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 profit and loss account within the financial statements.true

Purico Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Environment House, 1 St. Marks Street, Nottingham, NG3 1DE.

The reporting period for the company has been changed and the financial statements are presented for a period from 1 May 2024 to 31 December 2024. Comparative amounts presented in the financial statements (including the related notes) are from 1 May 2023 to 30 April 2024.

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 under the historical cost convention, modified to include the revaluation of investment properties at fair value]. The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received or receivable for rental income received in the normal course of business, and is shown net of VAT and other sales related taxes.

Rental income is recognised on an accruals basis and the rental is invoiced quarterly in advance.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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.

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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

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, including creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

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.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors consider that the investment properties are held at their fair value and no impairment is required. Whilst there is a level of judgement involved with the valuation, the current value of the properties is based on independent valuations. These valuations are considered to be a true reflection of the value of the properties as assets held for the purposes of receiving rental income.

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

Investment property comprises a portfolio of commercial properties. The properties are currently held at cost as the directors believe that the properties are still valued at fair value. Independent valuations have been undertaken by Jones Lang LaSalle (JLL) and Eddisons Chartered Surveyors, who are not connected with the company.

Included within amounts due to related parties, is a £2,752,549 loan from Donlow Fininvest Limited which is secured on one of the investment properties. A further £1,500,000 charge has been assigned from Donlow Fininvest Limited but the loan has not been drawn down at the balance sheet date.

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 was unqualified.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

The company has taken advantage of the exemption available under section 1AC.35 of FRS 102, from disclosing transactions entered into between two or more wholly-owned members of the group.

During the year, the company was charged loan interest of £127,743 (2024: £nil) by Donlow Fininvest Limited. At the balance sheet date, the company owed £2,896,259 (2024: £nil) to Donlow Fininvest Limited. Included within this balance is £2,752,549 which is noted in note 8. The companies are related parties by virtue of their common directors.

During the year, the company was charged management charges of £88,962 (2024: £nil) to to Ancefin Property Management Limited. At the balance sheet date, the company owed £18,000 (2024: £nil) to Ancefin Property Management Limited, a company with common directors.

During the year, the company made a donation of £100,000 (2024: £nil) to The Puri Foundation, a charity where a trustee is also the ultimate beneficiary of the Clary Limited group.

The company is controlled by Clary Limited, a company incorporated on the Isle of Man. In the opinion of the directors, Clary Limited is the company's ultimate controlling party. Clary Limited is not required to produce consolidated financial statements.