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| Directors' Report and |

| Unaudited |

| Consolidated Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Canadian & Portland Estates |

| (Holdings) Limited |

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Directors' Report | 2 |

| Consolidated Income Statement | 4 |

| Consolidated Balance Sheet | 5 |

| Company Balance Sheet | 7 |

| Consolidated Statement of Changes in Equity | 8 |

| Company Statement of Changes in Equity | 9 |

| Notes to the Consolidated Financial Statements | 10 |

| Canadian & Portland Estates |

| (Holdings) Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | Mr D Goldstein

| Mr D S Leigh

| Mr J P Miles

| Mrs S Clark

| Mrs M K Miles

| Mr M Williams FCA

| SECRETARIES: | Mrs S Clark

| Mr G J E Miles

| REGISTERED OFFICE: | 8-10 South Street

| Epsom

| Surrey

| KT18 7PF

| REGISTERED NUMBER: | 09194545 (England and Wales)

| ACCOUNTANTS: | Williams & Co Epsom LLP

| Chartered Accountants

| 8-10 South Street

| Epsom

| Surrey

| KT18 7PF

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Directors' Report

for the Year Ended 31 March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of property investment with occasional development and trading.

REVIEW OF BUSINESS

The group experienced a year of substantial transformation, marked by a strategic restructuring and the acquisition of four new sites during the financial year, each acquired through Special Purpose Vehicles (SPVs). An additional site was secured shortly after the year-end, further expanding the group’s portfolio.

In parallel, the group successfully completed a refinancing initiative, transitioning its banking relationship from the Bank of Ireland to Handelsbanken. This move included the establishment of a new facility to support ongoing growth and operational resilience.

Market conditions remained challenging throughout the year. The group faced persistent issues including elevated vacancy rates, delayed tenant payments, and the impact of rising interest rates. Despite these headwinds, the group maintained a robust financial position, with a Loan-to-Value (LTV) ratio of 42%, comfortably within its target threshold.

A total dividend of £1.2 million was distributed during the year, reflecting an increase from £900,000 in the prior period and underscoring the group’s commitment to delivering shareholder value.

EVENTS SINCE THE END OF THE YEAR

Canadian & Crawley Limited:

As at the financial year-end, the company had entered into a binding agreement for the acquisition of a new

investment property located at Gatwick Road, Crawley. The total consideration for the transaction was

£2,710,000, exclusive of VAT, with a 10% deposit paid and recorded under prepayments, reflecting the fact that

construction works on the site were still ongoing at the reporting date.

Completion of the transaction was contractually contingent upon the satisfactory conclusion of those works. The transfer of legal title was subsequently effected on 28 April 2025, in accordance with the terms set out in the

agreement.

Canadian & Kingston Limited:

An additional entity, Canadian & Kingston Limited, was incorporated on 5 June 2025. The company subsequently completed the acquisition of the freehold property located at 34 Clarence Street, Kingston, for a consideration of £2,800,000, exclusive of Stamp Duty Land Tax and associated legal costs.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr D Goldstein

Mr D S Leigh

Mr J P Miles

Mrs S Clark

Mrs M K Miles

Mr M Williams FCA

POLITICAL DONATIONS AND EXPENDITURE

During the year the company the following contributions:

Charitable:

2025: £16,667

2024: £8,500

Charitable donations were to charities local to investment properties, to support community projects.

FINANCIAL RISK MANAGEMENT

The directors' financial risk management objective is to maximise financial assets and minimise financial liabilities whilst not engaging in speculation.

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Directors' Report

for the Year Ended 31 March 2025

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with S414C of the Companies Act; included in the Strategic Report is the review of the business and principal risks and uncertainties. This information would have otherwise been required by Schedule 7 of the Large and Medium size Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors Report.

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:

Mrs S Clark - Director

31 October 2025

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Consolidated

Income Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3,492,968 |  | 3,195,094 |  |

Cost of sales | (451,234 | ) | (219,000 | ) |

GROSS PROFIT | 3,041,734 |  | 2,976,094 |  |

Administrative expenses | (1,160,832 | ) | (995,740 | ) |

1,880,902 |  | 1,980,354 |  |

Gain/loss on revaluation of investments | (1,834,698 | ) | (7,444,150 | ) |

OPERATING PROFIT/(LOSS) | 4 | 46,204 |  | (5,463,796 | ) |

Interest receivable and similar income | 275,473 |  | 43,833 |  |

321,677 |  | (5,419,963 | ) |

Interest payable and similar expenses | 5 | (1,310,090 | ) | (582,215 | ) |

LOSS BEFORE TAXATION | (988,413 | ) | (6,002,178 | ) |

Tax on loss | 6 | (225,064 | ) | 734,278 |  |

LOSS FOR THE FINANCIAL YEAR | (1,213,477 | ) | (5,267,900 | ) |

Loss attributable to:

Owners of the parent | (1,304,293 | ) | (5,371,294 | ) |

Non-controlling interests | 90,816 |  | 103,394 |  |

(1,213,477 | ) | (5,267,900 | ) |

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Consolidated Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 65,290,853 |  | 48,315,420 |  |

Investments | 9 | - |  | - |  |

65,290,853 |  | 48,315,420 |  |

CURRENT ASSETS

Debtors | 10 | 1,935,780 |  | 1,436,458 |  |

Cash at bank | 3,791,203 |  | 13,825,857 |  |

5,726,983 |  | 15,262,315 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,339,929 |  | 16,877,212 |  |

NET CURRENT ASSETS/(LIABILITIES) | 3,387,054 |  | (1,614,897 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 68,677,907 |  | 46,700,523 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (24,500,000 | ) | - |  |

PROVISIONS FOR LIABILITIES | 15 | (4,177,186 | ) | (4,177,185 | ) |

NET ASSETS | 40,000,721 |  | 42,523,338 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 50,040 |  | 50,040 |  |

Share premium | 17 | 3,580 |  | 3,580 |  |

Fair value reserve | 17 | 12,174,108 |  | 13,190,243 |  |

Retained earnings | 17 | 26,766,764 |  | 28,245,617 |  |

SHAREHOLDERS' FUNDS | 38,994,492 |  | 41,489,480 |  |

NON-CONTROLLING INTERESTS | 18 | 1,006,229 |  | 1,033,858 |  |

TOTAL EQUITY | 40,000,721 |  | 42,523,338 |  |

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Consolidated Balance Sheet - continued

31 March 2025

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 31 October 2025 and were signed on its behalf by:

Mr M Williams FCA - Director

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Company Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | - |  | - |  |

Investments | 9 | 50,340 |  | 50,340 |  |

50,340 |  | 50,340 |  |

CURRENT ASSETS

Debtors | 10 | 66,889,401 |  | 35,717,999 |  |

Cash at bank | 3,537,174 |  | 11,740,791 |  |

70,426,575 |  | 47,458,790 |  |

CREDITORS

Amounts falling due within one year | 11 | 5,233,750 |  | 4,409,641 |  |

NET CURRENT ASSETS | 65,192,825 |  | 43,049,149 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 65,243,165 |  | 43,099,489 |  |

CREDITORS

Amounts falling due after more than one year | 12 | 24,500,000 |  | - |  |

NET ASSETS | 40,743,165 |  | 43,099,489 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 50,040 |  | 50,040 |  |

Retained earnings | 17 | 40,693,125 |  | 43,049,449 |  |

SHAREHOLDERS' FUNDS | 40,743,165 |  | 43,099,489 |  |

Company's loss for the financial year | (1,156,324 | ) | (511,684 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 31 October 2025 and were signed on its behalf by:

Mr M Williams FCA - Director

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 April 2023 | 50,040 |  | 31,026,337 |  | 3,580 |  |

Changes in equity

Total comprehensive income | - |  | (5,356,512 | ) | - |  |

Dividends | - |  | (900,000 | ) | - |  |

Fair value transfer | - |  | 3,475,792 |  | - |  |

50,040 |  | 28,245,617 |  | 3,580 |  |

Non-controlling interest distribution paid | - |  | - |  | - |  |

Balance at 31 March 2024 | 50,040 |  | 28,245,617 |  | 3,580 |  |

Changes in equity

Total comprehensive income | - |  | (1,294,989 | ) | - |  |

Dividends | - |  | (1,200,000 | ) | - |  |

Fair value transfer | - |  | 1,016,136 |  | - |  |

Balance at 31 March 2025 | 50,040 |  | 26,766,764 |  | 3,580 |  |

| Fair |

| value |  | Non-controlling |  | Total

| reserve |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 16,666,035 |  | 47,745,992 |  | 981,971 |  | 48,727,963 |  |

Changes in equity

Total comprehensive income | - |  | (5,356,512 | ) | 103,395 |  | (5,253,117 | ) |

Dividends | - |  | (900,000 | ) | - |  | (900,000 | ) |

Fair value transfer | (3,475,792 | ) | - |  | - |  | - |  |

13,190,243 |  | 41,489,480 |  | 1,085,366 |  | 42,574,846 |  |

Non-controlling interest distribution paid | - |  | - |  | (51,508 | ) | (51,508 | ) |

Balance at 31 March 2024 | 13,190,243 |  | 41,489,480 |  | 1,033,858 |  | 42,523,338 |  |

Changes in equity

Total comprehensive income | - |  | (1,294,989 | ) | 524,258 |  | (770,731 | ) |

Dividends | - |  | (1,200,000 | ) | - |  | (1,200,000 | ) |

Fair value transfer | (1,016,135 | ) | 1 |  | - |  | 1 |  |

Balance at 31 March 2025 | 12,174,108 |  | 38,994,492 |  | 1,558,116 |  | 40,552,608 |  |

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Company Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 50,040 |  | 44,461,133 |  | 44,511,173 |  |

Changes in equity

Dividends | - |  | (900,000 | ) | (900,000 | ) |

Total comprehensive income | - |  | (511,684 | ) | (511,684 | ) |

Balance at 31 March 2024 | 50,040 |  | 43,049,449 |  | 43,099,489 |  |

Changes in equity

Dividends | - |  | (1,200,000 | ) | (1,200,000 | ) |

Total comprehensive income | - |  | (1,156,324 | ) | (1,156,324 | ) |

Balance at 31 March 2025 | 50,040 |  | 40,693,125 |  | 40,743,165 |  |

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Canadian & Portland Estates (Holdings) 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

| Preparation of consolidated financial statements

| The consolidated financial statements incorporate the financial statements to the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over its useful economic life. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss for the parent company is omitted from the group financial statements by virtue of the Companies Act 2006. The accounts can be obtained from 76 New Bond Street, London W1S 1RX.

| Significant judgments and estimates

| Investment property, which is freehold, was revalued to fair value at 31 March 2022, based on a valuation undertaken by a suitably qualified director with recent experience in the location and class of the investment property being valued.

| Joint ventures

| The company is involved in one joint venture. The full asset and income is brought into the accounts with a deduction for the JV partner shown as a Minority Interest charge.

| Turnover

| Turnover represents rents receivable in relation to the accounting period after adjusting for rent free periods and other agreed rebates and discounts. VAT and other taxes are excluded.

| Depreciation

| Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of the asset as follows:

| Investment properties - nil

| Leasehold improvements - 20% per annum straight line

| Fixtures and fittings - 33.33% per annum straight line

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to fund in respect of the year. The assets of the scheme are held separately from those of the group in an independently administered fund.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 4 (2024 - 4 ) .

4. | OPERATING PROFIT/(LOSS)

| The operating profit (2024 - operating loss) is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 21,661 |  | 57,553 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 1,310,090 |  | 582,215 |  |

6. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 225,064 |  | 335,722 |  |

| Deferred tax | - |  | (1,070,000 | ) |

| Tax on loss | 225,064 |  | (734,278 | ) |

7. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

8. | TANGIBLE FIXED ASSETS

| Group

| Investment |  | Plant and |

| Property |  | machinery |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 48,283,899 |  | 274,774 |  | 48,558,673 |  |

| Additions | 18,828,252 |  | 3,540 |  | 18,831,792 |  |

| Revaluations | (1,834,698 | ) | - |  | (1,834,698 | ) |

| At 31 March 2025 | 65,277,453 |  | 278,314 |  | 65,555,767 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 243,253 |  | 243,253 |  |

| Charge for year | - |  | 21,661 |  | 21,661 |  |

| At 31 March 2025 | - |  | 264,914 |  | 264,914 |  |

| NET BOOK VALUE

| At 31 March 2025 | 65,277,453 |  | 13,400 |  | 65,290,853 |  |

| At 31 March 2024 | 48,283,899 |  | 31,521 |  | 48,315,420 |  |

| No depreciation is provided in respect of the group's investment property. The valuation of the investment property at the balance sheet date has been performed by a suitably qualified director.

| On historical cost basis, the group's investment properties would be been included at an original cost of £66,286,592 (2024: £47,121,645).

9. | FIXED ASSET INVESTMENTS

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

| - Chapel Properties Limited (registered number: 03143568)

| - Canadian & Portland Developments Limited (registered number: 03037164)

| - Canadian & Butler Limited (registered number: 03935321)

| - Riverside Edge Limited (registered number: 08788465)

| - Thames Street Properties Limited (registered number: 11023677)

| - Canadian & Portland Estates Limited (registered number: 01676411)

| - Canadian & Riverside Limited (registered number: 09208731)

| - Canadian & West End Limited (registered number: 09943076)

| - Canadian & Northampton Limited (registered number: 15616691)

| - Canadian & Tewkesbury Limited (registered number: 16093208)

| - Canadian & Reading Limited (registered number: 15913522)

| - Canadian & Crawley Limited (registered number: 15901029)

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 705,520 |  | 886,007 |  | 3,715 |  | 1,858 |  |

| Amounts owed by group undertakings | 1 |  | 1 |  | 66,510,106 |  | 35,618,318 |  |

| Other debtors | 56,949 |  | 57,249 |  | 24,000 |  | 24,000 |  |

| Tax | 100,147 |  | - |  | 64,796 |  | 64,796 |  |

| Prepayments and accrued income | 753,502 |  | 493,201 |  | 286,784 |  | 9,027 |  |

| Prepayments | 319,661 |  | - |  | - |  | - |  |

1,935,780 |  | 1,436,458 |  | 66,889,401 |  | 35,717,999 |  |

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 13) | - |  | 15,000,000 |  | - |  | - |  |

| Trade creditors | 178,410 |  | 71,963 |  | 58,659 |  | 14,448 |  |

| Amounts owed to group undertakings | 5 |  | 41 |  | 4,683,659 |  | 4,229,352 |  |

| Tax | 320,241 |  | 293,087 |  | - |  | - |  |

| Social security and other taxes | 65,863 |  | 48,693 |  | 65,863 |  | 48,693 |  |

| VAT | 296,683 |  | 190,481 |  | 27,091 |  | 26,497 |  |

| Other creditors | 839 |  | 339 |  | - |  | - |  |

| Deferred income | 948,216 |  | 833,372 |  | - |  | - |  |

| Accrued expenses | 529,672 |  | 439,236 |  | 398,478 |  | 90,651 |  |

2,339,929 |  | 16,877,212 |  | 5,233,750 |  | 4,409,641 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 13) | 24,500,000 |  | - |  | 24,500,000 |  | - |  |

13. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | - |  | 15,000,000 |  | - |  | - |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 24,500,000 |  | - |  | 24,500,000 |  | - |  |

14. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans | 24,500,000 |  | 15,000,000 |  | 24,500,000 |  | - |  |

| The company moved to a new bank facility during the year. The bank loan is on an interest only basis until and is secured by way of a first charge and debenture over the company property together with that of fellow subsidiaries

15. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 4,177,186 |  | 4,177,185 |  |

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

15. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 4,177,185 |  |

| Provided during year | 1 |  |

| Released on disposal |

| Balance at 31 March 2025 | 4,177,186 |  |

| Deferred tax arises in respect of the revaluation of property after indexation.

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 50,040 | Ordinary | £1 | 50,040 |  | 50,040 |  |

17. | RESERVES

| The group's and company's other reserves are as follows:

| The retained earnings reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

| The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

| The fair value reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

18. | NON-CONTROLLING INTERESTS

| The minority interest is a 25% interest in Felixstowe, one of the investment properties held by the group. The 25% minority holding is held by CJ Bourne (Asset Management) Limited.

19. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 33, not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

20. | POST BALANCE SHEET EVENTS

| The group acquired a new investment site after date through a newly incorporated company, Canadian &

| Kingston Limited (company number 16499472). The company is 100% subsidiary of Canadian & Portland Estates (Holdings) Limited. The property was acquired for £2,800,000 and was funded by an additional bank loan.

| The group also exchanged contracts on the acquisition of a site in Crawley. This was signed in Canadian & Crawley Limited (company number 15901029) and the property was acquired for £2,710,000.

| After the reporting period the group recevied additional funding from the bank, increasing the bank loan to £29,300,000.

| Canadian & Portland Estates |

| (Holdings) Limited (Registered number: 09194545) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

21. | ULTIMATE CONTROLLING PARTY

| There is no ultimate controlling party.