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Registered number: 00463356 STORE PROPERTY DEVELOPMENTS LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS For the Year Ended 24 March 2026
STORE PROPERTY DEVELOPMENTS LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of income and retained earnings | 7
Balance sheet | 8
Notes to the financial statements | 9 - 12
STORE PROPERTY DEVELOPMENTS LIMITED DIRECTORS' REPORT For the Year Ended 24 March 2026 The directors present their report and the financial statements for the year ended 24 March 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who served during the year were:
Mr R F Wickens (resigned 13 June 2026)
Mrs J J Wickens (resigned 13 June 2026)
Ms S F Wickens BSc
Mr G N Hawkins FCA
Mr P M A Rowland BSc (Hons) MCIOB
Mr R D Moyler BSc (Hons) MRICS
Mr D J Dempsey BSc (Hons) MRICS
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information. Page 1
STORE PROPERTY DEVELOPMENTS LIMITED DIRECTORS' REPORT (CONTINUED) For the Year Ended 24 March 2026
Auditors
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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 on 29 July 2026 and signed on its behalf.
G N Hawkins Director
Page 2
STORE PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY DEVELOPMENTS LIMITED
Opinion
We have audited the financial statements of Store Property Developments Limited (the 'company') for the year ended 24 March 2026, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 24 March 2026 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 3
STORE PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY DEVELOPMENTS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
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
STORE PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY DEVELOPMENTS LIMITED (CONTINUED)
Auditors' 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 Auditors' 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: • The Company is subject to laws and regulations that directly affect the financial statements including The Companies Act 2006, UK taxation legislation, financial reporting legislation and general regulations such as occupational health and safety and General Data Protection. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. • We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of documentation. • The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. • We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; o Challenging assumptions and judgments made by management in its significant accounting estimates; o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and o Review of legal and professional expenditure and supporting documentation. • As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: o Posting of unusual journals and complex transactions; and o Manipulation of amounts subject to significant judgment or estimate. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. Page 5
STORE PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY DEVELOPMENTS LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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. James Hadfield FCA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 29 July 2026 Page 6
STORE PROPERTY DEVELOPMENTS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS For the Year Ended 24 March 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 4,056 | 4,096
Property expenditure |  | (26,381) | (28,803)
Net loss from property |  | (22,325) | (24,707)
Administrative expenses |  | (152) | (120)
Other operating income | 5 | - | 2,365
Operating loss |  | (22,477) | (22,462)
Loss after tax |  | (22,477) | (22,462)
Retained earnings at the beginning of the year |  | 810,169 | 832,631
|  | 810,169 | 832,631
Loss for the year |  | (22,477) | (22,462)
Retained earnings at the end of the year |  | 787,692 | 810,169
There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of income and retained earnings.
The notes on pages 9 to 12 form part of these financial statements.
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STORE PROPERTY DEVELOPMENTS LIMITED Registered number: 00463356 BALANCE SHEET As at 24 March 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Current assets |  |  |  |  |
Stocks |  | 387,098 |  | 387,098 |
Debtors: amounts falling due within one year | 8 | 306 |  | 1,472 |
Cash at bank |  | 401,792 |  | 423,817 |
|  | 789,196 |  | 812,387 |
Creditors: amounts falling due within one year | 9 | (1,404) |  | (2,118) |
Net current assets |  |  | 787,792 |  | 810,269
Total assets less current liabilities |  |  | 787,792 |  | 810,269
Net assets |  |  | 787,792 |  | 810,269
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account | 11 |  | 787,692 |  | 810,169
|  |  | 787,792 |  | 810,269
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.
S F Wickens
Director
The notes on pages 9 to 12 form part of these financial statements. Page 8
STORE PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 24 March 2026
1. | General information
Store Property Developments Limited is a private company limited by shares and incorporated in England and Wales. The company's registered office and principal place of business is at Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA. The company's principal activity is the trading and development of commercial and other property in the south of England. 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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Turnover comprises the gross rental charges, adjusted for lease incentives, together with third party sales of trading stock receivable during the year, excluding VAT and arising wholly within the United Kingdom. Lease incentives granted to tenants are recognised as an integral part of the net consideration for the leased property and amortised on a straight line basis over the term of the lease, or to the first tenant break option if earlier. Turnover excludes service charges and other costs directly recoverable from tenants. Turnover and indexed rents are recognised as turnover in the periods in which they are earned. Rent reviews are recognised when the review memorandum has been agreed with the tenant. Lease and similar premiums received in the period are recognised as other operating income when all the conditions entitling the company to that premium have been performed and executed. Sales of dealing and trading stocks are recognised as turnover once an unconditional sale contract is exchanged or, if exchange is conditional, all material conditions have been satisfied and there are no foreseeable circumstances which might prevent completion of contracts occurring.
| 2.3 | Expenditure
Irrecoverable running costs directly attributable to specific properties are charged to the profit and loss account on an accruals basis. Costs incurred on the maintenance or refurbishment of the property portfolio which, in the opinion of the directors, are not of a capital nature are written off to the profit and loss account on an accruals basis. Expenditure, other than recurring maintenance and operating costs, incurred in relation to dealing and trading stocks form part of the stock carrying value. Costs not directly attributable to individual properties are charged to the profit and loss account as administrative expenditure. Page 9
STORE PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 24 March 2026 2.Accounting policies (continued)
| 2.4 | Stock
Stocks comprise dealing and trading properties and other land and properties intended to be held for their future redevelopment potential and are stated at the lower of cost and net realisable value. Cost includes all directly attributable expenditure associated with the property other than operating costs. Net realisable value is based on estimated net proceeds arising from its disposal. Provision to write down the carrying value of stock is made where appropriate.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.7 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
| 2.8 | Going concern
Future cashflow and working capital liquidity requirements are documented at a group level where detailed forecasts are scrutinised by the directors. The methodology adopted is appraised and amended in response to changing economic conditions and the actual outcome is routinely assessed against previous forecasts. The most recently prepared forecasts demonstrate that the company and the group have the resources to readily meet all liabilities as they fall due. In their judgment, the directors conclude that these financial statements may validly be prepared on the going concern basis.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements requires the directors to make judgments and estimates that affect reported amounts of assets and liabilities during the year. In preparing these financial statements, there are no areas of significant judgment or estimation uncertainty that require specific disclosure in addition to the disclosures in the accounting policies as set out in Note 2. Page 10
STORE PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 24 March 2026
4. | Turnover
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Rents receivable | 4,056 | 4,096
|  | 4,056 | 4,096
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Lease premiums received | - | 2,365
|  | - | 2,365
6. | Employees
The company has no employees other than the directors, who did not receive any remuneration (2025 - £NIL).
7. | Taxation
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (22,477) | (22,462)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | (5,619) | (5,616)
| Group relief | 5,619 | 5,616
| Total tax charge for the year | - | -
Page 11
STORE PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 24 March 2026
8. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | - | 113
| Amounts owed by group undertakings | - | 450
| Other debtors | 64 | 660
| Prepayments and accrued income | 242 | 249
|  | 306 | 1,472
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 354 | 392
| Accruals and deferred income | 1,050 | 1,726
|  | 1,404 | 2,118
10. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2025 - 100) Ordinary shares of £1.00 each | 100 | 100
| The ordinary shares carry full voting and dividend rights to the shareholders.
11. | Reserves
Profit and loss account The balance on the Profit and loss account comprises current and prior year distributable profits.
12. | Ultimate parent undertaking and controlling party
The company's ultimate holding company is Store Property Holdings Limited, a company registered in England and Wales whose registered office is Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA. Store Property Holdings Limited is also the parent company of the largest and smallest group of which the company is a member and for which group accounts are drawn up. Copies of the accounts are available from Companies House. The directors do not consider there to be a single ultimate controlling party. The company has taken advantage of the exemption in FRS 102 not to disclose transactions with the parent company and other wholly-owned members of the group. Page 12
STORE PROPERTY DEVELOPMENTS LIMITED
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