ACCOUNTS - Final Accounts preparation

Investments in subsidiary undertakings

Registered number: 04161301

LANDSEC LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026


LANDSEC LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors of Landsec Limited (the 'Company') present their report and the financial statements for the year ended 31 March 2026.

Principal activity

The Company is dormant. No change in the Company's dormant status is anticipated in the foreseeable future.

Results for the year and dividend

There was no activity in the Company for the year ended 31 March 2026 and consequently no Statement of Comprehensive Income has been disclosed.
The directors do not recommend the payment of a dividend for the year ended 31 March 2026 (2025: £Nil).

Directors

The directors who held office during the year and up to the date of this report, unless otherwise stated, were:

Land Securities Management Services Limited

LS Director Limited

L McCaveny

Indemnity

The Company has made qualifying third party indemnity provisions for the benefit of the respective directors which were in place throughout the year and which remain in place at the date of this report.

Small companies note

The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

	Registered Office
	100 Victoria Street
	London
	SW1E 5JL

This report was approved by the Board and signed on its behalf.

M Smout, on behalf of LS Company Secretaries Limited

Company Secretary

Date: 30 June 2026
Registered in England and Wales

Registered number: 04161301

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LANDSEC LIMITED REGISTERED NUMBER:04161301

BALANCE SHEET

AS AT 31 MARCH 2026

	2026	2025
Notes	£000	£000

Non-current assets
Investments in subsidiary undertakings	2	953	953
		953	953

Current liabilities
Amounts owed to Group undertakings	3	(24,348)	(24,348)
		(24,348)	(24,348)

Net liabilities		(23,395)	(23,395)

Capital and reserves
Share capital	4	-	-
Retained earnings		(23,395)	(23,395)
Total equity		(23,395)	(23,395)

For the year ended 31 March 2026 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and were signed on its behalf by:

N Taunt

For and on behalf of LS Director Limited

Date: 30 June 2026

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LANDSEC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.Accounting policies

1.1

Basis of preparation

The financial statements have been prepared on a going concern basis and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ('FRS 102') and the Companies Act 2006. The financial statements are prepared under the historical cost convention.
Landsec Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and
Wales (Registered number: 04161301). The nature of the Company’s operations is set out in the Directors' Report on page 1. The results
of the Company are included in the consolidated financial statements of Land Securities Group PLC which are available from the
Company's registered office at 100 Victoria Street, London, SW1E 5JL.
The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March
2026. The financial statements are prepared in Pounds Sterling (£) and are rounded to the nearest pound (£) unless otherwise stated.

1.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information and the results of the Company are included in the consolidated financial statements of Land Securities Group PLC, in which the entity is consolidated.

1.3

Investments in subsidiary undertakings

Investments in subsidiary undertakings are stated at cost in the Company's Balance Sheet, less any provision for impairment in value.

1.4

Amounts owed to Group undertakings

Amounts owed to Group undertakings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts owed to Group undertakings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Statement of Comprehensive Income over the period of the loan, using the effective interest method.

1.5

Share capital

Ordinary shares are classified as equity.

1.6

Statement of comprehensive income and other primary statements

There was no activity in the Company for the year ended 31 March 2026 and consequently no Statement of Comprehensive Income has been disclosed.

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LANDSEC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026


At the beginning of the year	953	963
Disposals	-	(10)
At 31 March	953	953

The total cost of investment in subsidiary undertakings is £1,426,000 (2025: £1,426,000). The total provision for impairment of investment in subsidiary undertakings is £474,000 (2025: £474,000).

The directors believe that the carrying value of the investment is supported by the fair value of the subsidiary undertakings.

The subsidiary undertakings of the Company are:

	Name	Class of shares owned	Holding percentage	Principal country of incorporation	Nature of business
	L.& P.Estates Limited Willett Developments Limited	£1 Ordinary shares £0.05 Deferred Ordinary Shares and £1 Ordinary Shares	100% 100%	England England	Dormant Dormant

All subsidiary undertakings are registered at 100 Victoria Street, London, SW1E 5JL.

3.	Amounts owed to Group undertakings
		2026	2025
		£000	£000

Amounts owed to Group undertakings - fellow subsidiary	24,348	24,348
Total amounts owed to Group undertakings	24,348	24,348

The unsecured amounts owed to Group undertakings are interest free, repayable on demand with no fixed repayment date.

4.	Share capital

	Authorised and issued		Allotted and fully paid
	2026	2025	2026	2025
	Number	Number	£	£
Ordinary shares of £1.00 each	2	2	2	2
	2	2	2	2

5.	Parent company

The immediate parent company is Land Securities Property Holdings Limited.
The ultimate parent company and controlling party at 31 March 2026 was Land Securities Group PLC, which is registered in England and Wales. This is the largest parent company of the Group to consolidate these financial statements.
Consolidated financial statements for the year ended 31 March 2026 for Land Securities Group PLC can be obtained from the Company Secretary, at the registered office of the ultimate parent company, 100 Victoria Street, London, SW1E 5JL and from the Group website at www.landsec.com. This is the largest and smallest Group to include these accounts in its consolidated financial statements.

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