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Registered number: 01425588 STORE PROPERTY HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 24 March 2026
STORE PROPERTY HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 3
Directors' report | 4 - 7
Independent auditors' report | 8 - 11
Consolidated profit and loss account | 12
Consolidated statement of comprehensive income | 12
Consolidated balance sheet | 13
Company balance sheet | 14
Consolidated statement of changes in equity | 15
Company statement of changes in equity | 16
Consolidated statement of cash flows | 17 - 18
Consolidated analysis of net debt | 18
Notes to the financial statements | 19 - 39
STORE PROPERTY HOLDINGS LIMITED GROUP STRATEGIC REPORT For the year ended 24 March 2026 Introduction The Store Property Group is a privately owned property investor, developer and trader focused on the South of England and London. The business objective is the long-term enhancement of shareholder value.
Business review
The group has delivered a resilient performance during the year ended 24 March 2026 despite continued economic uncertainty, lack of clarity on the extent of interest rate movements and forecasting occupier needs. The portfolio is focused on high quality, income producing assets in established locations, generating secure rental income and maintaining strong occupancy levels. Investment value sentiment has been largely stable with moderate optimism from occupiers due to the lack of growth in the wider UK economy. Despite the challenges faced, the income statement shows turnover up by £0.7m to £21.4m driven by acquisitions in recent years bearing results coupled with all-inclusive rents coming from some of the London offices being promoted as managed space. The Bank of England has reduced base rate from 4.5% to 3.75% during the year and the company has seen the interest charge reduce by £0.6m for the year. All debt service cover loan covenants continue to have headroom against thresholds and are repeatedly stress tested into the future. During the year, the group completed the CAT A+ refurbishment of two unencumbered central London offices, both achieving grade A EPC ratings with the majority of the space now being let. The portfolio produced a £8.45m profit for the year before fair value movements and a significant net £16.3m cash inflow before financing and investing costs. As the sector remains very sensitive to the general economic and interest rate outlook impacting investment asset yields, the portfolio valuation has taken a write down of £8.4m resulting in a reported loss before tax of £0.2m. Importantly, the occupation rate remains higher than sector averages and the collection of cash from tenants is observed at virtually 100% of contracted rent being received on agreed terms. Page 1
STORE PROPERTY HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) For the year ended 24 March 2026
Principal risks and uncertainties
The group’s primary assets consist of direct investments in UK commercial property and its principal risks are those associated with the commercial property market, which is cyclical by nature. The exposure to the risks of the UK economy negatively impacting the group and its tenants are mitigated through effective asset management and the retention of quality assets in attractive locations throughout London and the south of England let to a diversified portfolio of tenants. Other specific risks recognised and appraised by the directors comprise: - Speculative projects The group speculatively refurbished two vacant London office investments during the year where there were no pre-let commitments in place. The directors will continue to explore instances where it can add value to a development opportunity within the existing portfolio or by making further acquisitions. This risk is mitigated by managing the total exposure at any one time and the diligent involvement by the directors throughout each stage of the project including working closely with agents to identify the right specification and end product to suit the market. Furthermore, the group has a strong balance sheet to withstand short-term fluctuations in individual project performance. - Environmental The energy performance rating of properties is now a legally binding obligation on property owners and increasingly influential to both tenants and investors. The risk to investors is that properties may require substantial expenditure to achieve a re-letting at lease expiry yet the full extent of future regulations remains uncertain as does the potential cost of compliance. The directors evaluate every property within the portfolio to highlight assets that present a timely opportunity to improve their environmental impact. Specific resources are allocated to make the enhancements as lease events permit so that all properties remain rated ahead of the minimum legal requirement. - Availability and cost of debt finance The directors acknowledge there is a refinancing risk and make provision for cash equity injections on refinances by holding reserves of cash and unencumbered properties. To access competitive lender margins, the group is exposed to some short-term loan commitments. In addition, the group aims to hedge the majority of its debt at fixed interest rates or with a lender issued derivative. Nevertheless, there remains a substantial value of debt on variable floating rates where the cost of servicing the debt fluctuates as bank rates change. In mitigation, the directors retain gearing at a cautious level and engage only with experienced and supportive lenders where competitive loan renewal terms are considered reasonably likely. - Occupier demand and tenant default The persistent weak UK economy and low consumer confidence impacts the occupier market and existing tenants may struggle to honour their contractual commitments. This is mitigated through careful vetting of prospective new tenants from a credit risk perspective with annual reviews and updates, effective cash collection policies being monitored by the directors and the retention of quality assets in attractive locations throughout London and the south of England let to a diversified portfolio of tenants. Page 2
STORE PROPERTY HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) For the year ended 24 March 2026
Financial key performance indicators
The key financial metric of the directors is future cash flows and maintaining financial liquidity. KPI’s are focused on debtor collection and void rates in conjunction with the vital financial ratios required to satisfy loan covenant requirements. In the vast majority of cases, tenants pay rents as they fall due with proactive engagement to work with any experiencing temporary cashflow difficulties. There was a net credit to the income statement from an over provision of bad debt in the prior year and rent uncollected at the year end totalled 0.07% of revenue. The rental value of vacant properties available to let, excluding recently completed refurbishment properties, amounted to 2.36% of portfolio rental value at the balance sheet date. Gearing is measured by the group as 40.6% at the year-end compared to 40.9% at 24 March 2025. All financially measured loan covenants are entirely based upon specific parameters of the secured properties and there has been no default nor waiver during the year or prior year. An ambition of the group is to minimise as far as possible the environmental impact of the properties and monitoring EPC outcomes is the key performance indicator adopted. Rents derived from properties with the top EPC rating of A or B amount to 59% of total revenue and those with a D or E rating amount to just 12% of total rents. The directors will continue to focus attention on improvements to D and E rated properties over the coming years as lease events permit.
Summary
The group has completed major refurbishments of key London office assets and achieved lettings of the CAT A+ space to the managed office market whilst managing the core portfolio with its numerous lease renewals throughout the year. All this against a backdrop of a generally sluggish economic outlook and the continued threat of inflation and rising taxes affecting the business and its tenants’ confidence. Relative to that, the portfolio has performed well and demonstrates once more that the diversity, quality and mix of the portfolio in a tight geographical location, together with excellent asset management by the team, is key to achieving returns ahead of market norms. This report was approved by the board on 29 July 2026 and signed on its behalf.
G N Hawkins Director
Page 3
STORE PROPERTY HOLDINGS 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £336,440 (2025 - loss £3,147,465). The directors recommend that a total dividend of 8.25p per share be paid for the year, equating to £1,180,575. This has been paid by one dividend during the year.
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
Page 4
STORE PROPERTY HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) For the year ended 24 March 2026
Future developments
The proactive & professional asset management of the portfolio remains the fundamental priority of the directors and to maintain the solid foundations underpinning the business objectives. The directors focus will be on its key investment markets and looking for opportunities to grow into that space where their experience and promise of fairness in all areas of the business is valued by occupiers and stakeholders. The path of future minimum energy efficiency standards legislation appears to be gaining traction and there is no doubt that enhancements will continue to be required. After a year of modest improvements, the directors will need to look to more costly improvements on certain properties. The plans for further acquisitions will be weighed against the conservative gearing strategy being maintained although the combined strength of the cash balance and unencumbered properties gives support for additional debt raising.
Environment, social and governance
Our group Store Property Group have been developing and leasing property for over 70 years and we have always placed great emphasis on fairness and respect in all areas of our business. In more recent years the need to proactively respond to climate change has also become a priority, and we are committed as a group to facing this responsibly across all of our activities. Our people We take pride in our happy and healthy workplace and promote a collaborative and inclusive workplace environment. All team members are encouraged to research and discuss potential environmental improvements affecting both our workplace and the group assets, which are discussed at regular full team meetings. In 2024, we were delighted to become B Corp certified and continue to investigate and incorporate new initiatives that positively contribute to our workplace and operational sustainability. Our customers & suppliers Our properties are managed directly with no third-party agents, ensuring that all tenants have the opportunity to communicate their concerns and ambitions directly with our team. We are proud of our friendly and willing hands-on approach and excellent Landlord Tenant relationships which manifests itself in a very high lease renewal rate. This in turn extends the lifespan of each tenant fit out and minimises waste production. Where possible we continue to use local suppliers, with 92% of our top 30 suppliers located within a 30 mile radius of our two offices. We also use a number of B Corp suppliers in our supply chain. Our environment Our properties We take pride in the quality of our assets and know that regular investment and maintenance plays a positive contribution to the environment and to the wellbeing of our tenants. All properties are visited regularly in person by our team ensuring any issues can be identified and remedied promptly. We track the energy performance certificates (EPCs) of our portfolio so we can identify properties requiring additional expenditure to improve their energy efficiency and we are committed to carrying out these improvements even where the capital outlay is higher than the statutory requirement level. Page 5
STORE PROPERTY HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) For the year ended 24 March 2026 Environment, social and governance (continued) Our environment (continued) At any lease expiry we assess the existing fit out and have an active commitment to re-use and re-purpose plant, fixtures and fittings wherever possible. Solar panels and EV chargers are installed at several of our sites and we are continually investigating further opportunities. Our sites The nature of our business involves construction activities, and we are aware that these have an impact on the environment. Contractors are chosen based on performance and cost, but also on their commitment to sustainability and ethical business principles. Waste reports are received and reviewed for 100% of our site projects. This year we undertook a major renovation on Bermondsey Street in London, repurposing an empty building and achieving an EPC uplift to A. As part of this project all of the previous fit out was recycled and the existing M&E was reused wherever possible. Our workplace We measure the carbon footprint of our office and are committed to reducing this every year through a variety of initiatives: - 119 tonnes of carbon dioxide equivalent - 100% monitoring of energy and water usage - 100% Green electricity - 100% carbon offsetting - 85% electric company cars - 1 storage battery Our community We strive to engage with local communities across our portfolio, exploring a variety of ways we can cultivate community and support local initiatives. Rustington shopping centre is a mixed use asset constructed by Store Property over 70 years ago. To enable it to thrive and benefit the local community and our tenants, we have a long term commitment to invest in the Centre and its community facilities. As our London portfolio has grown, we increasingly support local charities and events, including Bermondsey Street festival. Our charity In 2020 the shareholders of Store Property set up a separate charitable foundation with a formal commitment to donate towards it every year. £1,404,000 has been donated to the Foundation since its inauguration in 2020 with 15 local charities benefitting from regular annual donations. Page 6
STORE PROPERTY HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) For the year ended 24 March 2026
Matters covered in the Strategic Report
The business review is shown in the Strategic Report.
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 and the group'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 and the group's auditors are aware of that information.
Change of control
The lenders to the group have provisions within the borrowing facility agreements which restrict the ability of the shareholders to transfer their shares in the company. Transfers of shares, other than those permitted by the lending agreements, could lead to a call from the lenders for the outstanding borrowings and any break costs to be repaid on demand.
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. This report was approved by the board on 29 July 2026 and signed on its behalf.
G N Hawkins Director
Page 7
STORE PROPERTY HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY HOLDINGS LIMITED
Opinion
We have audited the financial statements of Store Property Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 24 March 2026, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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 Group's and of the parent company's affairs as at 24 March 2026 and of the Group's 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 Group 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 Group's or the parent 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 8
STORE PROPERTY HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY HOLDINGS 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 9
STORE PROPERTY HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY HOLDINGS 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 Group 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 Group and parent Company are 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 Group and parent Company are 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 Group and parent 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; o Recognising investment property disposals in an incorrect period; 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 10
STORE PROPERTY HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY HOLDINGS 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 11
STORE PROPERTY HOLDINGS LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 24 March 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 21,360,559 | 20,626,563
Property expenditure |  | (1,576,676) | (3,369,813)
Net income from property |  | 19,783,883 | 17,256,750
Administrative expenses |  | (4,220,236) | (3,923,268)
Other operating income | 5 | 141,915 | 261,200
Operating profit |  | 15,705,562 | 13,594,682
Income from other fixed asset investments |  | 8,788 | 8,245
Profit/(loss) on disposal of investment properties |  | - | (1,691,052)
Interest receivable and similar income | 10 | 357,976 | 356,169
Interest payable and similar expenses | 11 | (7,619,357) | (8,226,057)
Fair value movements - financial instruments |  | (211,467) | (482,744)
Fair value movements - investment properties |  | (8,397,952) | (7,929,839)
Loss before tax |  | (156,450) | (4,370,596)
Tax on loss | 12 | (179,990) | 1,223,131
Loss for the financial year |  | (336,440) | (3,147,465)
Owners of the parent company |  | (336,440) | (3,147,465)
The notes on pages 19 to 39 form part of these financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 24 March 2026
|  |  |  | 2026 | 2025
|  |  | Note | £ | £
Loss for the financial year |  | (336,440) | (3,147,465)
Other comprehensive income |  |  |
Actuarial gain/(loss) on defined benefit schemes |  | 131,406 | (391,788)
Movement on deferred tax relating to pension (losses)/gains |  | (32,851) | 97,947
Other comprehensive income for the year |  | 98,555 | (293,841)
Total comprehensive income for the year |  | (237,885) | (3,441,306)
The notes on pages 19 to 39 form part of these financial statements.
Page 12
STORE PROPERTY HOLDINGS LIMITED Registered number: 01425588 CONSOLIDATED BALANCE SHEET As at 24 March 2026
| 2026 | 2026 | 2025 | 2025
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 605,241 |  | 741,752
Investments | 16 |  | 1,320,179 |  | 1,310,542
Investment property | 15 |  | 307,392,958 |  | 309,920,473
|  |  | 309,318,378 |  | 311,972,767
Current assets |  |  |  |  |
Stocks | 17 | 323,998 |  | 323,998 |
Debtors: amounts falling due within one year | 18 | 4,682,007 |  | 5,495,144 |
Cash at bank and in hand |  | 12,380,107 |  | 11,878,930 |
|  | 17,386,112 |  | 17,698,072 |
Creditors: amounts falling due within one year | 19 | (19,242,693) |  | (15,219,090) |
Net current (liabilities)/assets |  |  | (1,856,581) |  | 2,478,982
Total assets less current liabilities |  |  | 307,461,797 |  | 314,451,749
Creditors: amounts falling due after more than one year | 20 |  | (127,280,486) |  | (131,744,774)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 |  | (9,020,565) |  | (10,029,214)
Net assets excluding pension liability |  |  | 171,160,746 |  | 172,677,761
Pension liability |  |  | (574,876) |  | (673,431)
Net assets |  |  | 170,585,870 |  | 172,004,330
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 1,431,000 |  | 1,431,000
Revaluation reserve | 25 |  | 45,362,637 |  | 51,870,589
Profit and loss account | 25 |  | 123,792,233 |  | 118,702,741
|  |  | 170,585,870 |  | 172,004,330
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 19 to 39 form part of these financial statements. Page 13
STORE PROPERTY HOLDINGS LIMITED Registered number: 01425588 COMPANY BALANCE SHEET As at 24 March 2026
| 2026 | 2026 | 2025 | 2025
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 211,882 |  | 271,684
Investments | 16 |  | 2,094,676 |  | 2,094,676
|  |  | 2,306,558 |  | 2,366,360
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 7,858,453 |  | 7,586,460 |
Cash at bank and in hand |  | 363,554 |  | 310,878 |
|  | 8,222,007 |  | 7,897,338 |
Creditors: amounts falling due within one year | 19 | (628,252) |  | (630,411) |
Net current assets |  |  | 7,593,755 |  | 7,266,927
Total assets less current liabilities |  |  | 9,900,313 |  | 9,633,287
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 |  | (50,531) |  | (60,241)
Net assets excluding pension liability |  |  | 9,849,782 |  | 9,573,046
Pension liability |  |  | (574,876) |  | (673,431)
Net assets |  |  | 9,274,906 |  | 8,899,615
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 1,431,000 |  | 1,431,000
Profit and loss account brought forward |  | 7,468,615 |  | 7,018,723 |
Profit for the year |  | 1,457,311 |  | 3,104,883 |
Other changes in the profit and loss account |  | (1,082,020) |  | (2,654,991) |
Profit and loss account carried forward |  |  | 7,843,906 |  | 7,468,615
|  |  | 9,274,906 |  | 8,899,615
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 19 to 39 form part of these financial statements. Page 14
STORE PROPERTY HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 24 March 2026
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 25 March 2025 | 1,431,000 | 51,870,589 | 118,702,741 | 172,004,330
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (336,440) | (336,440)
Actuarial gains on pension scheme | - | - | 98,555 | 98,555
Transfer between reserves | - | (6,507,952) | 6,507,952 | -
Dividends: Equity capital | - | - | (1,180,575) | (1,180,575)
At 24 March 2026 | 1,431,000 | 45,362,637 | 123,792,233 | 170,585,870
| The notes on pages 19 to 39 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 24 March 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 25 March 2024 | 1,431,000 | 59,942,032 | 116,433,754 | 177,806,786
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (3,147,465) | (3,147,465)
Actuarial losses on pension scheme | - | - | (293,841) | (293,841)
Transfer between reserves | - | (8,071,443) | 8,071,443 | -
Dividends: Equity capital | - | - | (2,361,150) | (2,361,150)
At 24 March 2025 | 1,431,000 | 51,870,589 | 118,702,741 | 172,004,330
| The notes on pages 19 to 39 form part of these financial statements.
Page 15
STORE PROPERTY HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY For the year ended 24 March 2026
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 25 March 2025 | 1,431,000 | 7,468,615 | 8,899,615
Comprehensive income for the year |  |  |
Profit for the year | - | 1,457,311 | 1,457,311
Actuarial gains on pension scheme | - | 98,555 | 98,555
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (1,180,575) | (1,180,575)
At 24 March 2026 | 1,431,000 | 7,843,906 | 9,274,906
| The notes on pages 19 to 39 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY For the year ended 24 March 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 25 March 2024 | 1,431,000 | 7,018,723 | 8,449,723
Comprehensive income for the year |  |  |
Profit for the year | - | 3,104,883 | 3,104,883
Actuarial losses on pension scheme | - | (293,841) | (293,841)
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,361,150) | (2,361,150)
At 24 March 2025 | 1,431,000 | 7,468,615 | 8,899,615
| The notes on pages 19 to 39 form part of these financial statements.
| In the Consolidated Statement of Changes in Equity the transfer between reserves comprises:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Investment property revaluation gains | 8,397,952 | 7,929,839
| Deferred tax on investment property revaluation gains | (1,890,000) | (2,718,188)
| Investment property revaluation gains realised on disposal | - | 2,859,792
|  | 6,507,952 | 8,071,443
Page 16
STORE PROPERTY HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 24 March 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (336,440) | (3,147,465)
Adjustments for: |  |
Depreciation of tangible assets | 179,894 | 174,507
(Profit)/loss on disposal of tangible assets and investment properties | - | 1,696,464
Interest paid | 7,619,357 | 8,226,057
Interest received | (366,764) | (364,414)
Taxation charge | 168,564 | (1,233,961)
(Increase) in debtors | (80,422) | (72,186)
Decrease in amounts owed by associates | - | 6,138
Increase/(decrease) in creditors | 896,399 | (103,872)
Net fair value losses recognised in P&L | 8,609,419 | 8,412,583
Corporation tax (paid) | (737,621) | (1,486,339)
Lease incentives recognised in P&L | 303,589 | 933,988
Net cash generated from operating activities | 16,255,975 | 13,041,500
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (43,383) | (103,712)
Sale of tangible fixed assets | - | 14,600
Purchase of investment properties | (5,773,929) | (7,955,063)
Sale of investment properties | - | 12,412,008
Interest received | 357,976 | 356,169
Dividends received | 8,788 | 8,245
Net cash from investing activities | (5,450,548) | 4,732,247
Page 17
STORE PROPERTY HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) For the year ended 24 March 2026
|  | 2026 | 2025
|  | £ | £
Cash flows from financing activities |  |
New secured loans | 56,000,000 | 8,012,239
Repayment of loans | (57,257,377) | (12,172,518)
Dividends paid | (1,180,575) | (2,361,150)
Interest paid | (7,397,208) | (7,960,555)
Loan arrangement fees paid | (469,090) | (394,488)
Net cash used in financing activities | (10,304,250) | (14,876,472)
Net increase in cash and cash equivalents | 501,177 | 2,897,275
Cash and cash equivalents at beginning of year | 11,878,930 | 8,981,655
Cash and cash equivalents at the end of year | 12,380,107 | 11,878,930
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 12,380,107 | 11,878,930
| 12,380,107 | 11,878,930
CONSOLIDATED ANALYSIS OF NET DEBT For the year ended 24 March 2026
| At 25 March 2025 | Cash flows | Other non-cash changes | At 24 March 2026
| £ | £ | £ | £
Cash at bank and in hand | 11,878,930 | 501,177 | - | 12,380,107
Debt due after 1 year | (131,744,774) | (6,622,785) | 11,087,073 | (127,280,486)
Debt due within 1 year | (8,079,283) | 8,349,252 | (11,484,551) | (11,214,582)
Liquid investments | 766,276 | - | (221,104) | 545,172
| (127,178,851) | 2,227,644 | (618,582) | (125,569,789)
The notes on pages 19 to 39 form part of these financial statements.
Page 18
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
1. | General information
Store Property Holdings 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 group's principal activity is that of an investor, developer and trader in the general and commercial property sectors in the south of England and London. 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
| 2.3 | 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 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. Turnover excludes service charges and other costs directly recoverable from tenants except for licence fee income from managed offices which include an amount for rent, rates, service charges and all property occupation costs and are reported as turnover on a gross basis. 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. Surrender and other premiums received in the period from tenants are recognised as other operating income when all the conditions entitling the group to that premium have been performed and executed. Fees receivable for property asset management services provided to third parties are recognised as turnover as the service is performed throughout the period. Commissions and management fees receivable are recognised as other income when all the conditions entitling the group to that commission or fee have been fully performed and executed. Sales of dealing and trading stocks are recognised as turnover once an unconditional sale contract is Page 19
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.3 | Revenue (continued)
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.
| 2.4 | Expenditure
Irrecoverable running costs directly attributable to specific properties, including occupation and operational costs to service the managed offices, 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. Costs not directly attributable to individual properties are charged to the profit and loss account as administrative expenditure.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 25 years straight line
|  |  |  | Leasehold property | - | Over the period remaining on the lease
|  |  |  | Plant and machinery | - | 25% straight line
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 20% straight line
|  |  |  | Computer equipment | - | 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Operating leases: the group as lessee
At inception the group assesses agreements that transfer the right to use assets. Where the agreement transfers substantially all risks and rewards of ownership of the asset, the lease would be treated as a finance lease. As the leases entered into by the group do not transfer substantially all the risks and rewards of ownership they have been classified as operating leases. Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 20
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.7 | Operating leases: the group as lessor
The group has entered into commercial property leases as a lessor on its investment property portfolio. Rental income from operating leases, is recognised on a straight-line basis over the term of the relevant lease.
| 2.8 | Investment property
Investment property is carried at fair value determined annually by professionally qualified valuers 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 Consolidated statement of comprehensive income. Additions to investment properties comprise the acquisition price and associated costs together with other costs of a capital nature, such as redevelopment costs that are directly attributable to that property. Where the group redevelops an existing investment property for continued use as an investment property, the property remains an investment property measured at annual valuation. Disposals are recognised in the accounts if an unconditional contract is exchanged at the balance sheet date provided that, if exchange is conditional, all material conditions have been satisfied and there are no foreseeable circumstances which might prevent completion of contracts occurring. The profit or loss arising is calculated by reference to the carrying value of the asset at the beginning of the year, adjusted for subsequent capital expenditure, and stated after deduction of selling costs. Changes in fair value are recognised in the Statement of Comprehensive Income after Operating profit and are non-distributable until realised by a disposal of the property. In such cases, the group accounts for the revaluation gain, net of deferred tax, as a movement on reserves with the total net revaluation gains forming the Revaluation Reserve on the Balance Sheet. Movements are analysed in the Statement of Changes in Equity. Upon the disposal of a previously revalued property, any previously unrealised gain becomes realised and is released from the Revaluation Reserve and transferred to the Profit and Loss Account reserve within the Statement of Changes in Equity and becomes distributable.
| 2.9 | Investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.10 | Stocks
Stocks comprise trading properties and property intended to be held for the short term and are stated at the lower of cost and net realisable value. Cost includes all directly attributable costs associated with the property other than operating costs. Net realisable value is based on estimated proceeds arising from its disposal. Provision to write down the carrying value of stock is made where appropriate. Page 21
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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 Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment. Other financial assets Other financial assets, which includes 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. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial liabilities Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Loans which are refinanced are assessed by management against the conditions set out in FRS102 11.37 and if the modifications are deemed non-substantial from both a qualitative and a quantitative perspective the refinancing is considered not to give rise to the extinguishment of the original financial liability and the recognition of a new financial liability. Other financial instruments Derivatives, including interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Derecognition of financial instruments Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. Page 22
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.12 | 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.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.14 | Pensions
Defined contribution pension plan The company operates a defined contribution pension scheme and the pension charge represents the contributions payable by the company to employees' personal pension plans in respect of the year. Defined benefit pension plan The company operates a defined benefits pension scheme and the pension charge is based on a valuation dated 24 March 2026. The valuation was carried out by an officer of the company. The defined benefit pension scheme is unfunded. Scheme liabilities are measured by reference to the contractual pension obligation and estimated life expectancy of the beneficiaries discounted at the group's net borrowing rate. The net scheme liability, adjusted for deferred tax, is included within other liabilities and charges on the balance sheet. Actuarial gains and losses are reported in the Statement of Comprehensive Income. The costs charged against profits represent the amounts payable to pensioners in respect of the accounting period.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 23
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 2.Accounting policies (continued)
| 2.16 | 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 balance sheet date in the countries where the company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.
| 2.17 | Going concern
The group’s investment properties are let to a diversified portfolio of tenants and generate rental income in excess of the financing, property and administrative costs, thereby generating positive cashflow. 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 group has the resources to readily meet all liabilities as they fall due. Lender covenants are evaluated and tested for future sensitivities to highlight any areas where mitigating action can be planned for. All current projections give the directors confidence that the group will continue to perform ahead of its financial covenant thresholds. The total of creditors falling due in less than one year includes a £10.0m loan that matures in October 2026. A refinance of this loan was in hand at the year end and is anticipated to complete shortly after the approval of these financial statements. The group continues to have strong relationships with lenders and conservative operating ratios, giving the directors confidence that this and future refinances can be achieved. In their judgment, the directors conclude that these financial statements may validly be prepared on the going concern basis. Page 24
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
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. These judgments and estimates are based on experience and knowledge of the detailed facts but inevitably the actual outcome will differ with any variance, which may be material, being reflected in the accounting records once it becomes apparent. In preparing these financial statements, the judgments that have the most significant risk of material variation is the fair value of reported investment properties. Evidence for investment yields are provided by third party chartered surveyors and also obtained from any reports prepared for the lenders. The directors apply those yields based on their judgment of the individual property asset. The requirement for high energy efficiency ratings on commercial properties has become vital to secure long-term tenants. Whilst this is a factor incorporated into the current valuations, the full extent of the future cost of compliance with regulations remains uncertain. The valuation at 24 March 2026 was prepared in consultation with the directors by Mr D J Dempsey, a director of the company and a professionally qualified and experienced Chartered Surveyor but nevertheless, the conclusions arrived at for fair value of the investment property portfolio is inherently subjective and dependent on the exercise of judgment. Judgments and estimates have also been necessary in the following key areas: - there is anticipation of a profitable outcome on speculative development activities; - all loans have judged to be basic in accordance with the definitions of FRS102; - all interest rate derivatives have been stated at the fair value of the underlying product at the balance sheet date.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Rent receivable | 21,200,559 | 20,449,960
| Sale of trading stock | - | -
| Fees receivable | 160,000 | 176,603
|  | 21,360,559 | 20,626,563
| All turnover arose within the United Kingdom.
Page 25
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Property income distributions | 57,128 | 54,148
| Lease premiums receivable | - | 15,657
| Other income | 84,787 | 191,395
|  | 141,915 | 261,200
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the company's auditors:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the group's auditors for the audit of the consolidated and parent company's financial statements | 51,055 | 50,198
| Other services | 11,540 | 10,147
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Remuneration | 2,058,786 | 1,961,301 | 2,058,786 | 1,961,301
| Social security costs | 296,265 | 271,112 | 296,265 | 271,112
| Cost of defined contribution scheme | 108,862 | 104,263 | 108,862 | 104,263
|  | 2,463,913 | 2,336,676 | 2,463,913 | 2,336,676
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Management & administration of the property portfolio | 13 | 12
Page 26
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
8. | Directors' remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | 1,682,577 | 1,595,844
| Group contributions to defined contribution pension schemes | 76,926 | 74,248
|  | 1,759,503 | 1,670,092
| During the year retirement benefits were accruing to 5 directors (2025 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £432,811 (2025 - £413,100).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2025 - £10,000).
9. | Income from investments
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Income from current asset investments | 8,788 | 8,245
10. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 357,976 | 356,169
|  | 357,976 | 356,169
11. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Mortgage & loans interest payable | 7,140,138 | 7,479,908
| Mortgage arrangement fees and similar charges | 479,219 | 428,150
| Other loan interest payable | - | 313,677
| Other interest payable | - | 4,322
|  | 7,619,357 | 8,226,057
Page 27
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
12. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,185,535 | 1,118,135
| Adjustments in respect of previous periods | 3,104 | 43,434
| Total current tax | 1,188,639 | 1,161,569
| Deferred tax |  |
| Origination and reversal of timing differences | 881,351 | 333,488
| Investment property revaluation gains | (1,890,000) | (2,718,188)
| Total deferred tax | (1,008,649) | (2,384,700)
|  | 179,990 | (1,223,131)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - lower 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 | (156,450) | (4,370,596)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | (39,113) | (1,092,649)
| Effects of: |  |
| Expenses not deductible for tax purposes | (34,103) | (53,192)
| Indexation on unrealised investment property revaluation gains deductible for tax purposes | 269,973 | 54,991
| Adjustments to corporation tax charge in respect of prior periods under/(over) provision | 3,104 | 43,434
| Short term timing difference leading to an increase (decrease) in taxation | (15,964) | (64,487)
| Book profit on chargeable assets | 1,410 | 422,763
| Realised capital gains | - | (537,974)
| Dividends from UK companies | (2,197) | (2,061)
| Other differences leading to an increase (decrease) in the tax charge | (3,120) | 6,044
| Total tax charge for the year | 179,990 | (1,223,131)
Page 28
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
13. | Dividends
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Dividends paid on equity capital | 1,180,575 | 2,361,150
14. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures, fittings & computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 25 March 2025 | 743,560 | 232,862 | 509,264 | 189,936 | 1,675,622
| Additions | - | - | 30,691 | 12,692 | 43,383
| Disposals | - | - | (64,520) | (11,078) | (75,598)
| At 24 March 2026 | 743,560 | 232,862 | 475,435 | 191,550 | 1,643,407
| Depreciation |  |  |  |  |
| At 25 March 2025 | 439,719 | 66,635 | 274,319 | 153,197 | 933,870
| Charge for the year on owned assets | 18,494 | 58,215 | 60,470 | 17,624 | 154,803
| Disposals | - | - | (40,757) | (9,750) | (50,507)
| At 24 March 2026 | 458,213 | 124,850 | 294,032 | 161,071 | 1,038,166
| Net book value |  |  |  |  |
| At 24 March 2026 | 285,347 | 108,012 | 181,403 | 30,479 | 605,241
| At 24 March 2025 | 303,841 | 166,227 | 234,945 | 36,739 | 741,752
| Included within freehold property is land of £200,000 (2025: £200,000) which is not depreciated.
Page 29
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026 14.Tangible fixed assets (continued)
| Company
|  | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 25 March 2025 | 509,264 | 145,356 | 44,580 | 699,200
| Additions | 30,691 | - | 12,692 | 43,383
| Disposals | (64,520) | - | (11,078) | (75,598)
| At 24 March 2026 | 475,435 | 145,356 | 46,194 | 666,985
| Depreciation |  |  |  |
| At 25 March 2025 | 274,319 | 121,659 | 31,538 | 427,516
| Charge for the year on owned assets | 60,470 | 9,881 | 7,743 | 78,094
| Disposals | (40,757) | - | (9,750) | (50,507)
| At 24 March 2026 | 294,032 | 131,540 | 29,531 | 455,103
| Net book value |  |  |  |
| At 24 March 2026 | 181,403 | 13,816 | 16,663 | 211,882
| At 24 March 2025 | 234,945 | 23,697 | 13,042 | 271,684
| The carrying amount of investment property, which the company rents to another group entity when it has chosen to account for such properties using the cost model is £285,347 (2025 - £303,841)
Page 30
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
15. | Investment property
| Group
|  | Freehold investment property | Long term leasehold investment property | Property under develop-ment | Total
|  | £ | £ | £ | £
| Valuation |  |  |  |
| At 25 March 2025 | 302,580,402 | 2,549,250 | 4,790,821 | 309,920,473
| Additions at cost | 5,769,420 | - | 101,017 | 5,870,437
| Surplus on revaluation | (8,397,952) | - | - | (8,397,952)
| At 24 March 2026 | 299,951,870 | 2,549,250 | 4,891,838 | 307,392,958
The investment property valuations were made by a professionally qualified surveyor in accordance with the Appraisal and Valuation Standards of the Royal Institution of Chartered Surveyors on the basis of open market value. Details on the assumptions made and key sources of estimation uncertainty are given in note 3 and throughout the Strategic Report. Freehold investment properties with a value of £269,409,250 (2 025: £275,959,250) are pledged as security for the group's bank loans.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Historical cost | 256,455,569 | 250,585,133
Page 31
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
16. | Fixed asset investments
| Group
|  | Listed investments
|  | £
| Cost or valuation |
| At 25 March 2025 | 1,310,542
| Revaluations | 9,637
| At 24 March 2026 | 1,320,179
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 25 March 2025 | 2,094,676
| At 24 March 2026 | 2,094,676
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the company:
| Name | Class of shares | Holding
| Store Property Investments Limited | Ordinary | 100%
| Store Property (Chichester) Limited | Ordinary | 100%
| Store Property Developments Limited | Ordinary | 100%
| Store Property Estates Limited | Ordinary | 100%
| Store Property Limited | Ordinary | 100%
| Wickens Properties Limited | Ordinary | 100%
Page 32
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the company:
| Name | Class of shares | Holding
| Philpot House Limited | Ordinary | 100%
| Norway Lane Limited | Ordinary | 100%
| Itchenor Yacht Club Limited | Ordinary | 100%
| Century House Brighton Limited | Ordinary | 100%
| Store Property Land Limited | Ordinary | 100%
| The Registered Office address of all the direct and indirect subsidiary undertakings is Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA.
17. | Stocks
|  | Group | Group
|  | 2026 | 2025
|  | £ | £
| Freehold dealing property | 321,096 | 321,096
| Other property | 2,902 | 2,902
|  | 323,998 | 323,998
18. | Debtors
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Trade debtors | 119,609 | 281,919 | - | -
| Amounts owed by group undertakings | - | - | 7,293,528 | 6,978,604
| Other debtors | 1,473,568 | 1,241,051 | 129,790 | 155,657
| Prepayments and accrued income | 2,543,658 | 2,837,029 | 435,135 | 452,199
| Corporation tax recoverable | - | 368,869 | - | -
| Financial instruments | 545,172 | 766,276 | - | -
|  | 4,682,007 | 5,495,144 | 7,858,453 | 7,586,460
| Included within prepayments and accrued income above is £1,623,623 (2025: £1,772,595) of lease incentives which are due in more than one year. Financial instruments comprise interest rate swap and cap derivatives, the fair value of which has been obtained through using observable market inputs to provide the valuation disclosed at the year-end.
Page 33
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Bank loans | 11,214,582 | 8,079,283 | - | -
| Trade creditors | 3,281,356 | 3,503,624 | 6,043 | 8,366
| Amounts owed to group undertakings | - | - | 7,599 | 8,348
| Corporation tax | 307,111 | 236,387 | 14,000 | 104,028
| Other taxation and social security | 235,413 | 211,163 | 235,413 | 211,163
| Other creditors | 2,365,847 | 1,394,843 | 331,628 | 260,113
| Accruals and deferred income | 1,838,384 | 1,793,790 | 33,569 | 38,393
|  | 19,242,693 | 15,219,090 | 628,252 | 630,411
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2026 | 2025
|  | £ | £
| Bank loans | 127,280,486 | 131,744,774
| The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|  | Group | Group
|  | 2026 | 2025
|  | £ | £
| Repayable by instalments | 55,566,068 | 57,398,100
The loan repayable by instalments more than five years after the balance sheet date have fixed and variable rates of interest and are repayable in quarterly instalments with a 'balloon' payment on maturity. Page 34
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
21. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2026 | 2025
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 11,214,582 | 8,079,283
| Amounts falling due 1-2 years |  |
| Bank loans | 12,050,406 | 17,566,093
| Amounts falling due 2-5 years |  |
| Bank loans | 59,664,012 | 56,780,581
| Amounts falling due after more than 5 years |  |
| Bank loans | 55,566,068 | 57,398,100
|  | 138,495,068 | 139,824,057
| The bank loans are all secured by specific fixed charges over investment properties and a floating charge over all the assets of the group. Interest on the loans is charged at rates varying between 2.88% and 7.11% (2025: 2.88% and 7.86%) and are repayable at various periods to September 2034. The lenders to the group have provisions within the borrowing facility agreements which restrict the ability of the shareholders to transfer their shares in the company. Transfers of shares, other than those permitted by the lending agreements, could lead to a call from the lenders for the outstanding borrowings and any break costs to be repaid on demand.
22. | Financial instruments
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 14,245,458 | 13,955,748 | 363,554 | 310,878
| Financial assets that are debt instruments measured at amortised cost | 1,262,311 | 1,111,709 | 7,293,528 | 6,978,604
|  | 15,507,769 | 15,067,457 | 7,657,082 | 7,289,482
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | (145,980,655) | (146,516,314) | (378,839) | (315,220)
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and financial instruments.
Page 35
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
23. | Deferred taxation
| Group
|  | 2026 | 2025
|  | £ | £
| At beginning of year | (10,029,214) | (12,413,914)
| Charged to profit or loss | 1,008,649 | 2,384,700
| At end of year | (9,020,565) | (10,029,214)
| Company
|  | 2026 | 2025
|  | £ | £
| At beginning of year | (60,241) | (56,921)
| Charged to profit or loss | 9,710 | (3,320)
| At end of year | (50,531) | (60,241)
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Investment property revaluation gains | (1,626,968) | (3,516,968) | - | -
| Accelerated capital allowances | (7,637,681) | (6,703,463) | (50,531) | (60,241)
| Fixed asset investments | 169,919 | 172,328 | - | -
| Other timing differences | 74,165 | 18,889 | - | -
|  | (9,020,565) | (10,029,214) | (50,531) | (60,241)
24. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 14,310,000 (2025 - 14,310,000) Ordinary shares of £0.10 each | 1,431,000 | 1,431,000
| Each ordinary share has equal dividend and voting rights.
Page 36
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
25. | Reserves
Revaluation reserve Unrealised gains arising on the revaluation of investment properties, less the related provision for deferred taxation, is transferred from Profit and loss account to a Revaluation Reserve. As this reserve comprises unrealised profits it is not distributable. Profit and loss account The balance on the Profit and loss account comprises current and prior year distributable profits, with the exception of the fair value gain on financial instruments which passes through the Income Statement and amounts to a net £545,172 (2025: £776,276) of non-distributable profits at the balance sheet date.
26. | Pension commitments
| The group operates a defined contribution pension scheme whereby the contributions are paid to the employees' personal pension schemes. The pension cost for the year was £108,862 (2025: £104,263). The group established an unfunded defined benefit pension scheme for the benefit of two former directors. A valuation of the scheme liability was performed by the directors at the year end adopting a discount rate of 4% unindexed pension benefits accruing and average expected mortality rates. The gross liability amounted to £766,502 (2025: £897,908) before netting off the deferred tax asset arising of £191,626 (2025: £224,477) adopting a tax rate of 25% (2025: 25%). Benefits paid are charged to the profit and loss account and the movement in the net liability below is reported as a movement on reserves.
|  | 2026 | 2025
|  | £ | £
| Present value of plan liabilities | 574,876 | 673,431
| No current employees of the group are members of the defined benefit scheme.
27. | Operating leases as a lessee
| At 24 March 2026 the group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2026 | 2025
|  | £ | £
| Not later than 1 year | 1,873 | 1,873
| Later than 1 year and not later than 5 years | 7,490 | 7,490
| Later than 5 years | 218,738 | 220,611
|  | 228,101 | 229,974
| An amount of £1,873 (2025: £1,873) of operating lease payments were recognised as an expense in the year.
Page 37
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
28. | Operating leases as a lessor
| At 24 March 2026 the group had future minimum lease rentals receivable under non-cancellable operating leases on investment properties for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 22,321,478 | 19,252,371
| Later than 1 year and not later than 5 years | 42,773,533 | 40,319,020
| Later than 5 years | 26,921,140 | 24,262,578
|  | 92,016,151 | 83,833,969
29. | Capital commitments
The group had a capital commitment at 24 March 2026 of £nil (2025: £1,550,000). Page 38
STORE PROPERTY HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 24 March 2026
30. | Related party transactions
| The company has taken advantage of the exemption in FRS 102 not to disclose transactions with its wholly owned subsidiaries. At 24 March 2026 the company owed £73,196 to Mr R F Wickens, a director of and shareholder in the company (2025: £21,987). During the years ended 24 March 2026 and 24 March 2025 Foster Wickens Investments Limited held 33% of the issued share capital of the company and shared common directors. In the year ended 24 March 2026 the company charged Foster Wickens Investments Limited £22,486 for property management and office services (2025: £24,487). There were no amounts owing between the group and Foster Wickens Investments Limited at 24 March 2026 or 24 March 2025. Included within dividends paid by the company in the year are: - £395,485 (2025: £790,970) paid to Foster Wickens Investments Limited; - £421,134 (2025: £467,927) paid to Mr R F Wickens a director of and shareholder in the company; - £46,793 (2025: £467,927) paid to Mrs J J Wickens a director of and shareholder in the company; - £55,139 (2025: £110,279) paid to Ms S F Wickens a director of and shareholder in the company; - £165,417 (2025: £330,837) shared equally between three adult children of Mr R F Mrs J J Wickens. During the whole of the years ended 24 March 2026 and 24 March 2025, the directors of the company were also directors of Kingmere Limited and Ms S F Wickens, Mr R F Wickens and Mrs J J Wickens are the shareholders of Kingmere Limited. The company charged Kingmere Limited £133,314 (2025: £147,916) for property management and office services provided during the year. During the year, the group purchased a property from Mrs J J Wickens, a director of the company, for £800,000, fully paid for in cash on purchase completion. During the prior year, the group purchased a property from Mr R F Wickens, a director of the company, for £10,450,000. As part of this purchase, the group received a £10,450,000 loan from Mr R F Wickens, with a legal charge over the property. The loan was repaid during the prior year and subsequently released from the legal charge. The group paid interest of £nil (2025: £313,677) to Mr R F Wickens during the year. Interest was charged at a fixed margin over variable bank rate. During the year, the group made charitable donations of £223,614 (2025: £236,114) to the Wickens Family Foundation, a registered charity and community interest company established in July 2020 by the family shareholders and where R F Wickens & S F Wickens, directors of the group, are Trustees. Included within Other debtors of the group is an amount of £106,500 (2025: £134,500) due from Oving Properties Limited, a company in which Mr G N Hawkins is a director. Interest is charged at a fixed margin over variable bank rate and the group received interest of £7,963 (2025: £11,166) from Oving Properties Limited during the year.
Page 39