ACCOUNTS - Final Accounts preparation

Registered number: 11153321

PANDOX HEATHROW T4 PROPCO LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

PANDOX HEATHROW T4 PROPCO LIMITED

COMPANY INFORMATION

Directors	W M Adriaanse
	K J Andersson
	A E Lindblom
	B L Williams


Company secretary	CSC CLS (UK) Limited


Registered number	11153321


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 HEATHROW T4 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 - 17

PANDOX HEATHROW T4 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

K J Andersson

A E Lindblom

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 HEATHROW T4 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 HEATHROW T4 PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX HEATHROW T4 PROPCO LIMITED

Opinion

We have audited the financial statements of Pandox Heathrow T4 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 HEATHROW T4 PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX HEATHROW T4 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 HEATHROW T4 PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX HEATHROW T4 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 HEATHROW T4 PROPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANDOX HEATHROW T4 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 HEATHROW T4 PROPCO LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	As restated* 2024
Note	£	£


Turnover	4,192,402	4,236,735
Fair value gains and losses on investment properties	(5,026,000)	4,426,000
Administrative expenses	(280,153)	(211,710)
Operating (loss)/profit	(1,113,751)	8,451,025
Interest receivable and similar income	39,048	26,638
Interest payable and similar expenses	(3,476,267)	(4,089,296)
(Loss)/profit before tax	(4,550,970)	4,388,367
Tax on (loss)/profit	25,597	427,247
(Loss)/profit for the financial year	(4,525,373)	4,815,614

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 17 form part of these financial statements.

*Fair value gains and losses on investment properties have been reclassified so that these are included in the calculation of the operating result for the year. The prior year has been restated to ensure comparability (see Note 11).

Page 7

PANDOX HEATHROW T4 PROPCO LIMITED

REGISTERED NUMBER: 11153321

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investment property	5		58,200,000		63,226,000
Current assets
Debtors	6	747,443		1,216,014
Cash at bank and in hand		1,703,464		587,386
		2,450,907		1,803,400
Creditors: Amounts falling due within one year	7	(36,216,358)		(35,730,863)
Net current liabilities			(33,765,451)		(33,927,463)
Total assets less current liabilities			24,434,549		29,298,537
Creditors: Amounts falling due after more than one year	8		(29,165,098)		(29,503,713)

Net liabilities			(4,730,549)		(205,176)

Capital and reserves
Called up share capital	101	101
Capital contribution	10,753,160	10,753,160
Profit and loss account	(15,483,810)	(10,958,437)
Total equity	(4,730,549)	(205,176)

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 17 form part of these financial statements.

Page 8

PANDOX HEATHROW T4 PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Pandox Heathrow T4 Propco Limited is a private company limited by shares incorporated in England and Wales. The Company's registered number is 11153321 and its 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 property address and principal place of business is Hounslow TW6 3AF, London, 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 forecasted 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 HEATHROW T4 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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

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

2.7

Taxation

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.

Page 10

PANDOX HEATHROW T4 PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Investment property

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

2.9

Debtors

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

2.10

Cash

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

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 11

PANDOX HEATHROW T4 PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 12

PANDOX HEATHROW T4 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 £58,200,000 (2024: £63,226,000) is estimated by the directors based on the third party valuations obtained from Cushman & Wakefield 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, 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 £5,026,000 (2024: gain of £4,426,000) has been recognised in the Statement of Comprehensive Income.

Recoverability of debtors

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.

Employees

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

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PANDOX HEATHROW T4 PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Investment property

		2025
		£
	Valuation
	At 1 January 2025	63,226,000
	Revaluation loss	(5,026,000)
	At 31 December 2025	58,200,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31December2025 by Cushman & Wakefield Chartered Surveyors, who are not connected with the Company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

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	74,493,000	74,493,000
Accumulated depreciation and impairments	(5,347,169)	(3,857,309)
	69,145,831	70,635,691

Debtors

					2025	2024
					£	£


Corporation tax	447,255	897,937
Prepayments and accrued income	300,188	318,077
	747,443	1,216,014

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PANDOX HEATHROW T4 PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Bank loans	300,000	300,000
Trade creditors	17,556	5,765
Amounts owed to group undertakings	35,518,838	35,207,863
Other taxation and social security	347,203	196,535
Accruals and deferred income	32,761	20,700
	36,216,358	35,730,863

£21,524,605 from amounts owed to group undertakings are interest bearing. The rate of interest payable in respect of the loan is a floating rate composed of compounded average SONIA (5bd lookback) plus a margin of 325 bps per annum.
Interest is capitalised quarterly in arrears and the capitalised amount added to the principal amount outstanding under the loan.
Prepaid financing fees of £148,120 have been netted off the loan balance.

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PANDOX HEATHROW T4 PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

	Bank loans	29,165,098	29,503,713

Interest is due and payable quarterly in arrears, the rate of interest on the loan for each interest period is the percentage rate per annum which is the aggregate of the margin and the reference rate.
The applicable nominal interest margin amounts to 2.14% per annum and the reference rate is equal to the cumulative compounded RFR rate for the relevant interest period. The loan term is for 5 years and repayable on 30 September 2029.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
	2025	2024
	£	£

Payable in 1 year	300,000	300,000
Payable between 1-2 years	600,000	600,000
Payable between 2-5 years	2,400,000	2,400,000
Payable after 5 years	26,165,098	26,503,713
	29,465,098	29,803,713

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PANDOX HEATHROW T4 PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

101 (2024 - 101) Ordinary shares of £1.00 each	101	101

10.	Ultimate controlling party

The immediate parent undertaking is SECH Holding AB, a company registered in the Sweden. The largest and smallest group to consolidate the results of this company is the group headed by PandoxAB. 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.

11.	Prior year classifications

During the year a review of the presentation of fair value gains and losses on investment property was carried out and it was identified that fair value gains and losses on investment property should be presented as part of operating profit as this more fairly represents the core activity of the company. Accordingly, the prior year has been restated to present the fair value gains and losses as part of the operating profit.

The prior year reclassification has increased the operating profit reported in the prior year by £4,026,000 (from £4,025,025 to £8,451,025). The reclassification has had no impact on the prior year profit before tax and profit for the financial year.

Page 17