The directors present the strategic report and financial statements for the year ended 5 April 2026.

The performance of the rental portfolio has been in line with budgeted performance and the directors are satisfied with the result for the year across its property portfolio.

The company is exposed to risks associated with the central London commercial and residential property markets, particularly those arising from shifting consumer habits and movements in the legislative landscape. Longer-term the company is exposed to risks associated with changing political and taxation regimes and environmental change. In the opinion of the directors these risks are well understood and appropriate strategies are in place to mitigate them. This is demonstrated by the company's proven ability to adapt to an ever-changing macroeconomic environment.

The board of directors regularly reviews the performance of the rental portfolio held by the company during meetings of the management board. Void rents, whether the result of rent free periods or periods of vacancy, are carefully monitored and managed to ensure consistent annual performance of the portfolio.

Refurbishment and development projects are assessed during meetings of the management board. Progress and anticipated spend are considered in relation to the operational capital requirement of the company.

Compliance with the requirements of health and safety legislation is scrutinised by the management board. Necessary action points to rectify any temporary instances of non-compliance are agreed and implemented swiftly thereon.

The financial position of the company is set out in the financial statements and the notes that follow. When assessing going concern, the directors consider the cash flow effect associated with the risks identified above in conjunction with the economic climate. The company’s property portfolio is well diversified, with property interests in the commercial, residential and hotel sectors with a mix of shorter and longer term leasing arrangements with occupational tenants. The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future and therefore consider the application of the going concern basis of preparation to be appropriate.

The company’s main key performance indicators (KPI) are property utilisation ratios and rental yields.

Property utilisation for the year to 5 April 2026: 95.18% (2025: 90.44%).

Rental yield to 5 April 2026: 6.88% (2025: 6.92%).

These KPIs represent an important measure for the directors to monitor the performance of the business. The directors review and consider these KPIs on a monthly basis and in board meetings, in order to assess the performance of the business and make future investment decisions.

Approved on behalf of the board on 31 August 2026.

The directors present their annual report and financial statements for the year ended 5 April 2026.

The principal activity of the company continued to be that of letting of investment property.

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Bedford Estates Bloomsbury Limited continues to lease properties to tenants in order to maximise returns from its investment property portfolio. The ongoing investment in maintenance and refurbishment of these properties and the continued strength of the local rental market means that the directors expect steady growth in rental income for the foreseeable future.

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

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Bedford Estates Bloomsbury Limited (the 'company') for the year ended 5 April 2026 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 5 April 2026 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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.

Emphasis of matter

We draw attention to note 1.1 to the financial statements which describes the directors' decision to not adhere to the requirements of FRS 102 to apply finance lease accounting treatment to property held on operating leases and classified as investment property.

It is the view of the directors that this non-adherence to accounting standards is in the interests of providing the readers with a true and fair view and a clearer understanding of the substance of the accounts. Further disclosure on this matter is made by the directors in note 1.1 to the financial statements.

Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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

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

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

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

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.

Explanation as to what extent the audit was considered capable of detecting, irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, employment law, and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

• discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;

• gaining an understanding of management's controls designed to prevent and detect irregularities; and

• identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 25 form part of these financial statements.

The notes on pages 11 to 25 form part of these financial statements.

Bedford Estates Bloomsbury Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29a Montague Street, London, UK, WC1B 5BL.

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

The requirement under FRS 102 to apply finance lease accounting treatment to property held on operating leases and classified as investment property has not been followed. The directors consider the nonadherence to FRS 102 in this matter to be in the interests of providing the readers with a clearer understanding of the substance of the accounts. The Company takes a portfolio view of its Investment Property leases and thus disaggregating them into finance and operating leases does not provide the reader with a clear understanding of the way that the Company operates its business.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Company has not prepared consolidated accounts on the basis that the subsidiary company is immaterial to the Group. These accounts reflect the results of the parent company only.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for rent, net of VAT.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of total comprehensive income.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Investments in Government Securities are accounted for in line with the policy for basic financial assets, as set out in note 1.10.

At each reporting period end date, the company 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

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

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

Cash and cash equivalents 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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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

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

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Fair value measurements

Investment properties are measured at their fair value. An independent professional valuation was obtained for the year ended 5 April 2024. The valuation is subjective and liable to change due to market conditions. Deferred tax is calculated based on this valuation and is therefore also subject to estimation uncertainty. There was no independent professional valuation for the year ended 5 April 2026, therefore the directors have determined an appropriate valuation technique. In estimating the fair value, market observable data such as rental yields and performance of properties is used.

Revenue capital expenditure allocation

Capital expenditure on completed projects is measured at cost, supported by a detailed analysis conducted across the project. For capital works still in progress at year-end, valuations are based on estimates. These estimates are inherently subjective and may be revised upon project completion, with any changes reflected in the financial statements.

Turnover is derived wholly from activities undertaken in the UK.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 5 April 2024 by Gerald Eve LLP on an open market existing use basis. This was updated at 5 April 2026 by the directors, with additions being added at cost.

On 30 September 2016 the company acquired the whole of the issued share capital in West Central Investments Limited, a company incorporated in England and Wales, for a total consideration of £2,226,061.

The principal activity of West Central Investments Limited is that of letting investment property.

Investments in Government Securities

At the balance sheet date, the Company had £8,731,276 (2025: £8,558,598) invested into UK Government Bonds, which it intends to hold for the long term. Interest of £251,553 (2025: £172,678) has accrued in the year.

For the year ended 5 April 2026, West Central Investments Limited made a loss before taxation of £6,334 (2025: £6,034). The company has net liabilities of £11,343 (2025: £5,009).

Details of the company's subsidiaries at 5 April 2026 are as follows:

On 30 September 2016, Note Purchase Agreements with MetLife and M&G for loans totalling £70,000,000, which are unsecured, were novated to the company by Bedford Estates London Estates LLP, a related entity.

£8,375,000 5.15% Guaranteed Series B Senior Notes due 30 September 2028.

£8,250,000 5.57% Guaranteed Series C Senior Notes due 30 September 2038.

£25,000,000 5.69% Guaranteed Series D Senior Notes due 30 September 2043.

£20,000,000 3.68% Guaranteed Series E Senior Notes due 16 June 2036.

The company has in issue two classes of ordinary shares, which carry no right to fixed income, and three classes of preference shares. The preference shares are classified as equity in the statement of financial position.

Ordinary

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

Ordinary A

The holder of the A share shall not be entitled to receive any amount by way of dividend or other distribution. The holder of the A share shall not be entitled to receive notice of any meeting which they are not entitled to attend, save that they shall be entitled to receive notice of and attend any meeting whose business includes the issue of a share of any class or the sub-division of any share of any class into shares of smaller denominations. On a return of capital on liquidation or otherwise (except on a redemption or purchase by the company of any share or a reduction of capital preferable to any share), the surplus assets of the company remaining after the payment of its liabilities shall be applied in the order of priority as set out in the company's Articles of Association.

X, Y and Z Preference

The holders of the preference shares shall not be entitled to receive any amount by way of dividend or other distribution. The holders of the preference shares shall have the right to attend separate meetings of the respective holders of such classes of share. On a return of capital on liquidation or otherwise (except of redemption or purchase by the company of any share or a reduction of capital preferable to any share), the surplus assets of the company remaining after the payment of its liabilities shall be applied in the order of priority as set out in the company's Articles of Association.

Share premium account

The share premium account represents any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

This reserve includes all changes in the fair value of investment properties. This is a non-distributable reserve.

This reserve includes all current and prior period retained profits and losses excluding changes in the fair value of the investment properties.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

At the reporting end date, the Company had contracted with tenants for the following minimum lease payments:

As at 5 April 2026, the Company had commitments totalling £11,951,000 (2025: £1,205,744) relating to the refurbishment of its Investment Property portfolio.

At 5 April 2026, there was a net balance due to the 1971 Settlement Peerage Fund of £1,694,589 (2025: £1,704,869), during the year sales of £nil (2025: £64,220) and purchases of £5,668,076 (2025: £5,252,708) were made.

At 5 April 2026, there was a balance of £353,031 (2025: £279,156) due to the 14th Duke of Bedford Will Trust. During the year the Company incurred costs of £3,225,324 (2025: £2,483,986).

The Company was owed £4,999,514 (2025: £62,632) by the 1987 Settlement. During the year, sales of £1,655 (2025: £nil) and purchases of £670,241 (2025: £575,370) were made. The Company issued a £5,000,000 loan to the 1987 Settlement at 3.75% and repayable by 31 December 2026.

Woburn Enterprises Partnership owed the Company £2,598 (2025: £1,804). During the year, sales of £32,690 (2025: £39,885) were made. Additionally, purchases of £20,011 (2025: £18,557) were made.

At 5 April 2026, there was a balance of £6,000 (2025: £nil) due from West Central Investments Limited, a wholly owned subsidiary of the Company. Sales of £6,000 (2025: £nil) were made.

Chelsea Wharf Management Company Limited owed the Company £41,544 (2025: £19,274). During the year, sales of £84,255 (2025: £58,461) were made.

These are all related parties of the company.

The ultimate controlling party is Settlement known as the 2024 Discretionary Trust, with the Trustees being the Duke of Bedford, Duchess of Bedford and The Hon. Charles William Cayzer.