The directors present their strategic report of the company for the year ended 31 March 2026.

The principal activity of the company continued to be that of an intermediate holding company. There have not been any significant changes in the principal activities of the company's subsidiaries in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year.

Changes of Ownership

From 1 April 2025 until 15 April 2025 the company was a wholly owned subsidiary of Peel L&P Holdings (UK) Limited.

On 15 April 2025, Peel L&P Property Limited, a wholly owned subsidiary of Peel L&P Holdings (UK) Limited sold 100% of its investment in Peel L&P Land Holdings Limited to a newly incorporated company, Peel Land Holdings (Intermediate) Limited.

Review of the business

The results for the year are set out on page 15.

The balance sheet consisted principally of intercompany balances, investments in subsidiaries and external debt as shown on page 16.

On the 15th April 2025 a new bank loan was secured against certain investment and stock properties owned by the subsidiaries of Peel L&P Land Holdings Limited. The loan, which was used to release the Peel L&P Land Holdings subsidiary undertakings properties from their previous charges within a syndicated land facility, is a £145m term facility bearing interest at SONIA rate plus applicable margin of 2.75%. Alongside this, a swap contract for 50% of the debt was entered into to hedge the interest rate risk. On the 22nd of December 2025, the facility was increased to £177m under the same terms, to support the repayment of a separate facility. Approximately £57m of assets (a mix of investment property and stock) were brought into charge within subsidiary undertakings and a further £30m was drawn. The facility is due to mature in April 2028. The loan includes two separate one year extension options which could extend the term to April 2030 if exercised.

Profit on disposal of investments for the year was £12.3m arising from the sale of five investments with combined proceeds of £310.4m and combined book values of £298.1m. This was offset by net interest payable of £5.3m, and resulted in a loss for the year which has caused net assets to decrease by £22.9m.

Section 172 Companies Act 2006

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”.

Individual business within the group operate separately and distinctly from one another, although all remain part of the Peel Group, “Peel”. Peel has a set of core values, providing a framework for the individual businesses, and demonstrating how the Board of Directors makes decisions for the group’s long-term success. These core values align with the above and are as follows:

Consequences of decisions in the long term

1. Finance Monitoring

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. Investment

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.

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

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

• Liaison with key community groups as developments mature; and

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

Section 172 Companies Act 2006 continued

Consequences of decisions in the long term continued

3. Leaving a lasting social legacy

The 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.

Interest of the company’s employees

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, the group has provided training for employees at all levels through a structured programme of courses, seminars and workshops. It also operates a Personal Development Hub, accessible to all Peel team members. This is a platform to roll out all elearning, including mandatory training. It allows access to and booking for upcoming face-to-face Training and Development courses. It also records all learning that has been completed including Continuing Professional Development.

We remain 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.

The Group continues to operate Next Gen, a development programme for early career professionals focused on building core professional and interpersonal skills. The programme includes a reverse mentoring module involving directors from individual businesses and the wider group. Since the launch in 2021, 21 colleagues have participated, including 4 in 2024 and 6 in 2025. These initiatives support succession planning and the development of future leadership capability, contributing to the long-term success of the business.

Section 172 Companies Act 2006 continued

The need to foster relationships with stakeholders

1. Customers

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 tthe 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. Suppliers

The success of Peel, 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, Peel uses suppliers familiar with the assets they work on which 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. Funders

Peel 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 Peel to opportunity to seek to negotiate any amendments to facilities that may be required and plan for any new capital requirements or repayments.

Section 172 Companies Act 2006 continued

The need to foster relationships with stakeholders continued

4. Government

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. During the year the group continued to be heavily involved in promoting the ‘Places for Everyone’ scheme in Greater Manchester which could provide a significant number of new homes in the region, including several significant sites owned by the group.

5. Communities

Peel 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.

Section 172 Companies Act 2006 continued

Impact of the company's operations on the community and the environment

The group’s goal is to deliver market-ready development opportunities while fostering a greener future through the creation of sustainable, low-carbon communities. We are proud to be creating places and spaces for people to live, work and enjoy now and for many generations to come. Across our projects, our team focuses on connecting people and place by incorporating properly planned and designed open space and recreational facilities into our projects, retaining and enhancing ecology and nature conservation. Our activities across the group continue to align to several of the United Nations Sustainable Development Goals whilst always recognising that nothing can be achieved without working in partnership with stakeholders.

Desirability of the company maintaining a reputation for high standards of business conduct

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.

Strategic Report continued

Section 172 Companies Act 2006 continued

Acting fairly as between members

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.

Approved by the Board of Directors and signed on behalf of the Board

The directors present their annual report and audited financial statements for the year ended 31 March 2026.

Matters included in the strategic report

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 directors' report.

Future developments be found in the strategic report.

Going Concern

At 31 March 2026 the company is in a loss making position. However, after making enquiries, along with the confirmation from Peel Land Holdings (Intermediate) Limited 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 company 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.

Financial risk management objectives and policies

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

Cash flow risk

The company’s activities expose it to the financial risk of changes in interest rates. The company uses interest rate contract swaps to hedge this exposure.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company can rely on appropriate funding from the group it belongs to.

Streamlined energy and carbon reporting

The company is consolidated in the financial statements of its divisional holding company Peel Land Holdings (Intermediate) Limited, which may be obtained at Venus Building, 1 Old Park Lane, TraffordCity, Manchester, M41 7HA. The group is therefore permitted to claim exemption from presenting streamlined energy and carbon reporting disclosures.

Directors' indemnities

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.

Engagement with suppliers, customers and others

Included in the strategic report's section 172 statement is information relating to engagement with suppliers, customers and others 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 the directors.

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

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

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

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed; and

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

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

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

(a) so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware; and

(b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Peel L&P Land Holdings Limited (the 'company'):

• give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and

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

We have audited the financial statements which comprise:

• the profit and loss account;

• the balance sheet;

• The statement of changes in equity; and

• the related notes 1 to 16.

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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the 'FRC's') Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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

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

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

• had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation; and

• do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included GDPR, employment law, health and safety and building regulations.

We discussed among the audit engagement team including relevant internal specialists such as tax, IT and industry specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

• reading minutes of meetings of those charged with governance.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

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

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

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

Use of our report

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

All of the above results derive from continued operations.

There were no other gains or losses than as presented in the above profit and loss account, and accordingly, no separate statement of comprehensive income is presented.

Peel L&P Land Holdings Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales with company registration number 06495540. The registered office is Venus Building, 1 Old Park Lane, TraffordCity, Manchester, United Kingdom, M41 7HA.

The principal accounting policies are summarised below. They have all been applied consistently throughout the current and preceding year.

The principal activities of the company are set out in the Strategic report on page 1.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 divisional holding company, Peel Land Holdings Intermediate Limited, which may be obtained 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, related party transactions and remuneration of key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

As the company is in a loss making position at 31 March 2026 the directors have received confirmation that Peel Land Holdings (Intermediate) Limited ("Peel Group"), the divisional holding company, will continue to provide the necessary level of support to enable the company to continue to operate for the 12 months from signing 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.

Taking all these factors into account, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the 12 months from signing the financial statements and therefore continue to adopt the going concern basis in preparing the annual report and financial statements.

Fixed asset investments in subsidiary undertakings are stated at cost less provision for impairment. Cost represents the aggregate cash consideration, costs incurred and either the fair or the nominal value of shares issued.

The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

(i) Derivative financial intruments

The company uses derivative financial instruments to reduce exposure to interest rate risk. The company does not hold derivative financial instruments for speculative purposes. Derivatives are initially recognised at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the profit and loss account immediately in the year in which they arise.

(ii) Financial assets and financial liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which comply with all of the condition of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, it is considered whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are subsequently measured at amortised cost using the effective interest method.

Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying amount value had no impairment been recognised.

Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of transaction costs.

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to sale of the asset.

Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax assets and liabilities are offset only if: (a) the company has a legally enforceable right to set off current tax assets against current tax liabilities; and (b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

In the application of the company’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.

Critical judgements in applying the company’s accounting policies

The directors do not consider there to be any critical accounting judgements that must be applied, apart from those involving estimates which are dealt with separately below.

Key sources of estimation uncertainty

The company 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:

Carrying value of investments

Determining whether investments are impaired requires an estimation of the carrying value that the investments are held at. The carrying values of the investments requires management to assess the net assets and underlying trading of the individual companies. The carrying amount of investments of subsidiaries at the balance sheet date was £226,357,240 (2025: £524,492,000). There was no impairment in the year. The key assumptions can be found in note 8.

The auditor's remuneration of £9,222 for audit work was borne by the holding company (2025: £5,400) and was not recharged. There has been no remuneration in the year for non-audit services (2025: same).

There were no employees during the year apart from the directors (2025: none).

The directors of the company were remunerated by Peel Land Group (UK) Limited and Peel Group Management UK Limited, (formerly L&P Group Management Limited) for their services to the group as a whole; it is not practicable to allocate their remuneration between their services to group companies.

The charge/(credit) for the year can be reconciled to the (loss)/profit per the profit and loss account as follows:

The standard rate of tax applied to the reported losses is 25% (2025: 25%).

There is an unrecognised deferred tax asset relating to tax losses carried forward of £5,240,000 (2025: £1,463,000) as realisation of this assets is dependent on the availability of suitable taxable profits in future periods. There is no expiry date of timing differences, unused tax losses or tax credits.

Details of the company's subsidiaries at 31 March 2026 were as follows:

Amounts owed by group undertakings do not carry interest and are repayable on demand

Included in amounts owed to group undertakings are £239,257,000 (2025: £547,194,000) which carry interest of 1.5% above base rate (2025: 1.5%) per annum charged on the outstanding loan balance.

Included in amounts owed to group undertakings are amounts owed to parent company of £nil (2025: £6,954,000) which carry interest of 1.5% above base rate (2025: 1.5%) per annum charged on the outstanding loan balance.

On the 15th April 2025 a new bank loan was secured against certain investment and stock properties owned by the subsidiaries of Peel L&P Land Holdings Limited. The loan, which was used to release the subsidiary undertakings investment properties from their previous charges within a syndicated land facility, is a £145m term facility bearing interest at SONIA rate plus applicable margin of 2.75%. Alongside this, a swap contract of 50% of the debt was entered into to hedge the interest rate risk. On 22nd December, the facility was increased to £177m under the same terms, to support the repayment of a separate facility. Approximately £57m of assets (a mix of investment property and stock) were brought into charge within the subsidiary undertakings and a further £30m was drawn. The facility is due to mature on April 2028. The loan includes two separate one year extension options which could extend the term to April 2030 if exercised.

The above debt is secured by fixed legal charges on certain freehold and leasehold investment properties and stock within the subsidiary undertakings.

The company has one class of ordinary shares which carry no right to fixed income.

The ultimate holding company in the year ended 31 March 2026 was Tokenhouse Limited, a company incorporated in the Isle of Man. Tokenhouse Limited is controlled by the Billown 1997 Settlement.

The immediate parent company at the balance sheet date was Peel Land Holdings (Intermediate) Limited.

The largest group of companies, of which the company is a member, that produces consolidated financial statements is Peel Holdings Group Limited, a company incorporated in the Isle of Man. The registered office is Ballaman Manor, Ballnahowe Road, Port Erin, Isle of Man, IM9 6JF.

The smallest group of companies, of which the company is a member, that produces consolidated financial statements, is Peel Land Holdings (Intermediate) Limited, a company incorporated in England and Wales. Its group financial statements are available from its registered office, Venus Building, 1 Old Park Lane, TraffordCity, Manchester, M41 7HA.