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Registered number: 7372120
| FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2025
| NU PROPERTY MANAGEMENT LIMITED
NU PROPERTY MANAGEMENT LIMITED |  |
COMPANY INFORMATION
Directors | T H Povlsen (resigned 7 September 2025)
| A K Shirley (appointed 7 September 2025)
Registered number | 7372120
Registered office | 16 Queen Annes Gate
| London
| SW1H 9AA
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
NU PROPERTY MANAGEMENT LIMITED |  |
CONTENTS
| Page
Statement of financial position | 1
Notes to the financial statements | 2 - 6
NU PROPERTY MANAGEMENT LIMITED REGISTERED NUMBER:7372120 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 6,539 |  | 9,445
Investment property | 6 |  | 19,500,000 |  | 18,500,000
|  |  | 19,506,539 |  | 18,509,445
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 27,176 |  | 27,151 |
Cash at bank and in hand |  | 62,724 |  | 153,831 |
|  | 89,900 |  | 180,982 |
Creditors: amounts falling due within one year | 8 | (1,080,842) |  | (1,011,690) |
Net current liabilities |  |  | (990,942) |  | (830,708)
Total assets less current liabilities |  |  | 18,515,597 |  | 17,678,737
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (1,995,393) |  | (1,786,179) |
|  |  | (1,995,393) |  | (1,786,179)
Net assets |  |  | 16,520,204 |  | 15,892,558
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 9,800,000 |  | 9,800,000
Profit and loss account |  |  | 6,720,204 |  | 6,092,558
|  |  | 16,520,204 |  | 15,892,558
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 statement of income and retained earnings 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:
A K Shirley
Director
Date: 16 June 2026
The notes on pages 2 to 6 form part of these financial statements. Page 1
NU PROPERTY MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
NU Property Management Limited is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is disclosed on the company information page. The principal place of business is 16 Queen Anne's Gate, London, SW1H 9AA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue represents management fees receivable for property management services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
| 2.3 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straight line basis depending on the asset class.. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% | Reducing balance
|  |  |  | Fixtures and fittings | - | 33% | Straight line
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.
| 2.4 | Investment property
Investment properties are carried at fair value determined annually by the director 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 recognised in the Statement of income and retained earnings. Page 2
NU PROPERTY MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date. Page 3
NU PROPERTY MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, the director is 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 on-going 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 periods if the revision affects both current and future periods. Critical judgements in applying the company's accounting policies The directors do not consider there to be any critical judgements made in the company's accounting policies that have a significant effect on the amounts recognised in the financial statements. Other key sources of estimation uncertainty: Valuation of the investment property portfolio The investment properties are measured at fair value and are based on active market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Current economic developments and uncertainties influence the valuation of an investment property. The methods and significant assumptions applied in determining the fair value of the investment properties are mainly due to (i) active market prices, (ii) the influence of rent-free periods and vacancy rates, (iii) discount rates and (iv) assumed trends in rents. These market values are based on valuations made by the director. The valuation is based on an open market value, supported by market evidence in which assets can be exchanged between a knowledgable willing buyer and a knowledgeable willing seller in an arm's length transaction at the date of the valuation, in accordance with the guidelines of RICS valuation.
4. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 -1).
Page 4
NU PROPERTY MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 20,263 | 3,019 | 23,282
| At 31 December 2025 | 20,263 | 3,019 | 23,282
| Depreciation |  |  |
| At 1 January 2025 | 12,663 | 1,174 | 13,837
| Charge for the year on owned assets | 1,900 | 1,006 | 2,906
| At 31 December 2025 | 14,563 | 2,180 | 16,743
| Net book value |  |  |
| At 31 December 2025 | 5,700 | 839 | 6,539
| At 31 December 2024 | 7,600 | 1,845 | 9,445
6. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 18,500,000
| Surplus on revaluation | 1,000,000
| At 31 December 2025 | 19,500,000
The 2025 valuations were made by the director, on an open market value for existing use basis.
Page 5
NU PROPERTY MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 21,600 | -
| Amounts owed by group undertakings | - | 3,922
| Other debtors | 4,460 | 4,063
| Prepayments and accrued income | 1,116 | 19,166
|  | 27,176 | 27,151
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,410 | 4,089
| Amounts owed to group undertakings | 1,010,102 | 920,085
| Other taxation and social security | - | 17,297
| Other creditors | 58,930 | 61,269
| Accruals and deferred income | 9,400 | 8,950
|  | 1,080,842 | 1,011,690
9. | Parent company
Holch Povlsen Switzerland AG, a company incorporated in Switzerland, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is c/o Park Treuhand AG, Promenadenstrasse 19, 8201 Schaffhausen.
10. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 16 June 2026 by Ralph Mitchison FCA (Senior statutory auditor) on behalf of Menzies LLP.
Page 6