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

Ardenton Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is One St Peter's Square, Manchester, M2 3DE.

The prior period financial statements cover the period from incorporation on 10 May 2023 to 31 December 2023 and therefore the current period is not entirely comparable.

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 sterling, which is the functional 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, modified to include the revaluation of freehold properties and to include investment properties. The principal accounting policies adopted are set out below.

The ability of the company to meet its obligations is predicated on the continued financial support of the parent undertaking, Ardenton UK Limited. The directors of Ardenton Capital Limited have confirmed that they have the ability to, and will, provide financial and other support, including not recalling balances due, as is necessary for the company to meet its liabilities as they fall due for a period of 12 months from approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

Revenue relates solely to rental income on assets leased under operating leases and is recognised on a straight line basis over the lease term.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities, including creditors, and loans from fellow group companies 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 payments discounted at a market rate of interest.

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.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

A key accounting estimate in preparing these financial statements relates to the carrying value of the investment properties which are stated at fair value. The company uses lease terms, market conditions and sales prices from known market transactions for similar properties as a basis for determining the director's estimation of the fair value of the investment properties. However, the valuation of the company’s investment properties is inherently subjective, as it is made on the basis of valuation assumptions which may in future not prove to be accurate.

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

Investment property comprises freehold buildings held for the purpose of providing care. The fair value of the investment property as at 31 December 2024 has been estimated by the Company directors.

The valuation was made on an open market value basis by reference to market evidence of property transaction prices and reference to third party professional valuations obtained during the year.

The amounts owed to group undertakings are unsecured, interest free and are not repayable within the next twelve months.

The revaluation reserve is unrealised profit and therefore undistributable until realised when it will be transferred to retained earnings. The revaluation surplus is net of deferred tax.

During the current and prior period the company has received loans from its parent undertaking. These loans are provided on non commercial terms, on the basis that they are interest free. In accordance with FRS102 where intercompany loans are provided on non commercial terms, the difference between the fair value of the loan and the amount received is treated as a capital contribution within a non-distributable capital contribution reserve. The discount on the loans is unwound over the course of 24 months by way of an interest charge, the date in which the loans become repayable. A transfer is made from capital contribution reserve to retained earnings which offsets the unwinding of the discount.

At 31 December 2024, the total capital value of the loans was £2,693,170 (2023: £1,527,023) and the remaining discount to be unwound was £231,831 (2023: £189,515).

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion 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.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

After the balance sheet date, the company purchased investment property of £2,550,000 on 18 March 2025.

The company has taken advantage of the exemptions provided by paragraph 1AC.35 under FRS 102 and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

The immediate parent company is Ardenton UK Limited, a company incorporated in England and Wales. Its registered office is One St Peter's Square, Manchester, United Kingdom MD 3DE.

The ultimate parent company is Ardenton Capital Corporation, a company incorporated in Canada. Its registered address is 1100 Melville Street, Suite 220, Vancouver, BC V6E 4A6, Canada.

During the period, a review of the loan from parent undertakings identified that the terms of the loan, as at 31 December 2023, were not at a market rate of interest. A loan waiver agreement confirmed that repayment was deferred for a period of 24 months.

In accordance with FRS 102, intercompany loans with a fixed repayment period are required to be recognised at the present value of future repayments, discounted using a market rate of interest applicable at the time the fixed repayment period was established.

As at 31 December 2023, the carrying value of the loan was £1,527,023. The applicable market rate of interest for a comparable commercial loan at that date was 6.85%. The resulting discounted element of £189,515 has been retrospectively recognised as a capital contribution, and accordingly, a corresponding amount has been credited to the capital contribution reserve.