IRIS Accounts Production v25.1.3.33 10136591 Board of Directors Board of Directors 1.10.23 30.9.24 30.9.24 a holding company. 0 0 false true true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh101365912023-09-30101365912024-09-30101365912023-10-012024-09-30101365912022-09-30101365912022-10-012023-09-30101365912023-09-3010136591ns15:EnglandWales2023-10-012024-09-3010136591ns14:PoundSterling2023-10-012024-09-3010136591ns10:Director12023-10-012024-09-3010136591ns10:Director22023-10-012024-09-3010136591ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3010136591ns10:SmallEntities2023-10-012024-09-3010136591ns10:Audited2023-10-012024-09-3010136591ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3010136591ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3010136591ns10:FullAccounts2023-10-012024-09-3010136591ns10:OrdinaryShareClass12023-10-012024-09-3010136591ns10:RegisteredOffice2023-10-012024-09-3010136591ns5:CurrentFinancialInstruments2024-09-3010136591ns5:CurrentFinancialInstruments2023-09-3010136591ns5:ShareCapital2024-09-3010136591ns5:ShareCapital2023-09-3010136591ns5:RetainedEarningsAccumulatedLosses2024-09-3010136591ns5:RetainedEarningsAccumulatedLosses2023-09-3010136591ns5:ShareCapital2022-09-3010136591ns5:RetainedEarningsAccumulatedLosses2022-09-3010136591ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3010136591ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3010136591ns5:LandBuildings2023-09-3010136591ns5:LandBuildings2024-09-3010136591ns5:LandBuildings2023-09-3010136591ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3010136591ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3010136591ns5:DeferredTaxation2023-09-3010136591ns5:DeferredTaxation2024-09-3010136591ns10:OrdinaryShareClass12024-09-30
REGISTERED NUMBER: 10136591 (England and Wales)











REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2024

FOR

PROPCO HOLDING CO LIMITED

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Profit and loss account 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


PROPCO HOLDING CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: S D Miller
C R Miller





REGISTERED OFFICE: 10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA





BUSINESS ADDRESS: Units 30-36 Ivatt Way
Westwood Industrial Estate
Westwood
Peterborough
Cambridgeshire
PE3 7PN





REGISTERED NUMBER: 10136591 (England and Wales)





AUDITORS: Thompson Taraz Rand Audit and Assurance Limited
Statutory Auditors
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

S D Miller
C R Miller

GOING CONCERN
The going concern status of the company is dependent on the inter group loan not being recalled by the company's parent. Confirmation has been obtained from the board of directors of the parent company that the intercompany loan balance will not be recalled in full or in part should this cause cash flow difficulties for Propco Holding Co Ltd.

The financial statements do not include any adjustments that would be necessary if the company was unable to continue as a going concern.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, Thompson Taraz Rand Audit and Assurance Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S D Miller - Director


30 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPCO HOLDING CO LIMITED

Opinion
We have audited the financial statements of Propco Holding Co Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity and Notes to the 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 company's affairs as at 30 September 2024 and of its 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 company 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPCO HOLDING CO LIMITED


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:

Based on our understanding of the company and its industry, we identified that the principal risks of non compliance with laws and regulations related to the Land Lords and Tenants Act, Fire and Electrical Safety regulations. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and the Corporation Tax Act 2010.

We evaluated directors and managements incentives and opportunities for fraudulent manipulation of the financial statements (including management override of controls) and determined the principal risks were related to the posting of manual journal entries and management bias through application of judgement and assumptions insignificant accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PROPCO HOLDING CO LIMITED


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.




Andrew Rand (Senior Statutory Auditor)
for and on behalf of Thompson Taraz Rand Audit and Assurance Limited
Statutory Auditors
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

30 May 2025

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 450,555 445,036

Administrative expenses (236,311 ) (64,845 )
214,244 380,191

Other operating income (6,000 ) 481,000
PROFIT BEFORE TAXATION 208,244 861,191

Tax on profit 5 (52,061 ) (210,078 )
PROFIT FOR THE FINANCIAL YEAR 156,183 651,113

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 6 2,998,526 2,998,526
Investment property 7 2,229,571 1,472,000
5,228,097 4,470,526

CURRENT ASSETS
Debtors 8 503,106 341,148
Cash at bank 54 23,516
503,160 364,664
CREDITORS
Amounts falling due within one year 9 (2,751,873 ) (2,010,489 )
NET CURRENT LIABILITIES (2,248,713 ) (1,645,825 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,979,384 2,824,701

PROVISIONS FOR LIABILITIES 10 (91,750 ) (93,250 )
NET ASSETS 2,887,634 2,731,451

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 2,887,632 2,731,449
SHAREHOLDERS' FUNDS 2,887,634 2,731,451

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:




S D Miller - Director



C R Miller - Director


PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 2 2,080,336 2,080,338

Changes in equity
Total comprehensive income - 651,113 651,113
Balance at 30 September 2023 2 2,731,449 2,731,451

Changes in equity
Total comprehensive income - 156,183 156,183
Balance at 30 September 2024 2 2,887,632 2,887,634

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Propco Holding Co 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statement have been prepared on a historical cost basis, modified by certain assets held under the fair value method.

Related party exemption
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.

Significant judgements and estimates
The directors have considered the fair value of the investment property at the balance sheet as required by FRS 102. All investment properties are measured at fair value and are adjusted if necessary for any material variation in fair value having considered the difference in nature, location or condition of the specific asset.

Current economic developments and uncertainties influence the valuation of our investment property.The methods and significant assumptions considered in determining the fair value of our investment property are mainly due to (i) active market prices, (ii) the influence of vacancy rates, (iii) assumed trends in rents.

The valuation is based on fair value, supported by market evidence in which assets can be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller.

Turnover
Turnover is measured at the fair value of consideration received or receivable in respect of the rental of both commercial property excluding value added tax and residential property which is outside the scope of value added tax. Where the right to consideration has not been earned at the balance sheet date, revenue is deferred and recognised within deferred income.

Tangible fixed assets
Depreciation is provided at the the following annual rates in order to write off the cost less estimated residual value of the asset over its anticipated useful life.

Freehold property - 2% on cost.

Residual value is defined as the estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property
Investment property is measured at fair value less impairment. Any change in fair value is recorded in the profit and loss account.

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, 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.

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.

Deferred tax
Deferred tax is recognised in respect of all material 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.

Going concern
The going concern status of the company is dependent on the inter group loan not being recalled by the company's parent. Confirmation has been obtained from the board of directors of the parent company that the intercompany loan balance will not be recalled in full or in part should this cause cash flow difficulties for Propco Holding Co Ltd.

The financial statements do not include any adjustments that would be necessary if the company was unable to continue as a going concern.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 53,561 176,108

Deferred tax (1,500 ) 33,970
Tax on profit 52,061 210,078

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 October 2023
and 30 September 2024 3,006,038
DEPRECIATION
At 1 October 2023
and 30 September 2024 7,512
NET BOOK VALUE
At 30 September 2024 2,998,526
At 30 September 2023 2,998,526

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 1,472,000
Additions 763,571
Revaluations (6,000 )
At 30 September 2024 2,229,571
NET BOOK VALUE
At 30 September 2024 2,229,571
At 30 September 2023 1,472,000

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2018 5,634
Valuation in 2019 251,174
Valuation in 2020 (287,962 )
Valuation in 2021 19,000
Valuation in 2022 293,000
Valuation in 2023 61,000
Valuation in 2024 (6,000 )
Cost 1,893,725
2,229,571

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. INVESTMENT PROPERTY - continued

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,130,154 1,130,154

Investment properties were valued on a fair value basis on 30 September 2024 by the Director and the Valuation Office .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 156,000 -
Other debtors 347,106 341,148
503,106 341,148

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,665 1,164
Amounts owed to group undertakings 2,476,430 1,765,652
Taxation and social security 86,728 215,075
Other creditors 180,050 28,598
2,751,873 2,010,489

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 91,750 93,250

Deferred
tax
£   
Balance at 1 October 2023 93,250
Changes in fair
value of investment property. (1,500 )
Balance at 30 September 2024 91,750

Deferred tax is recognised in respect of the fair value movement on investment property.

PROPCO HOLDING CO LIMITED (REGISTERED NUMBER: 10136591)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary shares £1 2 2

12. RELATED PARTY DISCLOSURES

Disclosed within amounts due to group undertakings are amounts due on inter company account of £2,476,430 (2023: £1,763,652). This balance is repayable on demand and bears no interest. A further £156,000 is due from a fellow group company on a trading account disclosed with trade debtors.

The company was charged management fees of £165,600 (2023: nil) by an entity under common control of the directors. This balance is included within accruals.

Included within other debtors is an advance to a company under common control of the directors amounting to £341,104 (2023:£344,104) in respect of accrued management charge income.This advance is repayable on demand and bears no interest.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the company's parent company Distribution Supplies Group Ltd. The consolidated financial statements of the group can be obtained directly from the registrar of companies or the group's head office: Units 30 -36 Ivatt Way, Westwood Industrial Estate, Peterborough, Cambridgeshire, PE3 7PN.