REGISTERED NUMBER: 07916785 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

ARPEGGIO PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S P Berrill

P Olson

REGISTERED OFFICE:

Cotton Court Business Centre

Cotton Court, Church Street

Preston

Lancashire

PR1 3BY

REGISTERED NUMBER:

07916785 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Woodburn

AUDITORS:

Wallwork Nelson & Johnson

Chartered Accountants & Statutory Auditors

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

SOLICITORS:

Napthens

47 Hoghton Street

Southport

PR9 0PQ

FIXED ASSETS

Tangible assets

5

3,432,080

3,355,029

Investments

6

16,700,000

14,750,000

20,132,080

18,105,029

CURRENT ASSETS

Debtors

7

5,785,857

2,840,247

Cash at bank

389,842

729,597

6,175,699

3,569,844

CREDITORS

Amounts falling due within one year

8

1,849,626

834,537

NET CURRENT ASSETS

4,326,073

2,735,307

TOTAL ASSETS LESS CURRENT LIABILITIES

24,458,153

20,840,336

CREDITORS

Amounts falling due after more than one year

9

(5,419,295

)

(1,894,295

)

PROVISIONS FOR LIABILITIES

(1,060

)

(410

)

NET ASSETS

19,037,798

18,945,631

RESERVES

Income and expenditure account

19,037,798

18,945,631

19,037,798

18,945,631

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

P Olson - Director

1.	STATUTORY INFORMATION

Arpeggio Properties Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

Arpeggio Properties Limited constitutes a public benefit entity as defined by FRS 102.

2.	STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2014, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the registered provider, and rounded to the nearest pound.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Turnover

Revenue comprises of monies received in lieu of ground rents relating to its freehold property portfolio and rental income on all other property as follows:

Income from Social lettings £542,137 (2024: £464,075)

Income from Ocean House £1,441,738 (2024: £1,305,303)

Income from Birmingham portfolio £161,342 (2024: £278,611)

Income from Bedford portfolio £3,488,287 (2024: £2,588,036)

Income from Daimler portfolio £5,006,469 (2024: £2,504,050)

Income from Primrose portfolio £2,896,598 (2024: £1,053,000)

Income from Northern portfolio £133,444 (2024: £Nil)

Operating costs

Operating costs relate to operating expenditure and professional fees.

Housing properties for letting

Housing properties are principally properties available for rent and are stated at deemed cost being the fair value as at 31 March 2015 less depreciation.

Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised.

Depreciation of housing properties for letting

The company separately identifies the major components of its housing properties and charges depreciation so as to write down the cost of each component, on a straight line basis, over its estimated useful economic life. Depreciation is not charged in the year of acquisition and freehold land is not depreciated.

The useful economic lives for the identified components are as follows:

Component

UEL

Kitchens

20

Bathrooms

20

Roofs

45

Windows

30

Boilers

15

Fire safety systems

20

Impairment

Housing properties are reviewed for impairment if there is an indication that impairment may have occurred. Where there is evidence of impairment, assets are written down to their recoverable amount. Any such write down is charged to operating surplus.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.

Computer equipment - 33.33% on cost

The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of financial position date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of twelve months after the date on which the financial statements are signed. For this reason, they continue to adopt the going concern basis in the financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

3,823,357

Additions

128,239

At 31 March 2025

3,951,596

DEPRECIATION

At 1 April 2024

468,328

Charge for year

51,188

At 31 March 2025

519,516

NET BOOK VALUE

At 31 March 2025

3,432,080

At 31 March 2024

3,355,029

The property portfolio was valued by Bruton Knowles during a previous financial year ended 31 March 2023 and the directors believe the valuation provided by Bruton Knowles at £10.4m to still be appropriate.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2024

14,750,000

Additions

1,950,000

At 31 March 2025

16,700,000

NET BOOK VALUE

At 31 March 2025

16,700,000

At 31 March 2024

14,750,000

The fixed asset investments are made up of £6.75 million preference shares in Sands Investments Limited, £8 million preference shares in Pebbles Real Estate Limited and £1.95 million preference shares in Abingdon Capital Limited.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

4,664,186

2,200,282

Other debtors

1,121,671

639,965

5,785,857

2,840,247

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

-

1,749

Taxation and social security

55,571

50,621

Other creditors

1,794,055

782,167

1,849,626

834,537

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans

5,191,000

1,666,000

Other creditors

228,295

228,295

5,419,295

1,894,295

There were fixed and floating charges for all properties and intangible assets, registered at Companies House on 27 September 2024 relating to the loans provided by both Funding 365 Mortgages Limited and Funding 365 Property Limited.

The previous charges were satisfied on 14 October 2024.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/25

31/3/24

£

£

Bank loans

5,191,000

1,666,000

The bank loans are secured by charges referred to at Note 9.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Woodburn (Senior Statutory Auditor)

for and on behalf of Wallwork Nelson & Johnson

12.	CONTINGENT LIABILITIES

As at 31 March 2025 there was £2.3m of government grant funding attached to the 99 housing properties received from another social landlord. The grant will become payable to the Homes and Communities Agency if the assets are ever sold out of the social housing sector.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company did not pay consultancy fees to any directors (2024: £21,600). There are no related balances included within Creditors due within one year (2024: £10,800).

14.	LIMITED BY GUARANTEE

The company is incorporated as a company limited by guarantee having no share capital, in accordance with the Memorandum of Association, the members of the company are liable to contribute up to £1 each in the event of the company being wound up.

15.	ACCOMODATION OWNED AND IN MANAGEMENT

2025

2024

No

No

General needs rental

99

99

Supported Housing

106

106

Other

467

467

Total housing stock managed by another body

672

672