These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

London Propco 9 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.

The current financial period covers the 12 months ended 31 March 2026. The comparative period is from incorporation on 14 April 2024 to 31 March 2025. Accordingly, the comparative amounts presented in the financial statements are not entirely comparable with those of the current period.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

Revenue comprises rental income and service charge income receivable from the tenants of the investment property. This revenue is recognised in the period to which the income is receivable.

Rentals receivable under operating leases is recognised on a straight line basis over the term of the relevant lease.

Cost of sales represents the cost of providing service charges to residents of the investment property, together with certain management fees incurred by the company. Administrative expenses include costs associated with the operation of the company. Both are recognised in the period to which the expenses relate.

Investment property, which is a leasehold property held to earn rental and/or for capital appreciation, is initially recognised at the lower of its fair value at the date of inception and the present value of the future minimum lease payments plus directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Change in fair value are recognised in profit and loss accounts.

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

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 trade and other receivables 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 key source of estimation uncertainty relates to the valuation of property where an external valuation is obtained and is inherently subjective due to the assumptions applied by the valuers.

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

The fair value of the investment property at the year end is £29.2m. The basis for the valuation is in accordance with the latest version of the RICS Valuation - Global Standards. The fair value has been arrived at on the basis of a valuation carried out by CBRE Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and taking into account a deduction for all costs necessary to complete the development program.

CBRE have provided two valuations of the investment property. The difference between the two valuations is the purchase cost allowances which vary depending on how the asset is sold: individually or within a corporate wrapper. The asset value of £29.2m reflects the assumption it will be sold individually. If the property were to be sold within a corporate wrapper, the asset value would be £30.5m and therefore the purchase cost allowances are 4.5% lower than an individual asset sale.

Amounts owed to group undertakings comprise amounts which are interest free and repayable on demand together with accrued interest payable on an interest-bearing long-term loan.

The long-term balance represents an interest-bearing loan from the company's parent undertaking.

The company is a guarantor to a loan agreement between its parent company, London Propco 5 Limited as the borrower and Santander UK PLC as the Lender for a loan of £11.7m. The company has provided security for this loan by a fixed and floating charge over the assets of the company. 

Income and expenses relating to the company are received into and paid out of bank accounts held by the parent company London Propco 5.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

At 31 March 2026 the company's immediate parent company is London Propco 5 Limited, a company incorporated in the UK with its registered office at Connect House, 133-137 Alexandra Road, London SW19 7JY.

At 31 March 2026 the ultimate controlling party is London Propco 6 Limited, a company incorporated in the UK with its registered office at Connect House, 133-137 Alexandra Road, London SW19 7JY.

The results of the company are consolidated into the financial statements of London Propco 6 Limited, the parent company, a company incorporated in the UK with its registered office at Connect House, 133-137 Alexandra Road, London SW19 7JY.