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Registered number: 04216868 LAGONDA YORK PROPCO LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
LAGONDA YORK PROPCO LIMITED
COMPANY INFORMATION
Directors | P Bour
| S Gautier
Registered number | 04216868
Registered office | Gorse Stacks House
| George Street
| Chester
| CH1 3EQ
Independent auditor | Frazier & Deeter (UK Audit) LLP
| Level 32 A, Tower 42
| 25 Old Broad Street
| London
| EC2N 1HQ
Banker | BNP Paribas, London Branch
| 10 Harewood Avenue
| London
| NW1 6AA
LAGONDA YORK 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 - 30
LAGONDA YORK PROPCO LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the audited financial statements of Lagonda York PropCo Limited ("the Company") for the year ended 31 December 2025. The Company has taken the exemption available under the Companies Act 2006 section 414B to not prepare a Strategic report on the basis that it qualifies as a small company.
Principal activity
The principal activity of the Company during the year was that of property investment.
Results and dividends
The profit for the year, after taxation, amounted to £1,551,000 (2024: £1,732,000). No dividends were declared or paid during the current financial year (2024: £Nil).
Directors
The directors who served during the year, and up to the date of signing this report, were:
P Bour
S Gautier
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 of the Company 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 of the Company 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; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. Page 1
LAGONDA YORK PROPCO LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Going concern
Throughout the year ended 31 December 2025 and to the date the financial statements were approved and authorised for issue by the board, the Company was a member of the Covivio Hotels S.C.A. headed by Covivio. The directors have prepared the Company's financial statements on a going concern basis on the grounds that current and future sources of income, alongside a written letter of support from Covivio Hotels S.C.A., will be adequate to meet the Company's needs for a period at least 12 months from the date of approval of these financial statements.
Subsequent events
There have been no significant events affecting the Company since the reporting date.
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
The auditor, Frazier & Deeter (UK Audit) LLP, have been reappointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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 by:
P Bour Director
Date: 3 July 2026
Page 2
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAGONDA YORK PROPCO LIMITED
Opinion
We have audited the financial statements of Lagonda York 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 notes to the financial statements, 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 UK, including the FRC'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.
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 entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee the company will continue in operation. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 3
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAGONDA YORK PROPCO LIMITED (CONTINUED)
Directors’ report
The directors are responsible for the Directors' report contained within the Annual report. Our opinion on the financial statements does not cover this report 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 Directors' report and, in doing so, consider whether the information therein 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 in the Directors' report, we are required to report that fact. We have nothing to report in this regard.
Opinions 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.
Matter 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. Under the Companies Act 2006 we are required 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. We have nothing to report in these respects.
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. Page 4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAGONDA YORK PROPCO LIMITED (CONTINUED)
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: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance. We assessed the risks of material misstatement in respect of fraud through reading board minutes and using analytical procedures to identify any unusual or unexpected relationships, alongside enquiring of directors and other management as to the company's high level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud. We also performed procedures including identifying journal entries to test based on a risk assessment and comparing the identified entries to supporting documentation. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities due to fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect all non-compliance with laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org. uk/auditorsresponsibilities. This description forms part of our Auditor's report. Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAGONDA YORK PROPCO LIMITED (CONTINUED) 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. Peter Hine (Senior Statutory Auditor) For and on behalf of Frazier & Deeter (UK Audit) LLP, Statutory Auditor Level 32 A, Tower 42 25 Old Broad Street London EC2N 1HQ 3 July 2026 Page 6
LAGONDA YORK PROPCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 3,901 | 3,580
Gross profit |  | 3,901 | 3,580
Administrative expenses |  | (412) | (417)
Other operating income | 5 | - | 2
Operating profit | 6 | 3,489 | 3,165
Interest receivable and similar income | 10 | 141 | 83
Interest payable and similar expenses | 11 | (1,326) | (1,143)
Profit before tax |  | 2,304 | 2,105
Tax on profit | 12 | (753) | (373)
Profit for the financial year |  | 1,551 | 1,732
All results above derive from continuing operations.
There was no other comprehensive income for 2025 (2024: £Nil).
The notes on pages 10 to 30 form part of these financial statements.
Page 7
LAGONDA YORK PROPCO LIMITED REGISTERED NUMBER:04216868
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investment property | 13 |  | 22,347 |  | 19,295
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 6,105 |  | 4,695 |
Cash at bank and in hand |  | 6 |  | 9 |
|  | 6,111 |  | 4,704 |
Creditors: amounts falling due within one year | 15 | (2,922) |  | (2,627) |
Net current assets |  |  | 3,189 |  | 2,077
Total assets less current liabilities |  |  | 25,536 |  | 21,372
Creditors: amounts falling due after more than one year | 16 |  | (31,189) |  | (28,598)
|  |  | (5,653) |  | (7,226)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 18 |  | (1,249) |  | (1,227)
Net liabilities |  |  | (6,902) |  | (8,453)
Capital and reserves |  |  |  |  |
Called up share capital | 19,20 |  | 1,850 |  | 1,850
Profit and loss account | 20 |  | (8,752) |  | (10,303)
Shareholder's deficit |  |  | (6,902) |  | (8,453)
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:
P Bour
Director
Date: 3 July 2026
The notes on pages 10 to 30 form part of these financial statements. Page 8
LAGONDA YORK PROPCO LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Shareholder's deficit
| £000 | £000 | £000
At 1 January 2024 | 1,850 | (12,035) | (10,185)
Comprehensive income for the year |  |  |
Profit for the year | - | 1,732 | 1,732
At 1 January 2025 | 1,850 | (10,303) | (8,453)
Comprehensive income for the year |  |  |
Profit for the year | - | 1,551 | 1,551
At 31 December 2025 | 1,850 | (8,752) | (6,902)
| The notes on pages 10 to 30 form part of these financial statements.
Page 9
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Lagonda York PropCo Limited ("the Company") is a private company limited by shares, incorporated, domiciled and registered in England and Wales. The registered number is 04216868 and the registered address is Gorse Stacks House, George Street, Chester, CH1 3EQ. 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:
| 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 requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total ∙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; - paragraphs 76 and 79(d) of IAS 40 Investment Property ∙the requirements of paragraphs 10(d), 16, 38A, 38B, 38C, 38D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ∙the requirements of paragraph 17 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. This information is included in the consolidated financial statements of Covivio Hotels S.C.A. as at 31 December 2025 and these financial statements may be obtained from 10 rue de Madrid, 75008, Paris, France. Page 10
LAGONDA YORK 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 (continued)
Page 11
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Impact of new international reporting standards, amendments and interpretations
The Company has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2025: ∙Amendments to IAS 21 - Lack of Exchangeability. This amendment to IFRS Accounting Standards is mandatorily effective for reporting periods beginning on or after 1 January 2025. There are no amendments to accounting standards, or interpretations that are effective for the year ended 31 December 2025 that have a material impact on the Company's financial statements.
| 2.4 | Going concern
Throughout the year ended 31 December 2025 and to the date the financial statements were approved and authorised for issue by the board, the Company was a member of the Covivio Hotels S.C.A. headed by Covivio. The directors have prepared the Company's financial statements on a going concern basis on the grounds that current and future sources of income, alongside a written letter of support from Covivio Hotels S.C.A., will be adequate to meet the Company's needs for a period at least 12 months from the date of approval of these financial statements.
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentation currency is GBP and all amounts included in these financial statements have been rounded to the nearest thousand pounds. 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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.6 | Turnover
Turnover is recognised in line with IFRS 16 lessor accounting (note 2.7). All turnover arises in the United Kingdom and comprises rental income, stated net of discounts. Page 12
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Leases
The Company as a lessee The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: ∙fixed lease payments (including in-substance fixed payments), less any lease incentives; ∙variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; ∙the amount expected to be payable by the lessee under residual value guarantees; ∙the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and ∙payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is included in 'Creditors' on the Statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Page 13
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Leases (continued)
Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are included in the 'Investment Property' line in the Statement of Financial Position. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient. Short-term leases and leases of low-value assets The Company has elected not to recognise right-of-use assets and lease liabilities for lease of low value assets and short-term leases. The Company recognises the lease payments associated with these leases as an operating expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The Company as a lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. When the Company is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. When a contract includes lease and non-lease components, the Company applies IFRS 15 to allocate the consideration under the contract to each component. The Company applies, the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Company further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Company recognises lease payments received under operating leases as income on a straightline basis over the lease term as part of 'turnover'.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 14
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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. Covivio Group falls under the scope of the OECD Pillar Two legislation, which is also enacted in France and is expected to be enacted in the near future in the jurisdictions where the Group operates. The Company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the United Kingdom the jurisdiction in which the entity is incorporated and is effective from 1 January 2024. Under the legislation, the Group is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect. The Company's profits arise within the UK tax jurisdiction and are taxed at 25% therefore no top-up tax is applicable. The Company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Page 15
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Investment property
An investment property is a property that is held either to earn rental income or for capital appreciation or, for both. An investment property is stated at cost less accumulated depreciation on a straight-line basis over its expected useful life: Leasehold - 175 years Buildings and improvements - 5 years Right-of-use assets that meet the definition of an investment property are presented as such. The measurement of these right-of-use assets is defined in note 2.7.
| 2.12 | Financial instruments
(i) Recognition and initial measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss ("FVTPL"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (ii) Classification and subsequent measurement Financial assets (a) Classification On initial recognition, a financial asset is classified as measured at amortised cost, Fair Value through Other Comprehensive Income ("FVOCI") or Fair Value Through Profit and Loss ("FVTPL"). Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: ∙it is held within a business model whose objective is to hold assets to collect contractual cash flows; and ∙its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. Page 16
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued) 2.12 Financial instruments (continued) (ii) Classification and subsequent measurement (continued) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. (b) Subsequent measurement and gains and losses Financial assets at amortised cost - these assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial liabilities and equity Financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: ∙they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and ∙where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL, are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Page 17
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued) 2.12 Financial instruments (continued) (iii) Impairment The Company recognises loss allowances for expected credit losses ("ECL"s) on financial assets measured at amortised cost. The Company measures loss allowances at an amount equal to lifetime ECL, except for bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition which are measured as 12 months ECL. Loss allowances for trade receivables that do not contain a significant financing component are always measured at an amount equal to lifetime ECL. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward-looking information. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12 months ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Write-offs The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. Page 18
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Impairment of non-financial assets
The carrying amounts of the Company's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit"). An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Page 19
LAGONDA YORK 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, which are described in note 2 above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 key assumptions concerning the future, and other key sources of uncertainty at the reporting date, that have a potential risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Impairment of non-financial assets As discussed in note 2.13, the directors are required to consider whether any of the Company's assets are impaired. When conducting an impairment review, the directors use a discounted cash flow model which requires the directors to estimate the future cash inflows of the Company as well as suitable discount rates. The carrying amount of investment property at the reporting date is £22,347,000 (2024: £19,295,000). Classification of leases as a lessor In determining whether leases are classified as operating leases or finance leases the directors make judgements as to whether (i) the lease term is for the major part of the economic life of the asset even if title is not transferred; and (ii) at the inception of the lease the present value of the minimum Iease payments amounts to at least substantially all of the fair value of the leased asset. See note 17 for details. Corporation tax and deferred tax The calculation of the Company's tax charge necessarily involves a degree of estimation and judgement in respect of certain items. In calculating the Company's tax charge, there are inherent assumptions made around assets which qualify for capital allowances as well as the level of expenses which are disallowable for corporation tax purposes. Further judgement is required in relation to any deferred tax liabilities which are calculated based on the Company's expectations regarding the manner and timing of the related liabilities. The carrying amount of deferred tax liabilities at the reporting date is £1,249,000 (2024: £1,227,000). Change in estimate/reassessment in lease payment During the year, the Company reassessed lease arrangements under IFRS 16, including updated assumptions relating to future lease payments. As a result, the Company remeasured its lease liabilities, with a corresponding adjustment recognised in the carrying amount of right-of-use assets. These changes represent revisions to accounting estimates in accordance with IAS 8 and have therefore been recognised prospectively. Accordingly, no restatement of comparative information has been made. The impact of the reassessment resulted in an increase in lease liabilities of £2,756,000 and a corresponding adjustment to right-of-use assets of £2,736,000 at the date of remeasurement. The effect on the current year profit or loss includes increased depreciation of £16,000 and interest expense of £165,000. Page 20
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Judgements in applying accounting policies (continued) Page 21
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of the Company's turnover, all of which arose in the UK and relates to continuing operations:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Rental income (note 17) | 3,901 | 3,580
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exceptional operating income | - | 2
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation - owned assets and assets held under leases | 239 | 129
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 5 | 5
8. | Employees
| The Company had no employees during the year (2024: None).
9. | Directors' emoluments
The directors did not receive any remuneration for their services to the Company during the year (2024: £Nil). Page 22
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Intercompany interest receivable | 141 | 83
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Intercompany interest payable | 641 | 623
| Interest on lease liabilities (note 17) | 685 | 520
|  | 1,326 | 1,143
12. | Tax on profit
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | - | 536
| Adjustments in respect of previous periods | (134) | -
| Group taxation relief | 865 | 35
| Total current tax | 731 | 571
| Deferred tax |  |
| Origination and reversal of timing differences | 22 | (198)
| Total deferred tax | 22 | (198)
| Taxation on profit on ordinary activities | 753 | 373
Page 23
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Tax on profit (continued)
| Factors affecting tax charge for the year The tax assessed for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 2,304 | 2,105
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 581 | 526
| Effects of: |  |
| Fixed asset differences | 10 | (208)
| Adjustments to the tax charge in respect of prior years | (134) | -
| Impact of Corporate Interest Restriction | 296 | 83
| Movement in deferred tax not recognised in prior years | - | (28)
| Total tax charge for the year | 753 | 373
| Factors that may affect future tax charges
There were no other factors that may affect future tax charges. Page 24
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Investment property
|  | Long-term leasehold investment property | Right-of-use asset | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 January 2025 | 23,014 | 8,657 | 31,671
| Additions | 555 | - | 555
| Remeasurement | - | 2,736 | 2,736
| At 31 December 2025 | 23,569 | 11,393 | 34,962
| Depreciation |  |  |
| At 1 January 2025 | 11,583 | 793 | 12,376
| Charge for the year | 174 | 65 | 239
| At 31 December 2025 | 11,757 | 858 | 12,615
| Net book value |  |  |
| At 31 December 2025 | 11,812 | 10,535 | 22,347
| At 31 December 2024 | 11,431 | 7,864 | 19,295
| Investment properties are valued at cost less accumulated depreciation. The fair value of the investment property as at 31 December 2025 is £34,150,000 (2024: £34,340,000). It was determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. Right-of-use assets were adjusted by £2,736,000 (2024: £Nil) in respect of the remeasurement of lease liabilities, mainly driven by changes in lease payments following indexation. The long-term leasehold investment property with a carrying value of £11,812,000 (2024: £11,431,000) is pledged as security for an intercompany shareholder loan (see note 16).
Page 25
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Debtors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed by group undertakings | 5,906 | 4,292
| Other debtors | 161 | 365
| Prepayments and accrued income | 38 | 38
|  | 6,105 | 4,695
| Amounts owed by group undertakings are unsecured, incur interest of SONIA - 0.20% ("Sterling Overnight Index Average"), and are repayable on demand.
15. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 37 | 20
| Amounts owed to group undertakings - group relief | 900 | 213
| Amounts owed to group undertakings | 1,239 | 759
| Corporation tax | - | 919
| Other creditors | 3 | 2
| Lease liabilities (note 17) | 685 | 520
| Accruals and deferred income | 58 | 194
|  | 2,922 | 2,627
| Amounts owed to group undertakings - group relief due within one year are unsecured, interest free and repayable on demand. Amounts owed to group undertakings due within one year are unsecured, interest free and repayable on demand.
Page 26
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Lease liabilities (note 17) | 10,605 | 8,014
| Amounts owed to group undertakings - shareholder's loan | 20,584 | 20,584
|  | 31,189 | 28,598
| Amounts owed to group undertakings – the shareholder’s loan is secured by legal/fixed charges over the investment property, bears interest at a rate of 3.018% (2024: 3.018%) until 19 December 2025, and 5.67% thereafter, and has a maturity date of 19 December 2030. At 31 December 2025, the long-term leasehold investment property with a carrying amount of £11,812,000 (2024: £11,431,000) have been pledged as security for the borrowing.
17. | Leases
| Company as a lessee
| Right-of-use assets Right-of-use assets relate to investment property (see note 13). Lease liabilities
| Lease liabilities are due as follows:
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| Current | 685 | 520
| Non-current | 10,605 | 8,014
|  | 11,290 | 8,534
| The increase in lease liabilities during the year includes remeasurements of £2,756,000 (2024: £Nil) primarily resulting from changes in future lease payments linked to inflation indices.
Page 27
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 17.Leases (continued)
| The discount rate for the lease disclosed was 6.10%.
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| At 1 January | 8,534 | 8,534
| Interest charged (note 11) | 685 | 520
| Lease payments | (685) | (520)
| Remeasurement | 2,756 | -
| At 31 December | 11,290 | 8,534
| Contractual undiscounted cash flows are payable as follows:
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| Less than one year | 685 | 520
| One to five years | 2,741 | 2,080
| More than five years | 106,829 | 81,640
|  | 110,255 | 84,240
| The Company has entered into a 175 year lease with a third party until 2186 for its land and buildings. Contractual rent reviews occur every 5 years with increases based on the prevailing rate of inflation. Increases over and above the contractual minimum are recognised as contingent rents and are expensed as finance lease interest as they are incurred. The contingent rent recognised in the year ended 31 December 2025 was £Nil (2024: £165,000).
| Company as a lessor
| Operating leases The Company sub-leases the leasehold investment property in note 13 which is classified as an operating lease. This is because there is no significant transfer of the risks and rewards of ownership to the lessee and the lease term is significantly less than the economic life of the head lease. During the year £3,901,000 (2024: £3,580,000) was recognised as rental and other operating income by the Company and was included as turnover in profit or loss. The Company is managing the property through an intergroup subsidiary using a third party provider.
Page 28
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 17.Leases (continued)
| Operating leases under IFRS 16
| The following table summarises the undiscounted lease payments receivable after the reporting date.
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| Less than one year | 3,312 | -
| Between one and two years | 3,378 | 3,375
| Between two and three years | 3,446 | 3,442
| Between three and four years | 3,515 | 3,511
| Between four and five years | 3,585 | 3,581
| Later than five years | 49,042 | 53,626
| Total undiscounted lease payments receivable | 66,278 | 67,535
18. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | (1,227)
| Charged to profit or loss | (22)
| At end of year | (1,249)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated tax depreciation | (1,249) | (1,227)
19. | Called up share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1,850,002 (2024: 1,850,002) Ordinary shares of £1.00 each | 1,850 | 1,850
| There is a single class of Ordinary shares. There is no restrictions on dividends and the repayment of capital.
Page 29
LAGONDA YORK PROPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Capital and reserves
Called up share capital Called up share capital represents the nominal value of shares issued. Profit and loss account The profit and loss account represents cumulative profits, losses and total other comprehensive income made by the Company, including distributions to, and contributions from, the parent company.
21. | Subsequent events
There have been no significant events affecting the Company since the reporting date.
22. | Ultimate controlling party
The immediate parent entity of the Company is Lagonda York Holdco Limited, an entity registered in England and Wales in the United Kingdom. The ultimate parent company and controlling party is Covivio, an entity incorporated in France. The largest group in which the results of the Company are consolidated is that headed by Covivio. The smallest group in which the results of the Company are consolidated is that headed by Covivio Hotels S.C.A. The consolidated financial statements of these groups are available to the public and may be obtained from the registered office address 10 rue de Madrid, 75008, Paris, France.
Page 30