Company registration number 13951014 (England and Wales)
LSL MHF LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
LSL MHF LTD
COMPANY INFORMATION
Directors
Mr D Cavanagh
Mr N Speakman
Mr N Ttarou
Company number
13951014
Registered office
33 Welbeck Street
London
United Kingdom
W1G 8EX
Auditor
Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT
LSL MHF LTD
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 15
LSL MHF LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr D Cavanagh
Mr N Speakman
Mr N Ttarou
Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

LSL MHF LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Small companies exemption

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

On behalf of the board
Mr N Ttarou
Director
6 May 2026
LSL MHF LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LSL MHF LTD
- 3 -
Opinion

We have audited the financial statements of LSL MHF Ltd (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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 Auditor's 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon.

The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

LSL MHF LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LSL MHF LTD (CONTINUED)
- 4 -
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 identifie d material misstatements in the directors' r eport.

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 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- Review of the control environment

- Review of legal fees incurred

- Agreeing the financial statement disclosures to underlying supporting documentation

- Reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

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 and misrepresentation.

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

LSL MHF LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LSL MHF LTD (CONTINUED)
- 5 -

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrea Kaley FCA FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT
6 May 2026
LSL MHF LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Other operating income
220,000
100,000
Administrative expenses
(268,429)
(298,311)
Operating loss
(48,429)
(198,311)
Investment revenues
5
6,416
12,988
Finance costs
6
(2,356,351)
(2,096,910)
Loss before taxation
(2,398,364)
(2,282,233)
Income tax expense
-
-
Loss and total comprehensive income for the year
(2,398,364)
(2,282,233)
LSL MHF LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
ASSETS
Non-current assets
Investments
8
13,410,724
13,410,724
Current assets
Trade and other receivables
10
448,785
466,701
Cash and cash equivalents
318
1,239
449,103
467,940
Total assets
13,859,827
13,878,664
EQUITY
Called up share capital
13
100
100
Retained earnings
(7,097,583)
(4,699,219)
Total equity
(7,097,483)
(4,699,119)
LIABILITIES
Non-current liabilities
Trade and other payables
12
20,903,942
18,551,196
Current liabilities
Trade and other payables
12
53,368
26,587
Total liabilities
20,957,310
18,577,783
Total equity and liabilities
13,859,827
13,878,664

These 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 6 May 2026 and are signed on its behalf by:
Mr N Ttarou
Director
Company registration number 13951014 (England and Wales)
LSL MHF LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2024
100
(2,416,986)
(2,416,886)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(2,282,233)
(2,282,233)
Balance at 31 December 2024
100
(4,699,219)
(4,699,119)
Year ended 31 December 2025:
Loss and total comprehensive income
-
(2,398,364)
(2,398,364)
Balance at 31 December 2025
100
(7,097,583)
(7,097,483)
LSL MHF LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
2,349,014
2,084,808
Interest paid
(3,605)
(3,605)
Net cash inflow from operating activities
2,345,409
2,081,203
Investing activities
Interest received
6,416
12,988
Net cash generated from investing activities
6,416
12,988
Net increase in cash and cash equivalents
2,351,825
2,094,191
Cash and cash equivalents at beginning of year
1,239
353
Cash and cash equivalents at end of year
318
1,239
LSL MHF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

LSL MHF Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 33 Welbeck Street, London, United Kingdom, W1G 8EX. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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. The principal accounting policies adopted are set out below.

The financial statements contain information about LSL MHF Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, LSL MHF Cirrus Limited, 33 Welbeck Street, London, W1G 8EX.

1.2
Going concern

The financial statements have been prepared on the going concern basis which assumes the continued support of true the group's Loan Note Holders. The directors have confirmed that this support will continue for at least 12 months from the date of approval of these financial statements and therefore believe that no adjustments relating to the company's ability to continue as a going concern need to be made.

1.3
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents 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.

1.5
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including debtors, creditors and bank balances. Basic short term financial assets are measured at the transaction price, less any impairment and basic short term financial liabilities are measured at the transaction price.

Other financial liabilities including loans are measured at the transaction price and subsequently at amortised cost.

1.6
Taxation

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

LSL MHF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 su bstantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which they are recognised in the 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.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

- The valuation of the company's investment in its subsidiary J&A Speakman Limited, which is dependent on the value of the subsidiary's freehold and and investment properties.

- The valuation of freehold land and investment properties. These have, however, been valued by Savills plc at their market value on the assumption of full vacant possession on 31 December 2025.

3
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,075
11,500
For other services
Non-audit fees
13,460
28,358
LSL MHF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
4
Employees

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

2025
2024
Number
Number
Total
3
3

No directors' remuneration was paid in either the current or prior year.

5
Investment income
2025
2024
£
£
Interest income
Bank deposits
6,416
12,988
6
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
3,605
3,605
Interest on convertible loan notes
2,352,746
2,093,305
Total interest expense
2,356,351
2,096,910
7
Income Tax

No liability to UK corporation tax arose for the year ended 31 December 202 5 nor for the year ended

31 December 202 4.

8
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Other investments
-
-
13,410,724
13,410,724

Details of the company's investments are shown in note 6.

LSL MHF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
9
Subsidiaries

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
J & A Speakman Limited
33 Welbeck Street, London, W1G 8EX
Land management and rental
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
J & A Speakman Limited
10,966,654
(52,845)
10
Trade and other receivables
2025
2024
£
£
VAT recoverable
-
0
6,621
Amounts owed by fellow group undertakings
448,036
459,128
Prepayments
749
952
448,785
466,701
11
Financial liabilities - borrowings

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

The company issued interest bearing loan notes of £14,274,986 on the acquisition of its wholly owned subsidiary, J & A Speakman Limited in August 2022. Cumulative accrued interest of £6,628,956 (202 4: £4,276,210) is included within the balance at the year end date.

The loan notes are secured on the company's investment in the subsidiary and are repayable in 2032.

12
Trade and other payables
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Trade payables
4,680
604
-
0
-
0
Accruals
30,368
25,983
-
0
-
0
Social security and other taxation
18,320
-
0
-
0
-
0
Other payables
-
-
20,903,942
18,551,196
53,368
26,587
20,903,942
18,551,196
LSL MHF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
60
60
60
60
B Ordinary of £1 each
40
40
40
40
100
100
100
100

Except as otherwise provided below, the A Ordinary Shares and B Ordinary Shares shall rank pari passu in all respects but shall constitute separate classes of Shares.

The holders of the A Ordinary Shares and B Ordinary shares shall have the right to receive notice of and attend and vote and speak at any general meeting of the Company and shall be entitled to receive and vote on any written resolution of the Company, save that such holder of the:

(a) A Ordinary Shares shall be entitled to two hundred votes at any general meeting or on a written resolution by virtue of or in respect of his holding of each such A Ordinary Share; and

(b) B Ordinary Shares shall be entitled to one vote at any general meeting or on a written resolution by virtue of or in respect of his holding of each such B Ordinary Share.

14
Capital risk management

The company is not subject to any externally imposed capital requirements.

15
Related party transactions

During the year, the company received advisory fees of £220,000 (202 4: £100,000) from J & A Speakman Limited, its wholly owned subsidiary.

At the balance sheet date £447,936 (202 4: £459,028) was owed from J & A Speakman Limited. This amount is included in debtors, and is unsecured, interest free and repayable on demand.

16
Directors' transactions

During the year the company paid consultancy fees of £100,000 (2024: £100,000) to Food Physics Limited, a company in which Mr N Speakman has significant control.

LSL MHF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
17
Controlling party

The company is owned by the following:

Company name | Company number | Registered Office | Holding
The Essex Grape Company Ltd | 1 3216401 | Woodham Lodge, Lodge Rd, Bicknacre, Chelmsford, Essex, CM3 4HG | 14%

Minami (Maldon) Ltd | 14180442 | The Old Grange, Warren Estate, Lordship Road, Writtle, Essex, CM1 3WT | 13%
Sarah Chenevix-Trench Ltd | 0528148 9 | Little Grange Farm, Marlpitts Road, Woodham Mortimer, Maldon, Essex, CM9 6TL | 13%
LSL MHF Cirrus Ltd | 14245459 | 33 Welbeck Street, London, W1G 8EX | 60%

There is no ultimate controlling party.

18
Cash generated from operations
2025
2024
£
£
Loss for the year before taxation
(2,398,364)
(2,282,233)
Adjustments for:
Finance costs
2,356,351
2,096,910
Investment income
(6,416)
(12,988)
Movements in working capital:
Decrease in trade and other receivables
11,295
189,061
Increase in trade and other payables
2,386,148
2,094,058
Cash generated from operations
2,349,014
2,084,808
19
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,239
(921)
318
1 January 2024
Cash flows
31 December 2024
Prior year:
£
£
£
Cash at bank and in hand
353
886
1,239
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