Company registration number 10598219 (England and Wales)
P3P SELBY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
P3P SELBY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
P3P SELBY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
As restated
Notes
£
£
£
£
Non-current assets
Investment properties
4
1,691,535
2,723,000
Current assets
Trade and other receivables falling due after more than one year
6
2,495,787
2,637,792
Trade and other receivables falling due within one year
6
563,082
415,277
Cash and cash equivalents
31,900
31,939
3,090,769
3,085,008
Current liabilities
7
(6,089,114)
(3,216,576)
Net current liabilities
(2,998,345)
(131,568)
Total assets less current liabilities
(1,306,810)
2,591,432
Non-current liabilities
8
(151,845)
(3,001,169)
Provisions for liabilities
-
0
(3,000)
Net liabilities
(1,458,655)
(412,737)
Equity
Called up share capital
10
3
3
Retained earnings
(1,458,658)
(412,740)
Total equity
(1,458,655)
(412,737)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 March 2026 and are signed on its behalf by:
A Bartho
Director
Company Registration No. 10598219
P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

P3P Selby Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. At 31 March 2025, the company had net liabilities of £1,458,655 (2024: £412,737) and net current liabilities of £2,998,345 (2024: £131,568). In addition, after the year end, the company's existing loan arrangement became due for repayment.

The ultimate parent entity has signed heads of terms for a wider P3P group reorganisation which will facilitate the refinancing of the company’s existing debt. However, the finalisation of these arrangements is expected to take place after the date of approval of these financial statements.

The directors have prepared cash flow forecasts which indicate that the company will be able to meet its obligations as they fall due for at least 12 months from the date of approval of these financial statements, based on the continued support of the lender and the successful completion of the refinancing arrangements. Nevertheless, the timing and outcome of these negotiations represent a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

1.3
Revenue

Revenue consists of finance charges and rental income receivable and arises solely in the United Kingdom. Revenue is recognised on an accruals basis, reflecting the pattern in which the related services are provided and the economic benefits are earned.

Finance income is recognised over the term of the relevant agreements using the effective interest method, which allocates income to accounting periods in proportion to the outstanding balance and the rate implicit in the contract. Rental income is recognised on a straight‑line basis over the period of the lease or rental agreement, unless another systematic basis better reflects the provision of the underlying service.

Revenue is measured at the fair value of the consideration receivable, net of discounts, rebates, value added tax and other sales-related taxes.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
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 of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 include trade and other receivables and cash and bank balances, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 payables, bank loans and loans from fellow group companies, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

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

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases
As lessor

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

1.10

Leased assets

Assets leased to third parties are shown as current assets net of future finance charges receivable. Finance charges are allocated to accounting periods to give a constant periodic rate of return on the net cash investment in the lease in each period.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Classification of a finance lease

The principal judgement relates to determining which estate components are classified as finance leases. Although the company owns the entire estate complexes, the glasshouse structures are leased under long‑term agreements that transfer substantially all risks and rewards to the operators. These structures are therefore derecognised at lease inception, with only land and unleased components classified as investment property.

P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties

Investment properties are carried at fair value. Fair values are determined by an independent RICS‑registered valuer using a market‑based approach. The valuations rely on unobservable inputs, including per‑acre land values, comparable transactions, and site‑specific factors. Actual realisable values may differ from the valuations.

3
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Number
Number
Total
0
0

4
Investment property
2025
£
Fair value
At 1 April 2024
2,723,000
Revaluations
(1,031,465)
At 31 March 2025
1,691,535

As noted in Note 2, investment property comprises the company’s land interests on the horticultural estates leased out under operating leases. The value also includes any buildings on those sites that are not leased out under finance leases.

The company’s investment property portfolio undergoes valuation by an independent valuer in accordance with RICS Red Book standards. The directors have used the input from the valuer as a basis for assessing the fair value of the investment property at each reporting date.

The company has pledged the investment property to secure its bank loans by way of a fixed charge.

P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Finance lease receivables
2025
2024
Amounts receivable under finance leases:
£
£
Within 1 year
200,000
200,000
Years 2-5
800,000
800,000
After 5 years
2,133,334
2,333,334
Total undiscounted lease payments receivable
3,133,334
3,333,334
Unearned finance income
(495,542)
(556,698)
Present value of lease payments receivable
2,637,792
2,776,636
2025
2024
£
£
The present value is receivable as follows:
Within one year
142,005
138,844
In two to five years
601,107
587,722
In over five years
1,894,680
2,050,070
2,637,792
2,776,636

Finance lease receivables are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current assets
142,005
138,844
Non-current assets
2,495,787
2,637,792
2,637,792
2,776,636

P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Finance lease receivables
(Continued)
- 7 -

As noted in in Note 2, leased out buildings on the horticultural nursery estate are measured and recognised in these financial statements under Section 20 of FRS 102 (finance lease as lessors). Once determined as a finance lease at inception and on the assumption no change is made to the lease arrangement, the receivable is calculated as the net investment in a lease which is the gross investment in the lease (the aggregate of minimum lease payments and any unguaranteed residual value determined at inception) discounted at the interest rate implicit in the lease.

The latest valuation reports indicate several instances of strong increases in the underlying value of the leased-out properties. Under lease accounting rules, this uplift is not recognised in these financial statements. We note below the total property valuations for each of the leased out horticultural nursery sites alongside the carried forward figures as recognised in the financial statements for each site. The carried forward figures are split into land values, recognised as investment property, and leased out property values:

Land at 31 March 2025 £1,691,535

Leased out property at 31 March 2025 £2,637,792

External market valuation on whole site basis £7,000,000

Included within finance lease income is contingent rent received of £NIL (202 4: £20,092). Rentals are contingent on the movement in the retail price index.

6
Trade and other receivables
2025
2024
£
£
Amounts falling due within one year:
Trade receivables
421,074
276,430
Finance leases receivable
142,005
138,844
Other receivables
3
3
563,082
415,277
2025
2024
£
£
Amounts falling due after more than one year:
Finance leases receivable
2,495,787
2,637,792
Total debtors
3,058,869
3,053,069
P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
7
Current liabilities
2025
2024
£
£
As restated
Bank loans
2,870,347
153,061
Trade payables
5,340
28,800
Amounts owed to group undertakings
2,698,117
2,763,902
Taxation and social security
58,720
56,629
Deferred income
10,353
10,353
Accruals
446,237
203,831
6,089,114
3,216,576

The Company reviewed the presentation of its deferred income balances and determined that an amount previously shown within current liabilities relates to obligations not expected to be settled within 12 months. Accordingly, the prior‑year comparatives have been restated to reclassify £162,198 of deferred income from current to non‑current liabilities. This adjustment affects presentation only and has no impact on profit, net assets, or cash flows.

The bank loan, whether disclosed within current or non‑current liabilities, is secured by way of fixed and floating charges over the assets of the company.

Amounts owed to related parties are unsecured and repayable on demand.

Amounts due to P3P Finance Limited are classified as amounts owed to group undertakings. The balance is interest bearing at a rate of 10% per annum, unsecured and repayable on demand.

8
Non-current liabilities
2025
2024
£
£
As restated
Bank loans
-
0
2,838,971
Deferred Income
151,845
162,198
151,845
3,001,169
9
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
-
0
3,000
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Called up share capital
(Continued)
- 9 -

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Material uncertainty in relating to going concern

We draw attention to the going concern disclosure in Note 1.2 of the financial statements, which indicates that the company had net liabilities at 31 March 2025 and that the company's existing loan arrangement became due for repayment after the balance sheet date. As stated in Note 1.2, the ultimate parent entity has signed heads of terms for a wider group reorganisation which will facilitate the financing of the company's existing debt, but the finalisation of these arrangements had not been completed at the date of approval of the financial statements. These conditions, along with the other matters set out in Note 1.2, indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Aron Kleiman FCA
Statutory Auditor:
BKL Audit LLP
Date of audit report:
9 March 2026
12
Financial commitments, guarantees and contingent liabilities

In February 2025, P3P Selby Limited entered into a cross-guarantee in respect of a loan facility o f £1 3 m held by P3P Squirrel Field Limited, a fellow subsidiary. Subsequent to the year end, the loan was refinanced and the facility increased to £34m.

P3P Selby Limited is one of several entities to have provided a guarantee in respect of a bank loan amounting to £14m in total. Of the £14m loan, £2.9m was allocated to P3P Selby Limited. The other entities that are part of the cross guarantee are Teesside Growers Limited, P3P Brigg Lane Limited, P3P Europa Limited and Elloughton Glasshouses Limited. The guarantee and any other liabilities due to the bank are secured against the company's assets by way of a fixed and floating charge.

P3P SELBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
13
Related party transactions

The company has taken advantage of the exemption available in accordance with Section 1AC.35 of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

14
Parent company

During the year and prior year, the immediate parent undertaking was P3P Asset Holdings Limited, a company incorporated in England and Wales with registered office 1st Floor, 5 Fleet Place, London, United Kingdom, EC4M 7RD.

During the year and prior year, t he ultimate parent undertaking was P3P Partners LLP, a limited partnership incorporated in England and Wales with registered office 1st Floor, 5 Fleet Place, London, United Kingdom, EC4M 7RD. The results of P3P Selby Limited are included in the consolidated financial statements of P3P Partners LLP.

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