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Registered number: 11153391 PANDOX GLASGOW PROPCO LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
PANDOX GLASGOW PROPCO LIMITED COMPANY INFORMATION
Directors | B L Williams
| W M Adriaanse
| A E Lindblom
| S J Torner
Company secretary | CSC CLS (UK) Limited
Registered number | 11153391
Registered office | C/O CSC CLS (UK) Limited
| 5 Churchill Place
| 10th Floor
| London
| United Kingdom
| E14 5HU
Independent auditor | HaysMac LLP
| 10 Queen Street Place
| London
| EC4R 1AG
PANDOX GLASGOW PROPCO LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditor's 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
PANDOX GLASGOW 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
The directors who served during the year were:
B L Williams
W M Adriaanse
A E Lindblom
S J Torner
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; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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.
Disclosure of information to auditor
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 auditor is 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 auditor is aware of that information.
Auditor
Under section 487(2) of the Companies Act 2006, HaysMac LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. Page 1
PANDOX GLASGOW 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.
................................................ B L Williams Director
Date: 29 June 2026
Page 2
PANDOX GLASGOW PROPCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX GLASGOW PROPCO LIMITED
Opinion
We have audited the financial statements of Pandox Glasgow 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 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.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. Page 3
PANDOX GLASGOW PROPCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX GLASGOW PROPCO LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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. Page 4
PANDOX GLASGOW PROPCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX GLASGOW PROPCO LIMITED (CONTINUED)
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.
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. 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: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the Company and industry, we identified that the principal risks of noncompliance with laws and regulations are Companies Act 2006 and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙inspecting correspondence with regulators and tax authorities; ∙inquires with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; ∙evaluating management’s controls designed to prevent and detect irregularities; ∙identifying and testing journals, in particular journal entries posted with unusual account combinations, postings with high value transactions or rounded entries; and ∙challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 5
PANDOX GLASGOW PROPCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX GLASGOW PROPCO LIMITED (CONTINUED) 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 Auditor's 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 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. Christopher Morgan (Senior Statutory Auditor) for and on behalf of HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG 29 June 2026 Page 6
PANDOX GLASGOW PROPCO LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 4,464,637 | 4,250,164
Administrative expenses |  | (1,381,482) | (1,332,823)
Reversal of impairment of tangible assets | 4 | 5,700,000 | -
Operating profit |  | 8,783,155 | 2,917,341
Interest receivable and similar income |  | 5,857 | 7,277
Interest payable and similar expenses |  | (4,229,796) | (4,714,901)
Profit/(loss) before tax |  | 4,559,216 | (1,790,283)
Tax on profit/(loss) | 9 | (93,620) | (26,800)
Profit/(loss) for the financial year |  | 4,465,596 | (1,817,083)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
The notes on pages 10 to 20 form part of these financial statements.
Page 7
PANDOX GLASGOW PROPCO LIMITED REGISTERED NUMBER: 11153391 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 53,781,642 |  | 49,258,961
Current assets |  |  |  |  |
Debtors | 11 | 2,152,680 |  | 1,208,561 |
Cash at bank and in hand |  | 2,115 |  | 1,244 |
|  | 2,154,795 |  | 1,209,805 |
Creditors: Amounts falling due within one year | 12 | (57,578,658) |  | (56,999,246) |
Net current liabilities |  |  | (55,423,863) |  | (55,789,441)
Total assets less current liabilities |  |  | (1,642,221) |  | (6,530,480)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 14 | (582,419) |  | (159,756) |
Net liabilities |  |  | (2,224,640) |  | (6,690,236)
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 101 |  | 101
Share premium account |  |  | 999 |  | 999
Profit and loss account |  |  | (2,225,740) |  | (6,691,336)
|  |  | (2,224,640) |  | (6,690,236)
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ B L Williams
Director
Date: 29 June 2026
The notes on pages 10 to 20 form part of these financial statements. Page 8
PANDOX GLASGOW PROPCO LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 101 | 999 | (4,874,253) | (4,873,153)
Loss for the year | - | - | (1,817,083) | (1,817,083)
At 1 January 2025 | 101 | 999 | (6,691,336) | (6,690,236)
Profit for the year | - | - | 4,465,596 | 4,465,596
At 31 December 2025 | 101 | 999 | (2,225,740) | (2,224,640)
| The notes on pages 10 to 20 form part of these financial statements.
Page 9
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Pandox Glasgow Propco Limited is a private company limited by shares incorporated in England and Wales. The Company's registered number is 11153391, and registered address is C/O CSC CLS (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU. The company's principal activities and nature of its operations are of letting of own leased real estate. The address of the property and principal place of business is 80 Jamaica Street, Glasgow, G1 4QG, United Kingdom. 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: Page 10
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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 requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; - paragraph 118(e) of IAS 38 Intangible Assets; - paragraphs 76 and 79(d) of IAS 40 Investment Property; and - paragraph 50 of IAS 41 Agriculture ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙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 ∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets. ∙the requirements of paragraph 88C and 88D of IAS 12 Income Taxes. This information is included in the consolidated financial statements of Pandox AB as at 31 December 2025. These financial statements are available from its website: https://www.pandox.se
| 2.3 | Going concern
The company is wholly reliant, for the foreseeable future, on the continued financial support from its ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due for the foreseeable future Management have reforecasted the expected financial performance and cash flows for the period up to 31 December 2027 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors. Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 31 December 2027. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter. Therefore on the basis of the above, the Directors have approved the financial statements utilising the going conern basis of preparation. Page 11
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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 | Turnover
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and that revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable. Turnover comprises rental income recognised on an accruals basis, exclusive of Value Added Tax and trade discounts.
| 2.6 | Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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. Page 12
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | Investment property
Investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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 - over 50 years The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the lost reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Page 13
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.13 | 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.
| 2.14 | Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Page 14
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Impairment of investment property A key source of estimation uncertainty arises in relation to the impairment of investment property, which are held at cost less depreciation and accumulated impairments. Management assesses at each reporting date whether there are indicators of impairment or impairment reversals and, where necessary, estimates the recoverable amount of the relevant assets. Recoverable value is primarily determined using internal valuations from Pandox's internal valuations team, with external valuations obtained from RICS-qualified firms to provide an independent point of reference. The valuation process requires judgement, particularly in determining the appropriate yield, which is informed by available market data for the relevant geographical location and other influencing factors. In the current year, the recoverable amount has been assessed at £54,800,000, which is above the carrying value of £53,781,642. These estimates are based on management’s best assessment of current market conditions at the reporting date. Actual outcomes may vary from these estimates. Recoverability of debtors Trade and other receivables are recognised to the extent that they are judged recoverable. Director reviews are performed to estimate the level of reserves required for irrecoverable debt, considering customer credit worthiness, current economic trends and changes in customer payment terms. Provisions are made specifically against invoices where recoverability is uncertain. Page 15
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Impairments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Reversal of impairment of tangible assets | 5,700,000 | -
|  | 5,700,000 | -
| During the year ended 31 December 2025, the Company recognised a reversal of impairment of £5.7m (2024: £nil) in respect of the investment property. The reversal of the impairment was as a result of an increase in the fair market value of the property which resulted in an increase of the recoverable amount of the investment property. The recoverable amount of the property was determined by reference to the market value of the property less costs to sell. The market value was based on the valuation performed by an independent third party firm of Chartered Surveyors.
5. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 15,000 | 12,000
6. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £Nil).
7. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 5,857 | 7,277
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loans from group undertakings | 4,229,796 | 4,714,901
Page 16
PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 236,101
| Adjustments in respect of previous periods | (329,043) | (220,156)
| Total current tax | (329,043) | 15,945
| Deferred tax |  |
| Origination and reversal of timing differences | 422,663 | 10,678
| Changes to tax rates | - | 177
| Total deferred tax | 422,663 | 10,855
| Tax on profit/(loss) | 93,620 | 26,800
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 4,559,216 | (1,790,283)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,139,804 | (447,571)
| Effects of: |  |
| Effect of expenses not deductible in determining taxable profit | - | 1,910
| Adjustment in respect of prior years | (329,043) | (218,782)
| Deferred tax adjustments in respect of prior years | 407,471 | 177
| Fixed asset differences | 275,407 | 292,909
| Movement in deferred tax not recognised | 318,278 | 398,157
| Transfer pricing adjustments | 349,715 | -
| Gain on reversal of provision for impairment | (1,425,000) | -
| Group relief | (643,012) | -
| Total tax charge for the year | 93,620 | 26,800
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PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Investment property
|  | 2025
|  | £
| Cost |
| At 1 January 2025 | 62,505,350
| Additions | 14,400
| At 31 December 2025 | 62,519,750
| Depreciation |
| At 1 January 2025 | 13,246,389
| Charge for the year | 1,191,719
| Impairment losses written back | (5,700,000)
| At 31 December 2025 | 8,738,108
| Net book value |
| At 31 December 2025 | 53,781,642
| At 31 December 2024 | 49,258,961
| If the entity had accounted for the investment property at fair value, the valuation of the property as at 31 December 2025 is £54.8m.
11. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Prepayments and accrued income | 1,418,129 | 1,208,561
| Tax recoverable | 734,551 | -
|  | 2,152,680 | 1,208,561
| Amounts owed by group undertakings are interest free and repayable on demand.
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PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 11,169
| Amounts owed to group undertakings | 56,643,756 | 55,985,455
| Corporation tax | - | 191,531
| Other taxation and social security | 139,636 | 32,149
| Accruals and deferred income | 795,266 | 778,942
|  | 57,578,658 | 56,999,246
| Amounts owed to group undertakings include a loan of £53,857,000, which bears interest at a rate of LIBOR+3.58%. The remaining balance is non-interest bearing. All amounts are repayable on demand.
13. | Leases
| Company as a lessor
| Operating leases
| The following table summarises the undiscounted lease payments receivable after the reporting date.
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Not later than one year | 3,050,020 | 3,050,020
| Between one and two years | 3,050,020 | 3,050,020
| Between two and three years | 3,050,020 | 3,050,020
| Between three and four years | 3,050,020 | 3,050,020
| Between four and five years | 3,050,020 | 3,050,020
| Later than five years | 39,406,260 | 42,456,280
| Total undiscounted lease payments receivable | 54,656,360 | 57,706,380
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PANDOX GLASGOW PROPCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (159,756)
| Charged to profit or loss | (422,663)
| At end of year | (582,419)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (582,419) | (159,756)
15. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 101 (2024 - 101) Ordinary shares of £1.00 each | 101 | 101
16. | Post balance sheet events
On the 23 March 2026 Pandox Group refinanced the facility in place which was obtained in 2017 to fund the original acquisition of the Leonardo hotels portfolio. The previous financing held with Bank of America Meryl Lynch was settled and new financing was entered into with Svenska Handelsbanken AB. As part of the refinancing arrangement a Group reorganization took place which resulted in the transfer of Holding companies. The company’s previous shareholder Pandox Base Limited transferred its shareholding to a newly incorporated entity in the United Kingdom named Pandox Everest Holdco 1 Limited.
17. | Controlling party
The company's immediate parent undertaking as at 31 December 2025 was Pandox Base Ltd, a company registered in the United Kingdom. The largest and smallest group to consolidate the results of this company are the group headed by Pandox AB. The ultimate parent undertaking is Pandox AB, a company registered at Box 15, 10120Stockholm, Sweden. Financial statements for Pandox AB are available from the following website: https://www.pandox.se. There is no individual ultimate controlling party.
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