The directors present the strategic report for the year ended 31 December 2024.

The principal activity of the company is that of operator of a hotel in Glasgow, Scotland, UK. The hotel is leased from a related party, Pandox Highlander Propco Limited. The activity is unlikely to change for the foreseeable future.

The hotel is owned by the Propco that trades in the three principal accommodation markets of business, events, and leisure.

The performance of the company is set out in the profit and loss account within these financial statements. Total turnover increased by 37.3% to £13,564,407 (2023: £9,881,086). Average occupancies for the financial year were 78% (2023: 61%). RevPar averaged £96 (2023: £67). This was driven by the continued strong performance of the UK hotel market.

Total cost of sales have seen an increase of 55% to £4,530,104 (2023: £2,923,240) and administration expenses have increased by 39% to £11,972,086 (2023: £8,591,743). The increase in cost of sales and administrative expenses reflects both the general inflationary environment facing the business and the higher spend incurred, including through increasing staff headcount by an average of 5 employees, in order to service the additional customer demand that has caused occupancy and revenue to increase during the year. There have also been significant one-off costs incurred during the year, including the write off of £804,248 debtor balances considered to be irrecoverable and a £790,000 correction of an unknown understatement of the opening balance sheet compared with the prior year financial statements. The company generated a loss before tax for the financial year of £3,063,921 (2023: £1,633,897).

Cash at bank and in hand at the year end was £1,486,428 (2023: £1,447,398). The expectation as the cash reserves continue to grow is for cash to be up streamed to the company's shareholders in 2025.

Debtors at the year end was £1,403,914 (2023: £1,880,441) with the decrease being due to timing differences in the settlement of customer accommodations. This is represented by the reduced trade debtor amounts outstanding at the year end of £1,126,117 (2023: £1,524,428).

Creditors falling due within one year at the year end was £12,472,733 (2023: £10,014,376). The increase was driven by a increase in amounts owed to group undertakings to £10,725,820 (2023: £7,624,924).

To deliver the company’s business objectives, the company needs to deliver to three key stakeholder groups:

1. Staff

2. Guests

3. Investors

The company uses several measures to assess how well the company is delivering to its stakeholders.

Staff measures

Team turnover – This measures how many people leave the company each year and is an indicator of engagement and job satisfaction. Motivated and committed staff are key to delivering good customer service.

Health and Safety – This measures how well the company looks after its people and its guests. It is critical to the company to provide safe working environments and safe hotels for its guests to stay in. This is measured by Health and Safety audits by external independent experts.

Guest Measures

Guest Satisfaction – The company actively seeks feedback from its guests so that it can act on their experiences to improve the services provided. Guest satisfaction is measured continually and analysed on a monthly basis.

Investors

Profit Growth – The company measures its profit growth against last year focusing on Earnings before interest, Taxation, Depreciation and Amortisation (EBITDA), and against its budgets and reports on a monthly basis. EBITDA for the year 2024 was a loss of £2,835,285 (2023: £1,174,032).

Gross profit margin for the year 2024 was 67% (2023: 70%) achieving a gross profit of £9,034,303 (2023: £6,957,846).

The company's objective is to reduce the risk of financial loss due to a counter party's failure to honour its obligations. Credit is only given to corporates and standard payment terms are quoted on all contracts. The hotel is primarily responsible for implementing the group's credit control procedures with monitoring provided by the group finance function. This responsibility includes the determination of credit-worthy customers, management of individual exposures and ensuring payment is secured in accordance with the agreed terms.

The company aims to mitigate liquidity risk by managing cash generation by its operations.

Hotel investment is approved following a detailed appraisal process and an assessment of the financial needs of the investment. All capital items are approved at board level whether purchased outright, leased, rented or subject to hire purchase agreements. The method of funding for each is dictated in each case by cash flow implications.

IT

With the majority of the group's processes and information systems being held on central file servers situated within a single site data centre, the group's objective is to eliminate the principal single points of failure within the key elements of hardware, software and data communications. This is achieved by having automated fail-over systems as well as a replication of the central data centre located in off-site premises.

Competition

Competitive risk exists in all business and the company's objective is to be able to identify such risks at an early stage so that an appropriate strategy can be implemented to reduce that risk. This is achieved through a regime of regular forecasting and budgeting together with a systematic review process of historic and future performance by senior management.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The results for the year are set out on page 9.

No dividends were paid or declared in the year (2023: £Nil).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The hotel is well located to benefit from the continued demand for quality affordable accommodation from both corporate and private customers.

HaysMac LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The directors are responsible for preparing the annual report 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The company passed a special resolution on 8 July 2024 changing its name from Pandox Highlander Opco Limited to Pandox Highlander Glasgow Opco Limited.

The company is wholly reliant, for the foreseeable future, on the continued financial support from its ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due for the foreseeable future.

Management have reforecasted the expected financial performance and cash flows for the period up to 30 September 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 30 September 2026. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

Qualified Opinion

We have audited the financial statements of Pandox Highlander Glasgow Opco Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 qualified opinion

The opening balance sheet recorded within the company’s accounting records was understated by £790,000 compared with the prior year signed financial statements. Management have been unable to identify the cause of these opening balance differences and have corrected them through the Profit and Loss Account during the year-ended 31 December by way of recognising an expense of £790,000 within administrative expenditure. We were unable to obtain sufficient appropriate audit evidence as to whether this adjustment was materially correct. Accordingly the loss for the year may be overstated by £790,000.

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 United Kingdom, including the Financial Reporting Council'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 qualified 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

As described in the Basis for Qualified Opinion section of our report, our audit opinion is qualified due to the impact on the current year’s result of a correction of opening balances and accordingly we have concluded that where the other information refers to the result for the year, it is materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the matter described in the Basis for Qualified Opinion section of our report in our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Directors' Report has been prepared in accordance with applicable legal requirements.

Except for the matter described in the Basis for Qualified Opinion section of our report, 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 Directors' Report.

Arising solely from the matter described in the Basis for Qualified Opinion section above:

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

• we were unable to determine whether adequate accounting records have not been kept

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

• 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

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

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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.

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements. 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, income tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

• inspecting correspondence with regulators and tax authorities;

• discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations, and fraud;

• reviewing legal expenses for evidence of any breaches of laws and regulations;

• evaluating management's controls designed to prevent and detect irregularities;

• identifying and testing journals, in particular journal entries posted containing key words such as those in respect of related parties, journal entries in revenue, journal entries with a large value, journal entries with a round sum value and journal entries with unusual account combinations; and,

• challenging assumptions and judgements made by management in their critical accounting estimates,

particularly in respect of the recoverability of debtors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 22 form part of these financial statements.

The notes on pages 13 to 22 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 13 to 22 form part of these financial statements.

Pandox Highlander Glasgow Opco Limited is a private company limited by shares incorporated in England and Wales. The registered office is . The company's principal activity is that of a hotel operator. The address of the property and principal place of business is 301 Argyle Street, Glasgow, G2 8DL, United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements for the year ended 31 December 2024 of Pandox AB. These consolidated financial statements are available from its website: https://www.pandox.se/investor-relations/financial-reports-and-presentations.

The company is wholly reliant, for the foreseeable future, on the continued financial support from itstrue ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due for the foreseeable future.

Management have reforecasted the expected financial performance and cash flows for the period up to 30 September 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 30 September 2026. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.

Turnover comprises income from the operation of a hotel, which excludes value added tax and trade discounts, represents the invoiced value of goods and services supplied and is recognised at the point of sale at which the accommodation and related services are provided.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Repairs and maintenance costs are charged to the profit and loss account during the period in which they are incurred.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Where necessary, provisions are made for obsolete or slow moving stock.

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.

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

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.

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.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Foreign exchange

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non¬ monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade and other receivables are recognised to the extent that they are judged recoverable. Director reviews are performed to estimate the level of provisions required for irrecoverable debt, considering customer credit worthiness, current economic trends and changes in customer payment terms. Provisions are made specifically against invoices where recoverability is uncertain.

Total trade debtors as at 31 December 2024 are £1,126,117 (2023: £1,524,428), which includes a provision against bad debts of £10,000 (2023: £52,376). No bad debt provisions have been recognised against other debtors of £nil (2023: £261,256).

During the year bad debt write offs of £804,248 (2023: £NIL) have been recognised in the Profit and Loss Account.

Judgements and estimates are required in assessing whether there are indicators of impairment of tangible fixed assets and, where such indications are identified, in determining their fair value. Given the significance of the assets, which have a carrying value of £1,177,192 as at 31 December 2024 (2023: £1,366,428), any change in these assumptions could lead to a material difference in the value of the fixed asset. Judgement is also required in assessing the depreciation rates for tangible fixed assets based on the expected life of the asset itself. Any change in useful economic life which drives the depreciation rates could lead to a material change in value of fixed assets. Based on the estimated useful lives of the tangible fixed assets held by the company, a depreciation charge of £229,940 (2023: £459,865) has been recognised in the Profit and Loss Account.

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

The company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent company.

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

Their aggregate remuneration comprised:

During the year, no director received remuneration (2023: £Nil). Directors, who constitute the key management personnel of the company, are remunerated through other companies within the Pandox AB group and therefore their emoluments are disclosed within their financial statements.

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Amounts owed to group undertakings consist of a loan in the amount of £6,024,000 which attracts interest at the rate of SONIA plus a margin of 160bps per annum and is repayable by the 15 December 2029.

The remaining £4,701,820 is interest free and repayable on demand.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme. The assets of these schemes are held separately from those of the company in independently administered funds. The company's pension cost for the year was £98,086 (2023: £97,205). Included in creditors is £16,488 (2023: £25,690) in respect of contributions payable to the scheme which were unpaid at the year end and included within accruals.

Profit and loss account

The profit and loss account represents accumulated profit and loss for the year and prior periods less dividends paid.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The immediate parent undertaking is Pandox Highlander Glasgow Propco Limited, a company registered in the UK.

The largest and smallest group to consolidate the results of this company are the group headed by Pandox AB. The ultimate parent undertaking is Pandox AB, a company registered in Box 15, 10120 Stockholm, Sweden. Financial statements for Pandox AB are available from the following website: https://www.pandox.se/ investor-relations/financial-reports-and-presentations.

There is no individual ultimate controlling party.

During the year a review of cost of sales was carried out and it was identified that £1,665,487 should have been allocated within administrative expenses in the prior year financial statements. Therefore the 2023 comparative has been restated to reduce cost of sales and increase administrative expenses by this amount.