REGISTERED NUMBER: 02317284 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Petit Papillon Management Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

R G Jones

Ms E Gairy

J D R Horgan

REGISTERED OFFICE:

75 Grosvenor Street

Mayfair

London

W1K 3JS

REGISTERED NUMBER:

02317284 (England and Wales)

SENIOR STATUTORY AUDITOR:

P A Freeman BA FCA FCCA

AUDITORS:

Lawes and Co

Boyce's Building

40-42 Regent Street

Bristol

BS8 4HU

BANKERS:

HSBC Plc

69 Pall Mall

London

SW1Y 6DF

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property management and consultancy.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

R G Jones

Ms E Gairy

J D R Horgan

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Lawes and Co, will be proposed for re-appointment at the forthcoming Board Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J D R Horgan - Director

30 June 2026

Opinion

We have audited the financial statements of Petit Papillon Management Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the entity and its environment, we identified the principal risks of non-compliance and fraud related to revenue recognition, including cut-off and related party transactions. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

Audit procedures performed by the engagement team, included , but were not limited to:

- enquiries with management including consideration of known or suspected instances of fraud and non-compliance with laws and regulations.

- reviewing post-year end information and transactions around the year end,

- reviewing journal entries and any potential unusual transactions.

- carrying out analytical review procedures.

In conducting the above work, we apply due care and professional scepticism throughout. However, there are limitations within procedures outlined above and risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error or fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

P A Freeman BA FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lawes and Co

Boyce's Building

40-42 Regent Street

Bristol

BS8 4HU

26 August 2026

TURNOVER

1,042,000

1,300,312

Administrative expenses

809,964

1,142,972

OPERATING PROFIT

232,036

157,340

Interest receivable and similar income

13,430

4,285

245,466

161,625

Gain/loss on revaluation of assets

-

(2,385

)

PROFIT BEFORE TAXATION

245,466

159,240

Tax on profit

-

-

PROFIT FOR THE FINANCIAL YEAR

245,466

159,240

FIXED ASSETS

Tangible assets

4

-

1

Investments

5

-

2

-

3

CURRENT ASSETS

Debtors

6

4,349

2,002

Prepayments and accrued income

32,523

20,141

Cash at bank

671,431

391,788

708,303

413,931

CREDITORS

Amounts falling due within one year

7

190,572

141,669

NET CURRENT ASSETS

517,731

272,262

TOTAL ASSETS LESS CURRENT LIABILITIES

517,731

272,265

CAPITAL AND RESERVES

Called up share capital

8

1,100

1,100

Share premium

9

99,000

99,000

Retained earnings

9

417,631

172,165

SHAREHOLDERS' FUNDS

517,731

272,265

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

J D R Horgan - Director

1.	STATUTORY INFORMATION

Petit Papillon Management 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

All tangible fixed assets are depreciated 25% Straight Line.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,fittings

& equipment

£

COST

At 1 January 2025

8,466

Disposals

(8,466

)

At 31 December 2025

-

DEPRECIATION

At 1 January 2025

8,465

Eliminated on disposal

(8,465

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

1

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

2

Disposals

(2

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

PPM Mount Street Ltd

Registered office: 75 Grosvenor Street, Mayfair, London UK

Nature of business: Dormant

%

Class of shares:

holding

Ord £1.00

100.00

31.12.25

31.12.24

£

£

Aggregate capital and reserves

-

1

PPM Bournemouth Limited

Registered office: 75 Grosvenor Street, Mayfair, London UK

Nature of business: Dormant

%

Class of shares:

holding

Ord £1

100.00

31.12.25

31.12.24

£

£

Aggregate capital and reserves

-

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

4,032

1,815

Other debtors

317

187

4,349

2,002

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

62,996

13,073

Amounts owed to group undertakings

-

2

Social security and other taxes

24,417

39,050

VAT

48,464

60,825

Company credit card

4,693

2,894

Pension liability

5,752

4,825

Accruals and deferred income

44,250

21,000

190,572

141,669

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

1,100

Share capital

£1

1,100

1,100

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2025

172,165

99,000

271,165

Profit for the year

245,466

245,466

At 31 December 2025

417,631

99,000

516,631