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Registered number: 09264946
TIRLEY SECURITIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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TIRLEY SECURITIES LIMITED
REGISTERED NUMBER: 09264946
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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TIRLEY SECURITIES LIMITED
REGISTERED NUMBER: 09264946
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 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 3 to 8 form part of these financial statements.
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TIRLEY SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Tirley Securities 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 Company'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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Investment property is carried at fair value determined annually by 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.
The Company 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 Company is well placed to manage its business risks successfully.The directors have a reasonable expectation that the Company 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 Company 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 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 directors acknowledge 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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TIRLEY SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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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.
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 operates and generates income.
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
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TIRLEY SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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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 or comparable properties held by other group undertakings. 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 the directors, during the year was as follows:
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Freehold investment property
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The 2025 valuations were made by Cushman & Wakefield, on an open market value for existing use basis.
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TIRLEY SECURITIES 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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Cash and cash equivalents
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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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Amounts due to group undertakings are unsecured, interest free with no fixed terms of repayment.
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Creditors: Amounts falling due after more than one year
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TIRLEY SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Bank loans represent the portion of the bank loan received in a group company that is representative of the value of properties held in the Company compared to the group (45.09%).
The total loan received in the group company amounts to £20,000,000 (2024: £16,500,000) which comprises of 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 remined undrawn. The loan is subject to a fixed interest rate of 5% and will expire on 14 March 2028.
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Allotted, called up and fully paid
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1 (2024 - 1) Ordinary share of £1.00
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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.
The Company is controlled by the Lister family by virtue of their shareholding in the ultimate parent company. The ultimate parent company is Apperley Properties Limited, incorporated in the United Kingdom. Copies of the Apperley Properties Limited's consolidated financial statements for the year ended 31 December 2025 are available and can be obtained from the Company's registered office at 45 Welbeck Street, London, W1G 8DZ.
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TIRLEY SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 17 September 2026 by Daniel Walters (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.
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