ACCOUNTS - Final Accounts preparation

Registered number: 09760580

MACTAGGART HERITABLE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2025

MACTAGGART HERITABLE LIMITED

REGISTERED NUMBER: 09760580

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£000		£000

Fixed assets
Investments	5		30,728		31,113
Investment property	6		122,406		110,051
			153,134		141,164
Current assets
Stocks	7	51,381		51,229
Debtors	8	33,485		37,093
Cash at bank and in hand	9	12,787		8,315
		97,653		96,637
Creditors: amounts falling due <1 year	10	(110,814)		(102,718)
Net current liabilities			(13,161)		(6,081)
Total assets less current liabilities			139,973		135,083
Creditors: amounts falling due >1 year	11		(24,007)		(27,375)
Provisions for liabilities
Deferred taxation	13	(47,974)		(48,475)
			(47,974)		(48,475)
Net assets			67,992		59,233

Capital and reserves
Called up share capital	14	953	953
Share premium account	15	90,047	90,047
Revaluation reserve	15	75,727	75,727
Foreign exchange reserve	15	(6,060)	(3,894)
Merger reserve	15	(161,195)	(161,195)
Profit and loss account	15	66,703	58,237
Equity attributable to owners of the parent Company		66,175	59,875
Non-controlling interests		1,817	(642)
		67,992	59,233

Page 1

MACTAGGART HERITABLE LIMITED

REGISTERED NUMBER: 09760580

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 consolidated statement of comprehensive income 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:

................................................

Sir J A Mactaggart Bt.

Director

Date: 28 August 2026

The notes on pages 9 to 26 form part of these financial statements.

Page 2

MACTAGGART HERITABLE LIMITED

REGISTERED NUMBER: 09760580

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£000		£000

Fixed assets
Investments	5		65,732		66,099
			65,732		66,099
Current assets
Debtors	8	62,941		62,091
		62,941		62,091
Creditors: amounts falling due within one year	10	(9,920)		(9,437)
Net current assets			53,021		52,654
Net assets			118,753		118,753

Capital and reserves
Called up share capital	14	953	953
Share premium account	15	90,047	90,047
Profit and loss account	15	27,753	27,753
		118,753	118,753

Page 3

MACTAGGART HERITABLE LIMITED

REGISTERED NUMBER: 09760580

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 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 consolidated statement of comprehensive income 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:

................................................

Sir J A Mactaggart Bt.

Director

Date: 28 August 2026

The notes on pages 9 to 26 form part of these financial statements.

Page 4


		MACTAGGART HERITABLE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Revaluation reserve	Foreign exchange reserve	Merger reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests
	£000	£000	£000	£000	£000	£000	£000	£000
At 1 January 2025	953	90,047	75,727	(3,894)	(161,195)	58,237	59,875	(642)

Profit for the year	-	-	-	-	-	9,634	9,634	2,459
Movement on translation	-	-	-	(2,166)	-	-	(2,166)	-
Dividends: Equity capital	-	-	-	-	-	(1,168)	(1,168)	-
At 31 December 2025	953	90,047	75,727	(6,060)	(161,195)	66,703	66,175	1,817

								Total equity
								£000
At 1 January 2025								59,233

Profit for the year								12,093
Movement on translation								(2,166)
Dividends: Equity capital								(1,168)
At 31 December 2025								67,992

Page 5


		MACTAGGART HERITABLE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Page 6


		MACTAGGART HERITABLE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Revaluation reserve	Foreign exchange reserve	Merger reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£000	£000	£000	£000	£000	£000	£000	£000	£000
At 1 January 2024	953	90,047	75,727	810	(161,195)	68,583	74,925	(1,047)	73,878

Loss for the year	-	-	-	-	-	(8,130)	(8,130)	405	(7,725)
Movement on translation	-	-	-	(4,704)	-	-	(4,704)	-	(4,704)
Dividends: Equity capital	-	-	-	-	-	(2,216)	(2,216)	-	(2,216)
At 31 December 2024	953	90,047	75,727	(3,894)	(161,195)	58,237	59,875	(642)	59,233

The notes on pages 9 to 26 form part of these financial statements.

Page 7

MACTAGGART HERITABLE LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 January 2024	953	90,047	29,953	120,953
Dividends: Equity capital	-	-	(2,200)	(2,200)

At 1 January 2025	953	90,047	27,753	118,753
At 31 December 2025	953	90,047	27,753	118,753

The notes on pages 9 to 26 form part of these financial statements.

Page 8

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Mactaggart Heritable Limited is a private limited company with share capital incorporated in England and Wales. Its registered address and principal place of business is 2 Babmaes Street, London, SW1Y 6HD.

2.Accounting policies

2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Page 9

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

The Directors have prepared the financial statements on a going concern basis. The Group recorded a profit after taxation of £12.1m for the year ended 31 December 2025 and had net assets of £68.0m at the reporting date. In reaching this conclusion, the Directors have reviewed the Group’s financial position, cash flow projections and available facilities for a period of not less than twelve months from the date of approval of these financial statements through to August 2027.

The Group benefits from the continued support of its shareholders and operates with established property assets and long-term investment horizons. The Directors have considered the trading performance of the Group, its liquidity position and the strength of its underlying asset base in forming their assessment.

The Directors have also considered refinancing risk within the wider Group and are satisfied that whether the outcome is positive or negative the cumulative risk is immaterial to the financial position and prospects of Mactaggart Heritable Limited.

On the basis of this assessment, the Directors have a reasonable expectation that the Group will continue to meet its liabilities as they fall due and consider the going concern basis of preparation to be appropriate.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

Page 10

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.6

Operating leases: the Group 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.

2.7

Interest income

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

2.8

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.

2.9

Borrowing costs

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

Page 11

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.11

Investment property

Investment property is carried at fair value determined annually by external 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.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 12

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

Any premium on acquisition is dealt with in accordance with the goodwill policy.

2.14

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.

2.15

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.

2.16

Cash

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.

2.17

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.

Page 13

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.

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 Group'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

Page 14

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.19

Financial instruments (continued)

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.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

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 non-current 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.

Page 15

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.19

Financial instruments (continued)

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

2.20

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.

Page 16

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements under FRS 102 requires the directors to make certain judgements, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities as at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements that are not readily apparent from other sources. However, the actual results may differ from these estimates. The key area where management has made significant judgements is around estimates regarding the valuation of properties at the date of the Statement of Financial Position.

Investment properties

The Group holds its investment property at fair value. In order to arrive at this value, the Group considers various factors including, but not limited to, the classification, location and condition of the property; recent market transactions involving similar assets; and an appraisal of the current market environment. Reference is also made to reports prepared by independent valuation experts where considered appropriate.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.

Unlisted investments

The valuation of unlisted investments is subject to a significant degree of judgement and estimation uncertainty.

As outlined in the Group’s accounting policies, unlisted investments are measured at fair value at the date of the Statement of Financial Position when this value can be reliably determined. The directors have assessed that a reliable value can be determined for investments in entities that are either property investment funds or special purpose vehicles where a combination of audited financial statements and/or expert valuations for underlying assets are available. The extent to which this information is considered reliable and appropriate to rely upon is a matter of judgement.

Where such information is not available, unlisted investments are measured at historical cost less impairment. Consideration of whether indicators of impairment exist and the extent to which any such impairment charge should be recognised is subject to judgement and estimation.

Employees

The average monthly number of employees, including directors, during the year was 9 (2024 - 11).

Page 17

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Fixed asset investments
	Group

	Unlisted investments	Investment in joint ventures	Total
	£000	£000	£000
Cost
At 1 January 2025	30,461	2,280	32,741
Additions	2,759	-	2,759
Disposals	(2,918)	-	(2,918)
Foreign exchange movement	(1,969)	-	(1,969)
Revaluations	3,294	466	3,760
Share of profit/(loss)	-	(323)	(323)
At 31 December 2025	31,627	2,423	34,050
Impairment
At 1 January 2025	1,628	-	1,628
Charge for the period	1,694	-	1,694
At 31 December 2025	3,322	-	3,322
Net book value
At 31 December 2025	28,305	2,423	30,728
At 31 December 2024	28,833	2,280	31,113

Page 18

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Company

		Investments in subsidiary companies
		£000
	Cost
	At 1 January 2025	66,099
	Disposals	(367)
	At 31 December 2025	65,732

	Net book value
	At 31 December 2025	65,732
	At 31 December 2024	66,099

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Western Heritable Limited (1)	Ordinary	100%
Western Heritable (Star) Limited (1)	Ordinary	100%
Western America Limited * (1)	Ordinary	100%
Mactaggart Investment Company Limited (1)	Ordinary	100%
Mactaggart Family & Partners Limited (1)	Ordinary	100%
Western Heritable Investment Company (U.S.) Limited * (2)	Ordinary	100%
Berkshire Western Bayswater Holdings Limited (1)	Ordinary	72%
Berkshire Western Bayswater Limited * (1)	Ordinary	72%
MFP Eagle House Holdings Limited (1)	Ordinary	48%
MFP Eagle House Limited * (1)	Ordinary	48%
MFP Eagle House Asset Management Limited (1)	Ordinary	85%
Mactaggart Agathos LLP * (1)	Ordinary	50%
MFP Babylon Holdings Limited (1)	Ordinary	27%
MFP Babylon Limited * (1)	Ordinary	27%
MFP Babylon AM Limited (1)	Ordinary	90%
MFP Edinburgh Limited (1)	Ordinary	78%
Blue Note Western Fleet Limited * (1)	Ordinary	85%
Blue Note Western Fleet Holdings Limited (1)	Ordinary	85%

1 Registered at 2 Babmaes Street, London, United Kingdom, SW1Y 6HD
2. Registered at 420 Lexington Avenue, New York City, New York, United States of America, 10170

Group companies not owned directly by Mactaggart Heritable Limited are indicated by an asterisk.

Page 19

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

6.	Investment property
	Group

		Freehold investment property
		£000
	Valuation
	At 1 January 2025	110,051
	Additions at cost	232
	Surplus on revaluation	12,123
	At 31 December 2025	122,406

The properties held by Mactaggart Investment Company Limited & MFP Eagle House Limited were valued in January 2026 by Cushman & Wakefield, acting as External Valuer. The valuation was in accordance with the requirements of the RICS Valuations Standards. Cushman & Wakefield have valued the properties by adopting the traditional (equivalent) yield valuation approach. The remaining properties were valued internally by way of a Directors valuation.

7.	Stocks
		Group	Group
		2025	2024
		£000	£000

Raw materials and consumables	11	-
Properties held for development	51,179	51,038
Finished goods and goods for resale	191	191
	51,381	51,229

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£000	£000	£000	£000

Trade debtors	711	758	-	-
Amounts owed by group undertakings	-	-	62,941	62,091
Other debtors	28,368	30,477	-	-
Prepayments and accrued income	3,742	3,265	-	-
Financial instruments	664	2,593	-	-
	33,485	37,093	62,941	62,091

Page 20

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Debtors (continued)

Included within other debtors are loans of £Nil (2024: £1,899k) owed by companies connected by way of having directors in common with the Group. The loan is repayable on demand and interest is charged on the loan at 5% per annum.

Included within other debtors is an interest free loan of £2,094k (2024: £1,866k) owed by an associate of
the Group. The loan has no interest and is repayable on demand.

Included within other debtors is an amount of £17,754k (2024: £14,407k) owed by a company connected by way of having directors in common with the Group.

Financial instruments relate to interest rate swap agreement taken out by MFP Eagle House Limited. The swap expires in August 2026 respectively and provide for a fixed interest rate of 0.674% per annum over loans of £27,375k. The fair value of the financial instruments at the year-end is a debtor due within one year of £664k (2024: debtor due within one year of £2,593k).

9.	Cash
		Group	Group
		2025	2024
		£000	£000

Cash at bank and in hand	12,787	8,315
Less: bank overdrafts	-	(77)
	12,787	8,238

Page 21

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£000	£000	£000	£000

Bank overdrafts	-	77	-	-
Bank loans	31,120	27,223	-	-
Other loans	65,295	63,117	-	-
Trade creditors	106	53	-	-
Amounts owed to group undertakings	-	-	1	1
Corporation tax	1,298	192	-	-
Other taxation and social security	470	362	-	-
Other creditors	10,531	10,139	9,919	9,436
Accruals and deferred income	1,994	1,555	-	-
	110,814	102,718	9,920	9,437

Other loans consist of shareholder loans which are repayable on demand and do not accrue interest.

Included within other creditors is £9,919k (2024: £9,436k) owed to a company with directors in common. The balance is interest free and repayable on demand.

11.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£000	£000

Bank loans	23,977	27,375
Financial instruments (after 1 yr)	30	-
	24,007	27,375

Financial instruments relate to an interest rate swap agreement taken out by Mactaggart Investment Company Limited. The swap expires in September 2030 and provide for a fixed interest rate of 0.879% per annum over loans of £23,775k. The fair value of the financial instrument at the year-end is a creditor falling due after one year of £30k (2024: debtor due after more than one year of £848k).

Page 22

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£000	£000

Amounts falling due within one year
Bank loans	31,120	27,223
Other loans	65,295	63,116
	96,415	90,339
Amounts falling due 2-5 years
Bank loans	23,977	27,375
	23,977	27,375

	120,392	117,714

Secured Loans

A bank loan of £23,977k (2024: £23,775k) is due for repayment in full in September 2030. The agreed rate of interest is SONIA plus 2% per annum which is subject to a swap agreement. The loan is secured over the properties owned by the Group.

A bank loan of £3,745k (2024: £3,448k) is due for repayment in full in December 2026. The agreed rate of interest is 4% per annum. The loan is secured over the properties owned by the Group.

A bank loan of £27,375k (2024: £27,375k) is due for repayment in full in August 2026. The agreed rate of interest is SONIA plus 1.65% per annum which is subject to a swap agreement. The loan is secured over the properties owned by the Group.

Other loans of £32,196k (2024: £31,028k) are due for repayment in full in June 2026. The agreed rate of interest is 5.85% per annum. The loan is secured over the properties owned by the Group.

Unsecured Loans

Other loans of £33,098k (2024: £32,087k) are shareholder loans which are repayable on demand and do not accrue interest.

Page 23

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Deferred taxation
	Group

	2025	2024
	£000	£000

At beginning of year	(48,476)	(47,980)
Charged to profit or loss	(2,281)	(941)
Charged to other comprehensive income	2,783	445
At end of year	(47,974)	(48,476)

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£000	£000

Accelerated capital allowances	(820)	(820)
Tax losses carried forward	(47,154)	(47,655)
	(47,974)	(48,475)

14.	Share capital
		2025	2024
		£	£

Authorised, allotted, called up and fully paid

794,837 (2024 - 794,837) Oridnary A shares of £1.00 each	794,837	794,837
158,564 (2024 - 158,564) Ordinary B shares of £0.99 each	156,978	156,978
158,564 (2024 - 158,564) Ordinary C shares of £0.01 each	1,586	1,586

	953,401	953,401

Ordinary A shares have attached to them full voting, dividend and capital distribution rights.

Ordinary B shares have the same rights as an ordinary A share as to income, distributions and all other matters save for the right to split into one ordinary A share and one ordinary C share.

Ordinary C shares have the right to purchase the corresponding B shares at a fixed price.

Page 24

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.

Reserves

Share premium account

Share premium represents the excess of consideration paid for the nominal value of share capital.

Revaluation reserve

Reserve used to record increases in fair value of land and buildings and decreases to the entent that such decreases relate to an inrease on the same asset.

Foreign exchange reserve

Foreign exchange translation reserve resulting in the translation of the financial information from the functional to the presentational currency of group members.

Merger Reserve

The amount arising from the use of merger accounting being the difference between the Company's cost of investment in and the issued share capital of its subsidiaries.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses less dividends paid.

16.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£000	£000

Not later than 1 year	5,106	5,378
Later than 1 year and not later than 5 years	8,257	10,296
Later than 5 years	633	923
	13,996	16,597

Page 25

MACTAGGART HERITABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.

Related party transactions

Included within other debtors are loans of £nil (2024: £1,899k) owed by companies connected by way of having directors in common with the Group. The loan is repayable on demand and interest is charged on the loan at 5% per annum.

Included within other debtors is an interest free loan of £2,094k (2024: £1,866k) owed by an associate of the Group. The loan has no interest and is repayable on demand.

Included within other debtors is an amount of £17,754k (2024: £14,407k) owed by a company connected by way of having directors in common with the Group.

Included within other creditors is £9,919k (2024: £9,436k) owed to a company with directors in common. The balance is interest free and repayable on demand.

18.	Controlling party

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

Page 26