ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 12526740

Icon Unit 2 PropCo Limited

Directors' Report and Financial Statements

For the Year Ended 31 December 2025

Icon Unit 2 PropCo Limited

Company Information

Directors	H Prince
	J Fellowes
	W Roxburgh (appointed 2 April 2026)


Registered number	12526740


Registered office	40 Portland Place
	London
	W1B 1NB


Independent auditors	Hurst Accountants Limited
	Chartered Accountants & Statutory Auditors
	3 Stockport Exchange
	Stockport
	SK1 3GG

Icon Unit 2 PropCo Limited

Contents

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 20

Icon Unit 2 PropCo Limited

Directors' Report

For the Year Ended 31 December 2025

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

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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, the directors are 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 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 to 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.

Directors

The directors who served during the year were:

H Prince

J Fellowes

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

Icon Unit 2 PropCo Limited

Directors' Report (continued)

For the Year Ended 31 December 2025

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

J Fellowes

Director

Date: 8 May 2026

Page 2

Icon Unit 2 PropCo Limited

Independent Auditors' Report to the Members of Icon Unit 2 PropCo Limited

Opinion

We have audited the financial statements of Icon Unit 2 PropCo Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (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 31 December 2025 and of its loss 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.

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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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. 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.

Page 3

Icon Unit 2 PropCo Limited

Independent Auditors' Report to the Members of Icon Unit 2 PropCo Limited (continued)

Opinion 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 Directors' Report 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.

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 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 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; or

∙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 set out on page 1, 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.

Page 4

Icon Unit 2 PropCo Limited

Independent Auditors' Report to the Members of Icon Unit 2 PropCo Limited (continued)

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 an Auditors' 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.

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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.

∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.

∙Supporting documentation relating to the Company's policies and procedures for:

- Identifying, evaluating, and complying with laws and regulations
- Detecting and responding to the risks of fraud

∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.

∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

∙Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.

∙Enquiring of management about any actual and potential litigation and claims.

∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.

Page 5

Icon Unit 2 PropCo Limited

Independent Auditors' Report to the Members of Icon Unit 2 PropCo Limited (continued)

We have also considered the risk of fraud through management override of controls by:

∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.

∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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 or intentional misrepresentations, or through collusion.

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 Auditors' Report.

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 Auditors' 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.

Ryan Tattler (Senior Statutory Auditor)

for and on behalf of

Hurst Accountants Limited

Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG

12 May 2026

Page 6

Icon Unit 2 PropCo Limited

Statement of Comprehensive Income

For the Year Ended 31 December 2025

	2025	2024
Note	£	£


Turnover	4	3,280,357	3,311,711
Gross profit		3,280,357	3,311,711
Administrative expenses		(1,089,655)	(945,305)
Operating profit	5	2,190,702	2,366,406
Interest payable and similar expenses	8	(3,062,665)	(2,659,034)
Loss before tax		(871,963)	(292,628)
Tax on loss	9	182,581	(658,323)
Loss for the financial year		(689,382)	(950,951)

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 10 to 20 form part of these financial statements.

Page 7

Icon Unit 2 PropCo Limited

Registered number: 12526740

Statement of Financial Position

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Investment property	10		56,041,137		56,907,044
Current assets
Debtors: amounts falling due within one year	11	1,144,876		1,039,702
Cash at bank and in hand	12	9,256		-
Creditors: amounts falling due within one year	13	(59,827,231)		(59,706,745)
Net current liabilities			(58,673,099)		(58,667,043)
Total assets less current liabilities			(2,631,962)		(1,759,999)
Provisions for liabilities
Deferred taxation	15		(475,742)		(658,323)
Net liabilities			(3,107,704)		(2,418,322)

Capital and reserves
Called up share capital	16	1	1
Profit and loss account	17	(3,107,705)	(2,418,323)
		(3,107,704)	(2,418,322)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J Fellowes

Director

Date: 8 May 2026

The notes on pages 10 to 20 form part of these financial statements.

Page 8

Icon Unit 2 PropCo Limited

Statement of Changes in Equity

For the Year Ended 31 December 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2025	1	(2,418,323)	(2,418,322)
Comprehensive deficit for the year
Loss for the year	-	(689,382)	(689,382)
Total comprehensive deficit for the year	-	(689,382)	(689,382)
At 31 December 2025	1	(3,107,705)	(3,107,704)

Statement of Changes in Equity

For the Year Ended 31 December 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	1	(1,467,372)	(1,467,371)
Comprehensive deficit for the year
Loss for the year	-	(950,951)	(950,951)
Total comprehensive deficit for the year	-	(950,951)	(950,951)
At 31 December 2024	1	(2,418,323)	(2,418,322)

The notes on pages 10 to 20 form part of these financial statements.

Page 9

Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

1.	General information

Icon Unit 2 PropCo Limited is a private company limited by shares incorporated in England and Wales, company number 12526740. The address of the registered office is 40 Portland Place, London, United Kingdom, W1B 1NB.

The principal activity of the company is that of a property investment company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraphs 76 and 79(d) of IAS 40 Investment Property; and

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Icon Holdco Limited as at 31 December 2025 and these financial statements may be obtained from 13 Castle Street, St Helier, JE2 3BT, Jersey.

The directors confirm that, upon request, a copy of the consolidated financial statements will be provided in accordance with the company's normal practice.

Page 10

Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.3

Going concern

The Directors have assessed the current and projected financial position of the Company, taking into account reasonable assumptions regarding its trading performance. The Company incurred a loss during the year of £689k and it has net liabilites of £3,108k as at the reporting date. The company has current liabilities of £59,827k of which £58,735k is amounts owed to group companies. The parent company, Icon HoldCo Limited, has confirmed that the group will provide appropriate support, both through non-recall of intercompany debt, and cash from the group where required, such that the Company will be able to continue to meet its debt repayments as they fall due. Based on this assessment, the Directors have a reasonable expectation that the Company has sufficient resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Revenue

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue represents income from property rental and is recognised in the period it relates to.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 11

Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense 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 operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙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 tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Investment Property

Investment Property, which is property held to earn rentals for capital appreciation is recognised on the statement of financial position using the cost model and is stated at cost less accumulated depreciation and any accumulated impairment losses. Investment property includes the interior fixtures and fittings.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Investment property 2% Straight line

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 12

Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.10

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.

2.11

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.12

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets

All recognised financial assets are measured at amortised cost.

Impairment of financial assets

The Company always recognises lifetime expected credit losses ("ECL") for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Company has no financial liabilities at fair value through profit and loss and has no derivatives designated as hedging instruments.

2.13

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company’s ordinary shares are classified as equity instruments.

Page 13

Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date. The nature of estimation means that the actual outcomes could differ from those estimates. The judgements, estimates, and assumptions that have the most significant effect on the amount recognised in the financial statements are discussed below.

Investment Property

Management exercises judgement in estimating the useful life of investment property. Management estimates the useful life of investment property to be 50 years. Depreciation is recognised on a straight line basis and the charge recognised in the profit or loss account for the period is £865k (2024: £853k).

Rent receivable	3,177,704	3,177,704
Recharges	102,653	134,007
	3,280,357	3,311,711

All turnover arose within the United Kingdom.

Depreciation of tangible fixed assets

865,907

853,239

Page 14

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Notes to the Financial Statements

For the Year Ended 31 December 2025

Fees payable to the Company's auditors for the audit of the Company's financial statements

4,570

4,350

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	2	2

Directors are not remunerated by Icon Unit 2 PropCo Limited.

8.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	-	2,248,611
Loans from group undertakings	3,062,665	410,423
	3,062,665	2,659,034

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Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	(152,983)	(21,011)
Adjustments in respect of previous periods	(29,598)	679,334
Total deferred tax	(182,581)	658,323


	Profit/(Loss) for the financial year	182,581	(658,323)

Loss on ordinary activities before tax

(871,963)

(292,628)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(217,991)	(73,157)
Effects of:
Credits not chargeable for tax purposes	-	(12,387)
Capital allowances for year in excess of depreciation	-	64,533
Fixed asset differences	65,008	-
Adjustments to tax charge in respect of prior periods	(29,598)	679,334
Total tax charge for the year	(182,581)	658,323

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

10.	Investment property

		Investment property
		£
	Cost
	At 1 January 2025	59,970,686
	At 31 December 2025	59,970,686
	Depreciation
	At 1 January 2025	3,063,642
	Charge for the year	865,907
	At 31 December 2025	3,929,549
	Net book value
	At 31 December 2025	56,041,137
	At 31 December 2024	56,907,044

The investment properties were last independently valued at 31 December 2025 by external independent qualified valuers, CBRE, with recent experience valuing investment properties in the location held by the company. The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Manual. The investment properties were valued at £67.37m (2024: £66.37m).

During the period, £3.18m (2024: £3.18m) was recognised in the statement of comprehensive income in relation to rental income from the investment properties (note 4). Direct operating expenses, including repairs and maintenance, arising from investment property that generated rental income amounted to £Nil (2024: £Nil). Direct operating expenses, including repairs and maintenance, arising from investment property that did not generate rental income during the year amounted to £Nil (2024: £Nil).

See note 14 for the undiscounted rent receivables for investment properties under operating leases.

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Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

11.

Debtors

					2025	2024
					£	£


Trade debtors	1,056,663	953,311
Amounts owed by group undertakings	8,008	-
Other debtors	5,640	11,025
Prepayments and accrued income	74,565	75,366
	1,144,876	1,039,702

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

12.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	9,256	-

13.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	5,040	-
Amounts owed to group undertakings	58,734,970	58,699,670
Other taxation and social security	176,211	158,885
Accruals and deferred income	911,010	848,190
	59,827,231	59,706,745

Amounts owed to group undertakings are unsecured, repayable on demand and bears interest at 3.1% above SONIA, in accordance with the agreed terms of drawdown. The parent company has confirmed they will not recall intercompany debt for at least 12 months from approval of the financial statements.

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Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

14.

Leases

	Company as a lessor
	The Company has entered lease agreements as a lessor that are considered to be operating leases.

Operating leases
The following table summarises the undiscounted lease payments receivable after the reporting date.
	2025	2024
	£	£

Not later than one year	3,177,704	3,177,704
Between one and two years	3,177,704	3,177,704
Between two and three years	3,177,704	3,177,704
Between three and four years	3,177,704	3,177,704
Between four and five years	3,177,704	3,177,704
Later than five years	49,128,178	52,305,883
Total undiscounted lease payments receivable	65,016,698	68,194,403

15.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(658,323)	-
Charged to profit or loss	182,581	(658,323)
At end of year	(475,742)	(658,323)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(1,185,544)	(923,864)
Losses and other deductions	709,802	265,541
	(475,742)	(658,323)

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Icon Unit 2 PropCo Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

16.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) Ordinary share of £1	1	1

17.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

18.	Contingent liabilities

The Company is party to fixed and floating charges over its assets to secure the liabilities of Icon HoldCo Limited and its subsidiary undertakings. As a result, the company may be held responsible for the liabilities of other group companies which at 31 December 2025 totalled £111,904k (2024: £111,904k).

19.	Related party transactions
	The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries. The Company has taken advantage of the exemption under paragraph 8(j) of FRS 101 not to disclose transactions with key management personnel.

20.	Controlling party

Icon HoldCo Limited is the intermediate parent company and for which the consolidated financial statements for the smallest group are prepared. Icon HoldCo Limited is registered in Jersey, registered number 156481. The consolidated financial statements of Icon HoldCo Limited are available on request from 13 Castle Street, St. Helier, JE2 3BT, Jersey. The company's immediate parent company is Icon 2 HoldCo Limited, a company registered in England and Wales, company number 12694577.

The immediate and overall controlling party of Icon HoldCo Limited is RN3 Fund 1 Holdco S.à r.l., a company incorporated and registered in Luxembourg with company registration number B245473. The registered office of RN3 Fund 1 Holdco S.à r.l. is 2, Rue Edward Steichen, L-2540 Luxembourg. RN3 Fund 1 Holdco S.à r.l. exercises control by virtue of its shareholding in the company. There is no ultimate controlling party of RN3 Fund 1 Holdco S.à r.l..

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