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Registered number: 12884638
Weerts Logistic Park XI Ltd
Annual Report and Audited Financial Statements
For the year ended 31 December 2025
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WEERTS LOGISTIC PARK XI LTD
COMPANY INFORMATION
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Nina Sanie Nuzi (appointed 23 September 2025)
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Theresa Edel Beard (resigned 23 September 2025)
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WEERTS LOGISTIC PARK XI LTD
CONTENTS
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Independent Auditor's Report to the members of Weerts Logistic Park XI Ltd
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements for the year ended 31 December 2025
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WEERTS LOGISTIC PARK XI LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the audited financial statements of Weerts Logistic Park XI Ltd (the 'Company') for the year ended 31 December 2025.
The Company was incorporated in England and Wales on 16 September 2020.
The Directors have taken the small companies' exemption from preparing a strategic report.
The principal activities of the Company during the year were investment and leasing of the property for industrial warehousing.
The results for the year are shown in the Statement of Comprehensive Income on page 9.
The profit before taxation was £4,762,979 (2024: loss £5,830,054).
Dividends
During the year, the Company declared an interim dividend of £5,000,000 (2024: £nil), approved by the Board on 2 December 2025.
The Directors of the Company who have been appointed and who served during the year and to the date of this report were as follows:
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Nina Sanie Nuzi (appointed 23 September 2025)
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Theresa Edel Beard (resigned 23 September 2025)
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Financial risk management objectives and policies
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The Company's principal financial instruments comprise a shareholder loan, bank loan and cash. The main purpose of these financial instruments are to raise finance for the Company's operations. The Company has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.
The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.
The main risks arising from the Company's financial instruments are interest rate risk, liquidity risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Interest rate risk
The Company's exposure to market risk for changes in interest rates relates primarily to the Company's loans. The Company's exposure to interest rate fluctuations on its other loan is managed by hedging the majority of the exposure through an interest rate cap derivative contract and significant cash reserves.
Page 1
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WEERTS LOGISTIC PARK XI LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Financial risk management objectives and policies (continued)
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Credit risk
The Company trades with only recognised, creditworthy third parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Company's exposure to bad debts is not significant.
Liquidity risk
The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash at bank and in hand and a shareholder loan.
The Company has adopted the going concern basis in preparing its financial statements. Further details are disclosed in note 2.2.
There have been no significant events affecting the Company since the year end.
So far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and each Director has taken all the steps that he or she ought to have taken as a Director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
BDO LLP is the appointed auditors to the Company in accordance with the Companies Act 2006. A resolution proposing that they be re-appointed will be put at a General Meeting.
Page 2
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WEERTS LOGISTIC PARK XI LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Statement of Directors' Responsibilities
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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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙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.
The statement was approved by the board of Directors and signed on its behalf by:
YWAG Lux S.à.r.l represented by Yves Weerts
Director
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Page 3
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WEERTS LOGISTIC PARK XI LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XI LTD
Report on the audit of the financial statements
Opinion
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 and cash flows 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.
We have audited the financial statements of Weerts Logistic Park XI Ltd (“the Company”) for the year ended 31 December 2025 which comprise of the following:
Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes 1 to 24 to the financial statements
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A summary of significant accounting policies.
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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).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
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.
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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Page 4
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WEERTS LOGISTIC PARK XI LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XI LTD
Page 5
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WEERTS LOGISTIC PARK XI LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XI LTD (CONTINUED)
Other information
The Directors are responsible for the other information. The other information comprises the information included in the annual report and audited financial statements, other than the financial statements and our auditor’s report thereon. 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.
Other Companies Act 2006 reporting
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.
In 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 Statement of Directors Responsibilities, 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.
Page 6
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WEERTS LOGISTIC PARK XI LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XI LTD (CONTINUED)
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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
Non-compliance with laws and regulations
Based on:
∙Our understanding of the Company and the industry in which it operates;
∙Discussion with management and those charged with governance; and
∙Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations
we considered the significant laws and regulations to be the applicable United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006.
The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations.
Our procedures in respect of the above included:
∙Enquires of management whether there were any litigations and claims;
∙Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations;
∙Review of financial statement disclosures and agreeing to supporting documentation;
∙Involvement of tax specialists in the audit; and
∙Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
∙Enquiry of management and those charged with governance regarding any known or suspected instances of fraud;
∙Obtaining an understanding of the Company’s policies and procedures relating to:
o Detecting and responding to the risks of fraud; and
o Internal controls established to mitigate risks related to fraud.
∙Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
Page 7
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WEERTS LOGISTIC PARK XI LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XI LTD (CONTINUED)
∙Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls.
Our procedures in respect of the above included:
∙Testing a sample of journal entries throughout the year, which met defined risk criteria, by agreeing to supporting documentation;
∙Testing a sample of journals throughout the year, which do not meet a defined risk criteria by agreeing to supporting documentation (to address variability with management override); and
∙Assessing significant estimates made by management for bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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.
Use of the audit 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.
Jason Goodhind (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
02 June 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Page 8
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WEERTS LOGISTIC PARK XI LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investment property fair value movement
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Derivative instruments fair value movement
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit/(loss) on ordinary activities before tax
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Tax (charge)/credit for the year
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Total comprehensive profit/(loss) for the financial year
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There was no other comprehensive income for 2025 and 2024.
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All results shown in the Statement of Comprehensive Income are from continuing operations.
The notes on pages 14 to 27 form an integral part of these financial statements.
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Page 9
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WEERTS LOGISTIC PARK XI LTD
REGISTERED NUMBER: 12884638
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved by the board of Directors and were signed on its behalf by:
YWAG Lux S.à.r.l represented by Yves Weerts
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The notes on pages 14 to 27 form an integral part of these financial statements.
Page 10
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WEERTS LOGISTIC PARK XI LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Total comprehensive loss for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 14 to 27 form an integral part of these financial statements.
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Page 11
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WEERTS LOGISTIC PARK XI LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cash flows from operating activities
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Profit/(loss) for the financial year
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(Gain)/loss on revaluation of investment property
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Lease incentive recognised
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Loss/(gain) on the revaluation of the derivative instrument
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Amortisation of loan arrangement fees
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Letting fees amortisation
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Unrealised foreign exchange reserve
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Decrease/(increase) in trade and other debtors
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(Decrease) in trade and other creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Additions to investment properties
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Net cash used in investing activities
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Cash flows from financing activities
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Additions to shareholder loan
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Repayment of shareholders loan
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Interest received on the derivative instruments
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Net cash used in financing activities
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Net movement in cash and cash equivalents
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Page 12
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WEERTS LOGISTIC PARK XI LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Opening cash and cash equivalent
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Cash and cash equivalents at the end of the year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 14 to 27 form an integral part of these financial statements.
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Page 13
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Weerts Logistic Park XI Ltd ("the Company") is a private limited liability company, domiciled and incorporated in England and Wales. The Company was incorporated on 16 September 2020, The Company's registered office is provided on the information page and the nature of the Company's operations and principal activities are set out in the Directors' Report.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and with UK Company law. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for investment properties as specified in the accounting policies below.
The financial statements are presented in sterling (£).
The preparation of financial statements in compliance with FRS 102 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:
At 31 December 2025, the Company’s cash position was £1,297,923 and it meets its day-to-day working capital requirements primarily through its rental income and made a profit after tax in the current year of £3,443,312. The Company has net current liabilities of £2,744,007 (2024: £212,328). and net assets of £46,933,000 (2024: £48,489,688). The current liability position in the current year is mainly due to dividend declared that was unpaid at year end. The bank loan of £55,198,133 is payable in July 2028 and falls outside of the going concern review period.
The Directors have prepared cash flow forecasts to 30 June 2027 and concluded that the Company has a reasonable expectation that the Company has adequate funding and resources to meet its obligations and liabilities as they fall due for at least 12 months from the date of approval of these financial statements and accordingly the financial statements have been prepared on the going concern basis.
Revenue comprises revenue recognised by the Company in respect of rental income on a straight line basis over the lease term, exclusive of value added tax.
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Interest receivable and similar income
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Interest income is recognised in profit or loss using the effective interest method.
Page 14
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Investment properties are stated at fair value which is the open market value in accordance with FRS 102, and are not depreciated.
Investment property acquisitions are not recognised until the risks and rewards associated with the investment are transferred from the vendor to the Company, this may be at the exchange or completion stage depending on when no outstanding conditions remain.
An existing investment property which undergoes redevelopment for continued future use as an investment property remains in investment properties.
Any changes in fair value are recognised in the Statement of Comprehensive Income.
Lease incentives being offered to tenants to enter into a lease, such as an initial rent-free period are an integral part of the net consideration for the use of the property and are excluded from the fair value provided by external valuers CBRE.
Profits and losses on disposal of land and buildings represent the difference between the net proceeds and the net carrying value at the date of sale. Sales are accounted for when risk and rewards associated with the investment property are transferred to the buyer, from the Company. This can be at exchange or completion, depending on when no outstanding conditions remain.
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Cash and cash equivalents
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Cash is represented by cash in hand and cash in bank. In the Statement of Cash Flows, cash is cash in hand held by the bank.
The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities including trade and other debtors and creditors, loans from third parties and loans from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of an instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Page 15
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The Company may from time to time use derivative financial instruments such as interest caps to hedge its interest rate risk. Derivatives, including interest rate caps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value.
a) Trade debtors and other receivables
Trade debtors and other receivables are stated initially at transaction price and subsequently measured at their amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. A provision for impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms with the trade debtor. Impairment are recognised in the Statement of Comprehensive Income. Any gain or loss on derecognition is recognised in the Statement of Comprehensive Income.
b) Trade creditors and other payables
Trade creditors and other payables are stated initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. Any gain or loss on derecognition is also recognised in the Statement of Comprehensive Income.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest rate 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.
Page 16
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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Taxation expense for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
(a) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.
(b) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Deferred tax relating to investment property that is measured at fair value is measured using the tax rates and allowances that would apply to the sale of the asset.
Deferred tax assets and liabilities are only offset if the Company has a legally enforceable right to set off current tax assets against current tax lability and the deferred tax asset and deferred tax liability relate to income taxes covered by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle the current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each period in which significant amount of deferred tax liabilities or assets are expected to be settled or recovered.
The Company measures certain assets such as investment property, at fair value at the end of each reporting period.
Investment property is carried at fair value determined by the Directors based upon consultation with external valuers and derived from the current market rents and investment property yields for comparable real estate.
Derivative financial contracts are valued by references to market data. Changes in fair value estimations are recognised in the Statement of Comprehensive Income.
Page 17
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentational currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates. As the Company is registered in the UK and Income and Expenses are paid in Pound Sterling (''GBP'') this is considered to be the functional and presentational currency of the Company.
Transactions and balances
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within finance costs and finance income respectively. All foreign exchange gains and losses are presented in the Statement of Comprehensive Income
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Presentation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. These judgements and estimates have been made on investment property and derivative contracts. Note 2.10 explains how the judgements are formed.
Page 18
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The turnover and loss/profit before taxation are attributable to the principal activities of the Company which were undertaken within the United Kingdom.
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Fees payable to the Company's auditor for the audit of the financial statements
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The Company has three Directors. None of the Directors were remunerated by the Company during the year (2024: £nil).
The Company has no employees during the year (2024: none).
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Operating profit/(loss) is stated after charging/crediting:
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Legal and professional fees
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Letting fees amortisation
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Page 19
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest receivable and similar income
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Interest received from the interest rate swaps
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Other interest receivable
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Interest payable and similar expenses
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Bank loan interest payable
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Shareholder interest payable
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Amortisation of loan arrangement fees
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Foreign currency loss/(gains)
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Page 20
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
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Factors affecting tax charge/(credit) for the year
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The tax on the Company's profit/loss that would arise using the tax rate of 25% (2024:25%), applicable to profits of the Company as follows:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of UK income tax of 25% (2024: 25%)
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Non-deductible expenditure
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Income not taxable for tax purposes
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Chargeable gains/(losses)
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Movement in deferred tax not recognised
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Total tax expense/(credit) reported in the Statement of Comprehensive Income
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Deferred tax liability has been recognised at the tax rate of 25% as at 31 December 2025 (2024: 25%).
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Page 21
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investment property fair value movement
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Other movement in lease incentives
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Investment property at fair value
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The freehold property is known as Weerts Logistic Park XI, Fortress Way, Bury St, Edmunds, IP32 7FQ.
Valuation of the investment property was carried out by CBRE, who are members of the Royal Institution of Chartered Surveyors and have recent experience in the location and class of the asset being valued as at 31 December 2025, on the basis of Fair Value, as defined in the current version of RICS Valuation - Global Standards.
Key inputs into the valuations were:
• Rent per square metre: £8.25 - £9.50, based on a market rent of £8.20 per sq ft (2024: £7.75 - £9.50, based on a market rent of £8.00 per sq ft)
• Net initial yield: using a 5.56% (2024: 5.48% NIY)
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If investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:
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Debtors: amounts falling due within one year
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Page 22
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Shareholder loan (Note 17)
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Fair value of derivative instruments (Note 15)
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Creditors: amounts falling due after more than one year
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Fair value of derivative instruments
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The derivative contract is the fair value of the instrument which matures in July 2028.
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Page 23
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Losses and other deductions
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Loans, financial commitments, guarantees and contingent liabilities
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Loans
Loans repayable, included within creditors, are analysed as follows:
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Amounts falling due within 1 year
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Fair value of derivative instruments
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Amounts falling due within 2-5 years
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Fair value of derivative instruments
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Page 24
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Loans, financial commitments, guarantees and contingent liabilities (continued)
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a)
In 2023, the Company secured a loan of £55.5 million from ING BANK N.V. to facilitate the repayment of an earlier loan from Notting Investments S.A.R.L.
The loan is to be repaid in full on 17 July 2028, after a period of five years from the date of borrowing, and carries an interest rate of SONIA plus a margin of 1.55%. To stabilize the interest payments, the Company has entered into a swap agreement, effectively fixing the interest rate at 4.8498%.
The loan is secured by a fixed charge over the investment property and by floating charges over the entirety of the Company's assets.
b)
In July 2023, the Company obtained a shareholder loan of £5.3 million from Weerts Logistic Parks Holding NV. During the year, the Company repaid the remaning £635k (2024: £2.5m) of the shareholder loan. The loan value as at 31 December 2025 is £nil (2024: £634,838). This loan carried an interest rate of 8.15% (2024: 8.15%) and was repayable on demand.
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Financial assets measured at amortised cost
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Financial liabilities measured at present value of future cashflows
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Financial liabilities measured at amortised cost
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Cash at bank comprises cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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Financial assets measured at amortised cost comprise time deposits and trade debtors.
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Financial liabilities measured at amortised cost comprise trade creditors, bank loans, shareholder loan, other creditors and accruals.
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Page 25
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Shares classified as equity
Allotted, called up and fully paid
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16,500,100 (2024: 16,500,100) Ordinary shares of £1 each
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Operating leases receivable
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At 31 December the Company had future minimum lease receivable due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Profit and loss account
The profit and loss account contains all current and prior period profits and losses.
Page 26
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WEERTS LOGISTIC PARK XI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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As at 31 December 2025, the Company had a shareholder loan of £nil (2024: £634,838) (denominated in euros) payable to Weerts Logistic Parks Holding SA (Be) its ultimate parent company. During the year, the Company paid interest on this loan amounting to £12,391 (2024: £145,010).
Weerts Logistic Park XI Ltd is related to the companies included in the table below by virtue of common control.
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Balance at 1 January 2025
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Service agreement & other fees
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Balance at 31 December 2025
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Weerts Logistic Parks Holding SA (Be)
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The immediate parent company of Weerts Logistic Park XI Ltd is Weerts Logistic Park CV SA (Be) and the ultimate parent company is Weerts Logistic Parks Holding SA (Be). The smallest and largest set of financial statements which include the results of the Company have been prepared by ultimate parent company. The registered office address of Weerts Group SA (Be) where copies of the group financial statements can be obtained is Heersterveldweg 11, Tongeren, 3700, Belgium.
The ultimate shareholders of the Company are SCI PREIM Logistique (Fr); Ethias N.V. (Be) and Weerts Group N.V. (Be).
There have been no significant events occurred after the balance sheet date having a material impact on the financial position and results of the Company.
Page 27
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