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

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

Milton Keynes I Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7th Floor Swan House, 17 - 19 Stratford Place, London, W1C 1BQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is currently in the pre-acquisition phase of a propertytrue development project and has incurred significant project costs to date, which are within the approved budget for this phase. The directors note that sufficient further funding remains available from the company’s parent to complete this phase of the project.

Based on this, and after reviewing cash flow forecasts and funding arrangements, the directors are satisfied that the company will have sufficient resources to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Pre-acquisition project costs

Expenditure incurred in connection with the proposed acquisition and development of property, prior to the company obtaining control of the asset and completion of the acquisition, is recognised as a prepayment within other debtors where it is considered probable that the project will proceed and the costs are recoverable.

Such costs are transferred to the cost of the asset upon completion of the acquisition. Where the project does not proceed, the costs are written off to profit or loss in the period in which that outcome becomes known.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Included within other debtors are prepayments of £3.2m in respect of costs incurred in connection with the proposed acquisition and development of a property site under a conditional purchase agreement.

At the reporting date, the acquisition had not completed and remains subject to a number of conditions, including obtaining remaining regulatory approvals (including Building Safety Regulator Gateway 2 approval), discharge of planning conditions, securing sufficient funding, and completion of the transfer of legal title.

The directors have exercised judgement in determining that these costs meet the criteria for recognition as an asset. In forming this view, the directors have considered the status of the project, including the fact that full planning permission has been obtained, the progress made towards satisfying the remaining conditions, the company’s intention and ability to proceed with the project, and the expected availability of funding.

The directors are satisfied that the costs are recoverable at the reporting date and no impairment has been recognised. However, the recoverability of these costs is dependent on the successful completion of the remaining conditions. If these conditions are not satisfied or the project does not proceed, some or all of these costs may need to be written off in future periods.

The average monthly number of persons employed by the company during the year was:

The company has unutilised trading losses of £65,882 arising from accumulated losses carried forward, representing a potential deferred tax asset of £16,471 at the standard rate of 25%. As the company has not yet commenced operations and is still in the pre-development phase, there is no trading history to substantiate future taxable profits. Therefore, this potential asset has not been recognised as a matter of prudence. The position will be reassessed in future periods as the company progresses with the project.

Profit and loss reserves include all current period retained losses, all of which are distributable reserves.

Share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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.

At 31 December 2025, the company had the following balances receivable and payable:

Amount due from related parties £ 31,950 (2024: £Nil)

Amount due to related parties £ 1,296,950 (2024: £Nil)

These amounts are interest free and repayable on demand.

GLP Residential Holding LP is the immediate parent of Milton Keynes I Ltd. Milton Keynes I Ltd does not have an ultimate controlling party.