Company registration number 12134998 (England and Wales)
PPM STRATEGIC INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
PPM STRATEGIC INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
PPM STRATEGIC INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
$'000
$'000
$'000
$'000
Fixed assets
Investments
3
341,673
19,999
Current assets
Debtors falling due after more than one year
4
-
0
402,376
Debtors falling due within one year
4
10,199
121,440
Cash at bank and in hand
133,901
73,526
144,100
597,342
Creditors: amounts falling due within one year
5
(46)
(6,980)
Net current assets
144,054
590,362
Total assets less current liabilities
485,727
610,361
Creditors: amounts falling due after more than one year
6
(406,512)
(380,638)
Net assets
79,215
229,723
Capital and reserves
Called up share capital
7
400
134,348
Other reserves
49,432
70,792
Profit and loss reserves
29,383
24,583
Total equity
79,215
229,723
PPM STRATEGIC INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2025
30 June 2025
- 2 -

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

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 August 2026 and are signed on its behalf by:
P Novoselov
G Noel
Director
Director
Company registration number 12134998 (England and Wales)
PPM STRATEGIC INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
Share capital
Capital contribution
Profit and loss reserves
Total
Notes
$'000
$'000
$'000
$'000
Balance at 1 July 2023
134,348
90,460
17,576
242,384
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(12,661)
(12,661)
Transfers
-
(19,668)
19,668
-
Balance at 30 June 2024
134,348
70,792
24,583
229,723
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
(3,508)
(3,508)
Dividends
-
-
(147,000)
(147,000)
Reduction of shares
7
(133,948)
-
133,948
-
0
Transfers
-
(21,360)
21,360
-
Balance at 30 June 2025
400
49,432
29,383
79,215
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
1
Accounting policies
Company information

PPM Strategic Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in dollars, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest $'000.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue comprises sales of shares and similar investments.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
2
3
Fixed asset investments
2025
2024
$'000
$'000
Other investments other than loans
341,673
19,999
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
$'000
Cost or valuation
At 1 July 2024
19,999
Additions
332,620
Valuation changes
(7,946)
Disposals
(3,000)
At 30 June 2025
341,673
Carrying amount
At 30 June 2025
341,673
At 30 June 2024
19,999
4
Debtors
2025
2024
Amounts falling due within one year:
$'000
$'000
Other debtors
10,199
121,440
2025
2024
Amounts falling due after more than one year:
$'000
$'000
Other debtors
-
0
402,376
Total debtors
10,199
523,816

Included within other debtors at the start of the year was a loan note with a nominal value of $383,190,000. The carrying value of this loan note was $402,375,834. The loan note was disposed of during the year.

5
Creditors: amounts falling due within one year
2025
2024
$'000
$'000
Trade creditors
7
44
Corporation tax
-
0
6,656
Other creditors
39
280
46
6,980
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
6
Creditors: amounts falling due after more than one year
2025
2024
$'000
$'000
Other creditors
406,512
380,638

Other creditors are unsecured loan notes. Nominal value of loan notes in issue at the end of the period were $440,750,000. (202 4 $440,750,000) The loan notes carry an interest rate of 1% and have a maturity date of 31 July 2027.

The loan has been discounted by using a market rate of interest and a capital reserve has arisen. There is now an interest charge each year at the market rate in the profit and loss, The carrying value of the loan notes at the year end after this discounting including accrued interest was $406,511,718 (202 4 $3 80,638,346) I nterest charged in the period was $2 5,873,371 (202 4 $24,165,635) of which $21,359,633 (202 4 $19,668,029) related to the unwinding of the modification discount for the year.

7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
$'000
$'000
Issued and fully paid
Authorised and alloted "A1" ordinary shares of $1 each
344,000
800,000
344
800
Authorised and alloted "A2" ordinary shares of $0.5 each
0
1,200,000
-
0
600
Authorised and alloted "B1" ordinary shares of $1 each
56,000
100,000
56
100
Authorised and alloted "B2" ordinary shares of $0.5 each
0
200,000
-
0
100
Authorised and alloted "C" ordinary shares of $0.5 each
0
50,000
-
0
25
Authorised and alloted "D1" ordinary shares of $1 each
-
75,000
-
75
Authorised and alloted "D2" ordinary shares of $0.5 each
-
50,000
-
25
Authorised and alloted "E" ordinary shares of $1 each
-
25,000
-
25
400,000
2,500,000
400
1,750
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
7
Called up share capital
(Continued)
- 9 -
2025
2024
2025
2024
Preference share capital
Number
Number
$'000
$'000
Issued and fully paid
Authorised and alloted "A" redeemable preference shares of $1 each
0
110,450,000
-
0
110,450
Authorised and alloted "B" redeemable preference shares of $1 each
0
2,300,000
-
0
2,300
0
112,750,000
-
0
112,750
Preference shares classified as equity
-
132,598
Preference shares classified as liabilities
-
(19,848)
-
112,750
Total equity share capital
400
134,348

Ordinary shares

On 12 November 2024 the company cancelled all its issued share capital bar 344,000 A1 shares and 56,000 B1 ordinary shares. The capital reduction was put to reserves.

All classes of ordinary share classes rank equally with regard to the company's residual assets and both classes are entitled to one vote per share at meetings of the company.

All issued share capital is fully paid with no rights to fixed income.

Preference shares

During the year all the preference shares in issue were cancelled. Prior to the cancellation there were 110,450,000 "A" redeemable preference shares and 2,300,000 "B" redeemable preference shares with a par value of $1 per share. In addition there was accrued preference dividend in relation to the A preference shares of $19,271,325, and in relation to the B preference shared of $576,954. The accrued dividend was also cancelled.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2025
2024
Amounts due to related parties
$'000
$'000
Entities with control, joint control or significant influence over the company
2,300
2,300
PPM STRATEGIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Related party transactions
(Continued)
- 10 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
$'000
$'000
Entities with control, joint control or significant influence over the company
10,199
10,199
9
Directors' transactions

Dividends totalling $2 0,580,000 (2024 Nil) were paid in the year in respect of shares held by the company's directors.

Of the loans disclosed in note 7 $2,450,000 nominal value (202 4 $2,4 50,000) were held by directors at the year end. Interest is charged at 1% p.a and at the year end $67,710 had been accrued.

2025-06-30 2024-07-01 false false false 21 August 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity P Novoselov P Sukhoruchkin G Noel 12134998 2024-07-01 2025-06-30 12134998 2025-06-30 12134998 2024-06-30 12134998 core:Non-currentFinancialInstruments core:AfterOneYear 2025-06-30 12134998 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 12134998 core:CurrentFinancialInstruments core:WithinOneYear 2025-06-30 12134998 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 12134998 core:CurrentFinancialInstruments 2025-06-30 12134998 core:CurrentFinancialInstruments 2024-06-30 12134998 core:ShareCapital 2025-06-30 12134998 core:ShareCapital 2024-06-30 12134998 core:OtherMiscellaneousReserve 2025-06-30 12134998 core:OtherMiscellaneousReserve 2024-06-30 12134998 core:RetainedEarningsAccumulatedLosses 2025-06-30 12134998 core:RetainedEarningsAccumulatedLosses 2024-06-30 12134998 core:ShareCapital 2023-06-30 12134998 core:RetainedEarningsAccumulatedLosses 2023-06-30 12134998 core:ShareCapitalOrdinaryShareClass1 2025-06-30 12134998 core:ShareCapitalOrdinaryShareClass1 2024-06-30 12134998 core:ShareCapitalOrdinaryShareClass2 2025-06-30 12134998 core:ShareCapitalOrdinaryShareClass2 2024-06-30 12134998 core:ShareCapitalOrdinaryShareClass3 2025-06-30 12134998 core:ShareCapitalOrdinaryShareClass3 2024-06-30 12134998 core:ShareCapitalOrdinaryShareClass4 2025-06-30 12134998 core:ShareCapitalOrdinaryShareClass4 2024-06-30 12134998 core:ShareCapitalOrdinaryShareClass5 2025-06-30 12134998 core:ShareCapitalOrdinaryShareClass5 2024-06-30 12134998 core:ShareCapitalOrdinaryShares 2025-06-30 12134998 core:ShareCapitalOrdinaryShares 2024-06-30 12134998 core:ShareCapitalPreferenceShareClass1 2025-06-30 12134998 core:ShareCapitalPreferenceShareClass1 2024-06-30 12134998 core:ShareCapitalPreferenceShareClass2 2024-06-30 12134998 core:ShareCapitalPreferenceShares 2025-06-30 12134998 core:ShareCapitalPreferenceShares 2024-06-30 12134998 bus:Director1 2024-07-01 2025-06-30 12134998 bus:Director3 2024-07-01 2025-06-30 12134998 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 12134998 2023-07-01 2024-06-30 12134998 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 12134998 core:ShareCapital 2024-07-01 2025-06-30 12134998 core:Non-currentFinancialInstruments 1 2025-06-30 12134998 core:Non-currentFinancialInstruments 1 2024-06-30 12134998 core:Non-currentFinancialInstruments 2025-06-30 12134998 core:Non-currentFinancialInstruments 2024-06-30 12134998 bus:OrdinaryShareClass1 2024-07-01 2025-06-30 12134998 bus:OrdinaryShareClass3 2024-07-01 2025-06-30 12134998 bus:PreferenceShareClass1 2024-07-01 2025-06-30 12134998 bus:PreferenceShareClass2 2024-07-01 2025-06-30 12134998 bus:OrdinaryShareClass1 2025-06-30 12134998 bus:OrdinaryShareClass1 2024-06-30 12134998 bus:OrdinaryShareClass2 2025-06-30 12134998 bus:OrdinaryShareClass2 2024-06-30 12134998 bus:OrdinaryShareClass3 2025-06-30 12134998 bus:OrdinaryShareClass3 2024-06-30 12134998 bus:OrdinaryShareClass4 2025-06-30 12134998 bus:OrdinaryShareClass4 2024-06-30 12134998 bus:OrdinaryShareClass5 2025-06-30 12134998 bus:OrdinaryShareClass5 2024-06-30 12134998 bus:AllOrdinaryShares 2025-06-30 12134998 bus:AllOrdinaryShares 2024-06-30 12134998 bus:PreferenceShareClass1 2025-06-30 12134998 bus:PreferenceShareClass1 2024-06-30 12134998 bus:PreferenceShareClass2 2025-06-30 12134998 bus:PreferenceShareClass2 2024-06-30 12134998 bus:AllPreferenceShares 2025-06-30 12134998 bus:AllPreferenceShares 2024-06-30 12134998 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2025-06-30 12134998 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 12134998 bus:SmallCompaniesRegimeForAccounts 2024-07-01 2025-06-30 12134998 bus:FRS102 2024-07-01 2025-06-30 12134998 bus:AuditExempt-NoAccountantsReport 2024-07-01 2025-06-30 12134998 bus:Director2 2024-07-01 2025-06-30 12134998 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP