ACCOUNTS - Final Accounts

The transfer between reserves comprises:

Registered number: 00649719

STORE PROPERTY ESTATES LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

STORE PROPERTY ESTATES LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Balance sheet	8
Statement of changes in equity	9
Notes to the financial statements	10 - 17

STORE PROPERTY ESTATES LIMITED

DIRECTORS' REPORT

For the Year Ended 24 March 2026

The directors present their report and the financial statements for the year ended 24 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Mr R F Wickens (resigned 13 June 2026)

Mrs J J Wickens (resigned 13 June 2026)

Ms S F Wickens BSc

Mr G N Hawkins FCA

Mr P M A Rowland BSc (Hons) MCIOB

Mr R D Moyler BSc (Hons) MRICS

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 1

STORE PROPERTY ESTATES LIMITED

DIRECTORS' REPORT (CONTINUED)

For the Year Ended 24 March 2026

Auditors

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 29 July 2026 and signed on its behalf.

G N Hawkins

Director

Page 2

STORE PROPERTY ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY ESTATES LIMITED

Opinion

We have audited the financial statements of Store Property Estates 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 our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 24 March 2026 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

STORE PROPERTY ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY ESTATES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 4

STORE PROPERTY ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY ESTATES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The Company is subject to laws and regulations that directly affect the financial statements including The Companies Act 2006, UK taxation legislation, financial reporting legislation and general regulations such as occupational health and safety and General Data Protection. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

• We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of documentation.

• The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgments made by management in its significant accounting estimates;

o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

o Review of legal and professional expenditure and supporting documentation.

• As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

o Posting of unusual journals and complex transactions;

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 5

STORE PROPERTY ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STORE PROPERTY ESTATES LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

James Hadfield FCA (Senior statutory auditor)

for and on behalf of

Menzies LLP

Chartered Accountants

Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX

29 July 2026

Page 6

STORE PROPERTY ESTATES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

For the Year Ended 24 March 2026

	2026	2025
Note	£	£


Turnover		213,922	254,770
Property expenditure		(36,140)	(43,164)
Net income from property		177,782	211,606
Administrative expenses		(143)	(896)
Other operating income		6,438	6,438
Operating profit		184,077	217,148
Fair value movements - investment properties		-	(65,750)
Interest receivable and similar income		11	4,799
Profit before tax		184,088	156,197
Tax on profit	5	(46,022)	(39,049)
Profit for the financial year		138,066	117,148

There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2026 (2025:£NIL).

The notes on pages 10 to 17 form part of these financial statements.

Page 7

STORE PROPERTY ESTATES LIMITED

Registered number: 00649719

BALANCE SHEET

As at 24 March 2026

		2026		2025
Note		£		£

Fixed assets
Investment property	6		2,549,250		2,549,250
Current assets
Debtors: amounts falling due within one year	7	6,438		6,438
Cash at bank and in hand		316,663		170,766
		323,101		177,204
Creditors: amounts falling due within one year	8	(101,682)		(93,851)
Net current assets			221,419		83,353
Total assets less current liabilities			2,770,669		2,632,603
Provisions for liabilities
Deferred tax	9		(288,335)		(288,335)
Net assets			2,482,334		2,344,268

Capital and reserves
Called up share capital	10	150	150
Revaluation reserve	11	1,451,115	1,451,115
Other reserves	11	176	176
Profit and loss account	11	1,030,893	892,827
		2,482,334	2,344,268

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.

S F Wickens

Director

The notes on pages 10 to 17 form part of these financial statements.

Page 8

STORE PROPERTY ESTATES LIMITED

STATEMENT OF CHANGES IN EQUITY

For the Year Ended 24 March 2026

	Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 25 March 2025	150	1,451,115	176	892,827	2,344,268
Comprehensive income for the year
Profit for the year	-	-	-	138,066	138,066
At 24 March 2026	150	1,451,115	176	1,030,893	2,482,334

The notes on pages 10 to 17 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

For the Year Ended 24 March 2025

	Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 25 March 2024	150	1,500,427	176	826,367	2,327,120
Comprehensive income for the year
Profit for the year	-	-	-	117,148	117,148
Transfer between reserves	-	(49,312)	-	49,312	-
Dividends: Equity capital	-	-	-	(100,000)	(100,000)
At 24 March 2025	150	1,451,115	176	892,827	2,344,268

The notes on pages 10 to 17 form part of these financial statements.


Investment property revaluation surplus/(deficit)	-	(65,750)
Deferred taxation on investment property revaluation (surplus)/deficit	-	16,438
	-	(49,312)

Page 9

STORE PROPERTY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

1.	General information

Store Property Estates 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 and developer in the general and commercial property sectors in the south of England.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises the gross rental charges, adjusted for lease incentives, together with third party sales of trading stock receivable during the year, excluding VAT and arising wholly within the United Kingdom. Lease incentives granted to tenants are recognised as an integral part of the net consideration for the leased property and amortised on a straight line basis over the term of the lease, or to the first tenant break option if earlier.

Turnover excludes service charges and other costs directly recoverable from tenants.

Turnover and indexed rents are recognised as turnover in the periods in which they are earned. Rent reviews are recognised when the review memorandum has been agreed with the tenant.

Surrender and other premiums received in the period from tenants are included in other operating income.

2.3

Expenditure

Irrecoverable running costs directly attributable to specific properties are charged to the profit and loss account on an accruals basis. Costs incurred on the maintenance or refurbishment of the property portfolio which, in the opinion of the directors, are not of a capital nature are written off to the profit and loss account on an accruals basis.

Costs not directly attributable to individual properties are charged to the profit and loss account as administrative expenditure.

Page 10

STORE PROPERTY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

2.Accounting policies (continued)

2.4

Operating leases: the company as lessee

At inception the company 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 company 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.

2.5

Operating leases: the company as lessor

The company 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.

2.6

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 profit or loss.

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 company 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 or, 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 company 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.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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STORE PROPERTY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

2.Accounting policies (continued)

2.9

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.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

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 operates and generates 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.

2.12

Going concern

Future cashflow and working capital liquidity requirements are documented at a group level where detailed forecasts are scrutinised by the directors. The methodology adopted is appraised and amended in response to changing economic conditions and the actual outcome is routinely assessed against previous forecasts.

The company is debt free and cashflow positive while its investment property is secured to the lender of a fellow group subsidiary.

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 fellow group subsidiary will continue to perform ahead of its financial covenant thresholds.

In their judgment, the directors conclude that these financial statements may validly be prepared on the going concern basis.

Page 12

STORE PROPERTY ESTATES 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 lender. 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 parent 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.

Employees

The Company has no employees other than the directors, who did not receive any remuneration in the year or the prior year.

Corporation tax
Current tax on profits for the year	46,022	55,487

	Deferred tax
	Origination and reversal of timing differences	-	(16,438)


	Tax on profit	46,022	39,049

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STORE PROPERTY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

5.Taxation (continued)

Profit on ordinary activities before tax

184,088

156,197

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	46,022	39,049
Effects of:
Total tax charge for the year	46,022	39,049

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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STORE PROPERTY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

6.	Investment property

		Long term leasehold investment property
		£
	Valuation
	At 25 March 2025	2,549,250
	At 24 March 2026	2,549,250

The investment property valuations were made by a professionally qualified surveyor, who is a director of the parent company, in accordance with the Appraisal and Valuations Standards of the Royal Institution of Chartered Surveyors on the basis of market value for existing use.

Details on the assumptions made and key sources of estimation uncertainty are given in note 3.

The investment properties are charged as security for a mortgage in the name of a fellow subsidiary, Store Property Investments Limited.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2026	2025
	£	£

Historic cost

809,800

The investment properties are held for operating lease purposes.

Debtors

					2026	2025
					£	£


Amounts owed by group undertakings	6,438	6,438
	6,438	6,438

8.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Trade creditors	21,392	-
Amounts owed to group undertakings	34,267	38,352
Corporation tax	46,023	55,499
	101,682	93,851

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STORE PROPERTY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

9.	Deferred taxation

	2026	2025
	£	£

At beginning of year	(288,335)	(304,773)
Charged to profit or loss	-	16,438
At end of year	(288,335)	(288,335)

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

Investment property revaluation gains

(288,335)

10.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

150 (2025 - 150) Ordinary shares of £1.00 each	150	150

The ordinary shares carry full voting and dividend rights to the shareholders.

11.

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.

Other reserves

Other reserves comprise realised capital profits of prior years.

Profit and loss account

The balance on the Profit and loss account comprises current and prior year distributable profits.

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STORE PROPERTY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 24 March 2026

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.


Not later than 1 year	213,922	213,922
Later than 1 year and not later than 5 years	269,014	482,936
Later than 5 years	-	-
	482,936	696,858

14.	Controlling party

The company's ultimate holding company is Store Property Holdings Limited, a company registered in England and Wales whose registered office is Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA. Store Property Holdings Limited is also the parent company of the largest and smallest group of which the company is a member and for which group accounts are drawn up. Copies of the accounts are available from Companies House.

The directors do not consider there to be a single ultimate controlling party.

The company has taken advantage of the exemption in FRS 102 not to disclose transactions with the parent company and other wholly-owned members of the group.

Page 17