GLOUCESTER_QUAYS_LLP

GLOUCESTER QUAYS LLP

MEMBERS' REPORT

For the year ended 31 March 2026

The members present their members' report together with the audited financial statements for the year ended 31 March 2026.

The partnership meets the definition of a small LLP under The Companies Act 2006 and has therefore taken advantage of the reduced disclosure requirements including the presentation of a cash flow statement.

Gloucester Quays LLP (‘the LLP') is a limited liability partnership registered under the Limited Liability Partnerships Act 2000 in England and Wales. The LLP meets the definition of a small LLP under The Companies Act 2006 and therefore the members' report has been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

Principal activity

The LLP is the owner and manager of Gloucester Quays Outlet Centre and receives rental income from the letting of retail units to occupiers. There were no significant changes in these activities during the year.

Results for the year and business review

The profit for the year ended 31 March 2026 was £1,219k (2025: £1,371k profit) and has been transferred to Members interests.

The profit for the year ended 31 March 2026 includes a revaluation gain in the carrying value of the Designer Outlet Centre of £1,277k (2025: £1,981k revaluation gain), as a result of the external valuation carried out on 31 March 2026.

Going Concern

The LLP is dependent upon the continued financial support of its parent undertaking in order to meet its liabilities as they fall due. The members have received confirmation that Peel Retail and Leisure Group UK Limited (“Peel”), the divisional holding company, will continue to provide the necessary level of support to enable it to continue to operate for no less than 12 months from signing the financial statements while the LLP remains a member of the Group. In the event that the LLP discontinued being a member of the Peel Group, the members have considered that based on the information currently available, any prospective purchaser would acquire the LLP with the intention of continuing to operate and support the business. Accordingly, the members have concluded that it remains appropriate to prepare the financial statements on a going concern basis.

Further details regarding the adoption of the going concern basis can be found in the material accounting policies on pages 13-16.

Designated members

The designated members (as defined in the Limited Liability Partnership Act 2000) during the year and up to the date of signing were as follows:

Peel Investments (Gloucester) Limited

Peel (Outlets) Gloucester Limited

GLOUCESTER QUAYS LLP

MEMBERS' REPORT (CONTINUED)

For the year ended 31 March 2026

Members' drawings and the subscription and repayment of members' capital

The capital requirements of the partnership are determined by the Board and are reviewed regularly. Each member is required to subscribe for a proportion of this capital. The amount of capital subscribed by each member shall belong to the members in the proportions in which it has been contributed by them. No interest is paid on capital. Members' capital is only repayable on approval by the Board.

The loan requirements of the partnership are determined by the Members' and are reviewed regularly. All member loans are unsecured.

The members shall be entitled to share in the profits of the LLP equally or in such proportions and at such time as the members shall unanimously agree from time to time reflecting capital contributions, loans, and other financial contributions made to the LLP by the members.

Drawings by members on account of profits are classified as members' current assets within members' interests.

Members' capital is repayable on cessation of membership.

GLOUCESTER QUAYS LLP

MEMBERS' REPORT (CONTINUED)

For the year ended 31 March 2026

Auditor

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

Statement of disclosure to auditor

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

so far as the members are aware, there is no relevant audit information of which the LLP's auditor is unaware; and

they have taken all the steps that they ought to have taken as members in order to make themselves aware of any relevant audit information and to establish that the LLP'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.

Future risks and uncertainties

The main risks affecting the LLP are changes to the macroeconomic environment. An economic downturn in retail and property market conditions could lead to a fall in property values and impact tenants' ability to pay. Given that the LLP owns and manages real estate assets, changes in sentiment in these markets could impact the value of those assets.

Approved by the Members and signed on their behalf by:

Mark Whittaker

Director

11 September 2026

GLOUCESTER QUAYS LLP

MEMBERS' RESPONSIBILITIES STATEMENT

For the year ended 31 March 2026

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

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members 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”.

The financial statements are required by law to give a true and fair view of the state of affairs of the firm and of the profit or loss of the firm for that period. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

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 firm will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the firm and enable them to ensure that the financial statements comply with the Companies Act 2006, as applicable to limited liability partnerships. They are also responsible for safeguarding the assets of the firm and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

GLOUCESTER QUAYS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOUCESTER QUAYS LLP

For the year ended 31 March 2026

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Gloucester Quays LLP (the ‘limited liability partnership'):

give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2026 and of its profit 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 as applied to limited liability partnerships.

We have audited the financial statements which comprise:

the Profit and Loss Account.

the Balance Sheet.

the Statement of changes in members' interests.

the Material Accounting Policies; and

the related notes 1 to 11.

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 limited liability partnership 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 members' 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 limited liability partnership'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 members with respect to going concern are described in the relevant sections of this report.

GLOUCESTER QUAYS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOUCESTER QUAYS LLP (CONTINUED)

For the year ended 31 March 2026

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 members are responsible for the other information contained within the Members' report. Our opinion on the financial statements does not cover the other information and 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.

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

GLOUCESTER QUAYS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOUCESTER QUAYS LLP (CONTINUED)

For the year ended 31 March 2026

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 limited liability partnership's industry and its control environment and reviewed the limited liability partnership's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the members about their own identification and assessment of the risks of irregularities, including those that are specific to the limited liability partnership's business sector.

We obtained an understanding of the legal and regulatory framework that the limited liability partnership 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. This included UK Companies Act; and

do not have a direct effect on the financial statements but compliance with which may be fundamental to the limited liability partnership's ability to operate or to avoid a material penalty. These include General Data Protection Regulation (GDPR), employment law, health and safety regulations and building regulations.

We discussed among the audit engagement team including relevant internal specialists such as tax, IT and valuations 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.

As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:

valuation of investment property, which presents a fraud risk due to the significant judgement required in the assumptions underlying the property valuations and inherent estimation uncertainty. We addressed the risk by challenging the principal assumptions used to derive the open market value through substantive procedures. These included;

the review of equivalent yields against market rates

challenge of methodology by RICS certified internal experts and,

substantive testing of committed rent receivable and the assessment of disposals against fair value.

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 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.

GLOUCESTER QUAYS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOUCESTER QUAYS LLP (CONTINUED)

For the year ended 31 March 2026

Report on other legal and regulatory requirements

Matters on which we are required to report by exception

Under the Companies Act 2006 as applied to limited liability partnerships 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

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

the members were not entitled to prepare financial statements in accordance with the small limited liability partnerships regime.

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………….

Jonathan Dodworth (Senior Statutory Auditor)

for and on behalf of Deloitte LLP

Manchester

United Kingdom

11 September 2026

GLOUCESTER QUAYS LLP

PROFIT AND LOSS ACCOUNT

For the year ended 31 March 2026

Note

Year ended

31 March

2026

Year ended

31 March

2025

£'000

Turnover

10,828

7,703

Cost of sales

(4,578)

(1,378)

Gross profit

6,250

6,325

Revaluation of investment property

1,277

1,981

Administrative expenses

(1,596)

(1,456)

Other operating income

291

254

Profit before interest and taxation

6,222

7,104

Interest payable

(5,003)

(5,733)

Profit for the financial year before members' remuneration and charged as an expense

1,219

1,371

Profit for the financial year available for discretionary division among members

1,219

1,371

All of the above results derive from continuing operations.

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

The accompanying accounting policies and notes (1-11) form an integral part of the financial statement

GLOUCESTER QUAYS LLP

BALANCE SHEET AS AT 31 March 2026

REGISTERED NUMBER: OC324843

Note

31 March

2026

31 March

2025

£'000

Fixed assets

Investment properties

80,000

78,200

Tangible fixed assets

923

527

80,923

78,727

Current assets

Debtors

2,387

2,114

Amounts due from members

130,608

131,827

Cash at bank and in hand

4,431

5,383

137,426

139,324

Creditors: amounts falling due within one year

(8,082)

(7,676)

Net current assets

129,344

131,648

Total assets less current liabilities

210,267

210,375

Creditors: amounts falling due after more than one year

(34,390)

(37,947)

Net assets attributable to members

175,877

172,428

Represented by:

Loans and other debts due to members

124,149

120,700

Members other interests

Members' capital classified as equity

51,728

175,877

172,428

Total members' interests

Loans and other debts due to members

124,149

120,700

Amounts due from members

(130,608)

(131,827)

Members' other interests

51,728

45,269

40,601

The accompanying accounting policies and notes (1-11) form an integral part of the financial statements.

These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members on 11th September 2026 and were signed on their behalf by:

……………………………………………………………..

Mark Whittaker

Director

11 September 2026

GLOUCESTER QUAYS LLP

STATEMENT OF CHANGES IN MEMBERS' INTEREST FOR THE YEAR ENDED 31 March 2026

REGISTERED NUMBER: OC324843

Members' capital classified as equity

Loans and other debts due to members

Subtotal

Amounts due from members

Total

£'000

At 1 April 2024

51,728

116,632

168,360

(133,198)

35,162

Allocated profit and

total comprehensive expense

1,371

Introduced by members

4,068

At 31 March 2025

51,728

120,700

172,428

(131,827)

40,601

Allocated profit and

total comprehensive income

1,219

Introduced by members

3,449

At 31 March 2026

51,728

124,149

175,877

(130,608)

45,269

51,728

124,149

175,877

(130,608)

45,269

GLOUCESTER QUAYS LLP

MATERIAL ACCOUNTNG POLICIES

For the year ended 31 March 2026

BASIS OF PREPARATION

Gloucester Quays LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales with registration number OC324843 under the Limited Liability Partnership Act 2000. The address of the registered office Venus Building, 1 Old Park Lane, Traffordcity, Manchester, United Kingdom, M41 7HA. The nature of the LLP's operations and principal activities are set out in the Members' Report on pages 2 to 4.

The financial statements have been prepared in accordance with applicable UK accounting standards including Financial Reporting Standard 102 Section 1A – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' (‘FRS 102'), issued by the Financial Reporting Council and the requirement of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships (issued in July 2014).

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies are summarised below. They have all been applied consistently throughout the current and preceding year.

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

The LLP meets the definition of a small LLP under the Companies Act 2006 and has therefore taken advantage of the reduced disclosure requirements applicable to the small LLPs regime, including exemption from the requirement to present a cash flow statement.

GOING CONCERN

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2026

TURNOVER

Property rental income and rental premiums are accounted for on an accruals basis and revenue is recognised as the services are provided. Turnover excludes sales related taxes.

Revenue arising in relation to sale of land is recognised at the point of legal completion. Any amounts received before this date are recorded as deferred income.

TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net

of depreciation and any impairment losses.

Reclassifications between investment properties, other fixed assets and stocks are made at the lower of net book value and net realisable value.

Depreciation is provided on all other fixed assets at rates calculated to write off the cost or valuation less estimated residual value of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings: 1 – 5 years

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 recognised in the profit and loss account.

INVESTMENT PROPERTIES

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Investment property sales are accounted for based on unconditional exchange.

IMPAIRMENT OF FIXED ASSETS

At each reporting end date, the LLP reviews the carrying amounts of its tangible and intangible 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.

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 is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

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 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 in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

MEMBERS' INTERESTS

Members subscribe capital in accordance with amounts determined by the members' agreement. Repayment of capital has to be sanctioned by the members and therefore members' capital is classified as equity.

Drawings by members on account of profits are classified as members' current assets within members' interests.

MEMBERS DRAWINGS AND CAPITAL

The members shall be entitled to share in the profits of the LLP equally or in such proportions and at such time as the members shall unanimously agree from time-to-time reflecting capital contributions, loans, and other financial contributions made to the LLP by the members.

Drawings by members on account of profits are classified as members' current assets within members' interests.

TAXATION

The taxation payable on the partnership's profits is the personal liability of the members during the year and consequently neither taxation nor related deferred taxation are accounted for in the financial statements. Amounts retained for tax are treated in the same way as other profits of the partnership and are so included in "Members' interests" or in "Loans and other debts due to members" depending on whether or not division of profits has occurred.

RELATED PARTY TRANSACTIONS

The LLP has taken advantage of the exemption in Section 33 of FRS 102 and has not disclosed details of transactions with fellow wholly owned undertakings within the Peel Holdings Group Limited group of companies.

BANK BORROWINGS

Interest bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the profit and loss account using the effective interest method.

CASH AND CASH EQUIVALENTS

Cash at bank and in hand are basic financial assets and 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.

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

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 conditions 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 LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the LLP, 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.

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

1 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of LLP's accounting policies, which are described in the Material Accounting Policies, the members are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make 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 year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.

Critical judgements in applying the LLP's accounting policies

There were no critical accounting judgements that would have a significant effect on the amounts recognised in the financial statements.

Key source of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

Investment properties

A key source of estimation and uncertainty relates to the valuation of investment properties, where a valuation is obtained annually, as at 31 March by professionally qualified external valuers.The evidence to support these valuations is based primarily on recent, comparable market transactions on an arm's length basis. Property valuations are on of the principle uncertainties of the LLP.

The value of investment properties at 31 March 2026 is £80,000k (2025: £78,200k). The key assumptions can be found in note 4.

2 PROFIT BEFORE INTEREST AND TAXATION

Profit before interest and taxation is stated after charging/(crediting)

Year ended

31 March

2026

Year ended

31 March 2025

£'000

Depreciation of owned assets

257

(Revaluation)/impairment of investment property

(1,277)

(1,981)

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

(1,020)

(1,920)

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

3 MEMBERS AND STAFF

There were no employees during the year (2025: none)

4 INVESTMENT PROPERTIES

Freehold

Land & Buildings

£'000

Valuation

At 1 April 2025

78,200

Additions

690

Lease incentives

(167)

Revaluation

1,277

As at 31 March 2026

80,000

Net book value as at 31 March 2026

80,000

Net book value at 31 March 2025

78,200

Investment properties were professionally valued as at 31 March 2026 by Knight Frank on the basis of open market value in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors and in accordance with “Red Book Principles”. This approach involves applying capitalisation yields to current and, if any, reversionary income streams. The capitalisation yields and future rental values are based on comparable property and leasing transactions in the market using the valuers' professional judgement and market observation. The Knight Frank valuation was reviewed by the LLP's own Royal Institution of Chartered Surveyors (RICS) qualified staff and adopted within the financial statements on the same basis. All the valuers hold professional qualifications and have many years of relevant experience in valuing these types of assets.

The historical cost of investment properties is £178.833m (2025: £178.143m).

The investment properties are held as security against the facility and borrowing as described in note 7.

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

5 TANGIBLE FIXED ASSETS

Fixtures

and

fittings

Cost

£'000

At 1 April 2025

874

Additions

654

Disposals

At 31 March 2026

1,528

Depreciation

At 1 April 2025

347

Charge for the year

258

Disposals

At 31 March 2026

605

Net book value at 31 March 2026

923

Net book value at 31 March 2025

527

6 DEBTORS: AMOUNTS DUE WITHIN ONE YEAR

31 March

2026

31 March

2025

£'000

Trade debtors

531

789

Prepayments and accrued income

1,810

1,325

Derivative financial instrument

2,387

2,114

On 1 August 2024 the LLP entered into an interest rate swap with a nominal value of £22.43m at fixed rate of 4.05%. The swap matures on 24 July 2027.

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31 March

2026

31 March

2025

£'000

Trade creditors

225

621

Other creditors

883

815

Accruals and deferred income

3,232

2,475

Bank Loans

3,700

Finance Lease

8,082

7,675

The bank loan is secured by a fixed legal charge on the assets of Gloucester Quays LLP, which is guaranteed by Peel L&P Group Limited. During the year, £3,700,000 of the loan was repaid. At 31 March 2026, £3,700,000 of the bank loan is repayable within one year and £34,390,040 is repayable after more than one year, net of unamortised fees of £288,960 (2025: £508,690). This loan has a maturity date of 24 July 2027.

8 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31 March

2026

£'000

31 March

2025

£'000

Finance Lease

Bank Loan

34,390

37,870

Derivative financial instrument

34,390

37,947

Analysis of loans

Due within one year

Due between two and five years

3,700

34,390

3,764

37,912

9 CAPITAL COMMITMENTS

At 31 March 2026 the LLP had capital commitments as follows:

31 March

2026

31 March

2025

£'000

Capital expenditure contracted for but not provided for

848

GLOUCESTER QUAYS LLP

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the year ended 31 March 2026

10 OPERATING LEASE RECEIVABLES

The future amounts receivable by the partnership under non-cancellable operating leases are as follows:

2026

£'000

2025

£'000

Expiring within

1 year

6,711

6,427

1-2 years

6,273

6,052

2-5 years

15,791

14,990

Over 5 years

29,755

32,649

58,530

60,118

11 ULTIMATE CONTROLLING PARTY

The ultimate holding company is Tokenhouse Limited, a company incorporated in the Isle of Man. Tokenhouse Limited is controlled by the 1997 Billown Settlement Trust.

The smallest group of companies of which the LLP is a member and for which consolidated financial statements are prepared is Peel Retail and Leisure Group UK Limited (company number 16236161), registered in England and Wales.

The registered office of Peel Retail and Leisure Group UK Limited is Venus Building, 1 Old Park Lane, Traffordcity, Manchester, United Kingdom, M41 7HA.