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Registered number: 12115259 SQUARE APE LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SQUARE APE LTD CONTENTS
| Page
Company information | 1
Consolidated balance sheet | 2
Company balance sheet | 3
Notes to the financial statements | 4 - 17
SQUARE APE LTD COMPANY INFORMATION
Directors | K Chakkaphak
| A K Y Cheng
| A K B Cheng
| P Chakkaphak
Registered number | 12115259
Registered office | 66 Lincoln's Inn Fields
| London
| WC2A 3LH
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:12115259
SQUARE APE LTD CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 1,306,175 |  | 164,542
Investment property | 7 |  | 243,650,000 |  | 239,000,000
|  |  | 244,956,175 |  | 239,164,542
Current assets |  |  |  |  |
Debtors due after more than 1 year | 8 | 2,764,698 |  | 2,655,127 |
Debtors due within 1 year | 8 | 5,416,989 |  | 6,386,787 |
Cash at bank and in hand |  | 2,398,603 |  | 5,726,848 |
|  | 10,580,290 |  | 14,768,762 |
Creditors: amounts falling due within one year | 9 | (3,459,795) |  | (4,760,284) |
Net current assets |  |  | 7,120,495 |  | 10,008,478
Net assets |  |  | 252,076,670 |  | 249,173,020
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 283,000,002 |  | 283,000,002
Fair value reserve | 12 |  | (36,096,084) |  | (38,535,759)
Profit and loss account | 12 |  | 5,172,752 |  | 4,708,777
Total equity |  |  | 252,076,670 |  | 249,173,020
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K Chakkaphak | A K Y Cheng
Director | Director
Date: 23 March 2026 |
The notes on pages 4 to 17 form part of these financial statements. Page 2
|  | REGISTERED NUMBER:12115259
SQUARE APE LTD COMPANY BALANCE SHEET AS AT 31 MARCH 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 1,289,961 |  | 147,721
Investments | 6 |  | 61,086,535 |  | 200
Investment property | 7 |  | 174,050,000 |  | 170,700,000
|  |  | 236,426,496 |  | 170,847,921
Current assets |  |  |  |  |
Debtors due after more than 1 year | 8 | 23,748,923 |  | 1,271,262 |
Debtors due within 1 year | 8 | 4,736,385 |  | 88,873,272 |
Cash at bank and in hand |  | 1,669,447 |  | 3,752,094 |
|  | 30,154,755 |  | 93,896,628 |
Creditors: amounts falling due within one year | 9 | (3,031,597) |  | (4,123,339) |
Net current assets |  |  | 27,123,158 |  | 89,773,289
Net assets |  |  | 263,549,654 |  | 260,621,210
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 283,000,002 |  | 283,000,002
Fair value reserve | 12 |  | (23,630,501) |  | (24,770,176)
Profit and loss account | 12 |  | 4,180,153 |  | 2,391,384
Total equity |  |  | 263,549,654 |  | 260,621,210
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K Chakkaphak | A K Y Cheng
Director | Director
Date: 23 March 2026 |
The notes on pages 4 to 17 form part of these financial statements. Page 3
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Square APE Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
| 2.3 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.4 | Prior year adjustment
During the year, the directors reviewed the presentation of amounts held by property managing agents. In the previous years these balances were included within cash at bank. The directors concluded that, because the accounts are not held in the company’s name and are controlled by the managing agents, the balances are more appropriately presented within debtors. Accordingly the comparative figures have been restated to reclassify £768,478 from cash at bank and in hand to debtors. The corresponding balance for 2023 of £1,227,428 has also been reclassified on the same basis. This reclassification has no impact on profit for either year, net assets or shareholders’ funds. Page 4
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Turnover
Turnover comprises rental income, and other recoveries from tenants of the group's investment property. Rental income is recognised on an accrual basis in the period in which it is earned, in accordance with the terms of the lease.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Page 5
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | over 4 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are reported in the profit and loss account and transferred at the year end to the fair value reserve. Investment property is held to earn rentals and/or for capital appreciation and, as such, gains and losses on investment property arising on fair value accounting are unrealised.
| 2.11 | Fixed asset investments
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiaries are measured at cost, adjusted for capital contributions arising from the accounting treatment of long term, interest free loans made by the Company to its subsidiaries. Further information is provided in Note 14 of these financial statements.
| 2.12 | Cash at bank and in hand
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.13 | Financial instruments
The Group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the Group becomes 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 Group after deducting all of its liabilities. The Group’s policies for its major classes of financial assets and financial liabilities are set out below. Page 6
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Group would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 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. Page 7
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.14 | Provisions for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
| 2.15 | Share capital
Ordinary shares are classified as equity.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 8
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.17 | Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 9
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods. Valuation of investment properties The group revalue its investment property to fair value based on advice from independent expert valuers. See Note 7 for details of this valuation. Recoverability of amounts owed by group undertakings Amounts owed by group undertakings are assessed for recoverability based on the financial position and performance of the respective group entities, as well as the terms and conditions of the amounts owed. Intercompany Loans Long-term intercompany loans are stated at present value where repayment is not expected in the short term. A discount rate, determined by the directors based on estimated market conditions, is applied to reflect the time value of money. The discount is unwound over time through the profit and loss account as finance income or finance expense, as appropriate. The use of a discount rate involves the application of judgement and is considered a key accounting estimate.
4. | Employees
| The average monthly number of employees, including directors, during the year was 7 (2024 - 5).
Page 10
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
| Group
|  | Plant and machinery
|  | £
| Cost |
| At 1 April 2024 | 354,518
| Additions | 1,224,014
| At 31 March 2025 | 1,578,532
| Depreciation |
| At 1 April 2024 | 189,976
| Charge for the year | 82,381
| At 31 March 2025 | 272,357
| Net book value |
| At 31 March 2025 | 1,306,175
| At 31 March 2024 | 164,542
Page 11
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5.Tangible fixed assets (continued)
| Company
|  | Plant and machinery
|  | £
| Cost |
| At 1 April 2024 | 336,053
| Additions | 1,218,969
| At 31 March 2025 | 1,555,022
| Depreciation |
| At 1 April 2024 | 188,332
| Charge for the year | 76,729
| At 31 March 2025 | 265,061
| Net book value |
| At 31 March 2025 | 1,289,961
| At 31 March 2024 | 147,721
Page 12
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 | 200
| Additions | 61,086,335
| At 31 March 2025 | 61,086,535
| The addition to investments during the year represents an accounting adjustment to recognise the long term, interest free loan made by the company to its subsidiary undertakings as a capital contribution. Further information on this transaction is provided in Note 14 to these financial statements.
| The following were subsidiary undertakings of the company:
| Name | Country of incorporation | Class of shares | Holding
| Square APE Cadogan Ltd | England | Ordinary | 100%
| Square APE Residential Ltd | England | Ordinary | 100%
Page 13
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 239,000,000
| Additions at cost | 2,210,325
| Fair value movements | 2,439,675
| At 31 March 2025 | 243,650,000
The properties owned by the Group have been valued by RICS Registered Valuers in accordance with the RICS Valuation standards. Commercial properties and residential properties subject to leases have been valued on the basis of the terms of the current leases and yields appropriate to the location and nature of the property. Residential properties let on Assured Shorthold Tenancies (“ASTs”) have been valued on the basis of vacant possession, at open market value. It has been assumed that long leases will be granted in respect of each property on sale, as is normal for this type of property in London.
| Company
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 170,700,000
| Additions at cost | 2,210,325
| Fair value movements | 1,139,675
| At 31 March 2025 | 174,050,000
The 2025 valuation was made by RICS Registered Valuers employed by ProMission Chartered Surveyors in accordance with the RICS Valuation Standards. These commercial properties were valued on the basis of the terms of the leases and yields appropriate to the geographical location and nature of the buildings. The true equivalent yields applied range from 3.5% to 8.54%. Page 14
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Debtors
|  | Group | Group | Company | Company As restated
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Amounts owed by group undertakings | - | - | 22,249,040 | -
| Deferred tax asset | 2,764,698 | 2,655,127 | 1,499,883 | 1,271,262
| Due within one year |  |  |  |
| Trade debtors | 1,067,661 | 1,931,259 | 1,059,072 | 1,879,042
| Amounts owed by group undertakings | - | - | 363,561 | 83,310,117
| Other debtors | 1,662,845 | 1,015,552 | 1,155,754 | 768,663
| Prepayments and accrued income | 2,482,439 | 3,209,316 | 2,073,004 | 2,819,850
| Deferred tax asset | 204,044 | 230,660 | 84,994 | 95,600
|  | 8,181,687 | 9,041,914 | 28,485,308 | 90,144,534
9. | Creditors: amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 23,173 | - | 23,173 | -
| Trade creditors | 990,233 | 1,947,535 | 946,877 | 1,934,175
| Corporation tax | 173,459 | 284,276 | 173,459 | 268
| Other taxation and social security | 8,136 | 267,985 | 8,136 | 267,985
| Other creditors | 438,138 | 550,228 | 287,559 | 418,633
| Accruals and deferred income | 1,826,656 | 1,710,260 | 1,592,393 | 1,502,278
|  | 3,459,795 | 4,760,284 | 3,031,597 | 4,123,339
Page 15
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 2,885,787 | 201,900
| Charged to profit or loss | 82,955 | 2,683,887
| At end of year | 2,968,742 | 2,885,787
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,366,862 | 201,900
| Charged to profit or loss | 218,015 | 1,164,962
| At end of year | 1,584,877 | 1,366,862
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | 2,968,742 | 2,885,787 | 1,584,877 | 1,366,862
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2 (2024 - 2) Ordinary shares of £1.00 each | 2 | 2
|  | 283,000,000 (2024 - 283,000,000) Ordinary A shares of £1.00 each | 283,000,000 | 283,000,000
|  |  | 283,000,002 | 283,000,002
Page 16
SQUARE APE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Reserves
Fair value reserve Fair value reserve relates to accumulated historic fair value movement in the group's investment properties, net of any deferred tax. The loss arising from fair value accounting of the investment property has been reported as an unrealised loss in accordance with ICAEW technical guidance (02/17BL). Profit and loss account The profit and loss account relates to accumulated historic profits and losses, net of any dividends.
13. | Pension commitments
The pension cost charge of £4,775 (2024: £4,451) represents contributions payable by the group to an independently administered pension fund.
14. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. The company had the following disclosable transactions with related parties in accordance with Section 33 of FRS102: Included within other creditors is an amount of £4,634 (2024: £1,792) due to the group's directors. This is provided interest free and is unsecured. There are no formal terms and conditions regarding its repayment. The company has provided an unsecured, interest-free loan to its subsidiaries to finance the acquisition of investment property. In accordance with applicable accounting standards, the loans were initially recognised at its net present value using a deemed interest rate of 7.5%. The resulting measurement difference of £61,086,335 was treated as additions to the cost of investment in subsidiaries. Deemed interest income is recognised in the profit and loss account over the term of the loan. As at 31 March 2025, the balance receivable from the subsidiaries amounts to £22,612,601 of which £363,561 is due within one year and £22,249,040 is due after more than five years from the balance sheet date. AP Enterprises Limited is a related party of the Company by virtue of having common directors with Square Ape Limited. During the year, the Company paid fees totalling £2,830,000 to AP Enterprises Limited in respect of advisory and management services provided under the advisor agreement dated 22 July 2019. There was no balance outstanding between the Company and AP Enterprises Limited at the year end.
15. | Auditor's information
The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 23 March 2026 by Heather Powell FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
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