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REGISTERED NUMBER: 08800088 (England and Wales)

Report of the Director and

Financial Statements

for the Period 1 June 2024 to 30 June 2025

for

MANCHESTER LIFE MANAGEMENT LIMITED

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Contents of the Financial Statements

for the period 1 June 2024 to 30 June 2025

Page |

| Company Information | 1 |

| Report of the Director | 2 |

| Report of the Independent Auditors | 4 |

| Profit and Loss Account | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |

| MANCHESTER LIFE MANAGEMENT LIMITED |

Company Information

for the period 1 June 2024 to 30 June 2025

| Director: | M L Edelman

| Registered office: | Unit 5

| Royal Mills

| Redhill Street

| Manchester

| M4 5BA

| Registered number: | 08800088 (England and Wales)

| Auditors: | S&W Audit

| Northern Assurance Buildings

| 9-21 Princess Street

| Manchester

| M2 4DN

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Report of the Director

for the period 1 June 2024 to 30 June 2025

The director presents his report with the financial statements of the company for the period 1 June 2024 to 30 June 2025.

Principal activity

The principal activity of the company is to act as a letting and management agent on behalf of its shareholders and a third party customer.

Review of business

The rental income received on behalf of the shareholders is offset by the expenditure incurred by acting as an agent on their behalf.

The Company has had another successful year operating a portfolio of 5 buildings, with 4 being on behalf of its shareholders and one on behalf of a third party. Leasing has remained remarkably resilient with occupancy above budget throughout the year.

Director

M L Edelman held office during the whole of the period from 1 June 2024 to the date of this report.

Liquidity

At the time of writing, over 97% of the available properties are either leased or reserved. Under this scenario, the Company generates a sufficient level of profit and cash.

The cash balance at the date of this report is strong. Management do not anticipate that the Company will be required to rely on the shareholders for financing.

Going concern

The financial statements have been prepared on a going concern basis. Details regarding the adoption of going concern can be found within note 3 to the financial statements. The Director has assessed the Company's ability to continue to meet its working capital requirements through the normal cyclical nature of receipts and payments. The Director believes the Company will continue as a going concern based on the sensitivity analysis performed and market conditions known at the date of signing these financial statements. This will continue to be reviewed.

Statement of director's responsibilities

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Statement as to disclosure of information to auditors

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Report of the Director

for the period 1 June 2024 to 30 June 2025

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 director:

M L Edelman - Director

16 March 2026

Report of the Independent Auditors to the Members of

Manchester Life Management Limited

Opinion

We have audited the financial statements of Manchester Life Management Limited (the 'company') for the period ended 30 June 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and 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).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the period 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 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 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 UK, including the FRC'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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director 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 report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Director.

We have nothing to report in respect of the following matters where 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 returns; or

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Report of the Independent Auditors to the Members of

Manchester Life Management Limited

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Manchester Life Management Limited

Auditors' 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 a Report of the Auditors 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:

We obtained a general understanding of the company's legal and regulatory framework through enquiry with management concerning their understanding of relevant laws and regulations and the entity's policies and procedures regarding compliance including, how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through outsourcing the accounts preparation and tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the company's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 1A in respect of the preparation of the financial statements; and

- UK Taxation Law

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the finance statements, especially revenue, via fraudulent journal entries, particularly as the size of the company means that there is little opportunity for segregation of duties

These areas were communicated to other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Identifying and assessing the design and effectiveness of controls management have in place to prevent and detect fraud.

- Substantive work of material areas affecting profits.

- For revenue recognition, we have tested samples of rental income to ensure they have been recognised in the correct period, ensured that no deposits have been incorrectly recognised as income and performed an analytical review to ensure income is complete.

- We have tested a sample of journal entries, focussing particularly on postings to unexpected or unusual accounts and those posted at unusual times.

- Assessing the extent of compliance with relevant laws and regulations.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Manchester Life Management Limited

Use of our report

This report is made solely to the company's members, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

David Fort FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

16 March 2026

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Profit and Loss Account

for the period 1 June 2024 to 30 June 2025

Period |  |

1/6/24 |  |

to | Year ended |

30/6/25 | 31/5/24 |

| Notes | £ | £

Turnover | 4,339,302 |  | 3,811,029 |  |

Administrative expenses | (4,207,368 | ) | (3,696,851 | ) |

Operating profit | 5 | 131,934 |  | 114,178 |  |

Interest receivable and similar income | 202 |  | 340 |  |

Profit before taxation | 132,136 |  | 114,518 |  |

Tax on profit | 6 | (26,440 | ) | (27,283 | ) |

Profit for the financial period | 105,696 |  | 87,235 |  |

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Balance Sheet

30 June 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

Fixed assets

Tangible assets | 7 | 7,173 |  | 3,549 |  |

Current assets

Debtors | 8 | 698,242 |  | 304,036 |  |

Cash at bank and in hand | 760,757 |  | 573,630 |  |

1,458,999 |  | 877,666 |  |

Creditors

Amounts falling due within one year | 9 | 1,086,485 |  | 607,224 |  |

Net current assets | 372,514 |  | 270,442 |  |

Total assets less current liabilities | 379,687 |  | 273,991 |  |

Capital and reserves

Called up share capital | 11 | 4 |  | 4 |  |

Capital redemption reserve | 1 |  | 1 |  |

Retained earnings | 379,682 |  | 273,986 |  |

Shareholder funds | 379,687 |  | 273,991 |  |

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 director and authorised for issue on 16 March 2026 and were signed by:

M L Edelman - Director

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Statement of Changes in Equity

for the period 1 June 2024 to 30 June 2025

Called up | Capital |  |

share | Retained | redemption | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Balance at 1 June 2023 | 4 |  | 186,751 |  | 1 |  | 186,756 |  |

Changes in equity

Total comprehensive income | - |  | 87,235 |  | - |  | 87,235 |  |

Balance at 31 May 2024 | 4 |  | 273,986 |  | 1 |  | 273,991 |  |

Changes in equity

Total comprehensive income | - |  | 105,696 |  | - |  | 105,696 |  |

Balance at 30 June 2025 | 4 |  | 379,682 |  | 1 |  | 379,687 |  |

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Notes to the Financial Statements

for the period 1 June 2024 to 30 June 2025

1. | Statutory information

| Manchester Life Management 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 Company Information page.

2. | Statement of compliance

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention and have been rounded to the nearest pound.

| Going Concern

| The financial statements have been prepared using the going concern basis of accounting.

| The company's activity is the letting and management of residential properties on behalf of its shareholders and third parties. The company collects all rents due, meets its operating costs from this cash and pays the balance, minus appropriate levels of working capital, to its shareholders. At a reduced level of rental income, which the Director considers to be extremely unlikely given continued strong lettings activity, the Company remains able to meet all its operating costs and hold sufficient working capital.

| Through the agreements with its shareholders, the Company has the ability to retain working capital funds and adopt flexibility over the amounts paid to the shareholder entities, which strengthens its position in being able to meet its outgoings should rental income fall significantly. When considered in the context of the Company being able to retain working capital funds, the rental income would need to reduce by over 50% to cast doubt over the going concern position.

| Therefore, the Director is of the view that the Company will continue as a going concern and, therefore, will meet its liabilities as they fall due within the normal course of business. Thus, he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

| Turnover

| The company acts as an agent in respect of letting and property management for customers which include the shareholders and third parties.

| Turnover, in respect of third party customers, comprises of the commissions generated on the income and the recoverable expenditure as per the property management agreement.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery | - | 33% straight line

| Fixtures and fittings | - | 33% straight line

| Computer equipment | - | 33% straight line

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Notes to the Financial Statements - continued

for the period 1 June 2024 to 30 June 2025

3. | Accounting policies - continued

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade debtors, other debtors, group loans and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where

| the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| (ii) Financial liabilities

| Basic financial liabilities, including trade creditors, other creditors and group loans 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.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Taxation

| Taxation for the period comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Share capital

| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. | Employees and directors

| The average number of employees during the period was 48 (2024 - 50 ) .

5. | Operating profit

| The operating profit is stated after charging:

Period |  |

1/6/24 |  |

to | Year ended |

30/6/25 | 31/5/24 |

| £ | £

| Depreciation - owned assets | 3,421 |  | 2,662 |  |

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Notes to the Financial Statements - continued

for the period 1 June 2024 to 30 June 2025

6. | Taxation

| Analysis of the tax charge

| The tax charge on the profit for the period was as follows:

Period |  |

1/6/24 |  |

to | Year ended |

30/6/25 | 31/5/24 |

| £ | £

| Current tax:

| UK corporation tax | 26,440 |  | 27,283 |  |

| Tax on profit | 26,440 |  | 27,283 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period |  |

1/6/24 |  |

to | Year ended |

30/6/25 | 31/5/24 |

| £ | £

| Profit before tax | 132,136 |  | 114,518 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 33,034 |  | 28,630 |  |

| Effects of:

| Expenses not deductible for tax purposes | 356 |  | 3,133 |  |

| Income not taxable for tax purposes | - |  | (641 | ) |

| Capital allowances in excess of depreciation | (1,962 | ) | (2,468 | ) |

| Adjustments to tax charge in respect of previous periods | (4,988 | ) | (1,371 | ) |

| Total tax charge | 26,440 |  | 27,283 |  |

7. | Tangible fixed assets

Fixtures |

Plant and | and | Computer |

machinery | fittings | equipment | Totals |

| £ | £ | £ | £

| Cost

| At 1 June 2024 | 2,521 |  | 17,695 |  | 64,546 |  | 84,762 |  |

| Additions | 1,699 |  | 2,970 |  | 2,376 |  | 7,045 |  |

| At 30 June 2025 | 4,220 |  | 20,665 |  | 66,922 |  | 91,807 |  |

| Depreciation

| At 1 June 2024 | 1,741 |  | 17,304 |  | 62,168 |  | 81,213 |  |

| Charge for period | 1,043 |  | 581 |  | 1,797 |  | 3,421 |  |

| At 30 June 2025 | 2,784 |  | 17,885 |  | 63,965 |  | 84,634 |  |

| Net book value

| At 30 June 2025 | 1,436 |  | 2,780 |  | 2,957 |  | 7,173 |  |

| At 31 May 2024 | 780 |  | 391 |  | 2,378 |  | 3,549 |  |

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Notes to the Financial Statements - continued

for the period 1 June 2024 to 30 June 2025

8. | Debtors: amounts falling due within one year |

2025 | 2024 |

| £ | £

| Trade debtors | 115,917 |  | 97,413 |  |

| Amounts owed by group undertakings | 140 |  | 24,211 |  |

| Other debtors | 582,185 |  | 182,412 |  |

698,242 |  | 304,036 |  |

9. | Creditors: amounts falling due within one year |

2025 | 2024 |

| £ | £

| Trade creditors | 508,077 |  | 59,958 |  |

| Amounts owed to group undertakings | 76,650 |  | 51,630 |  |

| Taxation and social security | 76,791 |  | 108,501 |  |

| Other creditors | 424,967 |  | 387,135 |  |

1,086,485 |  | 607,224 |  |

10. | Leasing agreements

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

| £ | £

| Within one year | 28,742 |  | 46,204 |  |

| Between one and five years | 46,288 |  | 115,269 |  |

75,030 |  | 161,473 |  |

11. | Called up share capital

| Allotted, issued and fully paid:

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

value: |  | £ | £

| 4 | Ordinary | £1 | 4 |  | 4 |  |

12. | Related party disclosures

| Included in creditors is £76,650 (2024 - £27,419) owed to the shareholders which is the surplus of tenancy receipts against costs.

| Included in debtors is £140 (2024 - £NIL) due from other group companies.

| The above balances are interest free, unsecured and repayable on demand.

13. | Ultimate controlling party

| The Company is jointly owned by the following entities incorporated in Jersey: Silk Glass Developments Limited, Flour Developments Limited, Blossom Iron Developments Limited and Glass Developments Limited, each holding 25% of the shares in the company.

| The ultimate controlling party is determined by the Director to be His Highness Sheikh Mansoor Bin Zayed Al Nahyan.

MANCHESTER LIFE MANAGEMENT LIMITED (REGISTERED NUMBER: 08800088) |

Notes to the Financial Statements - continued

for the period 1 June 2024 to 30 June 2025

14. | Change in reporting period

| The reporting period has been extended to the 30th of June 2025 for this year and all subsequent years. The period has been extended as the company is aligning its accounting reference date with that of a parent or subsidiary undertaking. Due to this, the comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.