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Registered number:
For the Year Ended
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Icon Alpha PropCo Ltd
Company Information
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Icon Alpha PropCo Ltd
Contents
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Icon Alpha PropCo Ltd
Directors' Report
For the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors who served during the year were:
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Icon Alpha PropCo Ltd
Directors' Report (continued)
For the Year Ended 31 December 2025
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Icon Alpha PropCo Ltd
Independent Auditors' Report to the Members of Icon Alpha PropCo Ltd
We have audited the financial statements of Icon Alpha PropCo Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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Icon Alpha PropCo Ltd
Independent Auditors' Report to the Members of Icon Alpha PropCo Ltd (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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Icon Alpha PropCo Ltd
Independent Auditors' Report to the Members of Icon Alpha PropCo Ltd (continued)
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 Auditors' 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:
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
- Identifying, evaluating, and complying with laws and regulations
- Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Icon Alpha PropCo Ltd
Independent Auditors' Report to the Members of Icon Alpha PropCo Ltd (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
12 May 2026
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Icon Alpha PropCo Ltd
Statement of Comprehensive Income
For the Year Ended 31 December 2025
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Icon Alpha PropCo Ltd
Registered number: 12879114
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 18 form part of these financial statements.
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Icon Alpha PropCo Ltd
Statement of Changes in Equity
For the Year Ended 31 December 2025
Statement of Changes in Equity
For the Year Ended 31 December 2024
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
Icon Alpha PropCo Ltd is a private company limited by shares incorporated in England and Wales, company number 12879114. The address of the registered office is 40 Portland Place, London, United Kingdom, W1B 1NB.
The principal activity of the company is that of a property investment company.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Icon Holdco Limited as at 31 December 2025 and these financial statements may be obtained from 13 Castle Street, St Helier, JE2 3BT, Jersey upon request.
The directors confirm that, upon request, a copy of the consolidated financial statements will be provided in accordance with the company's normal practice.
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The Directors have assessed the current and projected financial position of the Company, taking into account reasonable assumptions regarding its trading performance. The Company was profitable in the year and remained in a net asset position of £96k as at the reporting date. The company has current liabilities of £14,696k of which £14,152k is amounts owed to the parent company Icon Holdco Limited. The parent company has confirmed that the group will provide appropriate support, both through non-recall of intercompany debt, and cash from the group where required, such that the company will be able to continue to meet its debt repayments as they fall due. Based on this assessment, the Directors have a reasonable expectation that the Company has sufficient resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (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: Investment property 2% Straight line
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.
The company’s ordinary shares are classified as equity instruments.
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
Investment Property Management exercises judgement in estimating the useful life of investment property. Management estimates the useful life of investment property to be 50 years. Depreciation is recognised on a straight line basis and the charge recognised in the profit or loss account for the period is £318k (2024: £318k).
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Icon Alpha PropCo Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
Profit and loss account
The Company is party to fixed and floating charges over its assets to secure the liabilities of Icon HoldCo Limited and its subsidiary undertakings. As a result, the company may be held responsible for the liabilities of other group companies which at 31 December 2025 totalled £111,904k (2024: £111,904k).
Icon HoldCo Limited is the immediate parent company and for which the consolidated financial statements for the smallest group are prepared. Icon HoldCo Limited is registered in Jersey, registered number 156481. The consolidated financial statements of Icon HoldCo Limited are available on request from 13 Castle Street, St. Helier, JE2 3BT, Jersey.
The immediate and overall controlling party of Icon HoldCo Limited is RN3 Fund 1 Holdco S.à r.l., a company incorporated and registered in Luxembourg with company registration number B245473. The registered office of RN3 Fund 1 Holdco S.à r.l. is 2, Rue Edward Steichen, L-2540 Luxembourg. RN3 Fund 1 Holdco S.à r.l. exercises control by virtue of its shareholding in the company. There is no ultimate controlling party of RN3 Fund 1 Holdco S.à r.l..
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