The Chairman is pleased to present his Review for the year.

This has been a busy and productive year. The Company's principal focus continued to be building and fire safety, together with resolving planning and regulatory matters associated with the delivery of new homes.

In relation to building safety, the Company has, acting as Principal Contractor, continued with a substantial programme of passive fire protection works at a large residential block. This includes the systematic upgrading and replacement of a significant number of fire-resisting door sets together with associated compartmentation measures and other fire safety improvements. These works, undertaken following detailed professional advice and specialist assessment, represent a major investment in achieving compliance with modern life-safety standards in response to recent legislation and evolving regulatory expectations. Such works are fundamental to the long-term safety, integrity and value of residential assets.

In addition, the Company completed an important Building Regulations upgrade relating to the means of escape strategy within the apartments of two of its residential buildings. The original fire safety approach, which had relied upon self-closing internal doors to maintain a protected escape route, had been compromised over time as door closers had been removed or disabled by occupiers. Following detailed consultation with the Building Control Officer, an alternative compliance strategy was agreed involving the installation of interconnected smoke detection throughout the apartments. This modern approach not only provides earlier warning of fire to occupiers but also significantly enhances life safety, while improving the practical use and quality of the apartments themselves.

The Board recognises that, where appropriate, the careful adaptation of long-standing Building Regulations approvals to reflect modern fire safety expectations has become an increasingly important aspect of the long-term stewardship of older residential buildings. It is clear that the management of residential buildings has entered a period of significant technical and societal change. Advances in building safety legislation and fire safety expectations, digital communications, remote access technologies and the growth of online retailing and home delivery have reshaped the design, security and management of multi-occupied residential buildings and this is likely to continue.

Alongside safety and management measures, the Company has continued to progress its strategy to provide new homes.

During the period, an important planning permission relating to an existing apartment building was the subject of a statutory Planning Appeal which was determined in the Company's favour by a Planning Inspector acting on behalf of the Secretary of State. Such decisions follow detailed scrutiny of planning policy, architectural design and other material considerations: the successful outcome represents an important endorsement of the Company's approach to the delivery of high-quality residential development within established urban settings.

Work is now focused on progressing the scheme through detailed design and implementation.

Corporate Results

Financial performance in the year has been stable with turnover at £814,360 (2024: £758,295). Pre-tax operating profit was £414,988 (2024: £352,516). The balance sheet continues to be supported by three strong features: accumulated profits, the underlying quality of the Company’s property holdings and the absence of external borrowing.

The economic outlook remains uncertain, reflecting both domestic developments and wider international geopolitical tensions. Interest rates mirror that uncertainty and the knock-on effect of high bond yields continues to influence both housing affordability and transactional activity. Internationally, intense geopolitical tensions and trade protectionism present risks to the global economy. Notwithstanding this background, the UK economy has demonstrated reasonable resilience.

Demand for residential accommodation remains strong, particularly in university cities and areas with strong hi-tech and biomedical sectors, not least in centres such as Cambridge.

The rental market continues to experience a structural undersupply which may intensify due to smaller buy-to-let investors leaving the market. Over time, the provision of homes within the private rented sector may increasingly move from smaller individual landlords to larger institutional investors, alongside bodies like housing associations providing an increased level of social / affordable housing. Although successive government policy continues to emphasise increased housing delivery, the ambitious target of 1.5 million new homes set by the current administration looks likely to fall substantially short. How a significantly increased level of housing delivery will be achieved in practice has yet to become clear.

The Renters’ Rights Act 2025, which came into effect in early May 2026, is not expected to materially affect the Company’s core activities. Our focus is on specialist development and residential lettings in areas where strong demand exists for relatively short-term lets from early-stage professionals, postgraduate students and post-doctorate researchers. To this end, our concentration is on the development and retention of high-quality studio and one-bedroom apartments. Larger units will generally be sold to owner-occupiers.

Conclusion

The Company's long-established approach—namely, the provision of well-designed and well-constructed flats within carefully considered and well-managed landscaped environments—remains central to a strategy that has been refined over more than 45 years.

As pressures on land supply increase and a largely inflexible public attachment to the Green Belt endures, a greater proportion of housing delivery in the UK is likely to take the form of apartments. As residential densities increase and a growing proportion of housing is designed for smaller households, the quality of the surrounding landscaped environment assumes correspondingly greater importance. These trends reinforce the inherent merits of the Company's long-established philosophy of creating high-quality residential environments.

At the same time, the Board recognises that the care and improvement of existing buildings is every bit as important as the delivery of new homes. This is reflected in the Company's continuing commitment to building and fire safety improvements, which are fundamental not just to responsible ownership but also to long-term value creation. Expenditure on existing assets is better regarded not as a regulatory cost but as an investment in the future.

Against this background, the Board remains confident that its long-established strategy of prudent stewardship and continued investment in the Company's buildings, underpinned by the inherent quality of their design, robust construction and landscaped setting, will continue to deliver resilient long-term performance.

The directors present their annual report and financial statements for the year ended 31 October 2025.

The principal activity of the company in the year under review was that of owning, developing and maintaining

estates of flats.

Mayflower Manhattan Limited was incorporated on 3 October 1980. The company has made a profit every year since incorporation.

The Company was conferred the status of an approved body by the Secretary of State for the Environment in

1983 (SI 1983/840), since when it has sought to support the government's housing policy objectives in the

private sector.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

£5,000 (2024 - £5,000) was given during the year to local Cambridge charities for the homeless. In accordance with company policy, no political donations were made.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; 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 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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies regime.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mayflower Manhattan Limited for the year ended 31 October 2025 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of Mayflower Manhattan Limited, as a body, in accordance with the terms of the engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mayflower Manhattan Limited and state those matters that we have agreed to state to the board of directors of Mayflower Manhattan Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mayflower Manhattan Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Mayflower Manhattan Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mayflower Manhattan Limited. You consider that Mayflower Manhattan Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mayflower Manhattan Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account within the financial statements.true

Mayflower Manhattan Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Mayflower House, Midsummer Meadows, Cambridge, CB4 1JT.

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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised by the Company in respect of rents receivable and leasehold extensions.

Interest income

Interest income is recognised using the effective interest rate method when it is probable that the Company will receive the consideration due under the transaction and the amount of the revenue can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment properties are carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Freehold investment properties include properties where the original leasehold period is for a period of 999 years.

This policy on depreciation represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view because current values and changes in current value are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount, which might otherwise have been shown, cannot be separately identified or quantified.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. 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 which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stock consists of properties for resale and are valued at the lower of cost or net realisable value.

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’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred Taxation has not been provided for in the 2025, 2024 or 2023. accounts. This is a change from the policy used in the 2021 year. The Directors historically have not sold any investment properties. They do not believe that any investment properties will be sold during the next five years. On this basis, they do not believe that any deferred tax will arise in the future. The Deferred tax provision at 31 October 2021 was reversed in 2022.

The potential liability at the 31 October 2025 has been shown in the Contingent Liabilities Note.

Deferred tax in previous years was provided for under the liability method using the tax rates estimated to arise when the timing differences reverse and is accounted for to the extent that it is probable that a liability or assets will crystallise. Unprovided deferred tax is disclosed as a contingent liability.

In preparing the financial statements, the directors were not required to make any estimates or judgments which materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, except for the valuation of the Company's properties, as disclosed in the accounting policies.

The average monthly number of persons (including directors) employed by the company during the year was:

The managing agent that looks after the company’s freehold properties employs 6 persons and uses the services of several sub-contractors.

The 2025 valuations were made by the directors, on an open market value using current market data for similar properties in the same area.

Other creditors relates to refundable deposits. The refundable deposits are secured by a government approved insurance scheme.

The fair value reserve is a special non-distributable reserve and consists of unrealised investment property fair valuation adjustments and related deferred tax charges transferred from the profit and loss account.

The profit and loss account consists of cumulative undistributed reserves. Non-distributable reserves are transferred from the profit and loss account to their own reserve.

Should all the investment properties be sold at their revalued amount, the company would have a total liability for taxation of £1,107,087 (2024 - £1,148,337).

The company was charged £6,750 (2024 - £6,600) by Mr C Morgan for professional services during the year.

Mr N Grimshaw was paid £65,000 for rental of properties during the year (2024 - £60,000).

The amount of £126,527 (2024 - £18,141) due by the Company to Mr Grimshaw at 31 October 2024 will be repaid by the Company within one year and has been included in "Creditors falling due within one year".

The company's parent undertaking is Midsummer Holdings Limited which is incorporated in England and Wales. Financial Statements for Midsummer Holdings Limited can be obtained from the Registrar of Companies, Crown Way, Cardiff, CF4 3UZ.

The ultimate controlling party is Mr N.C. Grimshaw by virtue of his ownership of the issued share capital of the parent company.