wk-2025-12-31-ixbrl

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Directors' Report

The Directors present their Annual Report and the audited financial statements of PGIM (Scots) Limited (the

'Company') for the year ended 31 December 2025.

The Directors have taken advantage of the small companies exemption in accordance with Section 414B of the

Companies Act 2006 (the 'Act'). This report has been prepared in accordance with the special provisions relating

to small companies within Part 15 of the Companies Act 2006.

Principal activities

The Company acts as the General Partner to Pramerica Real Estate Capital IV (Scots Feeder) Limited

Partnership (the 'Partnership'). It is also a designated member for the following limited liability partnerships

(collectively 'the LLPs'):

• Pramerica (Scots) CP GP LLP

• Pramerica PRECAP II GP LLP - dissolved 29.04.2025

• Pramerica PRECAP III GP LLP - dissolved 29.04.2025

• Pramerica PRECAP IV GP LLP

• Pramerica PRECAP VI GP LLP

• Pramerica Real Estate Capital IV GP (Scots Feeder) LLP

• Pramerica PRECAP VI GP (Scots Feeder) LLP

• Sterling Private Placement Management LLP

The Company is a wholly owned subsidiary of PGIM Financial Limited ('PFL'), PFL in turn a direct subsidiary

of PGIM, Inc., a company incorporated in the United States, the asset management division of Prudential

Financial, Inc., a company incorporated in the United States and listed on the New York Stock Exchange

(NYSE; PRU), and the parent undertaking of the largest group (the 'PFI Group') for which group financial

statements are prepared.

On 29 September 2025, PGIM Financial Limited transferred its 50% interest it owned in Sterling Private

Placement Management LLP to PGIM (Scots) Limited, which became joint owner of the LLP alongside Pricoa

Management Partner Limited from that date.

Business review and future developments

During the year the Company continued to act as General Partner and as designated member of the LLPs. The

Company recognised a loss of £71,462 (2024: profit £338) due primarily to priority profit share received. The

Directors are satisfied with the performance of the Company for the year and the financial position at the

balance sheet date of the Company.

The Directors do not foresee any change to the nature of the Company’s activity going forward.

Directors of the Company

The Directors who held office during the year and up to the date of the signing of the financial statements were

as follows:

J. S. Brown (appointed 28 February 2026)

A. J. S. MacLand

H. Day

M. Crowther

M. G. Fresson (resigned 28 February 2026)

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Directors' Report (continued)


Results for the year	2025	2024
	£	£
Turnover	1,248	4,378
(Loss) /Profit before tax	(72,653)	3,657
Tax on (loss)/profit	1,191	(3,319)
(Loss) / profit for the financial year	(71,462)	338

Important non adjusting events after the financial year

As part of a wider corporate reorganisation, on January the 1st 2026, the Company’s immediate parent, PGIM

Financial Limited, made a capital contribution of the shares it owned in PGIM (Scots) Limited to PGIM Inc..

The shares that were so transferred constituted 100% of the Company’s issued share capital. As a result, PGIM,

Inc. became the Company’s new immediate parent entity from that date.

Dividends

No interim dividend was paid in the year (2024: £nil). The Directors do not recommend the payment of a final

dividend (2024: £nil).

Going concern

The Directors have performed an assessment of the expected performance of the Company for the 12 months

following the signature of the financial statements. The Directors have performed an analysis of actual and

potential impact of the current market conditions on the financial position.

Due to the US tariffs and subsequent market volatility, forecasting the potential financial impact on the

Company remains challenging. The Directors are actively monitoring the situation.

Because of the nature of its revenue base and the strength of its balance sheet, the members are confident that

the Company can meet its liabilities as they fall due for the next 12 months and is a going concern and the

financial statements have been prepared on a going concern basis.

Directors' indemnity statement

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying

third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in

force during the last financial year and also at the date of approval of the financial statements. The Company

does not have its own Directors' and Officers' liability insurance but is covered by a scheme run by its ultimate

parent, Prudential Financial, Inc., maintained throughout the financial year in respect of itself and its Directors.

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Directors' Report (continued)

Statement of directors' responsibilities in respect of the financial statements

The directors are responsible for preparing the Annual Report and the financial statements in accordance with

applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have prepared the financial statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting

Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 the financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed,

subject to any material departures disclosed and explained in the financial statements;

• make judgements and accounting estimates that are reasonable and prudent; 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 safeguarding the assets of the company and hence for taking reasonable steps

for the prevention and detection of fraud and other irregularities.

The directors are also 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.

Directors' confirmations

In the case of each director in office at the date the directors’ report is approved:

• so far as the director is aware, there is no relevant audit information of which the company’s auditors are

unaware; and

• they have taken all the steps that they ought to have taken as a director in order to make themselves aware

of any relevant audit information and to establish that the company’s auditors are aware of that information.

Independent Auditors

It is the intention of the Directors to reappoint the auditors in accordance with the requirements of Section 487

of the Companies Act 2006.

Approved by the Board of Directors and signed on their behalf on 21 September 2026 by:

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

H. Day

Director

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the

members of PGIM (Scots) Limited

Report on the audit of the financial statements

Opinion

In our opinion, PGIM (Scots) Limited’s financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for

the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting

Standard applicable in the UK and Republic of Ireland", and applicable law); and

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

We have audited the financial statements, included within the Annual Report and Financial Statements (the

"Annual Report"), which comprise:

• the Statement of Financial Position as at 31 December 2025;

• the Income Statement for the year then ended;

• the Statement of Changes in Equity for the year then ended; and

• the notes to the financial statements which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and

applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for

the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our

audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled

our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to

the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the

relevant sections of this report.

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of PGIM (Scots) Limited (continued)

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements

and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the

financial statements does not cover the other information and, accordingly, we do not express an audit opinion

or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent

material inconsistency or material misstatement, we are required to perform procedures to conclude whether

there is a material misstatement of the financial statements or a material misstatement of the other information.

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 based on these responsibilities.

With respect to the Directors' Report, we also considered whether the disclosures required by the Companies

Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report

certain opinions and matters as described below.

Directors’ Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors'

Report for the year ended 31 December 2025 is consistent with the financial statements and has been prepared in

accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the

audit, we did not identify any material misstatements in the Directors' Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors' responsibilities in respect of the financial statements, the

directors are responsible for the preparation of the financial statements in accordance with the applicable

framework and for being satisfied that they give a true and fair view. The directors are also responsible for such

internal control as they determine is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or

have no realistic alternative but to do so.

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of PGIM (Scots) Limited (continued)

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,

including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is

detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-

compliance with laws and regulations related to the Companies Act 2006 and UK tax legislation, and we

considered the extent to which non-compliance might have a material effect on the financial statements. We

evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements

(including the risk of override of controls), and determined that the principal risks were related to the

manipulation of financial data to present a more favourable financial or capital position. Audit procedures

performed by the engagement team included:

• Enquiries with management, including consideration of known or suspected instances of non-

compliance with laws and regulations and fraud;

• Reviewing relevant meeting minutes, including those of the Board of Directors; and

• Identifying and testing journal entries, based on a selection of risk criteria; and

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of

instances of non-compliance with laws and regulations that are not closely related to events and transactions

reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher

than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations, or through collusion.

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 auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in

accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving

these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report

is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Independent auditors' report to the members of PGIM (Scots) Limited (continued)

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept by the company or returns adequate for our audit have

not been received from branches not visited by us; or

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

• certain disclosures of directors' remuneration specified by law are not made.

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled

to: prepare financial statements in accordance with the small companies regime; and take advantage of the small

companies exemption from preparing a strategic report. We have no exceptions to report arising from this

responsibility.

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

Jamil Kanji (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London

21 September 2026

The notes on pages 12 to 20 form an integral part of these financial statements.

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Income Statement

for the year ended 31 December 2025


	Note	2025	2024
		£	£
Turnover	3	1,248	4,378
Administrative expenses		(73,901)	(721)
Operating (loss) / profit	4	(72,653)	3,657
(Loss) /Profit before tax		(72,653)	3,657
Tax on (loss)/profit	6	1,191	(3,319)
(Loss) / profit for the financial year		(71,462)	338

The above results were derived from continuing operations.

There was no other comprehensive income for the year (2024: £nil).

The notes on pages 12 to 20 form an integral part of these financial statements.

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Statement of Financial Position

(Registration number: SC198719)

As at 31 December 2025


	Note	2025	2024
		£	£
Fixed assets
Investments	7	1,441	2,108
Current assets
Trade and other receivables	8	8,412,035	8,406,612
Deferred tax asset	6	139,660	139,660
		8,551,695	8,546,272
Current liabilities
Trade and other payables	9	(8,133,612)	(8,057,394)
Net current assets		418,083	488,878
Total assets less current liabilities		419,524	490,986
Net assets		419,524	490,986
Capital and reserves
Called up share capital	10	25,000	25,000
Profit and loss account		394,524	465,986
Total equity		419,524	490,986

The Company's financial statements on pages 9 to 20 have been prepared in accordance with the provisions

applicable to entities subject to the small companies regime.

The financial statements on pages 9 to 20 were approved by the Board and signed on its behalf on 21

September 2026.

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

J. S. Brown

Director

The notes on pages 12 to 20 form an integral part of these financial statements.

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Statement of Changes in Equity

for the year ended 31 December 2025


	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2024	25,000	465,648	490,648
Profit for the financial year	—	338	338
Total comprehensive income	—	338	338
At 31 December 2024	25,000	465,986	490,986
	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2025	25,000	465,986	490,986
Loss for the financial year	—	(71,462)	(71,462)
Total comprehensive expense	—	(71,462)	(71,462)
At 31 December 2025	25,000	394,524	419,524

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PGIM (Scots) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2025

Notes to the Financial Statements

for the year ended 31 December 2025

1 General information

PGIM (Scots) Limited's (the 'Company') principal activity is to act as designated partner to a number of limited

liability partnerships as listed in note 7. It also acts as a general partner to a limited partnership. The Company is

a private company limited by share capital, incorporated and domiciled in England and Wales. The registered

office of the Company is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.

The financial statements are presented in Pounds Sterling (£) which is also the Company's functional currency.

The Company is a wholly owned subsidiary of PGIM Financial Limited ('PFL') and of its ultimate parent,

Prudential Financial, Inc. ('PFI'). The results of the Company are consolidated into the results of the ultimate

controlling party, PFI, which are publicly available at 751 Broad Street, Newark, NJ 07102. As such, the

Company has taken advantage of the exemption under Section 400 of the Companies Act 2006 not to prepare

group financial statements.

2 Accounting policies

Basis of preparation

The Company is preparing its financial statements in accordance with Financial Reporting Standard 102 - The

Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102'). The financial statements

have been prepared under the historical cost convention and in accordance with the Companies Act 2006, as

modified by the revaluation of financial investments measured at fair value through profit and loss.

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all the years presented, unless otherwise stated.