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Registered number: 5087180
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FOR THE YEAR ENDED
31 DECEMBER 2025
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NINE UNITED PROPERTIES UK LIMITED
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NINE UNITED PROPERTIES UK LIMITED
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COMPANY INFORMATION
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T H Povlsen (resigned 7 September 2025)
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A K Shirley (appointed 7 September 2025)
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Chartered Accountants & Statutory Auditor
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NINE UNITED PROPERTIES UK LIMITED
REGISTERED NUMBER:5087180
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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NINE UNITED PROPERTIES UK LIMITED
REGISTERED NUMBER:5087180
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
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 comprehensive income 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:
The notes on pages 5 to 12 form part of these financial statements.
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NINE UNITED PROPERTIES UK LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Available for sale reserve
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Comprehensive income for the year
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Fair value movement on available for sale financial instruments
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Transfer to/from profit and loss account
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Transfer of gain/loss on disposal of financial instruments
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Total transactions with owners
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The notes on pages 5 to 12 form part of these financial statements.
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NINE UNITED PROPERTIES UK LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Available for sale reserve
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Comprehensive income for the year
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Fair value movement on available for sale financial instruments
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Transfer to/from profit and loss account
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Transfer of gain/loss on disposal of financial instruments
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Total transactions with owners
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The notes on pages 5 to 12 form part of these financial statements.
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Nine United Properties UK 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.
2.Accounting policies
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Basis of preparation of financial statements
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The 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 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.
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
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Subsidiaries, associates and joint ventures
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Investments in subsidiaries, associates and joint ventures are held at cost less impairment.
Rental income
Rental income is generated by leasing space in the investment properties to tenants. This includes residential and commercial tenants. Revenue is accounted for on a straight line basis over the term of the lease.
Antique income
Revenue generated from antiques sold during the year, exclusive of VAT and other sales related taxes.
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, using the straight-line method.
Depreciation is provided on the following basis:
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Fixtures, fittings and equipment
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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.
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the director in consultation with external valuers 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 profit or loss.
Stocks, which are comprised of antiques, are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary cost of business, less estimated costs of completion and the estimated costs necessary to make the sale. During the year, management's assessment of the general impairment provision remained at 20% (2024: 20%).
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Current asset investments
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Current asset investments are revalued to market value at the end of each year. Any gains or losses in the market value of equity instruments during the year are reflected through the Profit or Loss, and any gains or losses on debt instruments are reflected through Other Comprehensive Income.
On disposal of these assets, the cumulative profit/loss on debt instruments are transferred from the available for sale reserve to the Profit or Loss.
The effects of currency translation due to disposal or fair value movement are recognised in the Profit or Loss in each financial year.
Deferred tax is applied on any market value gains during the year at the rate that is expected to apply when the current asset investments are sold. The deferred tax impact on equity instruments is recognised in the Profit or Loss, and the deferred tax impact on debt instruments is recognised in Other Comprehensive Income.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Current and deferred taxation
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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.
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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 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 periods if the revision affects both current and future periods.
In preparing these financial statements, the Directors have had to make the following judgements:
Impairment of subsidiaries, associates and joint ventures
Determine whether there are indicators of impairment of the Company's investments in its subsidiaries, associates and joint ventures. Factors taken into consideration in reaching such a decision include the economic viability and the expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
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 knowledgeable 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.
Valuation of antiques
Antiques are carried in the financial statements at the lower of cost and net realisable value, after making a general allowance of 20% for damaged goods. The director has used his knowledge and experience of the industry to determine the level of provisioning required based on the volatility of the market and subjective value of antiques. At the year end there was a provision against antiques of £661,930.
Recoverability of amounts due from group undertakings
Provision for impairment of the carrying value of amounts due from group undertakings is made based on management's estimate of the prospect of recovering the amounts due, which includes considering the solvency of the counterparty and its future outlook, based on budgets and forecasts prepared by management.
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The average monthly number of employees, including directors, during the year was 5 (2024 -5).
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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Investments in associates
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Investment in joint ventures
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Freehold investment property
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The 2025 valuations were made by the director, on an open market value basis.
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Amounts owed by associated undertakings
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Prepayments and accrued income
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Current asset investments
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The fair value of the listed investments are determined by the market price of the shares and bonds and is the maximum exposure to credit risk.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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NINE UNITED PROPERTIES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The Company owns a 75% interest in Kennington Lane Limited. At the year-end the Company was owed £1,420,057 (2024: £1,534,751) by its subsidiary undertaking which is repayable on demand. Interest is charged at 4% per annum.
The Company owns a 51% interest in Aston Cole Ltd. At the year-end the Company was owed £6,169,776 (2024: £5,854,706) by its subsidiary undertaking which is repayable on demand. Interest is charged a Libor plus 1% per annum.
The Company owns a 80% interest in 42 BP Limited. At the year-end the Company was owed £3,150 (2024: £1,296) by its subsidiary undertaking which is repayable on demand. No interest is accruing on this amount. The Company received dividends during the year from 42 BP Limited of £120,000 (2024: received £140,000).
The Company owns a 51% interest in Holland Street Ltd. At the year-end the Company owed £377,106 (2024: £5,143) by its subsidiary undertaking which is payable on demand. No interest is accruing on this amount.
The Company received dividends during the year from Eliza House Ltd of nil (2024: received £2,228).
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Post balance sheet events
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On 2 February 2026, subsequent to the balance sheet date, the Company completed the sale of its entire shareholding in St. Stephen's Property (Westminster) Limited for cash consideration of £33.5 million.
Following the year end, the Company declared an interim dividend of £57.0 million.
Holch Povlsen Switzerland AG, a company incorporated in Switzerland, is the parent company of the largest and 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.
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 2 July 2026 by Ralph Mitchison FCA (Senior statutory auditor) on behalf of Menzies LLP.
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