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REGISTERED NUMBER: 05645555 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

PPCR ASSOCIATES LIMITED

| PPCR ASSOCIATES LIMITED (REGISTERED NUMBER: 05645555) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| PPCR ASSOCIATES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | R J Houston

| G P McCormick

| REGISTERED OFFICE: | 80-83 Long Lane

| London

| EC1A 9ET

| REGISTERED NUMBER: | 05645555 (England and Wales)

| INDEPENDENT AUDITORS: | Clemence Hoar Cummings

| Chartered Accountants and Statutory Auditor

| Riverside House

| 1-5 Como Street

| Romford

| Essex

| RM7 7DN

| PPCR ASSOCIATES LIMITED (REGISTERED NUMBER: 05645555) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 1,774 |  | 2,255 |  |

1,774 |  | 2,255 |  |

CURRENT ASSETS

Debtors | 6 | 68,379 |  | 91,475 |  |

Cash at bank and in hand | 42 |  | 46 |  |

68,421 |  | 91,521 |  |

CREDITORS

Amounts falling due within one year | 7 | 68,834 |  | 77,604 |  |

NET CURRENT (LIABILITIES)/ASSETS | (413 | ) | 13,917 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,361 |  | 16,172 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (1,800 | ) |

PROVISIONS FOR LIABILITIES | (296 | ) | (378 | ) |

NET ASSETS | 1,065 |  | 13,994 |  |

CAPITAL AND RESERVES

Called up share capital | 766,000 |  | 766,000 |  |

Retained earnings | (764,935 | ) | (752,006 | ) |

SHAREHOLDERS' FUNDS | 1,065 |  | 13,994 |  |

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 17 December 2025 and were signed on its behalf by:

D P Innes - Director

| PPCR ASSOCIATES LIMITED (REGISTERED NUMBER: 05645555) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| PPCR Associates 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Turnover

| Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been fully amortised over its estimated useful life of ten years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| 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 | - | 50% on cost

| Computer equipment | - | 25% on reducing balance

| Financial instruments

| 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 its financial instruments.

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which includes trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| PPCR ASSOCIATES LIMITED (REGISTERED NUMBER: 05645555) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

| Classification of financial liabilities

| 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

| Basic financial liabilities, including trade and other creditors and preference shares classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

| Equity Instruments

| Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| 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.

| PPCR ASSOCIATES LIMITED (REGISTERED NUMBER: 05645555) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| 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 financial statements have been prepared on a going concern basis. Management has assessed the company’s ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 779,360 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 779,360 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

| PPCR ASSOCIATES LIMITED (REGISTERED NUMBER: 05645555) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS

| Plant and |  | Computer |

| machinery |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 407 |  | 8,271 |  | 8,678 |  |

| Additions | - |  | 1,009 |  | 1,009 |  |

| Disposals | - |  | (6,274 | ) | (6,274 | ) |

| At 31 March 2025 | 407 |  | 3,006 |  | 3,413 |  |

| DEPRECIATION

| At 1 April 2024 | 406 |  | 6,017 |  | 6,423 |  |

| Charge for year | - |  | 816 |  | 816 |  |

| Eliminated on disposal | - |  | (5,600 | ) | (5,600 | ) |

| At 31 March 2025 | 406 |  | 1,233 |  | 1,639 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1 |  | 1,773 |  | 1,774 |  |

| At 31 March 2024 | 1 |  | 2,254 |  | 2,255 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 58,826 |  | 89,481 |  |

| Amounts recoverable on contract | 9,239 |  | - |  |

| Other debtors | 314 |  | 1,994 |  |

68,379 |  | 91,475 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 10,521 |  | 5,292 |  |

| Trade creditors | 20,549 |  | 41,409 |  |

| Amounts owed to group undertakings | - |  | 1,700 |  |

| Taxation and social security | 19,873 |  | 22,765 |  |

| Other creditors | 17,891 |  | 6,438 |  |

68,834 |  | 77,604 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other creditors | - |  | 1,800 |  |

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

| The Report of the Auditors was unqualified.

| Kevin Perkins FCA CTA (Senior Statutory Auditor)

| for and on behalf of Clemence Hoar Cummings

| PPCR ASSOCIATES LIMITED (REGISTERED NUMBER: 05645555) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | RELATED PARTY DISCLOSURES

| As at 31 March 2025 PPCR Associates Limited owed N-Able Holdings Limited £Nil (2024: £1,700). N-Able Holdings Limited is the ultimate parent company.

11. | ULTIMATE PARENT COMPANY

| Until 21 January 2025, the immediate parent company of PPCR Associates Limited was N-Able Property Services Limited, which held 55% of the ordinary share capital of the company.

| The ultimate parent undertaking and controlling party, until that date was N-Able Holdings Limited, which owns 100% of the ordinary share capital of N-Able Property Services Limited.

| The ultimate controlling party from that 21 January 2025 is R Houston, director, by virtue of his 100% holding of the ordinary share capital