These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

J & A Speakman Limited 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 is part of a group

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value.

The financial statements have been prepared on the going concern basis which assumes the continued support oftrue the group. 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.

Revenue represents rental income received under leases.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Tangible fixed assets comprise plant & machinery and freehold land and buildings.

Plant and machinery is initially measured at cost. After initial recognition, plant and machinery is measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is charged at 15% on a reducing balance basis to write the assets off over their useful lives.

Freehold land and buildings are measured at fair value using the revaluation model.

Gains on the revaluation of freehold land and buildings are recognised in the statement of comprehensive income and subsequently transferred to the revaluation reserve. Deferred tax is provided on these gains at the rate expected to apply when the land or buildings are sold.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment properties are included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

The tax expense represents the sum of current and deferred tax.

Tax is recognised in the 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.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax 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.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The 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 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.

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

Freehold land was valued at its market value on the assumption of full vacant possession on 31 December 2025 by Savills plc.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Investment properties are included at fair value. Gains are recognised in the income statement and

subsequently transferred to the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

The investment property was valued at its market value on the assumption of full vacant possession on 31 December 2025 by Savills plc.

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

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

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 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.

During the year, the company paid advisory fees of £220,000 (2024: £100,000) to LSL MHF Ltd, its parent company.

At the balance sheet date £447,936 (2024: £459,028) was owed to LSL MHF Ltd. This amount is included in short term creditors, is unsecured, interest free and repayable on demand.

The company's immediate parent is LSL MHF Ltd and its ultimate parent is LSL MHF Cirrus Ltd, both of which are registered in England and Wales. The registered office of both parents is 33 Welbeck Street, London, W1G 8EX.

There is no ultimate controlling party.