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REGISTERED NUMBER: 06794921 (England and Wales)




















Financial Statements

FOR THE YEAR ENDED

31 December 2023

for

PP ASSET MANAGEMENT LIMITED

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PP ASSET MANAGEMENT LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







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)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 19,744,843 9,051,474
Investment property 6 11,076,193 -
30,821,036 9,051,474

CURRENT ASSETS
Debtors 7 56,363,191 24,149,547
Cash at bank 8,617,971 7,673,883
64,981,162 31,823,430
CREDITORS
Amounts falling due within one year 8 276,538 120,411
NET CURRENT ASSETS 64,704,624 31,703,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,525,660

40,754,493

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account 95,525,560 40,754,393
SHAREHOLDERS' FUNDS 95,525,660 40,754,493

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 February 2025 and were signed by:





P Pels - Director


PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about PP Asset Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investments in subsidiaries and associates
Investments in subsidiary and 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.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 8,644
DEPRECIATION
At 1 January 2023
and 31 December 2023 8,644
NET BOOK VALUE
At 31 December 2023 -

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 600 600
Participating interests 632 632
Other investments not loans 1,881,223 1,041,219
Other loans 17,862,388 8,009,023
19,744,843 9,051,474

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Shares in Interest Interest
group in joint in Other
undertakings venture associate investments Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 600 50 582 1,041,219 1,042,451
Additions - - - 9,087,027 9,087,027
Disposals - - - (8,258,527 ) (8,258,527 )
Revaluations - - - 11,504 11,504
At 31 December 2023 600 50 582 1,881,223 1,882,455
NET BOOK VALUE
At 31 December 2023 600 50 582 1,881,223 1,882,455
At 31 December 2022 600 50 582 1,041,219 1,042,451

Cost or valuation at 31 December 2023 is represented by:

Shares in Interest Interest
group in joint in Other
undertakings venture associate investments Totals
£    £    £    £    £   
Valuation in 2023 - - - 11,504 11,504
Cost 600 50 582 1,869,719 1,870,951
600 50 582 1,881,223 1,882,455
Other
loans
£   
At 1 January 2023 8,009,023
New in year 9,853,365
At 31 December 2023 17,862,388

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 11,076,193
At 31 December 2023 11,076,193
NET BOOK VALUE
At 31 December 2023 11,076,193

PP ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 06794921)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 73,926 61,136
Amounts owed by group undertakings 50,749,635 11,850,249
Amounts owed by joint ventures 1,571 -
Amounts owed by associates - 7,321,750
Other debtors 4,409,197 4,057,962
55,234,329 23,291,097

Amounts falling due after more than one year:
Other debtors 1,128,862 858,450

Aggregate amounts 56,363,191 24,149,547

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 105,101 20,731
Amounts owed to associates 450 450
Taxation and social security 36,214 13,790
Other creditors 134,773 85,440
276,538 120,411

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
P Pels
Balance outstanding at start of year (67,940 ) 1,219,015
Amounts advanced 3,361,865 -
Amounts repaid (18,196 ) (1,286,955 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,275,729 (67,940 )

The total balance outstanding at end of year was repaid by the director within nine months post year end.

11. RELATED PARTY DISCLOSURES

The company 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.