AAPG (PROPERTY) LIMITED


Directors	Adrian Palmer-Geaves
	Kate Palmer-Geaves


Registered Address	24 Old Bond Street
	London
	W1S 4AP


Registered Number	10210991 (England and Wales)

Balance Sheet as at
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Investment property	3		2,289,707		2,289,707
			2,289,707		2,289,707
Current assets
Debtors	4	10,172		11,086
Cash at bank and on hand		21,717		26,378
		31,889		37,464
Creditors amounts falling due within one year	5	(11,399)		(12,217)
Net current assets (liabilities)			20,490		25,247
Total assets less current liabilities			2,310,197		2,314,954
Creditors amounts falling due after one year	6		(1,854,090)		(1,880,557)
Provisions for liabilities	7		(77,496)		(77,496)
Net assets			378,611		356,901
Capital and reserves
Called up share capital			100		100
Revaluation reserve			330,376		330,376
Profit and loss account			48,135		26,425
Shareholders' funds			378,611		356,901

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 21 July 2026, and are signed on its behalf by:

Adrian Palmer-Geaves
Director
Registered Company No. 10210991

AAPG (PROPERTY) LIMITED

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's ultimate parent is AAPG Investments UK Limited, incorporated in England. The ultimate controlling party is Mr A Palmer-Geaves.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Investment property
	Investment property is carried at fair value, derived from the market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	2		2

3.	Investment property
	The properties have been valued by a qualified independent valuer. The carrying value of the properties within the balance sheet is not materially different to their fair value at the balance sheet date.


		£
	Fair value at 01 April 25	2,289,707
	At 31 March 26	2,289,707

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	4,000	4,094
Prepayments and accrued income	6,172	6,992
Total	10,172	11,086

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Taxation and social security	5,276	6,567
Accrued liabilities and deferred income	6,123	5,650
Total	11,399	12,217

6.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	406,000	406,000
Amounts owed to related parties	584,092	586,092
Other creditors	863,998	888,465
Total	1,854,090	1,880,557

7.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	77,496	77,496
Total	77,496	77,496

8.	Related party transactions
	Within creditors amounts falling due after more than one year is an amount of £863,998 (2025 - £888,465) due to the company directors, the loan is interest free and not due for repayment until after 31 March 2027. Within creditors amounts falling due after more than one year is an amount of £584,092 (2025 - £586,092) due to the parent company AAPG Investments UK Limited, the loan is interest free and not due for repayment until after 31 March 2027.

Related party transactions

Within creditors amounts falling due after more than one year is an amount of £863,998 (2025 - £888,465) due to the company directors, the loan is interest free and not due for repayment until after 31 March 2027.

Within creditors amounts falling due after more than one year is an amount of £584,092 (2025 - £586,092) due to the parent company AAPG Investments UK Limited, the loan is interest free and not due for repayment until after 31 March 2027.