REGISTERED NUMBER: 10136591 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2025

FOR

PROPCO HOLDING CO LIMITED

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4

DIRECTORS:

S D Miller

C R Miller

REGISTERED OFFICE:

5 Glebe Road

Huntingdon

Cambridgeshire

PE29 7DL

BUSINESS ADDRESS:

Units 30-36 Ivatt Way

Westwood Industrial Estate

Westwood

Peterborough

Cambridgeshire

PE3 7PN

REGISTERED NUMBER:

10136591 (England and Wales)

AUDITORS:

TC Group

Accountants &

Statutory Auditors

1st Floor

5-7 Portugal Place

Cambridge

Cambridgeshire

CB5 8AF

FIXED ASSETS

Tangible assets

5

2,998,526

2,998,526

Investment property

6

3,083,476

2,229,571

6,082,002

5,228,097

CURRENT ASSETS

Debtors

7

364,545

503,106

Cash and cash equivalents

54,274

54

418,819

503,160

CREDITORS

Amounts falling due within one year

8

(3,059,834

)

(2,751,873

)

NET CURRENT LIABILITIES

(2,641,015

)

(2,248,713

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,440,987

2,979,384

PROVISIONS FOR LIABILITIES

9

(91,750

)

(91,750

)

NET ASSETS

3,349,237

2,887,634

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

3,349,235

2,887,632

SHAREHOLDERS' FUNDS

3,349,237

2,887,634

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2026 and were signed on its behalf by:

S D Miller - Director

C R Miller - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

2

2,731,449

2,731,451

Changes in equity

Total comprehensive income

-

156,183

156,183

Balance at 30 September 2024

2

2,887,632

2,887,634

Changes in equity

Total comprehensive income

-

461,603

461,603

Balance at 30 September 2025

2

3,349,235

3,349,237

1.	STATUTORY INFORMATION

Propco Holding Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statement have been prepared on a historical cost basis, modified by certain assets held under the fair value method.

Significant judgements and estimates

The directors have considered the fair value of the investment property at the balance sheet as required by FRS 102. All investment properties are measured at fair value and are adjusted if necessary for any material variation in fair value having considered the difference in nature, location or condition of the specific asset.

Current economic developments and uncertainties influence the valuation of our investment property.The methods and significant assumptions considered in determining the fair value of our investment property are mainly due to (i) active market prices, (ii) the influence of vacancy rates, (iii) assumed trends in rents.

The valuation is based on fair value, supported by market evidence in which assets can be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller.

Turnover

Turnover is measured at the fair value of consideration received or receivable in respect of the rental of both commercial property excluding value added tax and residential property which is outside the scope of value added tax. Where the right to consideration has not been earned at the balance sheet date, revenue is deferred and recognised within deferred income.

Tangible fixed assets

Depreciation is provided at the the following annual rates in order to write off the cost less estimated residual value of the asset over its anticipated useful life.

Freehold property - 2% on cost.

Residual value is defined as the estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is measured at fair value less impairment. Any change in fair value is recorded in the profit and loss account.

Financial instruments

Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Going concern

At 30 September 2025, the company had net current liabilities of £2,641,015. This position arises principally from amounts owed to group undertakings of £2,574,683, which are classified as falling due within one year and are repayable on demand.

The directors have obtained confirmation from the board of directors of the parent company that these intercompany balances will not be recalled, in whole or in part, where doing so would cause cash flow difficulties for Propco Holding Co Limited. Having considered this support, the company’s forecasts and the expected availability of group support, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would be necessary if the company were unable to continue as a going concern.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

5.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 October 2024

and 30 September 2025

3,006,038

DEPRECIATION

At 1 October 2024

and 30 September 2025

7,512

NET BOOK VALUE

At 30 September 2025

2,998,526

At 30 September 2024

2,998,526

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2024

2,229,571

Additions

853,905

At 30 September 2025

3,083,476

NET BOOK VALUE

At 30 September 2025

3,083,476

At 30 September 2024

2,229,571

During the year the group incurred capital expenditure of £194,389 in respect of improvements and enhancements to its investment property portfolio. The expenditure primarily related to refurbishment and development works undertaken to improve the condition, rental potential and long-term value of the properties.

The directors are satisfied that the expenditure meets the criteria for capitalisation and has therefore been included within the carrying value of investment property.

Fair value at 30 September 2025 is represented by:

£

Valuation in 2018

5,634

Valuation in 2019

251,174

Valuation in 2020

(287,962

)

Valuation in 2021

19,000

Valuation in 2022

293,000

Valuation in 2023

61,000

Valuation in 2024

(6,000

)

Valuation in 2025

78,710

Cost

2,668,920

3,083,476

If the investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

2,668,920

1,893,725

Investment properties were valued on a fair value basis on 30 September 2025 by the directors .

The directors have reviewed the carrying value of the company’s property assets at the year end, taking into account current market conditions and relevant supporting information. The directors are of the opinion that there has been no material change in fair value of the property portfolio since the previous reporting date, and therefore no adjustment to the carrying amounts have been made.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

9,875

156,000

Other debtors

354,670

347,106

364,545

503,106

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,084

8,665

Amounts owed to group undertakings

2,574,683

2,476,430

Taxation and social security

167,141

86,728

Other creditors

315,926

180,050

3,059,834

2,751,873

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

91,750

91,750

Deferred

tax

£

Balance at 1 October 2024

91,750

Balance at 30 September 2025

91,750

Deferred tax is recognised in respect of the fair value movement on investment property.

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary shares

£1

2

2

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Rand (Senior Statutory Auditor)

for and on behalf of TC Group

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2025 and 30 September 2024:

2025

2024

£

£

S D Miller and C R Miller

Balance outstanding at start of year

-

-

Amounts advanced

120

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

120

-

The amounts advanced to the directors are interest free.

13.	RELATED PARTY DISCLOSURES

Transactions with group undertakings:

Included within amounts owed to group undertakings is an intercompany balance of £2,574,683 (2024: £2,476,430), which is interest-free and repayable on demand.

During the year, the company charged management fees of £210,000 (2024: £nil) to group and related undertakings in respect of the recharge of directors remuneration.

Transactions with companies under common control:

The company was charged management fees of £nil (2024: £165,600) by an entity under the common control of the directors. At the year end, £173,551 (2024: £173,551) was included within accruals in respect of amounts payable to related undertakings.

Included within other debtors is an amount of £341,104 (2024: £341,104) due from an entity under the common control of the directors, arising from accrued management charge income. This balance is interest-free and repayable on demand.

Included within creditors falling due within one year is an amount of £125,000 (2024: £nil) advanced by an entity under the common control of the directors. This balance is interest-free and repayable on demand.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the company's parent company Distribution Supplies Group Ltd. The consolidated financial statements of the group can be obtained directly from the registrar of companies or the group's head office: Units 30 -36 Ivatt Way, Westwood Industrial Estate, Peterborough, Cambridgeshire, PE3 7PN.