ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Registered number: 11153346

PANDOX BIRMINGHAM PROPCO LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

PANDOX BIRMINGHAM PROPCO LIMITED

COMPANY INFORMATION

Directors	W M Adriaanse
	A E Lindblom
	S J Torner
	B L Williams


Company secretary	C/O CSC CLS (UK) Limited


Registered number	11153346


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 BIRMINGHAM PROPCO LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8
Notes to the Financial Statements	9 - 18

PANDOX BIRMINGHAM 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:

W M Adriaanse

A E Lindblom

S J Torner

B L Williams

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 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;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 BIRMINGHAM 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 BIRMINGHAM PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX BIRMINGHAM PROPCO LIMITED

Opinion

We have audited the financial statements of Pandox Birmingham Propco Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 BIRMINGHAM PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX BIRMINGHAM 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 BIRMINGHAM PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX BIRMINGHAM 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, income tax 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.

Page 5

PANDOX BIRMINGHAM PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX BIRMINGHAM PROPCO LIMITED (CONTINUED)

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.

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 BIRMINGHAM PROPCO LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	6,151,242	6,312,801
Administrative expenses	(375,240)	(259,270)
Fair value gains and losses on investment properties	(16,852,008)	14,311,200
Operating (loss)/profit	(11,076,006)	20,364,731
Interest receivable and similar income	13,458	14,540
Interest payable and similar expenses	(5,237,982)	(5,838,661)
(Loss)/profit before tax	(16,300,530)	14,540,610
Tax on (loss)/profit	(1,681,297)	(3,752,148)
(Loss)/profit for the financial year	(17,981,827)	10,788,462

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 9 to 18 form part of these financial statements.

Page 7

PANDOX BIRMINGHAM PROPCO LIMITED

REGISTERED NUMBER: 11153346

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		-		19,800
Investment property	6		71,600,000		88,005,200
			71,600,000		88,025,000
Current assets
Debtors	7	5,398,764		7,133,782
Cash at bank and in hand		2,991		2,530
		5,401,755		7,136,312
Creditors: Amounts falling due within one year	8	(68,636,751)		(68,851,596)
Net current liabilities			(63,234,996)		(61,715,284)
Total assets less current liabilities			8,365,004		26,309,716
Provisions for liabilities
Deferred tax		(3,835,175)		(3,798,060)
Net assets			4,529,829		22,511,656

Capital and reserves
Called up share capital	101	101
Share premium account	999	999
Profit and loss account	4,528,729	22,510,556
Total equity	4,529,829	22,511,656

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 9 to 18 form part of these financial statements.

Page 8

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Pandox Birmingham Propco Limited is a private company limited by shares incorporated in England and Wales. The Company's registered number is 11153346 and its registered office 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 own leased real estate. The property address and principal place of business is 245 Broad Street, Birmingham, B1 2HQ, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

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 concern basis of preparation.

Page 9

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

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'.

2.4

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.

2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

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

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 10

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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.

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

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Assets under construction are not subject to depreciation.

2.11

Investment property

Investment properties are measured at fair value annually with any change recognised in the profit and loss account.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 11

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.14

Creditors

Short-term creditors are measured at the transaction price.

2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 income and retained earnings.
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 of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

2.16

Equity instruments

Equity instruments issued by the Company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Page 12

PANDOX BIRMINGHAM 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Valuation of investment property

The valuation of the investment property of £71,600,000 (2024: £88,005,200) is estimated by the directors based on the third party valuations obtained from Savills using a rental yield methodology.
In determining the valuation of the investment property, judgement is applied in estimating the rental yield of the property for the purposes of determining its valuation, including the net initial yield, equivalent or reversionary yields, and capital values as appropriate, having consideration to comparable investment evidence and current market sentiment.
An adjustment to these assumptions could lead to a material change in the fair value of the investment property. During the year, a fair value loss of £16,852,008 (2024: gain of £14,311,200) has been recognised in the Statement of Comprehensive Income.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).

Page 13

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Tangible fixed assets

		Assets under construction
		£
	Cost
	At 1 January 2025	19,800
	Transfers between classes	(19,800)
	At 31 December 2025	-

	Net book value
	At 31 December 2025	-
	At 31 December 2024	19,800

6.	Investment property

		Freehold investment property
		£
	Fair value
	At 1 January 2025	88,005,200
	Additions at cost	427,008
	Revaluations	(16,852,008)
	Transfers between classes	19,800
	At 31 December 2025	71,600,000

A formal third party valuation of the investment property was carried out by Savills to determine the property value as at 31 December 2025. The valuation was based on the rental value of the property and rental yield.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

Historic cost	78,734,477	78,307,469
Accumulated depreciation and impairments	(11,082,511)	(9,507,821)
	67,651,966	68,799,648

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PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

6.Investment property (continued)

Page 15

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Tax recoverable	3,411,933	5,094,909
Prepayments and accrued income	1,986,831	2,038,873
	5,398,764	7,133,782

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

Trade creditors	-	8,460
Amounts owed to group undertakings	67,364,834	67,746,684
Other taxation and social security	188,582	39,228
Accruals and deferred income	1,083,335	1,057,224
	68,636,751	68,851,596

Amounts owed to group undertakings include a loan of £66,694,000, which bears interest at a rate of LIBOR + 3.58%.
The remaining balance is non-interest bearing. All amounts are repayable on demand.

9.	Deferred taxation

		2025
		£

	At beginning of year	(3,798,060)
	Charged to profit or loss	(37,115)
	At end of year	(3,835,175)

					2025	2024
					£	£

	Accelerated capital allowances	(3,835,175)	(3,798,060)
		(3,835,175)	(3,798,060)

Page 16

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	4,084,848	4,084,848
Later than 1 year and not later than 5 years	16,339,392	16,339,392
Later than 5 years	51,782,443	55,867,291
	72,206,683	76,291,531

Not later than 1 year	78,300	78,300
Later than 1 year and not later than 5 years	313,200	313,200
Later than 5 years	5,253,608	5,331,908
	5,645,108	5,723,408

11.	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 Skandinaviska Enskilda Banken 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 2 Limited.

Page 17

PANDOX BIRMINGHAM PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	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 is the group headed by Pandox AB. The ultimate parent undertaking is Pandox AB, a company registered at Box 15, 10120 Stockholm, Sweden. Financial statements for Pandox AB are available from the following website: https://www.pandox.se.
There is no individual ultimate controlling party.

Page 18