Company registration number 08227521 (England and Wales)
PROPER PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PROPER PROPERTY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
PROPER PROPERTY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
5,839,070
5,839,070
Current assets
Debtors
5
7,679
60,244
Cash at bank and in hand
20,316
611,699
27,995
671,943
Creditors: amounts falling due within one year
6
(59,251)
(63,864)
Net current (liabilities)/assets
(31,256)
608,079
Total assets less current liabilities
5,807,814
6,447,149
Creditors: amounts falling due after more than one year
7
-
(737,546)
Provisions for liabilities
(987,407)
(962,854)
Net assets
4,820,407
4,746,749
Capital and reserves
Called up share capital
950,000
950,000
Revaluation reserve
1,546,562
1,546,562
Profit and loss reserves
2,323,845
2,250,187
Total equity
4,820,407
4,746,749
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 August 2025 and are signed on its behalf by:
Mr K H N Schulpen
Director
Company registration number 08227521 (England and Wales)
PROPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Proper Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47-48 Causeway Road, Corby, Northamptonshire, NN17 4DU.
1.1
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Pecege Beheer B.V. These consolidated financial statements are available from its registered office, Zaalbergweg 17, 2314 XS Leiden, The Netherlands.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises rentals received on an accruals basis net of VAT.
PROPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
The directors revalued the investment property in the current year on an open market value basis by reference to market evidence of transaction prices for similar properties.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.
1.6
Financial instruments
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies.
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.
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 income statement 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.
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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PROPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Land value
The directors have revalued land and property at the balance sheet date on a fair value basis.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Investment Property valuation
In determining the fair value of investment property the directors assume that current sales prices for similar properties is an appropriate basis for their estimate of fair value.
The value will vary as a result of economic conditions that are outside the control of the directors.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
5,839,070
Investment property comprises buildings let to related parties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2024 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
PROPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Investment property
(Continued)
- 5 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
3,956,056
3,956,056
Accumulated depreciation
(412,456)
(319,424)
Carrying amount
3,543,600
3,636,632
In the previous years the investment property could not be pledged or used as security for other borrowings or sold to another entity, without the prior consent of Pecege Vastgoed B.V. The loan provided by Pecege Vastgoed B.V. was repaid in the year (2023-€850,000).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
100
864
Amounts owed by group undertakings
52,500
Other debtors
7,579
6,880
7,679
60,244
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
8,960
8,322
Other creditors
50,291
55,542
59,251
63,864
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
737,546
The amounts owed to group undertakings represents a loan provided by the immediate parent company Pecege Vastgoed B.V., with maturity date 30 November 2030, was repaid in the year (2023:-€850,000). In the previous years the investment property could not be pledged or used as security for other borrowings or sold to another entity, without the prior consent of Pecege Vastgoed B.V.
PROPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
Senior Statutory Auditor:
Mr Adrian Neal BA (Hons) FCA
Statutory Auditor:
TAG Berry Audit Limited
Date of audit report:
21 August 2025
9
Parent company
The immediate parent company is Pecege Vastgoed B.V., a company registered in The Netherlands.
The ultimate parent company is Hapelux B.V., a company registered in The Netherlands.
Pecege Beheer B.V. prepares group accounts in which Proper Property is consolidated and copies can be obtained from Zaalbergweg 17, 2314 XS Leiden, The Netherlands.
Largest group
Hapelux S.A.
Smallest group
Pecege Beheer B.V.
PROPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Auditor's liability limitation agreement
The total aggregate liability to the company, of whatever nature, whether in contract, tort or otherwise, of the Auditor for any losses whatsoever and howsoever caused arising from or in any way connected with this engagement shall not exceed £100,000. The date of the resolution was 28 March 2025.