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Company registration number: 5087180







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


NINE UNITED PROPERTIES UK LIMITED






































img17b6.png                        

 


NINE UNITED PROPERTIES UK LIMITED
 


 
COMPANY INFORMATION


Director
T H Povlsen 




Registered number
5087180



Registered office
16 Queen Anne's Gate

London

SW1H 9AA




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

4th Floor

95 Gresham Street

London

EC2V 7AB




 

 


NINE UNITED PROPERTIES UK LIMITED
REGISTERED NUMBER:5087180



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
9,761
8,311

Investments
 6 
36,805,843
36,805,843

Investment property
 7 
16,475,000
18,547,345

  
53,290,604
55,361,499

Current assets
  

Stocks
  
2,692,606
2,676,181

Debtors: amounts falling due within one year
 8 
51,782,341
49,000,014

Current asset investments
 9 
27,144,507
21,084,564

Cash at bank and in hand
  
9,352,267
12,890,227

  
90,971,721
85,650,986

Creditors: amounts falling due within one year
 10 
(1,132,708)
(288,678)

Net current assets
  
 
 
89,839,013
 
 
85,362,308

Total assets less current liabilities
  
143,129,617
140,723,807

Provisions for liabilities
  

Deferred Taxation
  
(248,864)
(236,846)

  
 
 
(248,864)
 
 
(236,846)

Net assets
  
142,880,753
140,486,961


Capital and reserves
  

Called up share capital 
  
63,754,121
63,754,121

Other reserves
  
3,033,497
1,404,771

Profit and loss account
  
76,093,135
75,328,069

  
142,880,753
140,486,961


Page 1

 


NINE UNITED PROPERTIES UK LIMITED
REGISTERED NUMBER:5087180


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T H Povlsen
Director

Date: 22 July 2025

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 


NINE UNITED PROPERTIES UK LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Available for sale reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
63,754,121
1,404,771
75,328,069
140,486,961


Comprehensive income for the year

Profit for the year

-
-
952,116
952,116

Fair value movement on available for sale financial instruments
-
1,445,288
-
1,445,288


Other comprehensive income for the year
-
1,445,288
-
1,445,288


Total comprehensive income for the year
-
1,445,288
952,116
2,397,404


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
187,050
(187,050)
-

Transfer of gain/loss on disposal of financial instruments
-
(3,612)
-
(3,612)


Total transactions with owners
-
183,438
(187,050)
(3,612)


At 31 December 2024
63,754,121
3,033,497
76,093,135
142,880,753


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 


NINE UNITED PROPERTIES UK LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Available for sale reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
63,754,121
733,568
74,670,768
139,158,457


Comprehensive income for the year

Profit for the year

-
-
735,009
735,009

Fair value movement on available for sale financial instruments
-
580,986
-
580,986

Deferred tax on fair value movement
-
(17,445)
-
(17,445)


Other comprehensive income for the year
-
563,541
-
563,541


Total comprehensive income for the year
-
563,541
735,009
1,298,550


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
77,708
(77,708)
-

Transfer of gain/loss on disposal of financial instruments
-
29,954
-
29,954


Total transactions with owners
-
107,662
(77,708)
29,954


At 31 December 2023
63,754,121
1,404,771
75,328,069
140,486,961


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Nine United Properties UK Limited is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

  
2.2

Consolidation

In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts. 

 
2.3

Subsidiaries, associates and joint ventures

Investments in subsidiaries, associates and joint ventures are held at cost less impairment.

  
2.4

Revenue

Rental income
Rental income is generated by leasing space in the investment properties to tenants. This includes residential and commercial tenants. Revenue is accounted for on a straight line basis over the term of the lease.
Antique income
Revenue generated from antiques sold during the year, exclusive of VAT and other sales related taxes.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight line
Fixtures, fittings and equipment
-
20%
Straight line
Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by the director in consultation with external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Stocks

Stocks, which is comprised of antiques, are valued at the lower of cost and net realisable value. Net realisable value is estimated selling price in the ordinary cost of business, less estimated costs of completion and the estimated costs necessary to make the sale. During the year, managements assessment of the general impairment provision remained at 20% (2023: 20%). 

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
Page 6

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

  
2.9

Current asset investments

Current asset investments are revalued to market value at the end of each year. Any gains or losses in the market value of equity instruments during the year are reflected through the Profit or Loss, and any gains or losses on debt instruments are reflected through Other Comprehensive Income. 
 
On disposal of these assets, the cumulative profit/loss on debt instruments are transferred from the available for sale reserve to the Profit or Loss. 
 
The effects of currency translation due to disposal or fair value movement are recognised in the Profit or Loss in each financial year.
 
Deferred tax is applied on any market value gains during the year at the rate that is expected to apply when the current asset investments are sold. The deferred tax impact on equity instruments is recognised in the Profit or Loss, and the deferred tax impact on debt instruments is recognised in Other Comprehensive Income.

Page 7

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 8

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 9

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
In preparing these financial statements, the Directors have had to make the following judgements:
Impairment of subsidiaries, associates and joint ventures
Determine whether there are indicators of impairment of the Company's investments in its subsidiaries, associates and joint ventures. Factors taken into consideration in reaching such a decision include the economic viability and the expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expect future performance of that unit.
Other key sources of estimation uncertainty:
Valuation of the investment property portfolio
The investment properties are measured at fair value and are based on active market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset.
Current economic developments and uncertainties influence the valuation of an investment property. The methods and significant assumptions applied in determining the fair value of the investment properties are mainly due to (i) active market prices, (ii) the influence of rent-free periods and vacancy rates, (iii) discount rates and (iv) assumed trends in rents.
These market values are based on valuations made by the director. The valuation is based on an open market value, supported by market evidence in which assets can be exchanged between a knowledgable willing buyer and a knowledgeable willing seller in an arm's length transaction at the date of the valuation, in accordance with the guidelines of RICS valuation.
Valuation of antiques
Antiques are carried in the financial statements at the lower of cost and net realisable value, after making a general allowance of 20% for damaged goods. The director has used his knowledge and experience of the industry to determine the level of provisioning required based on the volatility of the market and subjective value of antiques. At the year end there was a provision against antiques of £673,151.
Recoverability of amounts due from group undertakings
Provision for impairment of the carrying value of amounts due from group undertakings is made based on management's estimate of the prospect of recovering the amounts due, which includes considering the solvency of the counterparty and its future outlook, based on budgets and forecasts prepared by management.


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 10

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
4,312
9,837
14,149


Additions
1,417
3,002
4,419



At 31 December 2024

5,729
12,839
18,568



Depreciation


At 1 January 2024
143
5,695
5,838


Charge for the year on owned assets
1,147
1,822
2,969



At 31 December 2024

1,290
7,517
8,807



Net book value



At 31 December 2024
4,439
5,322
9,761



At 31 December 2023
4,169
4,142
8,311


6.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Investment in joint ventures
Total

£
£
£
£



Cost or valuation


At 1 January 2024
34,103,344
2,902,498
1
37,005,843



At 31 December 2024

34,103,344
2,902,498
1
37,005,843



Impairment


At 1 January 2024
200,000
-
-
200,000



At 31 December 2024

200,000
-
-
200,000



Net book value



At 31 December 2024
33,903,344
2,902,498
1
36,805,843



At 31 December 2023
33,903,344
2,902,498
1
36,805,843

Page 11

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
18,547,346


Additions at cost
9,950


Disposals
(2,690,385)


Surplus on revaluation
608,089



At 31 December 2024
16,475,000

The 2024 valuations were made by the director, on an open market value for existing use basis.





Page 12

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Debtors

2024
2023
£
£


Trade debtors
64,994
59,371

Amounts owed by group undertakings
47,871,905
45,861,337

Amounts owed by associated undertakings
1,939,853
1,867,171

Other debtors
1,245,821
1,184,926

Prepayments and accrued income
31,993
27,209

Tax recoverable
627,775
-

51,782,341
49,000,014



9.


Current asset investments

2024
2023
£
£

Listed investments
27,144,507
21,084,564

27,144,507
21,084,564


The fair value of the listed investments are determined by the market price of the shares and bonds and is the maximum exposure to credit risk.


10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
4,854
3,752

Trade creditors
18,983
97,516

Amounts owed to group undertakings
2,862
15,372

Corporation tax
-
48,958

Other taxation and social security
21,951
30,214

Other creditors
961,556
8,946

Accruals and deferred income
122,502
83,920

1,132,708
288,678


Page 13

 


NINE UNITED PROPERTIES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Related party transactions

The Company owns a 50% interest in Cloud Nine DT Ltd. At the year-end the Company was owed £1,939,853 (2023: £1,867,171) by its subsidiary undertaking which is repayable on demand. Interest is charged at 4% per annum. Company received dividends during the year from Cloud Nine DT Ltd of £nil (2023: received £20,000).
The Company owns a 75% interest in Kennington Lane Limited. At the year-end the Company was owed £1,534,751 (2023: £1,495,184) by its subsidiary undertaking which is repayable on demand. Interest is charged at 4% per annum.
The Company owns a 51% interest in Aston Cole Ltd. At the year-end the Company was owed £5,854,706 (2023: £5,470,829) by its subsidiary undertaking which is repayable on demand. Interest is charged a Libor plus 1% per annum.
The Company owns a 80% interest in 42 BP Limited. At the year-end the Company was owed £1,296 (2023: £1,296) by its subsidiary undertaking which is repayable on demand.  No interest is accruing on this amount. The Company received dividends during the year from 42 BP Limited of £140,000 (2023: received £160,000).
The Company owns a 51% interest in Holland Street Ltd. At the year-end the Company owed £5,143 (2023: £6,985) by its subsidiary undertaking which is payable on demand.  No interest is accruing on this amount.
The Company received dividends during the year from Eliza House Ltd of £2,228 (2023: received £45,000).
 


12.


Parent company

Holch Povlsen Switzerland AG, a company incorporated in Switzerland, is the parent company of the largest and smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is c/o Park Treuhand AG, Promenadenstrasse 19, 8201 Schaffhausen. 


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 31 July 2025 by Ralph Mitchison FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 14