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Registered number: 05370600
APPERLEY PROPERTIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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APPERLEY PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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APPERLEY PROPERTIES LIMITED
REGISTERED NUMBER: 05370600
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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APPERLEY PROPERTIES LIMITED
REGISTERED NUMBER: 05370600
CONSOLIDATED 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 consolidated 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 on 24 September 2026.
The notes on pages 6 to 15 form part of these financial statements.
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APPERLEY PROPERTIES LIMITED
REGISTERED NUMBER: 05370600
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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APPERLEY PROPERTIES LIMITED
REGISTERED NUMBER: 05370600
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 consolidated 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 on 24 September 2026.
The notes on pages 6 to 15 form part of these financial statements.
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Apperley Properties Limited is a private company, limited by shares and registered in England & Wales under the Companies Act. The address of the registered office is given on the contents page and the nature of the Group's operations and its principal activity are set out in the directors' report.
2.Accounting policies
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Basis of preparation of financial statements
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The consolidated 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.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the results of Apperley Properties Limited incorporated in the United Kingdom and all of its subsidiary undertakings as at 31 December 2025 using the acquisition method of accounting, whereby the results of subsidiary undertakings are included from the date of acquisition.
The Group is expected to continue to generate positive cash flows on its own account for the
foreseeable future and the shareholders have confirmed that they will continue to financially support
the Group during this period. As a consequence, the directors believe that the group is well placed to
manage its business risks successfully.
The directors have a reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The Group and its directors have received assurances from its shareholders and related lenders, that funds will be available if needed. As a consequence the directors have a reasonable expectation that the Company and the Group will have sufficient resources to fund their operations for at least the next twelve months from the date of this report.
The directors consider that this should enable the Company and Group to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the director acknowledges that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The turnover shown in the Statement of Comprehensive Income represents rents and service charges net of VAT accruing in respect of the period. Turnover represents rents receivable from the letting of investment property and is wholly attributable to the principal activity of the Group and arises solely within the United Kingdom.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 and the Group operate and generate income.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in the Statement of Comprehensive Income.
Incentive payments to new tenants to occupy the Group's investment properties are initially recorded as prepayments. The payments are charged to the Statement of Comprehensive Income so as to reduce rental income on the lease over the period until the earlier of the end of the lease and the date rentals are expected to revert to the prevailing market rate. The properties are carried at open market value less the amount of the unamortised incentive.
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Investments held as fixed assets are stated at cost less any provision for impairment. Investments held as current assets are stated at the lower of cost and net realisable value.
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Associates and joint ventures
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An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In preparing these financial statements, the directors have made the following judgments:
3.1 Valuation of investment properties
Investment properties are valued annually by the directors, having regard to recent independent external valuations performed on each of the portfolio assets. The properties are valued using a yield methodology method which uses current passing rental values capitalised at a market capitalisation rate, but there is an inevitable degree of judgment involved in that each property is unique and value can ultimately only be reliably tested in the market itself.
3.2 Recoverable value of recognised receivables
The recoverability of trade receivables is regularly reviewed in the light of the available economic information specific to each receivable and specific provisions are recognised for balances considered to be irrecoverable.
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The average monthly number of employees, including directors, during the year was 6 (2024 - 6).
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Parent Company profit for the year
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £1,049,699 (2024 - profit £804,111).
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in associates
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Investments in subsidiary companies
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Investments in associates
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The following were subsidiary undertakings of the Company:
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Deerhurst Securities Limited
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45 Welbeck Street, London, W1G 8DZ
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Tirley Securities Limited
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45 Welbeck Street, London, W1G 8DZ
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Eldersfield Securities Limited
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45 Welbeck Street, London, W1G 8DZ
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Forthampton Securities Limited
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45 Welbeck Street, London, W1G 8DZ
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Subsidiary undertakings (continued)
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Associates
During the year, the Company held a 48% equity interest in Horn & Horne Limited, which was accounted for as an associate. The associate ceased trading during the year, with cessation accounts prepared to 30 November 2025.
Horn & Horne Limited had net assets of £37,405 at cessation, which were fully distributed to shareholders. The Company received £17,834 in respect of its 48% interest, resulting in derecognition of the investment and recognition of a loss of £161,794 in the Statement of Comprehensive Income.
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Freehold investment property
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Long term leasehold investment property
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The 2025 valuations were made by Cushman & Wakefield, on an open market value basis.
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APPERLEY PROPERTIES LIMITED
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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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to associates
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Other taxation and social security
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Accruals and deferred income
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Share capital treated as debt
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Included within creditors due after more than one year are bank borrowings of £20,000,000 (2024: £16,500,000) owed to Lloyds Bank. The Group has total available lending facilities of £31,500,000, comprising a committed facility of £16,500,000 and an accordion facility of £15,000,000.
During the year, £3,500,000 of the accordion facility was utilised. At the year end, £11,500,000 of the accordion facility remained undrawn. The loan is subject to a fixed interest rate of 5% and will expire on 14 March 2028.
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Shares classified as equity
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Allotted, called up and fully paid
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10,467,820 (2024 - 10,467,820) Ordinary Share Capital shares of £1.00 each
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Shares classified as debt
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Allotted, called up and fully paid
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3,500,000 (2024 - 3,500,000) Irredeemable preference shares shares of £1.00 each
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Called up share capital - represents the nominal value of shares that have been issued.
Profit and loss account - includes all current and prior period retained profits and losses.
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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During the year, the Company made the following related party transactions:
The Noel Lister 1981 Settlement, a shareholder, has provided a non-interest bearing loan repayable on demand. At the statement of financial position date the amount due was £1,797,184 (2024 - £1,797,184).
P A Lister, a director, has provided a non-interest bearing loan repayable on demand. At the statement of financial position date the amount due to P A Lister was £1,083,334 (2024 - £1,083,334).
The Sylvia Lister 2002 No.1 Settlement (P A Lister is a trustee) has provided a non-interest bearing loan which is repayable on demand. At the statement of financial position date the amount due to The Sylvia Lister 2002 No.1 Settlement was £653,333 (2024 - £653,333).
The Sylvia Lister 2002 No.2 Settlement (P A Lister was a trustee until 13 May 2014) has provided a noninterest bearing loan, repayable on demand. At the statement of financial position date the amount due to the settlement was £3,023,336 (2024 - £3,123,336).
The Sylvia Lister 2006 Settlement (a shareholder), has provided a non-interest bearing loan, repayable on demand. At the statement of financial position date the amount due to The Sylvia Lister 2006 Settlement was £693,500 (2024 - £343,500).
The P A Horne 1971 Settlement (P A Horne is a trustee) has provided a non-interest bearing loan, repayable on demand. At the statement of financial position date the amount due to the settlement was £1,251,816 (2024 - £1,361,816).
The GC 1971 Settlement (P A Lister is a trustee) has provided a non-interest bearing loan, repayable on demand. At the statement of financial position date the amount due to the settlement was £75,000 (2024 - £75,000).
The Paul 1971 Settlement (P A Lister is a trustee) has provided a non-interest bearing loan, repayable on demand. At the statement of financial position date the amount due to the settlement was £850,000 (2024 - £850,000).
The 1971 Unappointed Settlement (P A Lister is a trustee) has provided a non-interest bearing loan, repayable on demand. At the statement of financial position date the amount due to the settlement was £NIL (2024 - £195,500).
The 1987 Settlement (P A Lister is a trustee) has provided a non-interest bearing loan, repayable on demand. At the statement of financial position date the amount due to the settlement was £1,156,232 (2023 - £1,156,232).
The Lister GC 1997 Settlement (P A Lister was a trustee until 13 May 2014) has provided a non-interest bearing loan, repayable on demand. At the statement of financial position date the amount due to the settlement was £661,622 (2024 - £1,011,622).
Apperley Limited (P A Lister & S C Horne are directors) charged the following: management services of £261,322 (2024 - £252,920) and salaries (including social security) of £467,884 (2024 - £463,011). At the statement of financial position date the amount due from Apperley Limited was £609,009 (2024 - £661,039).
A non-interest bearing loan, repayable on demand has been provided to Apperley Investments LLP (P A Lister & S C Horne are members). At the statement of financial position date the amount due from Apperley Investments LLP was £1,060,000 (2024 - £1,060,000).
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APPERLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is controlled by the Lister family by virtue of their shareholding.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 24 September 2026 by Daniel Walters (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.
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