The directors present their annual report and financial statements for the period ended 31 March 2026. The company was incorporated on 15 January 2025 and commenced trading on the same date.

The principal activity of the company is that of a holding investment company.

The results for the period are set out on page 8.

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

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

The ultimate parent company, IJM Corporation Berhad ("IJM"), has maintained a Directors and Officers Liability Insurance Policy on a consolidated basis, covering the Directors and Officers of the IJM group throughout the financial period.

During the period, the Company changed its accounting reference date from 31 January 2026 to 31 March 2026. As a result, the first set of financial statements cover the 14-month period from the date of incorporation on 15 January 2025 through to 31 March 2026.

The change was made in order to align with its parent company's year end.

As this is the first set of financial statements, there is no comparative information from the previous period.

Verallo were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 (Reduced Disclosure Framework). 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 IJM (Finsbury Circus) Limited (the 'company') for the period ended 31 March 2026 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 FRS 101 ‘Reduced Disclosure Framework’ (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 31 March 2026 and of its loss for the period 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.

Conclusions relating to going concern

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

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.

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 directors' report for the financial period 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 where 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;

• 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.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the entity’s financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control;

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors;

• conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s or the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern; and

• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

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

Our approach was as follows:

• we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations;

• we considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 101 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

• we considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

• we communicated identified laws and regulations throughout our team and remained alert to any indications of non-​compliance throughout the audit;

• we considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-​compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing against supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.

IJM (Finsbury Circus) Limited is a private company limited by shares incorporated in England and Wales (registration number 16185101). The registered office is Ground Floor, 53 New Broad Street, London, EC2M 1JJ. The company's principal activities and nature of its operations are disclosed in the directors' report.

These are the Company's first set of financial statements. The financial statements represent the period from 15 January 2025 to 31 March 2026 and are the first financial statements prepared in accordance with FRS 101 Reduced Disclosure Framework. As the Company has not previously prepared financial statements under another financial reporting framework, no transition adjustments arose on adoption of FRS 101 reconciliation from previous GAAP to IFRS is required.

During the period, the Company changed its accounting reference date from 31 January 2026 to 31 March 2026. As a result, the current financial statements cover the 14-month period ended 31 March 2026. The change was made to align the Company's year-end with that of its parent undertaking.

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. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of IFRS Accounting Standards:

• inclusion of an explicit and unreserved statement of compliance with IFRS Accounting Standards;

• presentation of a statement of cash flows and related notes;

• disclosure of the objectives, policies and processes for managing capital;

• disclosure of the categories of financial instrument and the nature and extent of risks arising from those financial instruments;

• disclosure of the future impact of new IFRS Accounting Standards issued but not yet effective at the reporting date; and

• related party disclosures in respect of transactions with the parent undertaking and other wholly owned members of the group.

Where required, equivalent disclosures are included in the consolidated financial statements of IJM Corporation (UK) Limited. The consolidated financial statements of IJM Corporation (UK) Limited are publicly available and can be obtained as set out in note 16.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

At the balance sheet date, the trueCompany's current liabilities exceeded current assets by £3,200,496. In reaching their conclusion over the going concern status of the Company, the directors considered the support obtained from its immediate parent company, IJM Corporation (UK) Limited not to seek repayment of the £135,541,405 loaned to the Company for the foreseeable future and to provide cashflow support to enable the Company to pay its creditors as they fall due for the foreseeable future.

Having carefully considered the cashflow required and the support obtained for the foreseeable future and the indirect support therefore obtained through its parent company, from the ultimate parent company IJM Corporation Berhad, the directors have a reasonable expectation that the Company has access to 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.

Interests in subsidiaries 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.

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

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

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets, other than those measured at fair value through profit or 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 of the investment have been affected.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The Company recognises financial liabilities when it becomes a party to the contractual provisions of the instrument. Financial liabilities are classified as other financial liabilities and are subsequently measured at amortised cost.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

The directors who served during the accounting year are directors of other undertakings within the IJM Corporation Berhad group and their remuneration for the period was paid by other undertakings. The directors did not receive any remuneration in relation to the Company as the qualifying services provided to the Company were incidental to the qualifying services provided to other subsidiary undertakings.

The charge for the period can be reconciled to the loss per the profit and loss account as follows:

At the balance sheet date, the Company had tax losses of £489,278 available for offset against future taxable profits. No deferred tax asset has been recognised in respect of these losses, as it is not considered probable that sufficient future taxable profits will be available against which the losses can be utilised. The losses may be carried forward indefinitely.

On 30 January 2025, the Company entered into an unconditional Share Purchase Agreement to acquire 100% of the issued share capital of IJM (FC) B.V., formerly AG EL LWB B.V., for cash consideration of £2,016,410. The acquisition was completed on 24 April 2025, following which the Dutch Company became a wholly-owned subsidiary of the Company.

The consideration for the shares has been recognised as an investment in subsidiary at cost. Separately, the Company has provided funding to IJM (FC) B.V. for the refinancing of existing obligations and the development of the property known as 25 Finsbury Circus, formerly 1–5 London Wall Buildings, London. These advances are recognised as amounts due from the subsidiary undertaking and are disclosed in Note 10. They do not form part of the cost of the investment in shares.

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

The amounts owed by the subsidiary are unsecured, repayable on demand and bear interest at the Company's cost of borrowing.

The amount owed to the parent company is unsecured, repayable on demand and bears interest based on the parent company's cost of funding plus a margin of 1.5%.

The amounts owed to fellow subsidiaries are unsecured, repayable on demand and interest-free.

The company has one class of ordinary share. Each share has full dividend rights and provides the holder with one vote.

On 15 January 2025 100 £0.10 ordinary shares were issued at par.

Subsequent to the reporting date, the Company received additional funding of £35,659,101 from its parent company, which was partly used to provide additional funding of £25,533,563 to its subsidiary. The funding received from the parent company bears interest based on the parent company's cost of funding plus a margin of 1.5%, while the funding provided to the subsidiary bears interest based on the Company's cost of funding. These transactions form part of the Company's routine intercompany funding arrangements.

IJM (Finsbury Circus) Limited has taken advantage of the exemption under FRS 101 paragraph 8(J) not to disclose this information.

During the period the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The amount owed to the parent company is unsecured, repayable on demand and bears interest based on the parent company's cost of funding plus a margin of 1.5%. The amount outstanding at the reporting date include foreign exchange movements arising from the retranslation of balances denominated in foreign currencies.

The amounts owed to fellow subsidiaries are unsecured, repayable on demand and interest-free.

The company has taken advantage of the exemption under FRS 101 paragraph 8(k) not to disclose information about transactions entered into between two or more members of the group where any subsidiary which is a party to the transactions is a wholly owned member.

IJM Corporation Berhad, a company incorporated and registered in Malaysia, is the ultimate parent undertaking and controlling party of the company. The registered office of the ultimate parent undertaking is Wisma IJM, Jalan Yong Shook Lin, 46050 Petaling Jaya, Selangor Darul Ehsan, Malaysia.

The immediate parent undertaking of IJM (Finsbury Circus) Limited is IJM Corporation (UK) Limited, a company incorporated and registered in England and Wales. The registered office of the immediate parent undertaking is Ground Floor, 53 New Broad Street, London, Greater London, England, EC2M 1JJ.

The smallest group in which the results of the company are consolidated is that headed by IJM Corporation (UK) Limited, a company incorporated and registered in England and Wales. Consolidated financial statements of IJM Corporation (UK) Limited are available from the following address Companies House, Crown Way, Cardiff, CF14 3UZ.

The largest group in which the results of the company are consolidated is that headed by IJM Corporation Berhad, a company incorporated and registered in Malaysia. Consolidated financial statements of IJM Corporation Berhad are available on the company's website, www.ijm.com.