Contents

Directors, Principal Professional Advisers and Registered Office

For the year ended 31 March 2026 the group made a profit before tax of £11.6m compared to £28.7m in the previous year. Contributing to this decrease was a one-off provision for impairment against an intercompany loan debtor of £5.8m, included in administrative expenses.

Gross rental income has increased from £24.7m in the year ended 31 March 2025 to £26.6m in the year ended 31 March 2026. The results saw an increase in gross profit from £15.0m in the year ended 31 March 2025 to £19.4m in the year ended 31 March 2026. This was created by the increase in rental income of £1.9m and the decrease in service charge costs from £6.2m in the year ended 31 March 2025 to £4.3m in the year ended 31 March 2026. However, surplus on revaluation of investment property decreased from £17.1m in the year ended 31 March 2025 to £3.1m in the year ended 31 March 2026. With capital additions and net inter-company additions totalling £22.9m, the retail park portfolio increased from £345.2m at 31 March 2025 to £374.4m at 31 March 2026.

The group is funded by 8.375% First Mortgage Debenture Stocks amounting to £201.6m and the interest charge on it increased from

£15.8m in 2025 to £17.1m in 2026. The group also has a loan due from a fellow group undertaking and the amount of interest receivable on this loan was broadly stable at £17.0m in the year ended 31 March 2025 to £17.4m this financial year. Overall therefore, the net interest receivable has decreased from £1.3m in 2025 by £1.1m to £0.2m net receivable during the year to March 2026.

Finally, the tax charge in 2026 increased by £1.7m compared to 2025 largely due to a non-cash reversal of deferred tax charge arising from change in value of investment property in 2026.

In respect of the property portfolio the group owns and manages a portfolio of retail parks, a retail destination known as Trafford Palazzo and various other smaller investment properties. In respect of these assets occupational transactions throughout the year were strong, with a variety of enquiries ranging from small retail pop-ups to large multipurpose lettings. Further information is provided below.

Strategic Report continued

Interest rates are falling very slowly so there is still a great deal of uncertainty in the wider economy. The directors expect the general level of activity to remain consistent with 2026 in the forthcoming year.  The group holds a diverse portfolio of assets, a mixture of commercial property and land-based assets across several property sectors and this, along with the experienced, committed and dedicated people makes the group more resilient to these factors and is well placed for the future to take advantage of any opportunities as they arise.

Strategic Report continued

The following key performance indicators are used by the directors to review the performance of the business:

Annualised rent roll *

Overall loan to value

Shareholders' funds

           9,123

*Annualised rent is the gross property rent receivable on a cash basis as at the reporting date, grossed up for a full year

Overall loan to value is important to the group as it is funded by a £201.6m First Mortgage Debenture Stock and that funding includes certain loan to value covenants. Monitoring the covenant on a regular basis allows the group to maintain headroom in the covenant. It allows the group to plan for both positive and negative impacts on the covenants where under certain circumstances property may be released from charge or may need to be charged to the debenture stock.

Growth in shareholders' funds provides a clear indicator as to how the group has performed each year and is measured against the five year business plan prepared by the group. The group targets a certain percentage growth each year which will arise from both growth in rental income and positive yield shift arising from proactive property management.

economic cycles, including impact on tenant covenant quality. This risk is mitigated by a large and diversified customer base and strong relationships with tenants;

interest rates and their impact on property values. This risk is mitigated by a large multi-asset portfolio;

potential impact of adverse changes in property values on the group's ability to comply with its banking covenants in the future. This risk is mitigated by a large multi-asset portfolio;

the group's activities expose it to the financial risk of changes in interest rates causing a cash flow risk. The group uses interest rate contract swaps to hedge this exposure;

the demand for commercial property and the availability of funding available to prospective buyers. This risk is mitigated by holding a diverse property portfolio thus allowing the group a degree of flexibility when considering the sale of a certain category of assets. In addition, the group maintains good relationships, and keeps in regular contact with, both local and national agents and uses those agents to market property when required.

environmental impact and climate change. The group aims for its projects to have a positive environmental impact, and the challenge is to “future-proof” projects in terms of energy usage and the move to zero carbon. The group has appointed a sustainability officer and environmental consultants to facilitate this process.

Strategic Report continued

The main risks affecting the group are planning risk and changes to the macroeconomic environment. Uncertainty in the national and local planning permission regimes arising from the change of government affect the ability to promote upcoming planning applications. An economic downturn in industrial and residential market conditions could lead to a fall in property values, reduced sales and an impact on tenants' ability to pay. Given that the group owns a number of investments that operate in real estate sector, changes in sentiment in these markets and this could impact the value of those investments.

Section 172 requires that “a director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

1.

the likely consequences of any decision in the long term;

2.

the interests of the company's employees;

3.

the need to foster the company's business relationships with suppliers, customers and others;

4.

the impact of the company's operations on the community and the environment;

5.

the desirability of the company maintaining a reputation for high standards of business conduct; and

6.

the need to act fairly as between members of the company”.

1.

The Board annually approves a budget for each business.  It monitors its implementation throughout the year using operating and financial performance reports. This includes examining all banking covenants such as loan-to-value and income-to-interest ratios. Banking covenants are certified and reported to the lenders monthly or quarterly. The bank covenants are carefully monitored, and the directors prepare and review cash flow, profit and loss, and balance sheet forecasts and their impact on covenants for at least twelve months in advance.  The Board ensures the group complies with its banking covenants at the reporting deadline.

2.

The group's approach to sustainability includes the three pillars of economic investment, enhancing our environment and delivering value for our communities.

The work of the independent businesses brings these pillars to life by delivering their promise of social and environmental responsibility and sensible, sustainable commercial actions.  The businesses devote their energy to accomplishing great things; not for their own sake, or the group's, but for those who come after. That is today, tomorrow, and for generations to come. The ambitions are for a more prosperous, sustainable future for all; where people and places are matched with the opportunity to be the best they can be.

The individual businesses within Peel each embrace their sustainability initiatives to meet the current needs of the business and stakeholders whilst keeping ahead of key trends to ensure future-proof activities. Peel is often the facilitator, with an indirect impact on sustainability.  We can only achieve these ambitions by working together with partners to keep pace with key future trends.

The group engages with local communities through consultation and collaborative working. This includes:

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Early and ongoing engagement with the public on all planning applications;

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Liaison with key community groups as developments mature; and

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Careful management of the shared open space on sites, often in collaboration with local residents.

3.

Peel legacy matters, it takes great pride in the outcomes it achieves, the people it works with, how it goes about its business and the transformational projects it delivers.

The directors take Peel's reputation seriously, and this is not limited to only operational and financial performance. Through our placemaking projects and land holdings we are investing in the long-term futures of the communities in which we operate, striving to make a positive social impact for all. This includes activities such as facilitating job and training opportunities through our development projects, improving the resilience of our assets to our changing climate, and providing diverse and abundant public space that supports both positive mental and physical health and wellbeing of communities. Peel's vision, values and approach to managing our existing portfolio and future developments translate into economic, environmental and social reality with a mix of transport, leisure, renewable energy and residential projects to create an exciting, sustainable environment that delivers future prosperity, job creation and low carbon growth.

Our long-term vision can only be achieved with the best possible relationship with employees. Regular engagement meetings are held with directors, managers and supervisory staff to convey information about the business.

Peel's policy is to ensure, in so far as it can, the health, safety and welfare of everyone engaged in or affected by its activities.

The individual businesses operate their own people initiatives and engage with their teams through site and office visits, team-building activities and social events whilst encouraging feedback.

Peel has committed to having a workforce that more accurately reflects society. To achieve this, the business has a suite of policies and procedures that support diversity and ethical practices. All employees must take online courses, including a requirement to pass an examination on relevant subjects.

During the year, Peel continued to provide training and development opportunities for employees at all levels through a structured programme of courses, seminars and workshops. This is supported by the Personal Development Hub, accessible to all Peel team members, which delivers e-learning (including mandatory training), facilitates the booking of face-to-face training and development courses, and maintains a record of completed learning, including Continuing Professional Development. The group also launched a benefits platform during the year to support colleagues in better understanding and accessing the benefits available to them.

Alongside this, Peel supported employees in undertaking additional learning and qualifications alongside their day-to-day roles. As at 31 March 2026, four employees were undertaking apprenticeships or additional qualifications, and three colleagues were participating in leadership development coaching. Peel also launched a benefits platform during the year to support colleagues in better understanding and accessing the benefits available to them.

Peel remains committed to fostering a working environment where colleagues are treated fairly and with respect, and where inclusion, equal opportunity and ethical practices are embedded through policies, procedures and learning programmes. The directors recognise that this approach supports employee wellbeing and engagement, strengthens retention and internal talent development, and underpins long-term organisational capability.

1.

The principal customers of the group are tenants who occupy the group's property portfolio and entities who acquire property or land that the individual businesses have (following approval by their ultimate shareholder) decided to sell.

In respect to tenants, these are key to ensuring there is demand for the group's lettable space. Each property the group owns is assigned a property manager employed by a fellow subsidiary undertaking of the group. The property manager is the first point of contact for the tenant who keeps in regular contact with the tenants via phone calls, tenant liaison meetings, and newsletters.  They are on hand to deal with any queries the tenants may have regarding rent, issues relating to the property, or other leasing arrangements. This allows the group to plan for rent reviews, lease renewals, lease expiries etc. The group also undertakes surveys of key tenants from time to time to ensure engagement with them is the best that can be achieved.  Where relevant, individual businesses attend the Completely Retail conference twice a year, liaise with retail tenants to understand their changing requirements and challenges, and explore potential new developments with them.

In respect to sales, these are an important source of income for the group. The principal customers range from housebuilders to pension funds to individuals. Typically, although only sometimes, the group will use agents to identify and market property to potential buyers.

2.

The success of the group, whether in a planning application, the construction of a property, or the maintenance of the land estate, depends on having a positive and robust relationship with our suppliers. A consistent approach is taken when approving and using new suppliers to ensure our understanding of their business is appropriate for the group. Typically, suppliers are used who are familiar with the assets they work on and this is more cost-efficient and fosters good relationships. Scrutiny is also applied to the competency of suppliers and levels of insurance cover available to ensure that they are appropriate to the particular type of goods or services being supplied.

3.

The group requires external capital to fund its activities, acquisitions and growth. The group has a strong relationship with most of the major clearing banks. Regular dialogue is held with them to discuss existing debt, covenants and opportunities for future funding. In addition, the group holds long-term debt, and regular meetings and updates are provided to the lenders. These forums offer the opportunity for the lenders to more fully understand the business and allow The group to opportunity to seek to negotiate any amendments to facilities that may be required and plan for any new capital requirements or repayments.

4.

The individual businesses within the group support the Government's priorities in the next few years both at a regional and national level in areas such as economic growth, climate change, and addressing the housing shortage. The group has significant landholdings which can be developed to address some of these issues now and in the future. In this regard, the group engages in central government consultation, directly via its own channels, or using the British Property Federation of which the group is a member, or other industry groups of which individual businesses are members, such as the Home Builders Federation or UK Green Building Council.

The group also engages with local government, Combined Authorities, Local Enterprise Partnerships, local community groups and other partners before, during and after planning applications.

The group recognises the importance of community engagement given the scale of what the business is trying to achieve. Against this background, our approach to public consultation has been reviewed to ensure we are going above and beyond the minimum expectations outlined in local authorities' Statement of Community Involvement.

For larger schemes, we implement a multi-phased iterative consultation process. This process utilises both traditional consultation elements, such as public exhibitions and leaflet drops, as well as more innovative digital methods to engage those groups who typically do not take part in public consultation exercises.

Our Consultation Reports detail how we have responded to feedback received and, where appropriate, have been able to incorporate this feedback into scheme design.

We also endeavor to engage with our key communities outside of key milestones in the planning process to ensure we are building strong relationships.

Our activities across the group continue to align to several of the United Nations Sustainable Development Goals (SDGs), otherwise known as the Global Goals. Individual standalone businesses may choose which of the SDGs in which to align their plans and activities, whilst always recognising that no goal could be achieved without working in partnership with stakeholders. To illustrate our continued efforts to deliver positive impacts to communities and enhance our environment, please see the following activities delivered throughout year ended March 2026:

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Continued compliance to energy management through the group's ISO 50001 certification.

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The independent businesses operate responsibly and maintain a high standard of business conduct and governance.

The individual businesses are all subject to a set of principles that specify matters for which shareholder approval is required, delivered via a formal Investment Committee process. Matters reserved for shareholder approval include the approval of individual business plans, investments, additional capital expenditure requirements and sales and lettings above specified values as well as day-to-day governance matters intended to ensure that the individual businesses continue to operate as part of the wider group and so maintain consistency and integrity in their day-to-day operations.

The Board engages with its ultimate shareholder in monthly Board meetings during which performance and financial position are reported and business strategy discussed. The Board also operates an Investment Committee process as referenced above and engages annually with the shareholder's Remuneration Committee.

In accordance with s414(C) (11) of the Companies Act, included in the strategic report is information relating to the future development of the business which would otherwise be required by Schedule 7 of the ‘large and medium sized companies and groups (accounts and reports) regulations 2008' to be contained in a report of directors.

At 31 March 2026 the group is in a position of having net current liabilities. However, after making enquiries, along with the confirmation from Peel Retail and Leisure Group UK Limited, the group's holding company, that they will continue to provide the necessary level of support to enable it to continue to operate for the 12 months from signing the financial statements, the directors have concluded they have a reasonable expectation that the group has adequate resources to continue in operational existence for the 12 months from signing the financial statements and therefore they continue to adopt the going concern basis in preparing the financial statements.

Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies in note 1 of the financial statements.

Except where stated, the directors who held office during the financial year and up to the date of the signing of the financial statements are:

The company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

The company is consolidated in the financial statements of its divisional holding company, Peel Retail and Leisure Group UK Limited which may be obtained at Venus Building, 1 Old Park Lane, Traffordcity, Manchester, M41 7HA. The group is therefore permitted to claim exempt from presenting streamlined energy and carbon report.

The group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group's policies approved by the directors. The group does not use derivative financial instruments for speculative purposes.

The group's activities expose it to the financial risk of changes in interest rates.

The group's exposure to foreign currency risk is minimal.

The group's principal financial assets are bank balances. The credit risk on these funds is limited because the banks have high credit ratings by international credit rating agencies.

Trade debtors as presented in the notes to the Balance Sheet are net of provisions for doubtful debts. A provision for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows.

The group's activities expose it to the financial risk of changes in interest rates. The larger group of companies, of which this group is a member (the group headed by Peel Retail and Leisure Group UK Limited) uses interest rate contract swaps to hedge this exposure.

To maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long term and short-term debt finance with an emphasis on working with joint venture partners.

Each of the persons who is a director at the date of approval of this report confirms that:

The auditor, Deloitte LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

1.

Opinion

We have audited the financial statements which comprise:

the group profit and loss account;

the group statement of comprehensive income;

the group and company balance sheets;

the group and company statements of changes in equity;

the group cash flow statement; and

the related notes 1 to 25.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

2.

Basis for opinion

Independent Auditor's Report to the members of Peel Land and Property Investments plc continued

3.

Summary of our audit approach

The key audit matter that we identified in the current year was the valuation of investment property.

The key audit matter is identified as follows:

Similar level of risk

The materiality that we used in the current year was £7.52m which was determined on the basis of 1.25% of total assets. Furthermore, a specific materiality of £0.72m has been determined based on 5% of EPRA* earnings and applied to all impacted balances, classes of transaction and disclosures.

*EPRA earnings is a measure of profit designed to give an indication of the operating performance of the business, it is calculated as profit before tax excluding exceptional and non-cash items such as revaluation movements and profit or loss on disposal.

Audit work to respond to the risks of material misstatement was performed directly by the group audit engagement team.

The materiality that we used for the group financial statements for the current year audit was determined on the basis of 1.25% of total assets, in the prior year this was determined based on 3% of net assets.

4.

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.

Our evaluation of the directors' assessment of the group's and the parent company's ability to continue to adopt the going concern basis of accounting included:

assessing the ability of Peel Retail and Leisure Group UK Limited to provide support to the group to continue as a going concern and evaluated the wider Peel group's commitment and willingness to honour the support provided. Through this work, we evaluated the cash flow forecasts prepared by the directors by testing their clerical accuracy, considering historical accuracy of forecasting, downside sensitivity and financial obligations;

challenging the assumptions used in the forecasts through performing sensitivity analysis around future profitability and cash flows as well as around covenant headroom; and

evaluating the appropriateness of the going concern disclosures in the financial statements.

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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

5.

Key audit matters

The key audit matter communicated below is a matter that, in our professional judgement, was of most significance in our audit of the financial statements of the current year and included the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. This matter had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.

Independent Auditor's Report to the members of Peel Land and Property Investments plc continued

5.

Key audit matters continued

This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

The group owns and manages a portfolio of investment properties that are carried at fair value in the financial statements. The portfolio is valued at £374.40m as at 31 March 2026 (£345.28m as at 31 March 2025) and a revaluation gain of £3.08m (2025: £17.06m gain) has been recognised in the year then ended. The assets are significant to the group as they account for 62% of total assets. Investment property is included within note 9 to the financial statements and is also included within the key sources of estimation uncertainty section in note 2 to the financial statements.

At 31 March 2026, 100% of the investment property was valued externally by Knight Frank in accordance with Royal Institution of Chartered Surveyors (RICS) guidance.

The valuation of the portfolio is inherently subjective and is underpinned by a number of assumptions. The most significant assumption is the capitalisation yield applied to each property. This yield is determined by reference to prevailing market yields, comparable market transactions and the specific characteristics of each property in the portfolio. The existence of significant estimation uncertainty coupled with the fact that only a small percentage difference in individual property valuations, when aggregated, could result in a material misstatement in the profit and loss account and balance sheet, warrants specific audit focus in this area due to the identified fraud risk.

With regard to the year-end valuation, we have obtained an understanding of the relevant controls involved in the investment property process and have assessed whether the valuation approach adopted was in accordance with RICS guidance and suitable for use in determining the carrying value in the balance sheet. We assessed the external valuer's qualifications and experience in valuing this type of asset.

We compared the yields used within the valuations to an estimated range of expected yields, determined via reference to published benchmarks, and to recent transactions. Additionally, we evaluated year-on-year movements in capital value. Where assumptions were outside the expected range or otherwise deemed unusual, and/or valuations appeared to exhibit unexpected movements, we undertook further investigations and, where necessary, held further discussions with the valuer in order to challenge the assumptions.

We challenged the principal assumptions used to derive the open market value through a number of procedures. These included assessing equivalent yields against market rates, assessing methodology used by RICS certified external experts, testing on a sample basis the committed rent receivable to supporting lease data and post year end receipts and the assessment of disposals against fair values held.

We also carried out procedures, on a sample basis, to test whether property-specific data supplied to the valuer reflected the underlying property records held by the group and which had been tested during our audit.

Based on the work performed we concluded that the valuation of investment property is appropriate.

Independent Auditor's Report to the members of Peel Land and Property Investments plc continued

Independent Auditor's Report to the members of Peel Land and Property Investments plc continued

We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole.

70% (2025: 70%) of group materiality

70% (2025: 70%) of parent company materiality

In determining performance materiality, we considered the following factors:

Our risk assessment, including our assessment of the group's and parent company's overall control environment; the business processes; and the industry the group and parent company operate in; and

Our past experience of the audit, which has indicated a low number of corrected and uncorrected misstatements identified in prior periods.

We agreed with the directors that we would report to them all audit differences in excess of £0.38m, (2025: £0.53m) as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the directors on disclosure matters that we identified when assessing the overall presentation of the financial statements.

Our audit was scoped by obtaining an understanding of the group and its environment, including internal control, and assessing the risks of material misstatement. The parent company has one subsidiary, being Trafford Palazzo Limited. As a result we have identified two components for the purposes of our group audit. We performed audits of the entire financial information for all components and we obtained 100% coverage of revenue, profit before tax and net assets through the audit procedures performed (2025: 100%). Component performance materiality applied in our testing for Trafford Palazzo Limited was £2.59m and £5.18m was applied for the parent company only testing (2025: £1.29m for Trafford Palazzo Limited and £7.25m for parent company only). There are no separate component auditors and all audit work to respond to the risks of material misstatement was performed directly by the group audit engagement team.

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.

Independent Auditor's Report to the members of Peel Land and Property Investments plc continued

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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.

Independent Auditor's Report to the members of Peel Land and Property Investments plc continued

We have nothing to report in respect of these matters.

Independent Auditor's Report to the members of Peel Land and Property Investments plc continued

Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of directors' remuneration have not been made.

We have nothing to report in respect of this matter.

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.

For and on behalf of Deloitte LLP

Statutory Auditor

Manchester, United Kingdom

Cost of sales

Administrative expenses

Revaluation surplus on investment properties

Other operating income

Profit/(loss) on disposal of fixed assets

Net interest receivable and similar income

Tax on profit

All the above results derive from continuing operations.

Group Statement of Comprehensive Income for the year ended 31 March 2026

Profit for the financial year

Unrealised net surplus on revaluation of operational buildings

Deferred tax relating to revaluation of operational buildings

Other comprehensive income for the financial year

         2,201

    103,529

The profit for the financial year dealt with in the financial statements of the parent company was £11,834,000 (2025: £28,726,000),

The financial statements for Peel Land and Property Investments plc, company number 00166957, were approved by the directors and authorised for issue on 14 September 2026.

    Group Statement of Changes in Equity for the year ended 31 March 2026

As at 1 April 2024

Profit for the financial year

Unrealised net surplus on revaluation of operational buildings

Deferred tax relating to revaluation of operational

buildings

Other comprehensive income

Total comprehensive income

Transfer of excess depreciation charge

Realisation of reserves on disposal of operational buildings

At 31 March 2025

Profit for the financial year

Other comprehensive income

Total comprehensive income

At 31 March 2026

Company Statement of Changes in Equity for the year ended 31 March 2026

At 1 April 2024

Profit for the financial year

Unrealised net surplus on revaluation of operational buildings

Deferred tax relating to revaluation of operational buildings

Other comprehensive income

Total comprehensive income

Transfer of excess depreciation charge

Realisation of reserves on disposal of operational buildings

At 31 March 2025

Profit for the financial year

Other comprehensive income

Total comprehensive income

At 31 March 2026

Purchase of investment properties

Receipts from sales of investment properties

Purchase of other fixed assets

Receipts from sales of other fixed assets

Interest received

Interest paid

Movements in restricted cash

Loans repaid

                2,955

Cash at beginning of year

Cash at bank

Overdrafts

Restricted cash

Total cash

                 4,263

              15,619

The principal accounting policies are summarised below. The policies have been applied consistently throughout the year and the preceding year. The principal activities and operations of the group and its subsidiaries are set out in the strategic report on pages 3 to 9.

Peel Land and Property Investments plc is a private company limited by shares and incorporated in the United Kingdom under the Companies Act 2006 and is registered in England & Wales, with company registration number 00166957. The registered office is Venus Building, 1 Old Park Lane, Traffordcity, Manchester, M41 7HA.

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Peel Retail and Leisure Group UK Limited, which may be obtained at Venus Building, 1 Old Park Lane, Traffordcity, Manchester, M41 7HA. Exemptions have been taken in these separate company financial statements in relation to disclosures surrounding financial instruments, presentation of a cash flow statement, remuneration of key management personnel, related party transactions and Pillar Two disclosure.

Notes to the Financial Statements

In considering the ability of Peel to provide any necessary support in the context of the uncertainties it faces as a result of the current economic climate, the directors have obtained an understanding of Peel's forecasts, the continuing availability of its facilities and its strategic and contingent plans. Cashflow forecasts reflect current expectations of the activity of the group's investments. Sensitivities have also been considered to reflect downside scenarios, including potential reductions in property valuations, and the impact on covenants on debt facilities. These covenants currently operate with headroom and in the event of reductions in value there are mitigating actions that could be deployed to create further headroom. These forecasts show that, even allowing for these downsides, for a period of 12 months from the signing of the accounts the group has sufficient cash reserves to mitigate risks and is in a strong position to withstand the potential impact. The directors are confident that the group is well placed to manage its business risks satisfactorily and is in a strong position to withstand any negative impact of the current economic climate.

As permitted by section 408 of the Companies Act 2006, a separate profit and loss account for the parent company is not presented.

Other fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all

- Operational buildings included in tangible fixed assets are depreciated at rates varying between 1% and 4% per annum.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss account.

Surpluses or deficits arising from revaluation of operational assets are transferred to the unrealised revaluation reserve, except that a deficit which is expected to be permanent and which is in excess of any previously recognised surplus over cost relating to the same property, or the reversal of such a deficit, is charged (or credited) to the profit and loss account. Realised revaluation surpluses representing the difference between historical cost and the asset's carrying value are reclassified by way of a transfer to profit and loss account reserve in the year in which the property disposal occurs.

Investment properties are measured at fair value annually with any change recognised in the profit and loss account.

Properties in the course of development or practically completed but not substantially let are included in the balance sheet at cost subject to provisions if the directors consider it prudent having regard to the prevailing market conditions. Cost includes interest and directly attributable overheads whilst the property is in the course of development.

Investment property sales are accounted for on the basis of unconditional exchange.

Where depreciation charges are increased following a revaluation, an amount equal to the increase is transferred annually from the

revaluation reserve to the profit and loss account as a movement on reserves. On the disposal or recognition of a provision for

impairment of a revalued fixed asset, any related balance remaining in the revaluation reserve is also transferred to the profit and loss

account as a movement on reserves.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance expense in profit or loss in the period in which it arises.

In the application of the group's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors do not consider there to be any critical accounting judgements that must be applied other than those that include an element of uncertainty.

The group makes estimates and assumptions concerning the future.  The resulting accounting estimates will, by definition, seldom equal the related actual results.  The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are addressed below:

Profit//(loss) on disposal of investment properties

Interest payable and similar expenses:

On bank loans and overdrafts

Amortisation of loan fees

On amounts due to group undertakings

Other interest payable

Interest receivable and similar income:

Bank interest receivable

On amounts due from group undertakings

Other interest receivable

Profit before taxation is stated after (crediting)/charging:

Profit before taxation is stated after charging/(crediting):

Depreciation on other fixed assets - owned assets (note 10)

Surplus on revaluation of investment properties (note 9)

(Profit)/loss on disposal of fixed assets (note 4)

The audit of the company financial statements pursuant to legislation

The audit of the company's subsidiaries financial statements pursuant to legislation

Compliance certificates

Tax compliance services

Payments in respect of group relief

The group and the company have no employees other than the directors and no key management personnel other than the directors.

At 1 April 2025

Additions

Reclass from plant and equipment

Net intercompany transfers

Lease incentives

Revaluations

At 31 March 2026

The historical cost to the group of all investment properties is £245,812,000 (2025: £222,343,000).

All of the investment property portfolio was professionally valued by Knight Frank, RICS qualified property consultants, using the investment approach.

At 1 April 2025

Additions

Net intercompany transfers

Lease incentives

Revaluations

At 31 March 2026

The historical cost to the company of all investment properties is £190,504,000 (2025: £174,050,000).

At 1 April 2025

Additions

Reclass to investment property

At 31 March 2026

At 1 April 2025

Charge for the financial year

At 31 March 2026

At 31 March 2026

At 31 March 2025

At 1 April 2025 and 31 March 2026

At 1 April 2025 and 31 March 2026

The following subsidiary undertaking was consolidated as at 31 March 2026.

England & Wales

Trafford Palazzo Limited

Directly owned ordinary shares

Property investment and operation of a retail centre

The subsidiary has the registered office Venus Building, 1 Old Park Lane, Traffordcity, Manchester, M41 7HA.

The joint venture as at 31 March 2026 was as follows:

England & Wales

Peel L&P Assets Limited

50%

Ordinary

Dormant company

Both subsidiary and joint venture have a year end of 31 March.

England & Wales

Trafford Palazzo Limited

Property investment and operation of a retail centre

Amounts owed by subsidiary undertakings

Amounts owed by fellow group undertakings

Amounts owed by former immediate parent company

Trade debtors

Amounts owed by fellow group undertakings

Amounts owed by related parties

Pre-paid development costs

Other debtors

                       -

Prepayments and accrued income

Unrestricted cash

Restricted cash

£60,000 (2025: £10,437,000) of restricted cash arises due to proceeds of property sales under the group's banking facilities.

Overdraft

Trade creditors

Amounts owed to fellow group undertakings

Other taxes and social security

Other creditors

Accruals and deferred income

Amounts owed to group undertakings

                    -

16. Creditors: amounts falling due after more than one year

First Mortgage Debenture Stocks

Details of security on the above borrowings are disclosed in note 17.

After five years – not by instalments

First Mortgage Debenture Stock

8.375%

Cash at bank

Restricted cash

Overdrafts

Total cash

Debenture loan

Net debt

At 1 April 2025

Profit and loss account

Fixed asset timing differences

Capitalised land remediation relief

Capitalised interest

Revalued investment property

Revalued operational assets

Losses

Corporate interest restriction

During the year commencing 1 April 2026, the net reversal of deferred tax liabilities is expected to decrease the corporation tax charge for the year by £429,000. This is due to the reversal of timing differences in relation to ACA's. There is no expiry date on timing differences, unused tax losses or tax credits.

At 1 April 2025

Profit and loss account

Fixed asset timing differences

Capitalised land remediation relief

Capitalised interest

Revalued investment property

Revalued operational assets

Losses

Corporate interest restriction

Receipts due within:

1 year

1 – 5 years

Over 5 years

Receipts due within:

1 year

1 – 5 years

Over 5 years

As at 1 April 2025 and at 31 March 2026:

120,320,284 Ordinary shares of 25p each

36,785,416 Ordinary shares with D rights of 25p each

One special share of 25p

                 39,276

The company has two classes of ordinary shares which carry no right to fixed income.

The rights of the ordinary shares with D rights are identical to the rights attaching to the ordinary shares.

The rights of the special share are the same as those attaching to the ordinary shares, except that it has no voting rights.

The other reserves of the company are non-distributable and arise in respect of unrealised intra-group profits on disposal of an operational fixed asset as a consequence of group reorganisations.

The capital redemption reserve arose after the company redeemed its preference shares and it represents the nominal value of those shares.

Group operating profit

Non-cash adjustments:

Revaluation surplus on investment properties

Creation less amortisation of lease incentives

Depreciation of other fixed assets

Operating cash flow before movement in working capital

Movement in debtors

Movement in creditors

Net cash flows from operating activities

Capital expenditure contracted for but not provided for in these accounts

On investment property

On other fixed assets

Capital expenditure contracted for but not provided for in these accounts

On investment property

Evyve Limited

Provision of services

See below (i)

                    26

Tokenhouse Investments Limited Staff Retirement Benefit Plan

Provision of services

See below (ii)

Transport for Greater Manchester

Provision of services

See below (iii)

                     -

(i)

Evyve Limited is a 50% owned group joint venture in the wider Peel group.

(ii)

The principal employer of Tokenhouse Investments Limited Staff Retirement Benefit Plan is under common control with the group.

(iii)

Transport for Greater Manchester is an entity with which a 50% joint venture is held.

The ultimate parent company in the period to 31 March 2026 was Tokenhouse Limited, a company incorporated in the Isle of Man.  Tokenhouse Limited is controlled by the Billown 1997 Settlement, the ultimate controlling party.

The immediate parent company is Peel Retail and Leisure Group UK Limited, a company incorporated in England and Wales.

The smallest group of companies, of which the company is a member, that produces consolidated financial statements is Peel Retail and Leisure Group UK Limited, a company incorporated in England and Wales. Its group financial statements are available from the Company Secretary, Venus Building, 1 Old Park Lane, Traffordcity, Manchester, M41 7HA.

The largest group of companies, of which the company is a member that produces consolidated accounts, is Peel Holdings Group Limited, a company incorporated in the Isle of Man. Its registered office is office Ballaman Manor, Ballnahowe Road, Port Erin, Isle of Man, IM9 65F.