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Registered number: 10529680
SOUTHSIDE GENERAL PARTNER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SOUTHSIDE GENERAL PARTNER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the audited financial statements for the year ended 31 March 2026.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with UK adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006. Under company law the directors must not approve the audited 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 audited financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the audited 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 to enable them to ensure that the audited 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.
Principal activity, review of the business and future developments
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The Company has continued its business of acting as a General Partner Company. No changes in the Company’s principal activity are
anticipated in the foreseeable future.
The directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2026. Given the Company’s operating model, the directors believe that the Company has sufficient resources to meet its obligations as they fall due for the going concern assessment period to 30 September 2027. Based on this, together with available market information and the directors’ knowledge and experience of the Company, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2026.
Results for the year and dividend
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The results are set out in the Statement of Comprehensive Income on page 7.
The directors who held office during the year and up to the date of this report were:
A Fukuta (resigned 1 April 2026)
A J Russell (resigned 31 May 2025)
A Johnson (appointed 16 June 2025)
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E F Ginn
H W G Grant (appointed 5 May 2026)
I Petts (Alternate Director) (appointed 16 June 2025)
J H Wade (resigned 31 May 2025)
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J L Chapman (resigned 15 May 2025)
J O Taylor (appointed 16 June 2025)
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R S D Hardie (Alternate Director) (appointed 16 June 2025)
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Small companies exemption
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The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Matters covered in the Strategic Report
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The Company has taken advantage of the exemption under s414B of the Companies Act 2006 not to prepare a Strategic Report.
Page 1
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SOUTHSIDE GENERAL PARTNER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Statement of disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This report was approved by the Board and signed on its behalf.
J O Taylor H W G Grant
Director Director
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Date: 28 September 2026 Date: 28 September 2026
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Registered and domiciled in England and Wales
Registered number: 10529680
Page 2
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SOUTHSIDE GENERAL PARTNER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTHSIDE GENERAL PARTNER LIMITED
Report on the audit of the financial statements
Opinion
In our opinion the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 March 2026 and of its profit and cash flows for the year then ended;
∙have been properly prepared in accordance with UK adopted international accounting standards; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Southside General Partner Limited (“the Company”) for the year ended 31 March 2026 which comprise of the following:
STATEMENT OF COMPREHENSIVE INCOME
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STATEMENT OF CHANGES IN EQUITY
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Notes 1 to 15 to the financial statements including a summary of significant accounting policy information
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The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
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 FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
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SOUTHSIDE GENERAL PARTNER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTHSIDE GENERAL PARTNER LIMITED
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. However, because not all future events or conditions can be predicted, this statement 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.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the Directors' Report, other than the financial statements and our auditor’s report thereon. 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.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors’ report has 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 material misstatements in the Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you 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; or
∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a Strategic report.
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SOUTHSIDE GENERAL PARTNER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTHSIDE GENERAL PARTNER LIMITED
Responsibilities of Directors
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.
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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management.
Extent to which the audit was 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:
Non-compliance with laws and regulations
Based on:
∙Our understanding of the Company and the industry in which it operates;
∙Discussion with management and those charged with governance; and
∙Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations;
we considered the significant laws and regulations to be United Kingdom Accounting Standards, the Companies Act 2006 and UK tax legislation.
The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the Health and Safety Legislation and the Bribery Act 2010.
Our procedures in respect of the above included:
∙Enquiries of management whether there were any litigations and claims;
∙Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations;
∙Review of correspondence (if any) with regulatory and tax authorities for any instances of non-compliance with laws and regulations; and
∙Review of financial statement disclosures and agreeing to supporting documentation.
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SOUTHSIDE GENERAL PARTNER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTHSIDE GENERAL PARTNER LIMITED
Auditor’s responsibilities for the audit of the financial statements (continued)
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
∙Enquiries with management and those charged with governance regarding any known or suspected instances of fraud;
∙Obtaining an understanding of the Company’s policies and procedures relating to:
°Detecting and responding to the risks of fraud; and
°Internal controls established to mitigate risks related to fraud.
∙Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
∙Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
∙Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and Fraud in revenue recognition through journals.
Our procedures in respect of the above included:
∙Testing journal entries throughout the year, which met defined risk criteria, by agreeing to supporting documentation;
∙Testing a sample of the residual population of journals not meeting the defined risk criteria by agreeing to supporting documentation.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
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.
Jason Partington (Senior statutory auditor)
for and on behalf of
BDO LLP, Statutory Auditor
London, UK
Date: 29 September 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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SOUTHSIDE GENERAL PARTNER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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Reverse prior period impairment
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Total comprehensive income for the year
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There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.
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All amounts are derived from continuing activities.
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SOUTHSIDE GENERAL PARTNER LIMITED
REGISTERED NUMBER: 10529680
BALANCE SHEET
AS AT 31 MARCH 2026
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Investments in subsidiary undertakings
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Amount due from related parties
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Amounts owed to related parties
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The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements on pages 7 to 16 were approved by the Board of Directors and were signed on its behalf by:
Page 8
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SOUTHSIDE GENERAL PARTNER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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Total comprehensive income for the year
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Total comprehensive income for the year
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Page 9
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SOUTHSIDE GENERAL PARTNER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Cash flows from operating activities
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Decrease in trade and other payables
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Decrease/(increase) in amounts due from related parties
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Increase in fair value of other investments
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Net cash generated from operating activities
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Cash and cash equivalents at beginning of year
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Net movement in cash and cash equivalents in the year
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Cash and cash equivalents at the end of year
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Page 10
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
1.Accounting policies
The financial statements have been prepared on a going concern basis and in accordance with UK adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006. The financial statements are prepared under the historical cost convention.
Southside General Partner Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 10529680). The nature of the Company’s operations is set out in the Directors' Report on page 1.
The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March 2026. The financial statements are prepared in Pounds Sterling (£) and are rounded to the nearest pound (£), unless otherwise stated.
The financial statements present information about the Company as an individual undertaking as at 31 March 2026 and not about its group. The Company has not prepared group accounts in accordance with the special provisions relating to small groups within Part 15 of the Companies Act 2006.
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Investment in subsidiary undertakings
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Investments in subsidiary undertakings are stated at cost, less any repayment of capital and provision for impairment in value (see 1.9).
Other investments are financial assets held at fair value.
A provision is recognised in the Balance Sheet when the Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Where relevant, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
The directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2026. Given the Company’s operating model, the directors believe that the Company has sufficient resources to meet its obligations as they fall due for the going concern assessment period to 30 September 2027. Based on this, together with available market information and the directors’ knowledge and experience of the Company, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2026.
Distribution income from a participating interest is recognised as a direct proportion of realised income from the Company's share of the participating interest held up to a maximum of £5,000.
Costs are expensed as incurred.
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated (see below). An impairment loss is recognised in the Statement of Comprehensive Income whenever the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount of an asset is the greater of its fair value less costs to sell and its value in use. The value in use is determined as the net present value of the future cash flows expected to be derived from the asset, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount after the reversal does not exceed the amount that would have been determined, net of applicable depreciation, if no impairment loss had been recognised.
Ordinary shares are classified as equity.
Page 11
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
1.Accounting policies (continued)
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled.
No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future.
Amounts owed to related parties
Amounts owed to related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts owed to related parties are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Statement of Comprehensive Income over the period of the loan, using the effective interest method.
Amounts due from related parties
Amounts due from related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from related parties are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from Group undertakings. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.
In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.
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Changes in accounting policies and standards
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The accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year as listed below:
− Amendments to IAS 1 - Classification of liabilities as current or non current and Non-current Liabilities with Covenants
− Amendments to IFRS 16 - Lease liability in a sale and leaseback
− Amendments to IAS 7 and IFRS 7 - Disclosures: Supplier finance arrangements
There has been no material impact on the financial statements of adopting any new standards, amendments and interpretations.
Amendments to accounting standards
A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Company as listed below:
−Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or joint venture
−Amendments to IAS 21 - Lack of exchangeability
−IFRS 18 - Presentation and Disclosure in Financial Statements
−Amendments to IFRS 7 and IFRS 9 - Classification and measurement of financial instruments and for Power Purchase Agreements
The Company has yet to assess the full outcome of these new standards, amendments and interpretations, however with the exception of IFRS 18 these other new standards, amendments and interpretations are not expected to have a significant impact on the Company's financial statements. The Company intends to adopt these new standards, amendments and interpretations, if applicable, when they become effective.
Page 12
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Critical accounting judgements and key estimates
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The Company’s significant accounting policies are stated in note 1 above. Not all of these significant accounting policies require management to make difficult, subjective or complex judgements or estimates. The following is intended to provide an understanding of the policies that management consider critical because of the level of complexity, judgement or estimation involved in their application and their impact on the financial statements. These estimates involve assumptions or judgements in respect of future events. Actual results may differ from these estimates.
Estimates
(a) Amounts due from related parties
The Company is required to estimate the impairment of amounts due from related parties. It does this by assessing on a forward-looking
basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime
expected credit losses on initial recognition of the amounts due. In determining the expected credit losses, the Company takes into
account any future expectations of likely default events based on the level of capitalisation of the counterparty.
The Directors have assessed the accounting policies applied in the preparation of these financial statements and concluded that there are no significant judgements, apart from those involving estimates.
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Income from a participating interest
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Total distribution income
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Management and administrative expenses
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(a) Management services
The Company had no employees during the year (2025: None). Management services were provided to the Company throughout the year by Southside Limited Partnership, which is a related party, charges for which amount to £Nil (2025: £Nil).
(b) Directors’ remuneration
The directors received no emoluments for their services to the Company (2025: £Nil).
(c) Auditor remuneration
The Company's auditor remuneration amounts to £4,994 (2025: £3,924). No non-audit services were provided to the Company during the year (2025: None).
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Income tax on profit for the year
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Total income tax (credit)/charge in the Income Statement
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Page 13
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
6.Income tax (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%) as set out below:
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Profit before tax multiplied by UK corporation tax rate
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Adjustments in respect of prior years
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Total tax charge for the year
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The adjustment relates to non-tax assessable income in prior years.
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Investment in subsidiary undertakings
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At the beginning of the year
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The total cost of investment in subsidiary undertakings is £4 (2025: £4). The total provision for impairment of investment in
subsidiary undertakings is £Nil (2025: £Nil). The directors believe that the carrying value of the investment is supported by the fair
value of the subsidiaries.
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The subsidiary undertakings of the Company are:
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Class of shares / units owned
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Principal country of incorporation
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Southside Nominees No.1 Limited
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Southside Nominees No.2 Limited
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All subsidiary undertakings are registered at 100 Victoria Street, London, SW1E 5JL.
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At the beginning of the year
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Reverse prior period impairment
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The Company holds an interest of 0.1% in Southside Limited Partnership, an entity registered in Jersey which draws up accounts to 31 March. A fair value increase of the participating investment has been recognised as a result of the Company's share of net assets of the participating interest becoming higher than the previous carrying value of £nil.
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Page 14
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Amounts due from related parties
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Amounts due from Southside Limited Partnership
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Amounts due from Land Securities Portfolio Management Limited
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Amounts due from IREEF Southside Propco S.À R.L.
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Total amounts due from related parties
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The amounts due from Southside Limited Partnership, Land Securities Portfolio Management Limited and IREEF Southside Propco S.À R.L., related parties, are unsecured, interest free and repayable on demand with no fixed repayment date.
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Total trade and other payables
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Amounts owed to related parties
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Amounts due to Southside Nominees No.1 Limited
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Amounts due to Southside Nominees No.2 Limited
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Total amounts owed to related parties
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The amounts due to Southside Nominees No.1 Limited and Southside Nominees No.2 Limited, which are related parties, are unsecured, interest free and repayable on demand with no fixed repayment date.
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Ordinary A shares of £1.00 each
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Ordinary B shares of £1.00 each
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There is no difference in voting rights, rights to dividends and rights on the winding up of the Company for each share class.
Page 15
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Financial risk management
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Financial risk management objectives and policies
The Company has amounts due to and from related parties that arise directly from its operations. The carrying value equals the fair value of the amounts due to and from related parties due to their short-term nature.
The Company is exposed to minimal credit risk and liquidity risk due to the nature of the receivables and payables detailed below.
Credit risk
Credit risk arises from the financial assets of the Company, which comprise amounts due from related parties. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.
In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty. The credit risk of the related parties are considered to be low.
Liquidity risk
The Company is exposed to liquidity risk and needs to ensure that the cash flows from operations are sufficient to enable the Company to pay their trade and other payables. The Company carefully monitors actual cash flows against forecasts and budgets in order to manage this risk.
Capital management
The Company considers its capital to include Shareholders’ capital. The primary objective of the Company’s capital management is to ensure that Company’s obligations in relation to its liabilities are met on a timely basis. For this purpose, the Company has entered into an agreement with another related party to ensure sufficient funds are available to meet the external obligations when these arise.
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Related party transactions
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Included within amounts due from related parties is an amount of £15,683 (2025: £15,828) due from Southside Limited Partnership. The movement during the year relates to distribution income receivable from Southside Limited Partnership, offset by Southside Limited Partnership providing working capital to the Company. Also included within amounts due from related parties are amounts of £100 (2025: £100) due from Land Securities Portfolio Management Limited and £100 (2025: £100) due from IREEF Southside Propco S.À R.L. in relation to their respective investments in the Company.
Within amounts owed to related parties is an amount of £2 (2025: £2) due to Southside Nominees No.1 Limited and £2 (2025: £2) due to Southside Nominees No.2 Limited in relation to the Company’s investments in the respective entities.
At 31 March 2026, the Company is jointly owned by Land Securities Portfolio Management Limited, registered in England and Wales, and IREEF Southside Propco S.À R.L., registered in Luxembourg, with each owning 50% of the share capital. Therefore, there is no ultimate controlling party.
Consolidated financial statements for the year ended 31 March 2026 for Land Securities Group PLC, the ultimate parent of Land Securities Portfolio Management Limited, can be obtained from the Company Secretary at the registered office of the ultimate parent company, 100 Victoria Street, London, SW1E 5JL, and from the Group’s website at www.landsec.com.
IREEF Southside Propco S.À R.L. is included in the consolidated Annual Accounts of Invesco Real Estate - European Fund FCP-SIF. The consolidated financial statements can be obtained from the Register of Commerce and Companies, Luxembourg.
Page 16
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