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Registered number:
For the Year Ended
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STORE PROPERTY INVESTMENTS LIMITED
CONTENTS
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STORE PROPERTY INVESTMENTS LIMITED
STRATEGIC REPORT
For the Year Ended 24 March 2026
Store Property Investments Limited 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.
The company 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 £19.7m 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 company 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 £7.2m profit for the year before fair value movements. 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 £1.4m. 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.
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STORE PROPERTY INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
For the Year Ended 24 March 2026
The company’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 company 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 company 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 company 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 company is exposed to some short-term loan commitments.
In addition, the company 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.
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STORE PROPERTY INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
For the Year Ended 24 March 2026
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 0.08% 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 at group level at 40.9% at the year-end compared to 41.0% 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 company 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 57% of total revenue and those with a D or E rating amount to just 13% 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.
The company 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.
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STORE PROPERTY INVESTMENTS 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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.
The loss for the year, after taxation, amounted to £1,272,296 (2025 - loss £4,184,458).
The directors recommend that a total dividend of 49.5p per share be paid for the year, equating to £1,202,850. This has been paid by one dividend during the year.
The directors who served during the year were:
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STORE PROPERTY INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 24 March 2026
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.
Our company
Store Property 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.
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STORE PROPERTY INVESTMENTS 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.
The business review is shown in the Strategic Report.
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STORE PROPERTY INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 24 March 2026
The lenders to the company have provisions within the borrowing facility agreements which restrict the ability of the shareholders to transfer their shares in the ultimate parent 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.
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
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STORE PROPERTY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY INVESTMENTS LIMITED
We have audited the financial statements of Store Property Investments Limited (the 'company') for the year ended 24 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 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.
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.
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STORE PROPERTY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY INVESTMENTS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
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STORE PROPERTY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY INVESTMENTS LIMITED (CONTINUED)
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;
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.
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STORE PROPERTY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY INVESTMENTS 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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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STORE PROPERTY INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended 24 March 2026
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STORE PROPERTY INVESTMENTS LIMITED
Registered number: 00549704
BALANCE SHEET
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 29 form part of these financial statements.
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STORE PROPERTY INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 24 March 2026
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 24 March 2025
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
Store Property Investments 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 that of an investor, developer and trader in the general and commercial property sectors in the south of England and London.
2.Accounting policies
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 company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Store Property Holdings Limited as at 24 March 2026 and these financial statements may be obtained from Companies House.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
2.Accounting policies (continued)
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.
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, using the straight-line method.
The estimated useful lives range as follows:
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.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
2.Accounting policies (continued)
The company 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.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
2.Accounting policies (continued)
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.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
2.Accounting policies (continued)
The company’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 company and the group have 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 company will continue to perform ahead of its financial covenant thresholds.
The company has net current liabilities of £8.59m at the balance sheet date due to 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 company 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.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
The whole of the turnover is attributable to the principal activity as a property investor, developer and trader.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
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)
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
The investment property valuations were made by a professionally qualified surveyor in accordance with the Appraisal and Valuations Standards of the Royal Institution of Chartered Surveyors on the basis of market value.
Details of the assumptions made and key sources of estimation uncertainty are given in note 3 and throughout the Strategic Report.
Investment properties with a value of £245,575,000 (2025: £252,125,000) are pledged as security for the company's bank loans.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
The loans 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.
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
Revaluation reserve
Profit and loss account
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STORE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 24 March 2026
The company is jointly and severally liable with its subsidiary company Philpot House Limited for borrowings of £30,342,380 as at 24 March 2026 (2025: £30,900,148) of which £10,012,985 (2025: £10,197,049 was owed by Philpot House Limited and is therefore a contingent liability of the company.
The company had capital commitments totalling £Nil at 24 March 2026 (2025: £1,550,000).
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.
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