Belfast_Self_Storage_Limi

Belfast Self Storage Limited

Directors' report

For the financial year ended 31 December 2025

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

Principal activity

The principal activity of the Company during the year was the provision, under license, of self-storage facilities.

Results and dividends

The profit for the financial year, after taxation, amounted to £145,670 (2024 £44,468).

Dividends declared and paid for the year is £Nil (2024: £Nil)

Directors' and secretary's interests

The directors who served during the financial year were:

Nikita Shetty (resigned 31 October 2025)

Rebekah Tobias (resigned 15 November 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.

Events since the end of the year

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

Belfast Self Storage Limited

Directors' report (continued)

For the financial 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

Page 2

Belfast Self Storage Limited

Directors' responsibilities statement

For the financial year ended 31 December 2025

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;

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.

On behalf of the board:

Karolina Komorowska

Francesco Lucioli Ottieri della Ciaja

Director

Date: 7 July 2026

Page 3

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Belfast Self Storage Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Belfast Self Storage Limited ('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.

Page 4

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Belfast Self Storage Limited

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.

Page 6

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Belfast Self Storage Limited

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.

Belfast Self Storage Limited

Appendix to the Independent Auditors Report

Page 7

Belfast Self Storage Limited

Statement of income and retained earnings

For the financial year ended 31 December 2025

2025

2024

Note

1,652,840

1,327,345

Turnover

Gross profit

1,327,345

1,652,840

(1,288,726)

Administrative expenses

(1,459,107)

Operating profit

38,619

193,733

5,849

Interest receivable and similar income

3,853

Profit before tax

44,468

197,586

Tax on profit

(51,916)

Profit after tax

44,468

145,670

Retained earnings at the beginning of the financial year

(46,147)

(90,615)

145,670

Profit for the financial year

44,468

Retained earnings at the end of the financial year

99,523

(46,147)

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 18 form part of these financial statements.

Page 8

Belfast Self Storage Limited

Statement of financial position

As at 31 December 2025

2025

2024

Note

Fixed assets

Tangible assets

144,680

116,255

144,680

116,255

Current assets

Stocks

15,531

Debtors: amounts falling due within one year

63,284

69,932

Cash at bank and in hand

293,774

68,458

372,589

138,390

Current liabilities

Creditors: amounts falling due within one year

(354,937)

(237,983)

(99,593)

17,652

Net current assets/(liabilities)

Provisions for liabilities

Deferred tax

(12,809)

Net assets

149,523

3,853

Capital and reserves

Called up share capital

50,000

Profit and loss account

99,523

(46,147)

Shareholders' funds

149,523

3,853

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 10 to 18 form part of these financial statements.

Page 9

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

General information

Belfast Self Storage Limited is a company, limited by shares and incorporated in the United Kingdom under the number NI031253. Its registered address is at 100 Duncrue Street, Belfast, BT3 9AR.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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.

The members have agreed to the filing of abridged financial statements.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 10

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

Accounting policies (continued)

2.3

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.

2.4

Interest income

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

2.5

Current and deferred taxation

The tax expense for the financial 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 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.

Page 11

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

Accounting policies (continued)

2.6

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

Depreciation is provided on the following basis:

Fixtures and fittings

10% Straight-line

Office equipment

20% Straight-line

Computer equipment

33% Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

Debtors

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

2.9

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.

Page 12

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

Accounting policies (continued)

2.10

Creditors

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

2.11

Share capital

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

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

Page 13

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

Accounting policies (continued)

2.13

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.

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.

Page 14

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

Employees

The average monthly number of employees during the financial year was as follows:

2025

2024

No.

Employees

Taxation

2025

2024

Corporation tax

Current tax on profit for the financial year

51,916

Tax on profit

51,916

Factors affecting tax charge for the financial year

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

2025

2024

Profit on ordinary activities before tax

197,586

44,468

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

49,397

8,449

Effects of:

Expenses not deductible for tax purposes

9,243

(17)

5,932

Capital allowances for financial year

(6,724)

(7,955)

Group relief

(6,409)

Utilisation of tax losses carried forward

Total tax charge for the financial year

51,916

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

Tangible assets

Fixtures and fittings

Office equipment

Computer equipment

Total

Cost or valuation

At 1 January 2025

525,617

47,146

8,484

581,247

Additions

61,279

265

61,544

At 31 December 2025

586,896

47,146

8,749

642,791

Depreciation

At 1 January 2025

442,798

16,785

5,409

464,992

Charge for the financial year on owned assets

20,857

9,429

2,833

33,119

At 31 December 2025

463,655

26,214

8,242

498,111

Net book value

At 31 December 2025

123,241

20,932

507

144,680

At 31 December 2024

82,819

30,361

3,075

116,255

Stocks

2024

2025

15,531

Goods for resale

Debtors: Amounts falling due within one year

2025

2024

Trade debtors

7,431

7,298

Prepayments and accrued income

55,853

62,634

63,284

69,932

Page 16

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

Cash and cash equivalents

2025

2024

293,774

Cash at bank and in hand

68,458

293,774

68,458

10.

Creditors: Amounts falling due within one year

2025

2024

Trade creditors

65,661

31,146

Amounts owed to group undertakings

65,935

59,283

Corporation tax

51,916

VAT payable

104,346

81,008

Accruals

27,630

27,038

Deferred income

39,449

39,508

354,937

237,983

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

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.

11.

Deferred taxation

2025

At beginning of year

(12,809)

At 31 December 2025

(12,809)

The provision for deferred taxation is made up as follows:

2025

2024

Capital allowances

(12,809)

Page 17

Belfast Self Storage Limited

Notes to the financial statements

For the financial year ended 31 December 2025

12.

Contingent liabilities

Mount Street Mortgage Servicing Limited holds a mortgage debenture incorporating a fixed and floating charge over all the property or undertakings of the Company, which remains outstanding as of December 31, 2025.

13.

Operating lease commitment

The total of future minimum lease payments under non-cancellable leases at 31 December 2025 is based on the Company's turnover divided by 2.5 in each relevant period.

14.

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 on the grounds of being wholly-owned group companies.

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

15.

Controlling party

The Company is a 100% subsidiary of HSIL Properties (Self Storage) Ireland Limited, a company incorporated in the Republic of Ireland. 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.

16.

Events since the end of the year

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

Page 18