Registration number: 05551275

PMF Investments Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

PMF Investments Limited

Company Information

Directors

Mr Paolo Salvatore Fragapane Mr Gerlando Fragapane Mr Giovanni Fragapane

Registered office

39 Oolite Road Bath Somerset BA2 2UU

Accountants

Baden-Lyle & Associates 39 Oolite Road Bath Somerset BA2 2UU

PMF Investments Limited

(Registration number: 05551275)
Balance Sheet as at 30 September 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	12,441,766	12,441,766
Current assets
Debtors	5	296,412	310,005
Cash at bank and in hand		292,406	113,047
		588,818	423,052
Creditors: Amounts falling due within one year	6	(561,885)	(552,192)
Net current assets/(liabilities)		26,933	(129,140)
Total assets less current liabilities		12,468,699	12,312,626
Creditors: Amounts falling due after more than one year	6	(6,989,569)	(7,256,973)
Net assets		5,479,130	5,055,653
Capital and reserves
Called up share capital	7	2	2
Retained earnings		5,479,128	5,055,651
Shareholders' funds		5,479,130	5,055,653

For the financial year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 June 2026 and signed on its behalf by:
 

PMF Investments Limited

(Registration number: 05551275)
Balance Sheet as at 30 September 2025

......................................... Mr Gerlando Fragapane Director

PMF Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
39 Oolite Road
Bath
Somerset
BA2 2UU
England

These financial statements were authorised for issue by the Board on 25 June 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

PMF Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line basis
Fixtures and fittings	25% straight line basis
Vehicles	25% straight line basis

Investment property

Investment properties are recorded at cost and are not amortised.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

PMF Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2024	12,441,766	32,510	17,214	12,491,490
At 30 September 2025	12,441,766	32,510	17,214	12,491,490
Depreciation
At 1 October 2024	-	32,510	17,214	49,724
At 30 September 2025	-	32,510	17,214	49,724
Carrying amount
At 30 September 2025	12,441,766	-	-	12,441,766
At 30 September 2024	12,441,766	-	-	12,441,766

Included within the net book value of land and buildings above is £11,444,242 (2024 - £11,444,242) in respect of freehold land and buildings and £997,524 (2024 - £997,524) in respect of long leasehold land and buildings.
 

PMF Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

5

Debtors

Current	Note	2025 £	2024 £
Trade debtors		40,953	-
Amounts owed by related parties	10	227,432	292,005
Prepayments		16,027	6,000
Other debtors		12,000	12,000
		296,412	310,005

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	92,000	92,000
Trade creditors		20,074	67,139
Taxation and social security		157,439	184,079
Accruals and deferred income		139,845	40,327
Other creditors		152,527	168,647
		561,885	552,192

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £92,000 (2024 - £92,000).

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	6,989,569	7,256,973

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6,790,000 (2024 - £6,882,000).

7	Share capital

Allotted, called up and fully paid shares

PMF Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

	2025		2024
	No.	£	No.	£
Ordinary £1 shares of £1 each	2	2	2	2

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	6,790,000	6,882,000
Other borrowings	199,569	374,973
	6,989,569	7,256,973

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	92,000	92,000

9	Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £6,882,000 (2024 - £6,974,000). Handelsbanken has fixed and floating charges over all fixed assets owned by the company.

10	Related party transactions

Key management compensation

	2025 £	2024 £
Salaries and other short term employee benefits	63,183	53,896

PMF Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	63,182	53,896

Loans to related parties

2025	Entities with joint control or significant influence £	Total £
At start of period	292,005	292,005
Repaid	(64,573)	(64,573)
At end of period	227,432	227,432

2024	Entities with joint control or significant influence £	Total £
At start of period	227,620	227,620
Advanced	64,385	64,385
At end of period	292,005	292,005

Terms of loans to related parties

Loans to companies owned by one or more of the directors are repayable on demand and are not interest-bearing
 

Loans from related parties

2025	Key management £	Total £
At start of period	374,973	374,973
Repaid	(175,406)	(175,406)
At end of period	199,567	199,567

PMF Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

2024	Key management £	Total £
At start of period	384,639	384,639
Repaid	(9,666)	(9,666)
At end of period	374,973	374,973