

Joint ventures and associates
Investments in joint ventures and associates' undertakings are initially recognised at cost. After initial recognition, joint venture and associates' undertakings are measured at cost plus the Group's share of any accumulated profits or losses.

Refer to note 14 for details of the group.

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Group and value added taxes

The Group bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

The Group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Group retains no continuing involvement or control over the assets; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Group's sales channels have been met, as described below.

i. Sale of assets
The Group sells assets including properties and electricity generating assets. Revenue is recognised on sale to the buyer at the date specified in the sales contract.

ii. Sale of services
The Group sells management services to other companies. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.

iii. Lease income
The Group generates income from project leases. Revenue is recognised on a straight-line basis over the expected lease period.

iv. Interest income
Interest income is recognised using the effective interest rate method.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 15% on cost
Computer equipment - 33% on cost and 25% on cost

Tangible fixed assets represent the cost of construction of solar plants, civil/structural, planning and professional fees capitalised throughout the life of the project. As some the assets are still in development no depreciation is charged for those assets during the financial period.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss and included in ‘Other income’.

Grid capex relates to the expenditure incurred in the development of renewable energy project sites to a ready to build stage.

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock and work in progress are stated at the lower of cost and estimated selling price less costs to sell. Stock and work in progress are recognised as an expense in the period in which the related revenue is recognised.

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

i. Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

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 decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

iii. Offsetting

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued
Financial assets and liabilities are offset and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’ and allocated to non-controlling interest as appropriate.

Provisions
Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event. It is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the rises and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit and loss in the period in which it arises.

Dividends
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 meeting.

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the Group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Other debtors
The Group makes an estimate of the recoverable value of other debtors. When assessing impairment of other debtors, management considers factors such as earn-out agreement and historical experience. See note 17 for the present value of other debtors.

Provision
The group makes provision for the associated expense for other debtors. See note 22 for total associated provisions.

3. TURNOVER

The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 1,522,254 4,635,287
United States of America 55,878 2,644,751
1,578,132 7,280,038

4. OTHER OPERATING INCOME
2022 2021
£    £   
Rents received 176,817 180,602
Government grants - 574,471
Exchange gains 5,080,909 -
Profit on sale of fixed asset investments 245,804,527 3,855,221
251,062,253 4,610,294

5. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 118,102,291 1,116,369

The average number of employees during the year was as follows:
2022 2021

Management & administration staff 7 63

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees for the company during the year was 2 (2021 - 0).

2022 2021
£    £   
Director's remuneration 6,825 31,167

Significant movement in the number of employees is the result of disposal of subsidiaries during the accounting period.

Additionally, the total wages and salaries cost includes the provision of expense due on disposal of subsidiaries.

Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Group regards the director as its key management personnel.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Depreciation - owned assets - 18,824
Profit on disposal of fixed assets (245,804,527 ) (3,855,221 )
Goodwill amortisation 145,202 145,202
Lease costs amortisation - 1,409
Foreign exchange differences (5,080,909 ) 244,548
Formation costs 234 975

7. AUDITORS' REMUNERATION
2022 2021
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

39,710

35,240
Total audit fees 39,710 35,240

Included within auditors' remuneration, the amount of £32,710 (2021: £28,740) is for the audit of subsidiary companies.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Interest and fees 1,367,441 7,759,003

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax - 182
Tax on profit/(loss) - 182

UK corporation tax has been charged at 19 % .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit/(loss) before tax 134,315,107 (5,674,982 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

25,519,870

(1,078,247

)

Effects of:
Expenses not deductible for tax purposes 37,981 57,916
Income not taxable for tax purposes (47,731,769 ) -


Losses carried forward 22,173,918 1,020,513
Total tax charge - 182

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Cumulative translation adjustment 817,785 - 817,785
Disposal of subsidiary (819,363 ) - (819,363 )
Impairment of fixed asset investment 175,000 - 175,000
173,422 - 173,422

2021
Gross Tax Net
£    £    £   
Cumulative translation adjustment (384,000 ) - (384,000 )

10. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements.


PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


11. DIVIDENDS
2022 2021
£    £   
Ordinary shares of £1 each
Final 10,870,000 -

12. INTANGIBLE FIXED ASSETS

Group
Lease
Goodwill costs Totals
£    £    £   
COST
At 1 January 2022 1,452,022 61,333 1,513,355
Disposals - (61,370 ) (61,370 )
Exchange differences - 37 37
At 31 December 2022 1,452,022 - 1,452,022
AMORTISATION
At 1 January 2022 435,606 4,955 440,561
Amortisation for year 145,202 - 145,202
Eliminated on disposal - (4,960 ) (4,960 )
Exchange differences - 5 5
At 31 December 2022 580,808 - 580,808
NET BOOK VALUE
At 31 December 2022 871,214 - 871,214
At 31 December 2021 1,016,416 56,378 1,072,794

13. TANGIBLE FIXED ASSETS

Group
Development Grid Computer
costs capex Equipment equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 106,174,634 3,036,893 92,429 7,290 109,311,246
Additions 479,035 260,837 - - 739,872
Disposals (106,756,886 ) (3,300,682 ) (91,164 ) - (110,148,732 )
Exchange differences 103,217 2,952 89 - 106,258
At 31 December 2022 - - 1,354 7,290 8,644
DEPRECIATION
At 1 January 2022 - - 63,842 7,290 71,132
Eliminated on disposal - - (62,549 ) - (62,549 )
Exchange differences - - 61 - 61
At 31 December 2022 - - 1,354 7,290 8,644
NET BOOK VALUE
At 31 December 2022 - - - - -
At 31 December 2021 106,174,634 3,036,893 28,587 - 109,240,114

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


13. TANGIBLE FIXED ASSETS - continued

Company
Computer
Equipment equipment Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 1,354 7,290 8,644
DEPRECIATION
At 1 January 2022
and 31 December 2022 1,354 7,290 8,644
NET BOOK VALUE
At 31 December 2022 - - -
At 31 December 2021 - - -

14. FIXED ASSET INVESTMENTS

Group Company
2022 2021 2022 2021
£    £    £    £   
Shares in group undertakings - - 600 850
Participating interests 12,143,274 1,705,720 632 500
Other investments not loans 1,241,219 36,252 1,041,219 36,252
Other loans 8,009,023 - 8,009,023 -
21,393,516 1,741,972 9,051,474 37,602

Additional information is as follows:

Group
Interest
Interest Interest in other
in joint in participating
venture associate interests
£    £    £   
COST
At 1 January 2022 (6,168 ) 1,711,888 -
Additions - 3,132 175,000
Share of profit/(loss) 5,493 10,428,929 -
Impairments - - (175,000 )
At 31 December 2022 (675 ) 12,143,949 -
NET BOOK VALUE
At 31 December 2022 (675 ) 12,143,949 -
At 31 December 2021 (6,168 ) 1,711,888 -

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


14. FIXED ASSET INVESTMENTS - continued

Group
Listed Unlisted
investments investments Totals
£    £    £   
COST
At 1 January 2022 - 36,252 1,741,972
Additions 1,079,792 200,000 1,457,924
Disposals (74,825 ) - (74,825 )
Share of profit/(loss) - - 10,434,422
Impairments - - (175,000 )
At 31 December 2022 1,004,967 236,252 13,384,493
NET BOOK VALUE
At 31 December 2022 1,004,967 236,252 13,384,493
At 31 December 2021 - 36,252 1,741,972
Company
Shares in Interest Interest
group in joint in
undertakings venture associate
£    £    £   
COST
At 1 January 2022 850 50 450
Additions 100 - 132
Reclassification/transfer (350 ) - -
At 31 December 2022 600 50 582
NET BOOK VALUE
At 31 December 2022 600 50 582
At 31 December 2021 850 50 450
Interest
in other
participating Listed Unlisted
interests investments investments Totals
£    £    £    £   
COST
At 1 January 2022 - - 36,252 37,602
Additions 175,000 1,079,792 - 1,255,024
Disposals - (74,825 ) - (74,825 )
Impairments (175,000 ) - - (175,000 )
Reclassification/transfer - - - (350 )
At 31 December 2022 - 1,004,967 36,252 1,042,451
NET BOOK VALUE
At 31 December 2022 - 1,004,967 36,252 1,042,451
At 31 December 2021 - - 36,252 37,602


PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


14. FIXED ASSET INVESTMENTS - continued
Group
Other
loans
£   
New in year 8,009,023
At 31 December 2022 8,009,023

Company
Other
loans
£   
New in year 8,009,023
At 31 December 2022 8,009,023

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


14. FIXED ASSET INVESTMENTS - continued


Other loans investments are convertible loans which will automatically convert into shares.

The group or the company's investments at the balance sheet date in the share capital of companies include the following:

Subsidiaries
Each of the following has the same registered address: First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH

Name of Subsidiary Nature of business Share class % Holding
PP Real Estate Holdings Limited Property Ordinary 100
The Park Property Group (Chalfont) Limited Property Ordinary 100
The Park Property Group (Sevenoaks) Limited Property Ordinary 100
The Park Property Group (Warlingham) Limited Property Ordinary 100
INRG Solar Parks Limited Renewable energy Ordinary 100
Solargise Solar Parks Limited Renewable energy Ordinary 100
PP US Solar Projects Limited Renewable energy Ordinary 100
Sammy Real Estate Investments Limited Property Ordinary 100
PP Online Estate Agent Holdings Limited Property Ordinary 90
JBM Solar Projects Limited Renewable energy Ordinary 100
No 1 The Vine, Sevenoaks Management Limited Property Ordinary 100


Associates

The associates registered address: First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH

Name of associate Nature of business Share class % Holding
Dalia Holdings Limited Renewable energy Ordinary 36
Susgen Investments Limited Renewable energy Ordinary 45
Susgen Limited Renewable energy Ordinary 45
JBM Solar Projects 2 Limited Renewable energy Ordinary 36
JBM Solar Projects 3 Limited Renewable energy Ordinary 36
JBM Solar Projects 5 Limited Renewable energy Ordinary 36
JBM Solar Projects 6 Limited Renewable energy Ordinary 36
JBM Solar Projects 7 Limited Renewable energy Ordinary 36
JBM Solar Projects 8 Limited Renewable energy Ordinary 36
JBM Solar Projects 10 Limited Renewable energy Ordinary 36
JBM Solar Projects 11 Limited Renewable energy Ordinary 36
JBM Solar Projects 12 Limited Renewable energy Ordinary 36
JBM Solar Projects 13 Limited Renewable energy Ordinary 36
JBM Solar Projects 14 Limited Renewable energy Ordinary 36
JBM Solar Projects 15 Limited Renewable energy Ordinary 36
JBM Solar Projects 16 Limited Renewable energy Ordinary 36
JBM Solar Projects 17 Limited Renewable energy Ordinary 36
JBM Solar Projects 19 Limited Renewable energy Ordinary 36
JBM Solar Projects 20 Limited Renewable energy Ordinary 36
JBM Solar Projects 21 Limited Renewable energy Ordinary 36
JBM Solar Projects 22 Limited Renewable energy Ordinary 36
JBM Solar Projects 24 Limited Renewable energy Ordinary 36
JBM Solar Projects 25 Limited Renewable energy Ordinary 36
JBM Solar Projects 26 Limited Renewable energy Ordinary 36
JBM Solar Projects 27 Limited Renewable energy Ordinary 36
JBM Solar Projects 28 Limited Renewable energy Ordinary 36
JBM Solar Projects 29 Limited Renewable energy Ordinary 36
JBM Solar Projects 30 Limited Renewable energy Ordinary 36
JBM Solar Projects 31 Limited Renewable energy Ordinary 36

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


14. FIXED ASSET INVESTMENTS - continued

JBM Solar Projects 32 Limited Renewable energy Ordinary 36
JBM Solar Projects 33 Limited Renewable energy Ordinary 36
JBM Solar Projects 34 Limited Renewable energy Ordinary 36
JBM Solar Projects 35 Limited Renewable energy Ordinary 36
JBM Solar Projects 36 Limited Renewable energy Ordinary 36
JBM Solar Projects 37 Limited Renewable energy Ordinary 36
JBM Solar Projects 38 Limited Renewable energy Ordinary 36
JBM Solar Projects 39 Limited Renewable energy Ordinary 36
JBM Solar Projects 40 Limited Renewable energy Ordinary 36
JBM Solar Projects 41 Limited Renewable energy Ordinary 36
JBM Solar Projects 42 Limited Renewable energy Ordinary 36
JBM Solar Projects 43 Limited Renewable energy Ordinary 36
JBM Solar Projects 44 Limited Renewable energy Ordinary 36
JBM Solar Projects 45 Limited Renewable energy Ordinary 36
JBM Solar Limited Renewable energy Ordinary 36
Alcemi Storage Developments Limited Renewable energy Ordinary 45
Alcemi Storage Developments 1 Limited Renewable energy Ordinary 45
Alcemi Storage Developments 2 Limited Renewable energy Ordinary 45
Alcemi Storage Developments 3 Limited Renewable energy Ordinary 45
Alcemi Storage Developments 4 Limited Renewable energy Ordinary 45
Alcemi Storage Developments 5 Limited Renewable energy Ordinary 45
Alcemi Storage Developments 6 Limited Renewable energy Ordinary 45
Alcemi Storage Developments 7 Limited Renewable energy Ordinary 45
Alcemi Storage Developments 8 Limited Renewable energy Ordinary 45

Joint ventures

The joint ventures registered address: First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH

Name of joint venture Nature of business Share class % Holding
The Park Property Group (Construction) Limited Property Ordinary 50
The Park Property Group Limited Property Ordinary 50

15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2022 6,825,000
Additions 1,734,972
At 31 December 2022 8,559,972
NET BOOK VALUE
At 31 December 2022 8,559,972
At 31 December 2021 6,825,000

16. STOCKS

Group
2022 2021
£    £   
Stocks 75,000 1,217,332

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


17. DEBTORS

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,158,192 4,725,399 61,136 25,485
Amounts owed by group undertakings - - 11,850,249 8,511,737
Amounts owed by joint ventures - 8,289 - 7,250
Amounts owed by associates 11,216,538 7,173,190 7,321,750 7,173,190
Other debtors 116,611,397 305,991 18,886 147,980
Directors' current accounts - 1,219,015 - 1,219,015
VAT - 13,014 - -
Prepayments and accrued income 4,054,841 2,794,352 4,039,076 2,789,763
133,040,968 16,239,250 23,291,097 19,874,420

Amounts falling due after more than one year:
Loan receivable 858,450 - 858,450 -

Aggregate amounts 133,899,418 16,239,250 24,149,547 19,874,420

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 20) 48,300 335,793 - 50,526
Trade creditors 51,143 3,318,883 20,731 37,796
Amounts owed to group undertakings - - - 71,687
Amounts owed to joint ventures - 491 - 491
Amounts owed to associates 450 125,106 450 450
VAT 4,527 - 13,790 944
Other creditors 1,405,938 20,268,457 - 12,567,175
Directors' current accounts 67,940 - 67,940 -
Accruals and deferred income 690,386 12,323,452 17,500 7,286,428
2,268,684 36,372,182 120,411 20,015,497

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2022 2021
£    £   
Bank loans (see note 20) 4,757,550 4,830,000
Other creditors - 117,817,661
4,757,550 122,647,661

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


20. LOANS

An analysis of the maturity of loans is given below:

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 48,300 335,793 - 50,526
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,757,550 4,830,000 - -

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Bank loans 4,805,850 5,165,793
Other creditors more than 1 yr - 117,817,661
4,805,850 122,983,454

Bank loans are secured by pledged equity interests, a lease and land and properties held by the Group.

The security is affected by specific legal charges on the property stock.

22. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Other provisions 63,945,357 -

Aggregate amounts 63,945,357 -

The provision made during the year is the administrative expense as a result of the disposal of investment.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


24. NON-CONTROLLING INTERESTS

A non-controlling interest arises on the Group's holding of Urban Grid LLC. Urban Grid LLC is a subsidiary undertaking as the group controls 60% of the voting rights. However, the group's share of the income streams is dependent on the nature of the streams and therefore causes wide variations on the non-controlling interest on a year-by-year basis.

The subsidiary Urban Grid LLC was disposed during the year.

25. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
P Pels
Balance outstanding at start of year 1,219,015 (773 )
Amounts advanced - 1,219,788
Amounts repaid (1,286,955 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (67,940 ) 1,219,015

26. RELATED PARTY DISCLOSURES

The Group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.

Transactions between Group entities which have been eliminated on consolidation are not disclosed within the financial statements.

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Pels.

100% of the parent company's shares are held by P Pels in the current year as well as the previous year.

28. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit/(loss) before taxation 134,315,107 (5,674,982 )
Depreciation charges 145,202 165,042
Profit on disposal of fixed assets (245,804,527 ) (3,855,221 )
Share of operating loss in joint venture (5,493 ) 7,363
Share of operating profit in associate 10,428,929 (1,711,888 )
Finance costs 1,367,441 7,759,003
Finance income (2,432,040 ) (112,080 )
(101,985,381 ) (3,422,763 )
Decrease in stocks 1,142,332 2,948,861
Increase in trade and other debtors (118,882,183 ) (9,212,578 )
(Decrease)/increase in trade and other creditors (33,883,945 ) 1,226,765
Cash generated from operations (253,609,177 ) (8,459,715 )

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


29. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 10,095,049 2,987,430
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 2,987,430 3,279,875


30. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 2,987,430 7,107,619 10,095,049
2,987,430 7,107,619 10,095,049
Debt
Debts falling due within 1 year (335,793 ) 287,493 (48,300 )
Debts falling due after 1 year (4,830,000 ) 72,450 (4,757,550 )
(5,165,793 ) 359,943 (4,805,850 )
Total (2,178,363 ) 7,467,562 5,289,199