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COMPANY REGISTRATION NUMBER: 10717731

Urban&Civic St Neots Limited

Financial Statements

30 September 2025

Urban&Civic St Neots Limited

Financial Statements

Year ended 30 September 2025

Contents | Page

Officers and professional advisers | 1

Directors' report | 2

Independent auditor's report to the member | 4

Statement of income and retained earnings | 8

Statement of financial position | 9

Notes to the financial statements | 10

Urban&Civic St Neots Limited

Officers and Professional Advisers

The board of directors | W N Hugill
| J D Scott

Company secretary | Urban&Civic (Secretaries) Limited

Registered office | 50 New Bond Street
| London
| W1S 1BJ

Auditor | BDO LLP
| Chartered accountants & statutory auditor
| 55 Baker Street
| London
| W1U 7EU

Urban&Civic St Neots Limited

Directors' Report

Year ended 30 September 2025
The directors present their report and the financial statements of the company for the year ended 30 September 2025 .
Directors
The directors who served the company during the year were as follows:

W N Hugill |
J D Scott |

Directors' responsibilities statement
The directors are responsible for preparing the directors' 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 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; and - 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. The directors have taken advantage of the small company exemption from providing a strategic report under section 414B of the Companies Act 2006.
This report was approved by the board of directors on 2 March 2026 and signed on behalf of the board by:

J D Scott
Director

Registered office:
50 New Bond Street
London
W1S 1BJ

Urban&Civic St Neots Limited

Independent Auditor's Report to the Member of Urban&Civic St Neots Limited

Year ended 30 September 2025
Opinion on the financial statements
In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit 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. We have audited the financial statements of Urban&Civic St Neots Limited ("the company") for the year ended 30 September 2025 which comprise the statement of income and retained earnings, statement of financial position and the related notes to the financial statements, including a summary of 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).
Basis for opinion
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 auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
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 Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. 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. We have nothing to report in this regard.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' report for the financial period 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.
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.
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: - adequate accounting records have not been kept, or 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 the returns; or - certain disclosures of Directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; and - 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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, 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.
Auditor's responsibilities for the audit of the financial statements
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 or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was capable of detecting irregularities, including fraud 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: - We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors and other management (as required by auditing standards). - We had regard to laws and regulations in areas that directly affect the financial statements (including related company legislation) and taxation legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. - With the exception of any known or possible non-compliance and as required by auditing standards, our work include agreeing the financial statement disclosures to underlying supporting documentation, review of Board minutes, enquiries with management. - We communicated identified laws and regulations to our team and remained alert to any indications of non-compliance throughout the audit. Auditor's responsibilities for the audit of the financial statements (continued) Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: - Enquiry with management and those charged with governance regarding any known or suspected instances of fraud. - Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud. - Discussion amongst the engagement team as to how and where fraud might occur in the financial statements. - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Based on our risk assessment, we considered the area's most susceptible to fraud to be management override. Our procedures in respect of the above included: - Testing a sample of journal entries throughout the year, which we considered most susceptible to override, by agreeing to supporting documentation. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's website at: 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, as a body, 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 them 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 as a body, for our audit work, for this report, or for the opinions we have formed.

John Detweiler
(Senior Statutory Auditor)

For and on behalf of BDO LLP , statutory auditor

55 Baker Street
London
W1U 7EU

2 March 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number: OC305127).

Urban&Civic St Neots Limited

Statement of Income and Retained Earnings

Year ended 30 September 2025

| 2025 | 2024
Note | £ | £

Administrative expenses | ( 39,617) | ( 4)

| --------- | ----
Operating loss | ( 39,617) | ( 4)

Income from participating interests | 5 | 2,274,592 | 1,972,667
Other interest receivable and similar income | 6 | 835,441 | 627,050
Interest payable and similar expenses | 7 | ( 989,538) | ( 930,336)
| ------------- | -------------
Profit before taxation | 2,080,878 | 1,669,377

Tax on profit | 8 | – | –
| ------------- | -------------
Profit for the financial year and total comprehensive income | 2,080,878 | 1,669,377
| ------------- | -------------

Retained earnings at the start of the year | 7,396,062 | 5,726,685
| ------------- | -------------
Retained earnings at the end of the year | 9,476,940 | 7,396,062
| ------------- | -------------

All the activities of the company are from continuing operations.

Urban&Civic St Neots Limited

Statement of Financial Position

30 September 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Investments | 9 | 74,571,499 | 22,593,105

Current assets

Debtors | 10 | 1,522 | 1,522
Cash at bank and in hand | 279 | 276
| ------- | -------
| 1,801 | 1,798

Creditors: amounts falling due within one year | 11 | ( 65,096,359) | ( 15,198,840)
| -------------- | --------------
Net current liabilities | ( 65,094,558) | ( 15,197,042)
| -------------- | --------------
Total assets less current liabilities | 9,476,941 | 7,396,063
| ------------- | -------------
Net assets | 9,476,941 | 7,396,063
| ------------- | -------------

Capital and reserves

Called up share capital | 12 | 1 | 1
Profit and loss account | 13 | 9,476,940 | 7,396,062
| ------------- | -------------
Shareholders' funds | 9,476,941 | 7,396,063
| ------------- | -------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 2 March 2026 , and are signed on behalf of the board by:

J D Scott
Director

Company registration number: 10717731

Urban&Civic St Neots Limited

Notes to the Financial Statements

Year ended 30 September 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 50 New Bond Street, London, W1S 1BJ. The principal activity of the company is investment holding company.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Urban&Civic St Neots Limited (the Company) is reliant on funding provided by Urban&Civic plc and fellow Group undertakings (the Group). Given Urban&Civic plc has provided a letter of support confirming that it shall continue to provide such support for the foreseeable future, and for a period of at least 12 months from the signing of these financial statements, the Directors consider it reasonable to rely on the continuation of this financing in making their assessment of the ability of the Company to continue as a going concern. The Directors have considered the ability of the Group to give the necessary support. Disclosures are given in the Group financial statements of Urban&Civic plc regarding its ability to continue as a going concern. Based on the Group forecasts and the assurance from Urban&Civic plc the Directors consider that the Company has adequate resources for a period in excess of 12 months from the date of approval of these financial statements and accordingly have concluded that it is appropriate for the Company to prepare its own financial statements on a going concern basis.
Disclosure exemptions
In preparing the financial statements of this company, advantage has been taken of the following disclosure exemptions as permitted by FRS102: - the requirements of Section 7 Statement of Cash flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraph 11.39 to 11.48A; and - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Urban&Civic plc as at 30 September 2025 and these financial statements may be obtained from Companies House. The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Urban&Civic plc. These financial statements therefore present information about the company as an individual undertaking and not about its group.
Judgements and key sources of estimation uncertainty
The company makes certain estimates and assumptions regarding the future. These judgements and estimates affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates are continually evaluated based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. In preparing these financial statements, the directors have made the following judgements and estimates: Recoverability of investments The Directors have considered whether there are indicators of impairment of the company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the investment.
Cash and cash equivalents
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.
Income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expenses 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's subsidiaries operate and generate taxable income. Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted by the reporting date.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less accumulated impairment losses.
Discretionary divisions amongst members received from the investment are recognised as income without regard to whether the divisions are from accumulated profits of the investment arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterpart or default or significant delay in payment) that the company will be unable to collect all of the amounts due under the terms receivable. The amount of such a provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade debtors, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses. On confirmation that the trade debtor will not be collectable the gross carrying value of the asset is written off against the associated provision.
Financial liabilities
Financial liabilities including trade creditors, other creditors, accruals and amounts due to group undertakings are originally recorded at fair value and subsequently stated at amortised cost under the effective interest method.
4. Operating loss
Auditors' remuneration was borne by another group company in the current and prior year.
The company has no employees other than the directors who did not receive any remuneration (2024: £nil).
5. Income from participating interests

| 2025 | 2024
| £ | £
Discretionary divisions amongst members | 2,274,592 | 1,972,667
| ------------- | -------------

6. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 6 | 15
Interest receivable from participating interests | 835,435 | 627,035
| ---------- | ----------
| 835,441 | 627,050
| ---------- | ----------

7. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Interest due to group undertakings | 989,538 | 930,336
| ---------- | ----------

8. Tax on profit
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year varies from the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 2,080,878 | 1,669,377
| ------------- | -------------
Profit on ordinary activities multiplied by rate of tax | 520,220 | 417,344
Group relief | ( 110,714) | ( 505,213)
Losses from joint ventures | ( 12,479) | –
Differences arising from taxation of chargeable gains and property revaluations | 26,948 | 173,381
Tax losses and other items | ( 423,975) | ( 85,512)
| ------------- | -------------
Tax on profit | – | –
| ------------- | -------------

Losses from joint ventures relate solely to the tax impact of the company's share of losses from Wintringham Partners LLP.
9. Investments

| Loans to participating interests | Shares in participating interests | Total
| £ | £ | £
Cost |  |  |
At 1 October 2024 | 8,948,020 | 13,645,085 | 22,593,105
Additions | 13,028,102 | 38,950,292 | 51,978,394
| -------------- | -------------- | --------------
At 30 September 2025 | 21,976,122 | 52,595,377 | 74,571,499
| -------------- | -------------- | --------------
Impairment |  |  |
At 1 October 2024 and 30 September 2025 | – | – | –
| -------------- | -------------- | --------------

Carrying amount |  |  |
At 30 September 2025 | 21,976,122 | 52,595,377 | 74,571,499
| -------------- | -------------- | --------------
At 30 September 2024 | 8,948,020 | 13,645,085 | 22,593,105
| -------------- | -------------- | --------------

The Wintringham Partners LLP purchased land to the north of the existing St Neots site from Urban&Civic GE Estates Limited in the year for total consideration of £48,068,000. This was settled via the issuing of further loan notes to Urban&Civic St Neots Limited , thus increasing its interest in the partnership to 50%, which is registered at the same office address as the company. For the year ended 30 September 2025 the results of the partnership were a profit after tax, but before discretionary divisions amongst members, of £3,934,114 (2024: £6,823,775) and net assets of £3,946,582 (2024: £6,836,210).
Of the loans to participating interests, £1,852,260 (2024: £1,646,453) attracts interest at 12.5%. The balance attracts interest at 8.0%. These are recognised as interest receivable by the company.
10. Debtors

| 2025 | 2024
| £ | £
Other debtors | 1,522 | 1,522
| ------- | -------

11. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Amounts owed to group undertakings | 64,276,599 | 15,198,840
Accruals and deferred income | 819,760 | –
| -------------- | --------------
| 65,096,359 | 15,198,840
| -------------- | --------------

Amounts owed to group undertakings are unsecured, bear interest at 6.5% (2024: 6.5%) and are repayable on demand.
12. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 1 | 1 | 1 | 1
| ---- | ---- | ---- | ----

13. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
14. Related party transactions
The company has taken advantage of the exemption allowed by FRS 102 Section 33, 'Related Party Disclosures', not to disclose any transactions with entities that are included in the consolidated financial statements of Urban&Civic plc and are 100% owned. The company advanced loans of £3,074,949 (2024: £1,973,333) to Wintringham Partners LLP in the year and earned £835,435 (2024: £627,035) of interest on loans to Wintringham Partners LLP in the year which is recognised as interest receivable by the company. In the year, there was a purchase of land by Wintringham Partners LLP to the North of the existing St Neots site from Urban&Civic GE Estates Limited for a total consideration of £48,068,000. This was settled via the issuing of further loan notes to to Urban&Civic St Neots Limited , thus increasing its interest in the partnership to 50%. A discretionary division amongst members of £2,274,592 (2024: £1,972,667) was received from Wintringham Partners LLP during the year.
15. Controlling party
The company's immediate controlling undertaking is Urban&Civic Property Developments Limited a company incorporated in England and Wales. The ultimate parent undertaking of the company is the Wellcome Trust, exercising control through its corporate trustee, The Wellcome Trust Limited. The largest Group which consolidate the results of the Company are those of Urban&Civic plc. The results of Urban&Civic plc are not consolidated at a higher level. The Wellcome Trust holds a portfolio of investments, which are accounted for at fair value through profit or loss in its financial statements. Copies of the Wellcome Trust Annual Report and Financial Statements are available from Wellcome Trust's website (wellcome.org/insights/reports/wellcome-annual-report).