Company registration number 12134998 (England and Wales)
PPM STRATEGIC INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PPM STRATEGIC INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PPM STRATEGIC INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
$'000
$'000
$'000
$'000
Fixed assets
Investments
3
19,999
20,000
Current assets
Debtors falling due after more than one year
4
402,376
500,757
Debtors falling due within one year
4
121,440
10,199
Cash at bank and in hand
73,526
74,668
597,342
585,624
Creditors: amounts falling due within one year
5
(6,980)
(6,767)
Net current assets
590,362
578,857
Total assets less current liabilities
610,361
598,857
Creditors: amounts falling due after more than one year
6
(380,638)
(356,473)
Net assets
229,723
242,384
Capital and reserves
Called up share capital
7
134,348
134,348
Other reserves
70,792
90,460
Profit and loss reserves
24,583
17,576
Total equity
229,723
242,384

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PPM STRATEGIC INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
P Novoselov
P Sukhoruchkin
Director
Director
Company registration number 12134998 (England and Wales)
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

PPM Strategic Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

1.1
Reporting period

The Company amended is period end to 30 June in the prior period and accordingly the prior period was 18 Months. The current period is 12 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $'000.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
4
3
Fixed asset investments
2024
2023
$'000
$'000
Other investments other than loans
19,999
20,000
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
$'000
Cost or valuation
At 1 July 2023
20,000
Valuation changes
(1)
At 30 June 2024
19,999
Carrying amount
At 30 June 2024
19,999
At 30 June 2023
20,000
4
Debtors
2024
2023
Amounts falling due within one year:
$'000
$'000
Other debtors
121,440
10,199
2024
2023
Amounts falling due after more than one year:
$'000
$'000
Other debtors
402,376
500,757
Total debtors
523,816
510,956

Included within other debtors is a loan note with a nominal value of $383,190,000 (2023 $383,190,000). The carrying value of this loan note is $402,375,834 (2023 $390,380,508). The loan note is now due to be partly paid in July 2027 with the balance repayable in July 2029. The Loan note carried accumulating interest of 1% until March 2024 and 6% thereafter. There is a further 2% interest payable annually.

5
Creditors: amounts falling due within one year
2024
2023
$'000
$'000
Trade creditors
44
-
0
Corporation tax
6,656
4,305
Other creditors
280
2,462
6,980
6,767
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
$'000
$'000
Other creditors
380,638
356,473

Other creditors are unsecured loan notes. Nominal value of loan notes in issue at the end of the period were $440,750,000. (2023 $440,750,000) The loan notes carry an interest rate of 1% and have a maturity date of 31 July 2027.

The carrying value of the loan notes at the year end was $380,542,634 (2023 356,424,499). Interest charged in the period was $24,165,635 (2023 $34,598,564) of which $19,668,029 (2023 $28,075,169) related to the unwinding of the modification discount for the year.

 

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$'000
$'000
Issued and fully paid
Authorised and alloted "A1" ordinary shares of $1 each
800,000
800,000
800
800
Authorised and alloted "A2" ordinary shares of $0.5 each
1,200,000
1,200,000
600
600
Authorised and alloted "B1" ordinary shares of $1 each
100,000
100,000
100
100
Authorised and alloted "B2" ordinary shares of $0.5 each
200,000
200,000
100
100
Authorised and alloted "C" ordinary shares of $0.5 each
50,000
50,000
25
25
Authorised and alloted "D1" ordinary shares of $1 each
75,000
75,000
75
75
Authorised and alloted "D2" ordinary shares of $0.5 each
50,000
50,000
25
25
Authorised and alloted "E" ordinary shares of $1 each
25,000
25,000
25
25
2,500,000
2,500,000
1,750
1,750
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Called up share capital
(Continued)
- 8 -
2024
2023
2024
2023
Preference share capital
Number
Number
$'000
$'000
Issued and fully paid
Authorised and alloted "A" redeemable preference shares of $1 each
110,450,000
110,450,000
110,450
110,450,000
Authorised and alloted "B" redeemable preference shares of $1 each
2,300,000
2,300,000
2,300
2,300,000
112,750,000
112,750,000
112,750
112,750,000
Preference shares classified as equity
132,598
132,598
Preference shares classified as liabilities
(19,848)
112,617,402
112,750
112,750,000
Total equity share capital
134,348
134,348

Ordinary shares

 

All classes of ordinary share classes rank equally with regard to the company's residual assets and both classes are entitled to one vote per share at meetings of the company.

 

Repayment of capital is paid first to the holders of the Preference Shares and next in paying the holders of the "A" ordinary shares, "B" ordinary shares, "C" ordinary shares, "D" ordinary shares and "E" ordinary shares.

 

All issued share capital is fully paid with no rights to fixed income.

Preference shares

 

At 31 December 2021 the company had in issue 110,450,000 "A" redeemable preference shares and 2,300,000 "B" redeemable cumulative preference shares with a par value of $1 per share.

 

On 6 December 2021 the articles of association and shareholder agreements were amended to eliminate the preference share dividend entitlement from the 30 November 2021, with the accrued dividend up to and including the 30 November 2021 being rolled up and added to the amount to be paid on redemption. In addition, the redemption was amended to be solely at the option of the company.

 

As a result of the amendments noted above, from the 1 December 2021 the 110,450,000 "A" redeemable preference shares and 2,300,000 "B" redeemable preference shares with a par value of $1 per share together with the accrued preference dividend up to 30 November 2021 in relation to the A preference shares of $19,271,325, and in relation to the B preference shared of $576,954 were classified from borrowings to equity in their entirety.

 

All issued shares are fully paid. Redeemable preference shares do not carry right to vote and rank ahead of the company's residual assets, except that the holders of redeemable preference shares participate only to the extent of the par value of the shares and any accrued preference dividend up to 30 November 2021. The preference shares are redeemable on any listing or sale of the company or at the discretion of the company.

PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
$'000
$'000
Entities with control, joint control or significant influence over the company
2,300
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
$'000
$'000
Entities with control, joint control or significant influence over the company
10,199
-
9
Directors' transactions

Dividends totalling $0 (2023 - $53,625) were paid in the year in respect of shares held by the company's directors.

Of the unsecured loans noted above $2,450,000 (2023 $1,150,000) were held by directors at the year end.

Interest free loans provided in the prior year of $7,618,670 were repaid in the year.

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