The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

Pulleyn Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Church Lane, 3 Mile Cross, Reading, Berkshire, RG7 1HB.

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 and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements are prepared on a going concern basis. During the period the company remained profitable and as at 31 December 2025 the company had net assets of £26,true467,916. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

No depreciation is charged on freehold property because the directors consider that the economic life and residual value is such that depreciation is not significant. The residual value of the property is regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account. The surplus or deficit on revaluation is recognised in profit or loss

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The key area of judgement is the valuation of investment property. The Directors rely on their experience of the market and therefore exercise a significant amount of judgement when valuing the investment properties annually and use their extensive knowledge of the property market to do so.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The key area of estimation uncertainty is the valuation of investment property in periods in which an external valuation expert has not been used. The Directors rely on their experience of the market when valuing the investment properties annually and use their extensive knowledge of the property market and trends in this area to do so, which can lead to a degree of estimation uncertainty.

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

During the prior period the company was awaiting the quantification of a rates refund. Based on the information available at the date the accounts were signed, the amount was not quantified and consequently not recorded in the accounts as it did not meet the criteria set out in FRS 102 s21.

Subsequent to the approval and signature of the accounts, the directors were made aware that the refundable amount was both quantified and paid prior to the approval and signature of the accounts, indicating that the criteria had been met. Consequently a prior period adjustment has been made to reflect this adjustment.

The directors of the company revalued the investment properties at open market value during the prior year, based on an independent third party valuation prepared by a RICS qualified surveyor. The directors have reviewed the valuation and consider the appropriate open market value to consist of the brought forward valuation and the additional construction work undertaken for the year. The historical cost of the property, and subsequent additions at cost, amount to £43,407,687 (2024: £22,612,035).

Any gain or loss arising from a change in fair value is recognised in the Profit and Loss Account.

On 26 March 2025 the group undertook a refinancing exercise that saw the existing HSBC loan repaid and a sterling term loan facility with a total borrowing limit of £25,591,921 taken out with Barclays.

At the year end the amount drawn down was £21,224,596.

The Barclays term loan is a 4.5% above SONIA and runs for a period of 12 months and is secured by a cross guarantee on the properties and assets of Pulleyn Properties Limited, Pulleyn Transport Limited, J R Harding and Sons (Frome) Limited and Cube cold Europe UK Bidco Limited .

The HSBC bank was fully repaid in March 2025 as part of the group refinancing.

The deferred tax charge relates to unrealised gains on the revaluation of investment properties.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above is expected to reverse and relates to the utilisation of tax losses against future expected profits in the group.

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.

At the year end the company was committed to expenditure to complete the Theale development of £5,829,000.

Pulleyn Properties Limited is a wholly owned subsidiary of Cube Cold Europe Bido Limited and the results are included in the consolidated financial statements of Cube Cold Europe TopCo Limited, which are available from 6 Chesterfield Gardens, London, W1J 5BQ.