Silverfin false false 31/12/2024 01/01/2024 31/12/2024 S J Jackaman 02/09/2025 05/06/2024 A Prashkovsky Borkin 19/09/2025 28/03/2025 I Prashkovsky 19/09/2025 I Prashkovsky 05/06/2024 06/01/2021 23 February 2026 The principal activity of the company is that of commercial property investment. 13116184 2024-12-31 13116184 bus:Director1 2024-12-31 13116184 bus:Director2 2024-12-31 13116184 bus:Director3 2024-12-31 13116184 bus:Director4 2024-12-31 13116184 2023-12-31 13116184 core:CurrentFinancialInstruments 2024-12-31 13116184 core:CurrentFinancialInstruments 2023-12-31 13116184 core:Non-currentFinancialInstruments 2024-12-31 13116184 core:Non-currentFinancialInstruments 2023-12-31 13116184 core:ShareCapital 2024-12-31 13116184 core:ShareCapital 2023-12-31 13116184 core:RetainedEarningsAccumulatedLosses 2024-12-31 13116184 core:RetainedEarningsAccumulatedLosses 2023-12-31 13116184 core:CurrentFinancialInstruments core:Secured 2024-12-31 13116184 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-12-31 13116184 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 13116184 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2024-12-31 13116184 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-12-31 13116184 bus:OrdinaryShareClass1 2024-12-31 13116184 2024-01-01 2024-12-31 13116184 bus:FilletedAccounts 2024-01-01 2024-12-31 13116184 bus:SmallEntities 2024-01-01 2024-12-31 13116184 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 13116184 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13116184 bus:Director1 2024-01-01 2024-12-31 13116184 bus:Director2 2024-01-01 2024-12-31 13116184 bus:Director3 2024-01-01 2024-12-31 13116184 bus:Director4 2024-01-01 2024-12-31 13116184 2023-01-01 2023-12-31 13116184 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 13116184 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13116184 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13116184 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13116184 (England and Wales)

# PPNO LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PPNO LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PPNO LIMITED

## BALANCE SHEET

As at 31 December 2024
PPNO LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Investment property | 3 | 4,500,000 |  | 4,800,000
|  | 4,500,000 |  | 4,800,000
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 4 | 319,645 |  | 439,130
- due after more than one year | 4 | 0 |  | 110,039
Cash at bank and in hand |  | 244 |  | 2
|  | 319,889 |  | 549,171
Creditors: amounts falling due within one year | 5 | ( 2,803,878) |  | ( 3,299,267)
Net current liabilities |  | (2,483,989) |  | (2,750,096)
Total assets less current liabilities |  | 2,016,011 |  | 2,049,904
Creditors: amounts falling due after more than one year | 6 | ( 3,045,722) |  | ( 2,614,315)
Provision for liabilities |  | ( 104,605) |  | 0
Net liabilities |  | ( 1,134,316) |  | ( 564,411)
Capital and reserves |  |  |  |
Called-up share capital | 7 | 100 |  | 100
Profit and loss account |  | ( 1,134,416 ) |  | ( 564,511 )
Total shareholder's deficit |  | ( 1,134,316) |  | ( 564,411)

Included within profit and loss account is a loss of £704,013 (2023: loss of £479,013) which relates to unrealised gains and losses, on investment properties, net of the associated deferred tax where applicable.

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of PPNO Limited (registered number: 13116184) were approved and authorised for issue by the Director on 23 February 2026. They were signed on its behalf by:

I Prashkovsky Director |

PPNO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PPNO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

PPNO Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Elscot House, Arcadia Avenue, London, N3 2JU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
These financial statements for the year ended 31 December 2024 are the first financial statements of the Company prepared in accordance with FRS 102 section 1A. The date of transition to FRS 102 section 1A was 1 January 2024. The transition to FRS 102 section 1A has not impacted on the Company's reported financial position or profit or loss.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:
The company meets its day to day working capital requirements from operational cashflows, related party loans and intercompany balances with the group headed by PRMO Holdings UK Ltd.
PRMO Holdings UK Ltd and its shareholders have indicated their intention to continue to make available such funds as are needed by the company, and that they do not intend to seek repayment of the amounts currently due, during the going concern assessment period. As with any company placing reliance on other entities for financial support, the director acknowledges that there can be no certainty that this support will continue. However, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

##### Turnover

Revenue from letting of property is recognised on a straight-line basis over the term of the relevant lease. Revenue from the sale of property is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### Cash and cash equivalents

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.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 0 |  | 0

#### 3. Investment property

| Investment property
| £
Valuation |
As at 01 January 2024 | 4,800,000
Fair value movement | (300,000)
As at 31 December 2024 | 4,500,000

Valuation

A full market valuation of investment property was completed by Colliers at the Balance Sheet date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the Group’s residential investment property at 31 December 2024 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.
For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2024 |  | 2023
| £ |  | £
Historic cost | 5,414,684 |  | 5,414,684

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 0 |  | 114,750
Amounts owed by Group undertakings | 140,070 |  | 123,223
Prepayments | 6,617 |  | 5,249
Other debtors | 172,958 |  | 195,908
| 319,645 |  | 439,130
Debtors: amounts falling due after more than one year |  |  |
Deferred tax asset | 0 |  | 110,039

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans (secured) | 21,000 |  | 3,101,168
Trade creditors | 0 |  | 950
Amounts owed to Group undertakings | 9,614 |  | 9,614
Amounts owed to related parties | 2,650,448 |  | 0
Accruals and deferred income | 122,816 |  | 187,535
| 2,803,878 |  | 3,299,267

#### 6. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Bank loans (secured) | 3,045,722 |  | 0
Amounts owed to related parties | 0 |  | 2,614,315
| 3,045,722 |  | 2,614,315

Bank loans are secure against all the assets of the company (including without limitation a legal charge over the Investment Property and an assignment of all rental income generated by it).

#### 7. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 8. Related party transactions

Transactions with owners holding a participating interest in the entity

At the year end the company owed Arie Prashkovsky Group Ltd, a 37.5% group company, £993,929 (2023: £980,413). Interest is charged at 6.5% per annum. The loan and interest repayment dates are 1
May 2025.
At the year end the company owed Massad-Oz Investments Ltd, a 12.5% group company, £331,132 (2023: £326,607). Interest is charged at 6.5% per annum. The loan and interest repayment dates are 1
May 2025.
At the year end the company owed Caesarea Medical Electronics Holding (2000) Ltd, a 50% shareholder, £1,325,387 (2023: £1,307,295). Interest is charged at 6.5% per annum. The loan and interest repayment dates are 1 May 2025.
During the year, management services were provided to the company by UK OK Limited of £24,000 (2023: £26,200). Mr I Prashkovsky, who served as a director during the year, is also a director of UK OK
Limited.

#### 9. Events after the Balance Sheet date

Following the year end, the Group provisionally agreed with Bank Leumi to further amend and restate the facility. The proposed amendments include an increase in amortisation of the facility from £26,190 per quarter to amortisation in the region of £70,000 per quarter. The company share of this amortisation will remain at £5,250 per quarter. It has also been proposed that the debt service cover ratio is amended to 1:1.20 and is calculated on a rolling 3 month look back contracted rent basis. A further debt service cover ratio based on 3 month look forward passing rent set at a ratio of 1:1 has also been proposed.
Following the year end, the related party loans from shareholders were also amended to extend the repayment dates to November 1, 2026.

#### 10. Ultimate controlling party

Parent Company:

PRMO Holdings UK Ltd
Elscot House, Arcadia Avenue, London, United Kingdom, N3 2JU