Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Apsley House Holdings Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

G Nock

R K Hyett

R Norstrom

O Plunkett

SECRETARY:

Mrs R Massoudi

REGISTERED OFFICE:

17 Grosvenor Street

London

London

W1K 4QG

REGISTERED NUMBER:

12079821 (England and Wales)

ACCOUNTANTS:

Williams & Co Epsom LLP

Chartered Accountants

8-10 South Street

Epsom

Surrey

KT18 7PF

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

G Nock

R K Hyett

R Norstrom

O Plunkett

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G Nock - Director

10 December 2025

FIXED ASSETS

Investments

4

50,000

50,000

CURRENT ASSETS

Debtors

5

11,500,000

11,500,000

NET CURRENT ASSETS

11,500,000

11,500,000

TOTAL ASSETS LESS CURRENT LIABILITIES

11,550,000

11,550,000

CREDITORS

Amounts falling due after more than one year

6

11,479,820

11,479,820

NET ASSETS

70,180

70,180

CAPITAL AND RESERVES

Called up share capital

7

70,180

70,180

SHAREHOLDERS' FUNDS

70,180

70,180

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

G Nock - Director

1.	STATUTORY INFORMATION

Apsley House Holdings 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

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

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

50,000

NET BOOK VALUE

At 31 March 2025

50,000

At 31 March 2024

50,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Apsley House Capital Plc

Registered office: 2nd Floor, 17 Grosvenor Street, London, W1K 4QG

Nature of business: Property development

%

Class of shares:

holding

Ordinary shares

100.00

2025

2024

£

£

Aggregate capital and reserves

(17,355,921

)

(15,026,070

)

Loss for the year

(2,329,851

)

(2,634,493

)

Although the balance sheet of the subsidiary shows a negative position the directors believe that the amount is fully recoverable as the asset values are in excess of the book value shown in the accounts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

11,500,000

11,500,000

The company has made a loan of £11,500,000 to its subsidiary, Apsley House Capital Plc. Although the balance sheet of the subsidiary shows a negative position the directors believe that the amount is fully recoverable as the asset values are in excess of the book value shown in the accounts.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

11,479,820

11,479,820

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

50,000

Ordinary

£1

50,000

50,000

20,180

A ordinary

£1

20,180

20,180

70,180

70,180

8.

RESERVES

Retained

earnings

£

Profit for the year

-

At 31 March 2025

-

9.	OTHER FINANCIAL COMMITMENTS

The company has entered into a number of Put & Call options to buy shares in the subsidiary. There is a commitment of £13,878,790 if these options were exercised at the year-end date, lowering to £3,381,250 over the next 3 years.