Lough_Self-Storage_Propco

Lough Self-Storage Propco UK Ltd

Directors' report

For the year ended 31 December 2025

The directors present their report and the audited financial statements for the year ended 31 December 2025.

Principal activity

The Company's principal activity is that of an investment holding and property rental company.

Results and dividends

The loss for the year, after taxation, amounted to £29,305 (2024: loss £197,412).

The directors do not recommend the payment of a dividend.

Directors' and secretary's interests

The directors who served during the year were:

Rebekah Jill Tobias (resigned 15 November 2025)

Nikita Shetty (resigned 31 October 2025)

Karolina Komorowska (appointed 15 November 2025)

Thibaut Pieters (appointed 15 November 2025, resigned 12 June 2026)

The directors and secretary who served the Company during the financial year do not hold any interest in the shares of the Company or any other group company.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

Following a reorganisation, the auditor HLB Unlimited Company resigned as auditor on 10 March 2025 and HLB Ireland Audit Services Limited were appointed and they continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Page 1

Lough Self-Storage Propco UK Ltd

Directors' report (continued)

For the year ended 31 December 2025

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 and signed on its behalf.

Karolina Komorowska

Francesco Lucioli Ottieri della Ciaja

Director

Date: 7 July 2026

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Lough Self-Storage Propco UK Ltd

Directors' responsibilities statement

For the year ended 31 December 2025

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

Company law requires the directors to prepare audited 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 audited 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Karolina Komorowska

Francesco Lucioli Ottieri della Ciaja

Director

Date: 7 July 2026

Page 3

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Lough Self-Storage Propco UK Ltd

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Lough Self-Storage Propco UK Ltd ('the company') for the financial year ended 31 December 2025 which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes to the financial statements, including significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements:

give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the financial period then ended; 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 Auditor's 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 UK, including the FRC'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 the date 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 Auditor's 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.

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.

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INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Lough Self-Storage Propco UK Ltd

Matters on which we are required to report by exception

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

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

adequate accounting records have not been kept; 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 take advantage of the small companies' exemptions from the requirements to prepare a strategic report or in preparing the Directors' Report.

Responsibilities of directors for the financial statements

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 they 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 has no realistic alternative but to do so.

Auditor's 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 Auditor's 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:

Enquiry of management and those charged with governance;

Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page 7, which is to be read as an integral part of our report.

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INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Lough Self-Storage Propco UK Ltd

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 auditor's 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.

John Duffy (Senior Statutory Auditor)

for and on behalf of

HLB IRELAND Audit Services Limited

Statutory Audit Firm

Suite 7

The Courtyard

Carmanhall Road

Sandyford

Dublin 18

Date: 7 July 2026

Page 6

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors'.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during

our audit.

Lough Self-Storage Propco UK Ltd

Appendix to the Independent Auditors Report

Page 7

Lough Self-Storage Propco UK Ltd

Statement of comprehensive income

For the year ended 31 December 2025

2025

2024

Note

Turnover

661,130

530,937

Gross profit

661,130

530,937

Administrative expenses

(277,672)

(299,787)

Other operating (expense)/income

(4,712)

663

Operating profit

378,746

231,813

Interest receivable and similar income

5,774

9,871

Interest payable and similar expenses

(396,292)

(439,096)

Loss before tax

(11,772)

(197,412)

Tax on loss

(17,533)

Loss for the year

(29,305)

(197,412)

All amounts relate to continuing operations.

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 11 to 20 form part of these financial statements.

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Lough Self-Storage Propco UK Ltd

Statement of financial position

As at 31 December 2025

2025

2024

Note

Fixed assets

Tangible assets

8,340,710

8,585,193

8,340,710

8,585,193

Current assets

Debtors: amounts falling due within one year

58,410

99,775

Cash at bank and in hand

900,300

639,313

958,710

739,088

Current liabilities

Creditors: amounts falling due within one year

(200,102)

(195,658)

758,608

543,430

Net current assets

Total assets less current liabilities

9,099,318

9,128,623

Creditors: amounts falling due after more than one year

(6,038,681)

(6,128,681)

Net assets

3,060,637

2,999,942

Capital and reserves

Called up share capital

3,377,844

Capital contribution

137,951

47,951

Profit and loss account

(455,158)

(425,853)

Shareholders' funds

3,060,637

2,999,942

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with 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 by:

Karolina Komorowska

Francesco Lucioli Ottieri della Ciaja

Director

Date: 7 July 2026

The notes on pages 11 to 20 form part of these financial statements.

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Lough Self-Storage Propco UK Ltd

Statement of changes in equity

For the year ended 31 December 2025

Called up share capital

Capital contribution

Profit and loss account

Total equity

At 1 January 2025

3,377,844

47,951

(425,853)

2,999,942

Comprehensive income for the year

Loss for the year

(29,305)

Capital contribution

90,000

At 31 December 2025

3,377,844

137,951

(455,158)

3,060,637

Statement of changes in equity

For the year ended 31 December 2024

Called up share capital

Capital contribution

Profit and loss account

Total equity

At 1 January 2024

3,327,844

(228,441)

3,099,403

Comprehensive income for the year

Loss for the year

(197,412)

Shares issued during the year

50,000

Capital contribution

47,951

At 31 December 2024

3,377,844

47,951

(425,853)

2,999,942

The notes on pages 11 to 20 form part of these financial statements.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

General information

Lough SelfStorage Propco UK Ltd is company, limited by shares and incorporated on February 9, 2022 in the United Kingdom under the number 13904114. Its registered address is at 8 Hanover St, 3rd Floor, London, W1S 1YQ, United Kingdom.

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The Company qualifies as a small company as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the 'Small Companies Regime' in accordance with section 280C of the Act and section 1A of FRS 102.

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 members have agreed to the filing of abridged financial statements.

The financial statements are presented in GBP (£).

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;

it is probable that the Company will receive the consideration due under the contract;

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Accounting policies (continued)

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Interest income

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

2.5

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.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Accounting policies (continued)

2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straightline method.

Depreciation is provided on the following basis:

Freehold property

50 years

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.

2.9

Debtors

Shortterm 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.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

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

2.12

Share capital

Called up share capital represents the nominal value of shares that have been issued.

2.13

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Accounting policies (continued)

2.13

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction 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. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Accounting policies (continued)

2.13

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent noncurrent liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and 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.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

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. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.14

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may ultimately differ from these estimates.

In the process of applying the Company's accounting policies, management has made the following judgments and estimates, which have the most significant effect on the amounts recognized in the financial statements:

(i) Estimating useful lives of tangible fixed assets

The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.

(ii) Impairment of non-financial assets

In assessing impairment, management estimates the recoverable amount of each asset or a cash generating unit based on expected future cash flows and uses an interest rate to calculate the present value of those cash flows. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. Though management believes that the assumptions used in the estimation of fair values are appropriate and reasonable, significant changes in these assumptions may materially affect the assessment of recoverable values and any resulting impairment loss could have a material adverse effect on the results of operations.

(iii) Impairment of debtors

Adequate amount of allowance for impairment is provided for specific and groups of accounts, where objective evidence of impairment exists. The Company evaluates the amount of allowance for impairment based on available facts and circumstances affecting the collectability of the accounts, including, but not limited to, the length of the Company's relationship with the customers, the customers' current credit status, average age of accounts, collection experience and historical loss experience. The methodology and assumptions used in estimating cash flows are reviewed regularly by the Company to reduce any differences between loss estimates and actual loss experience.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024: £Nil).

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Taxation

2025

2024

Corporation tax

Current tax on profits for the year

17,533

Factors affecting tax charge for the financial year

The tax assessed for the financial year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024:19%). The differences are explained below:

2025

2024

Loss on ordinary activities before tax

(11,772)

(197,412)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 19%)

(2,943)

(37,508)

Effects of:

Expenses not deductible for tax purposes

79,244

14,670

Capital allowance in excess of depreciation

(19,651)

26,806

Utilisation of tax losses

(39,117)

(3,968)

Total tax charge for the financial year

17,533

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Tangible fixed assets

Freehold property

Cost or valuation

9,107,659

At 1 January 2025

At 31 December 2025

9,107,659

Depreciation

522,466

At 1 January 2025

Charge for the year on owned assets

244,483

At 31 December 2025

766,949

Net book value

At 31 December 2025

8,340,710

8,585,193

At 31 December 2024

The net book value of land and buildings may be further analysed as follows:

2025

2024

8,340,710

Freehold

8,585,193

Debtors: Amounts falling due within one year

2024

2025

98,136

Amounts owed by group undertakings

58,410

1,639

VAT repayable

99,775

58,410

Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

Cash and cash equivalents

2025

2024

Cash at bank and in hand

900,300

639,313

Creditors: Amounts falling due within one year

2025

2024

Interest on loans to group undertakings

97,513

109,494

Trade creditors

1,080

Corporation tax

17,533

Other creditors

74,914

Accruals

10,142

10,170

200,102

195,658

Trade creditors and accruals are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

Accruals comprise expenses incurred but not yet invoiced or paid at the reporting date, including amounts relating to trade and other operating costs. These accruals are recognized when the related goods or services have been received, and are expected to be settled within one year.

The interest on loans to group undertakings are subject to an applicable interest rate per annum plus a margin of 2.86%. Interest is subject to quarterly payments with rates ranging from 6.83% to 7.81%.

10.

Creditors: Amounts falling due after more than one year

2025

2024

Loans owed to group undertakings

6,038,681

6,128,681

The loans owed to group undertakings were advanced on 21 July 2022 and are repayable in full at maturity on the 21st July 2029 together with all accrued interest.

11.

Operating lease commitment

The total of future minimum lease payments to be received under noncancellable leases as at December 31, 2025 is based on the lessee's turnover divided by 2.5 in each relevant period.

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Lough Self-Storage Propco UK Ltd

Notes to the financial statements

For the year ended 31 December 2025

12.

Related party transactions

The Company has taken advantage of the exemption conferred by Financial Reporting Standard 102 section 33.1(a) not to disclose transactions with members of the group headed by Heitman Global Real Estate Partners II, LP.

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 33.

13.

Post balance sheet events

There have been no significant events affecting the Company since the financial year end.

14.

Controlling party

The Company is a 100% subsidiary of Lough Lux S.a.r.l, a company incorporated in Luxembourg. The ultimate parent company is Heitman Global Real Estate Partners II, LP, a company incorporated in the United States of America.

The smallest group in which the results are consolidated is that headed by Lough JV SCSp, a company incorporated in Luxembourg.

The largest group in which the results are consolidated is that headed by the ultimate parent company.

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