Company registration number 05743551 (England and Wales)
PROPERTY CAPITAL PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PROPERTY CAPITAL PLC
COMPANY INFORMATION
Directors
J S Hennessey
R S Lever
M Hennessey
Secretary
P J Bibby
Company number
05743551
Registered office
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Business address
Ascot House
51 Water Street
Radcliffe
Manchester
M26 3DE
Bankers
Santander UK
Bridle Road
Bootle
Merseyside
L30 4GB
PROPERTY CAPITAL PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
PROPERTY CAPITAL PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Fair review of the business

Property Capital PLC is primarily a land trading company which identifies market opportunities to enhance the value of land through various strategic methods including improved planning, remediation and promotion.

Funding is a mixture of shareholder support together with existing generated income.

The d irectors are pleased with the current years performance and the c ompany will continue to reinvest in new opportunities.

Principal risks and uncertainties

The company uses various financial instruments including loans and various other items, such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The directors review and agree policies for managing these risks. These policies have remained unchanged from previous years.

Market risk

Whilst there are short-term uncertainties within the market place due top inflation, interest rises and the Ukraine war, the Board are of the opinion that there is still as severe shortage in the number of new houses being built to meet market demand and population growth, we therefore continue to seek out opportunities that will supplement growth in a controlled manner and have faith in the market place in the medium term.

Liquidity r isk

The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Interest rate risk

The company finances its operations through a combination of retained profits and loans. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

Key performance indicators

The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. T he principal measures include net assets and fundamentally the performance and financial position of its trading subsidiary. These are reviewed by the management team and reported to the Board on a monthly basis.

The Directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.

The main KPI’s and corresponding results are as follows:

|  |  |  | 2025 |  | 2024
Profit after tax for the year |  | £1.4 m |  | £0.3 m
Net current assets |  |  | £2.4 m |  | £1.1m
Net assets |  |  |  | £1.9 m |  | £0.5m

The company objectives continue to be to maximise the long-term value of the assets under our control and enhance future revenue streams.

Future developments

We are currently negotiating several potential long term projects.

PROPERTY CAPITAL PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

On behalf of the board

J S Hennessey
Director
25 March 2026
PROPERTY CAPITAL PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company is that of property development and land trading.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J S Hennessey
R S Lever
M Hennessey
Future developments

Details of the Company’s future developments are outlined in the Strategic Report.

Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROPERTY CAPITAL PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J S Hennessey
Director
25 March 2026
PROPERTY CAPITAL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROPERTY CAPITAL PLC
- 5 -
Opinion

We have audited the financial statements of Property Capital Plc (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PROPERTY CAPITAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROPERTY CAPITAL PLC
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to health and safety, employment laws and data protection.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

PROPERTY CAPITAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROPERTY CAPITAL PLC
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

- Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

- Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Hesketh
Senior Statutory Auditor
For and on behalf of Sumer Auditco Limited
25 March 2026
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
PROPERTY CAPITAL PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
6,826,869
127,735
Cost of sales
(4,529,126)
(186,036)
Gross profit/(loss)
2,297,743
(58,301)
Administrative expenses
(525,425)
(302,758)
Other operating income
40,000
1,493
Operating profit/(loss)
4
1,812,318
(359,566)
Interest payable and similar expenses
8
(37,236)
700,701
Profit before taxation
1,775,082
341,135
Tax on profit
9
(361,682)
35
Profit for the financial year
1,413,400
341,170

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROPERTY CAPITAL PLC
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
314
418
Current assets
Stocks
11
664,396
2,290,367
Debtors
12
3,172,691
3,282,104
Cash at bank and in hand
22,039
15,671
3,859,126
5,588,142
Creditors: amounts falling due within one year
13
(1,489,534)
(4,530,139)
Net current assets
2,369,592
1,058,003
Total assets less current liabilities
2,369,906
1,058,421
Creditors: amounts falling due after more than one year
14
(481,574)
(583,464)
Provisions for liabilities
Deferred tax liability
16
79
104
(79)
(104)
Net assets
1,888,253
474,853
Capital and reserves
Called up share capital
18
50,000
50,000
Profit and loss reserves
1,838,253
424,853
Total equity
1,888,253
474,853
The financial statements were approved by the board of directors and authorised for issue on 25 March 2026 and are signed on its behalf by:
J S Hennessey
Director
Company registration number 05743551 (England and Wales)
PROPERTY CAPITAL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2023
50,000
83,683
133,683
Year ended 30 September 2024:
Profit and total comprehensive income
-
341,170
341,170
Balance at 30 September 2024
50,000
424,853
474,853
Year ended 30 September 2025:
Profit and total comprehensive income
-
1,413,400
1,413,400
Balance at 30 September 2025
50,000
1,838,253
1,888,253
PROPERTY CAPITAL PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
176,545
(1,607,141)
Interest paid
(37,236)
700,701
Income taxes paid
-
0
(189,877)
Net cash inflow/(outflow) from operating activities
139,309
(1,096,317)
Financing activities
Injection of borrowings
-
0
750,000
Repayment of borrowings
(122,941)
-
0
Repayment of bank loans
(10,000)
(9,995)
Net cash (used in)/generated from financing activities
(132,941)
740,005
Net increase/(decrease) in cash and cash equivalents
6,368
(356,312)
Cash and cash equivalents at beginning of year
15,671
371,983
Cash and cash equivalents at end of year
22,039
15,671
PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
1
Accounting policies
Company information

Property Capital Plc is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, Unit 5B, The Parklands, Bolton, BL6 4SD.

1.1
Basis of preparation

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. The disclosure requirements 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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true

During the year the company completed a large contract. At the reporting date, the company had a strong balance sheet position. In addition, the company continues to receive support from its shareholders, which has been confirmed in writing.

Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Over the life of the lease
Fixtures, fittings & equipment
25% p.a. reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 balance sheet 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 debtors 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.

PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the 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 and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the 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 creditors, bank loans, loans from fellow group companies and preference shares that are classified 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.8
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.

1.9
Taxation

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

PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

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 profit and loss account, 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.13

Work in Progress

Work in progress is stated at the lower of cost and net realisable value. Cost comprises direct labour and, where appropriate, attributable overheads incurred in bringing the work to its present stage of completion. Net realisable value represents the estimated recoverable value of the work, after allowing for costs to complete and bill.

Work in progress is reviewed at each reporting date for impairment. Where there is uncertainty over recoverability, appropriate write-downs are made to reflect the amounts expected to be realised. Any such adjustments are recognised in profit or loss.

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.

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.

Accruals

The accruals balance is largely driven by the accrual of a loan arrangement fee. The entity has historically recognised this balance.

At the year-end, the loan arrangement fee accrual was £739,412 (2024: £739,412). The residual balance of accruals are calculated based on supporting evidence.

Refer to note 13 for the creditors balance that is impacted by this key estimate.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Project income
6,826,869
127,735
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
104
139
Cost of stocks recognised as an expense
4,529,126
186,036
Operating lease charges
30,200
32,700
PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 17 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
13,000
6
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2025
2024
Number
Number
Average employees
2
2

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
106,800
135,442
Social security costs
13,373
16,230
Pension costs
8,633
49,856
128,806
201,528
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
94,800
108,800
Company pension contributions to defined contribution schemes
8,460
49,230
103,260
158,030
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
302
559
Other interest on financial liabilities
36,934
13,356
37,236
13,915
Other finance costs:
Other interest
-
0
(714,616)
37,236
(700,701)
PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 18 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
361,707
-
0
Deferred tax
Origination and reversal of timing differences
(25)
(35)
Total tax charge/(credit)
361,682
(35)

2025
2024
£
£
Profit before taxation
1,775,082
341,135
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
443,771
85,284
Tax effect of expenses that are not deductible in determining taxable profit
8,265
6,320
Tax effect of income not taxable in determining taxable profit
-
0
(178,654)
Tax effect of utilisation of tax losses not previously recognised
(90,354)
-
0
Unutilised tax losses carried forward
-
0
87,015
Taxation charge/(credit) for the year
361,682
(35)

10
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 October 2024 and 30 September 2025
884,657
8,008
892,665
Depreciation and impairment
At 1 October 2024
884,657
7,590
892,247
Depreciation charged in the year
-
0
104
104
At 30 September 2025
884,657
7,694
892,351
Carrying amount
At 30 September 2025
-
0
314
314
At 30 September 2024
-
0
418
418
PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
11
Stocks
2025
2024
£
£
Work in progress
664,396
2,290,367
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
504,797
454,936
Other debtors
2,654,275
2,816,045
Prepayments and accrued income
13,619
11,123
3,172,691
3,282,104
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
6,695
10,000
Other borrowings
15
145,485
173,231
Trade creditors
30,131
93,086
Corporation tax
361,721
14
Other taxation and social security
1,425
-
0
Other creditors
89,495
96,292
Accruals and deferred income
854,582
4,157,516
1,489,534
4,530,139
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
15
-
0
6,695
Other borrowings
15
481,574
576,769
481,574
583,464
PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
15
Loans and overdrafts
2025
2024
£
£
Bank loans
6,695
16,695
Other loans
627,059
750,000
633,754
766,695
Payable within one year
152,180
183,231
Payable after one year
481,574
583,464

The loan borrowings are secured by a charge over a property included within the company’s work in progress at the reporting date.

The bank loan of £6,695 (2024: £16,695) relates to a Bounce Back Loan. The loan is repayable over 60 months and is due to expire on 31 May 2026. Interest is charged at a fixed rate of 2.5% per annum.

The other loans balance of £627,059 (2024: £750,000) relates to an Options Loan. The loan is repayable over 60 months and is due to expire on 31 May 2029. Interest is charged at a rate of 5% per annum.

16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
79
104
2025
Movements in the year:
£
Liability at 1 October 2024
104
Credit to profit or loss
(25)
Liability at 30 September 2025
79

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.

PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 21 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,633
49,856

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1 each
50,000
50,000
50,000
50,000
19
Financial commitments, guarantees and contingent liabilities

The company has provided a guarantee to a connected party, Ascot Homes (D’Urton) Limited, in favour of Home England in respect of project cost overruns, should they ultimately occur.

The guarantee covers an amount of £1,557,386 at the reporting date.

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
20,000
20,000
Between two and five years
5,000
25,000
25,000
45,000
PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
21
Related party transactions

At the year end, t here were accrued fees due to J S Hennessey of £739,412 (202 4: £739,412).

Included within debtors amounts falling due within one year is £Nil (202 4: £203,697) owed from Earth Exchange UK Limited, a related party by virtue of common directorship. This balance is unsecured, non-interest bearing and repayable on demand. This balance has been provided for in full as no recovery is expected.

Included within debtors amounts falling due within one year is £504,797 (202 4: £454,936) owed from Ensco 2020 Limited, the parent company. This balance is unsecured, non-interest bearing and repayable on demand.

Included within debtors amounts falling due within one year is £2,654,000 (2024: £2,586,264) owed from Ascot Homes (D'Urton) Limited, a related party by virtue of common control. During the period sales were made to Ascot Homes (D'Urton) L imited of £7,147 (202 4: £13,925). This balance is unsecured, non-interest bearing and repayable on demand.

Included within creditors amounts falling due within one year is £nil (202 4: £80,178) owed to Nationwide Building & Civils L td, a related party by virtue of common control. During the period sales were made to Nationwide Building & Civils L td of £90,000 (202 4: £110,000), and purchases made from Nationwide Buiding & Civils Ltd of £103,200 (2024: £277,820). This balance is unsecured, non-interest bearing and repayable on demand.

Included within creditors amounts falling due within one year is £80,000 (2024: £nil) owed to Scothold Ltd, a related party by virtue of common control. This balance is unsecured, non-interest bearing and repayable on demand.

During the period sales of £6,000 (202 4: £nil) were made to Henmort Developments Limited, a related party by virtue of common control.

During the period the company also paid rent of £20,000 (202 4: 25,000) into the director's pension fund. Sales were made to the pension fund during the period of £91,750, being in relation to services provided on land owned by the pension fund. The balance outstanding at the year end was £5,561 (202 4: £12,381) and is included within other creditors. This balance is unsecured, non-interest bearing and repayable on demand.

Also at the year end, a loan from the pension fund with a balance of £627,059 (2024: £750,000) is recorded within creditors. The borrowings are secured by a charge over a pro perty within the company’s year end work in progress balance.

22
Control

The ultimate parent company is Ensco 2020 Limited, a company registered in England and Wales. J S Hennessey is deemed to be the ultimate controlling party by virtue of his shareholding in Ensco 2020 Limited.

PROPERTY CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
23
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit after taxation
1,413,400
341,170
Adjustments for:
Taxation charged/(credited)
361,682
(35)
Finance costs
37,236
(700,701)
Depreciation and impairment of tangible fixed assets
104
139
Movements in working capital:
Decrease/(increase) in stocks
1,625,971
(1,088,979)
Decrease in debtors
109,413
439,157
Decrease in creditors
(3,371,261)
(597,892)
Cash generated from/(absorbed by) operations
176,545
(1,607,141)
24
Analysis of changes in net debt
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
15,671
6,368
22,039
Borrowings excluding overdrafts
(766,695)
132,941
(633,754)
(751,024)
139,309
(611,715)
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