REGISTERED NUMBER: 06794921 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

FOR

PP ASSET MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

36,689,258

19,744,843

Investment property

6

11,076,193

11,076,193

47,765,451

30,821,036

CURRENT ASSETS

Debtors

7

59,300,803

55,437,766

Cash at bank

1,229,450

8,617,971

60,530,253

64,055,737

CREDITORS

Amounts falling due within one year

8

5,186,252

276,538

NET CURRENT ASSETS

55,344,001

63,779,199

TOTAL ASSETS LESS CURRENT LIABILITIES

103,109,452

94,600,235

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

103,109,352

94,600,135

SHAREHOLDERS' FUNDS

103,109,452

94,600,235

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 27 October 2025 and were signed by:

P Pels - Director

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.

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.

Investment in joint venture syndicates

The company has investment in a number of incorporated and unincorporated property joint venture syndicates. The investments are shown at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

8,644

Disposals

(8,321

)

At 31 December 2024

323

DEPRECIATION

At 1 January 2024

8,644

Eliminated on disposal

(8,321

)

At 31 December 2024

323

NET BOOK VALUE

At 31 December 2024

-

5.	FIXED ASSET INVESTMENTS

2024

2023

as restated

£

£

Shares in group undertakings

591

600

Participating interests

542

632

Other investments not loans

11,198,135

680,493

Other loans

25,489,990

19,063,118

36,689,258

19,744,843

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 2024

600

50

582

680,493

681,725

Additions

90

-

-

10,670,627

10,670,717

Disposals

(99

)

-

(90

)

(153,133

)

(153,322

)

Revaluations

-

-

-

148

148

At 31 December 2024

591

50

492

11,198,135

11,199,268

NET BOOK VALUE

At 31 December 2024

591

50

492

11,198,135

11,199,268

At 31 December 2023

600

50

582

680,493

681,725

Cost or valuation at 31 December 2024 is represented by:

Shares in

Interest

Interest

group

in joint

in

Other

undertakings

venture

associate

investments

Totals

£

£

£

£

£

Cost

591

50

492

11,198,135

11,199,268

Other

loans

£

At 1 January 2024

19,063,118

New in year

6,426,872

At 31 December 2024

25,489,990

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

11,076,193

NET BOOK VALUE

At 31 December 2024

11,076,193

At 31 December 2023

11,076,193

7.

DEBTORS

2024

2023

as restated

£

£

Amounts falling due within one year:

Trade debtors

12,461

73,926

Amounts owed by group undertakings

53,749,662

50,749,635

Amounts owed by joint ventures

3,278

1,571

Other debtors

4,333,164

3,483,772

58,098,565

54,308,904

Amounts falling due after more than one year:

Other debtors

1,202,238

1,128,862

Aggregate amounts

59,300,803

55,437,766

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts

5,000,000

-

Trade creditors

7,773

105,101

Amounts owed to group undertakings

5,662

-

Amounts owed to associates

450

450

Taxation and social security

27,637

36,214

Other creditors

144,730

134,773

5,186,252

276,538

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 2024 and 31 December 2023:

2024

2023

as restated

£

£

P Pels

Balance outstanding at start of year

71,260

(67,940

)

Amounts advanced

2,450,811

1,139,200

Amounts repaid

(500,000

)

(1,000,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,022,071

71,260

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.

Total amount due from related party as at the year end was £193,757 which is receivable from a company Philip Pels is a director but not part of the group.