REGISTERED NUMBER: 02749061 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BRACKNELL MANAGEMENT LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

D S Levin

A M Rajwan

S N Bedford

SECRETARY:

V Jemmott-James

REGISTERED OFFICE:

c/o Workman LLP

7th Floor

Newbridge Square

Swindon

SN1 1BY

REGISTERED NUMBER:

02749061 (England and Wales)

AUDITORS:

Websters

Chartered Accountants and Statutory Auditors

12 Melcombe Place

London

NW1 6JJ

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIRECTORS

The directors who have held office during the period from 1 January 2025 to the date of this report are as follows:

K L Maher - resigned 24 November 2025

J P Stretton - resigned 24 November 2025

D S Levin , A M Rajwan and S N Bedford were appointed as directors after 31 December 2025 but prior to the date of this report.

R Davis and M G Smith ceased to be directors after 31 December 2025 but prior to the date of this report.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the company in respect of liabilities they may incur in defending certain proceedings against them.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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;

- 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Websters, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S N Bedford - Director

19 October 2026

Opinion

We have audited the financial statements of Bracknell Management Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of 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 31 December 2025 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 Auditors' 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

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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

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; 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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.

There are inherent limitations in our audit procedures. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

David Goddard (Senior Statutory Auditor)

for and on behalf of Websters

Chartered Accountants and Statutory Auditors

12 Melcombe Place

London

NW1 6JJ

26 October 2026

SERVICE CHARGES RECEIVABLE

347,637

326,601

Service charge expenditure

(353,263

)

(333,765

)

GROSS LOSS

(5,626

)

(7,164

)

OPERATING LOSS

(5,626

)

(7,164

)

Interest receivable and similar income

6,946

8,844

PROFIT BEFORE TAXATION

1,320

1,680

Tax on profit

(1,320

)

(1,680

)

PROFIT FOR THE FINANCIAL YEAR

-

-

FIXED ASSETS

Tangible assets

4

-

-

CURRENT ASSETS

Debtors

5

228,627

274,337

CREDITORS

Amounts falling due within one year

6

(177,209

)

(252,926

)

NET CURRENT ASSETS

51,418

21,411

TOTAL ASSETS LESS CURRENT LIABILITIES

51,418

21,411

PROVISIONS FOR LIABILITIES

7

(51,355

)

(21,355

)

NET ASSETS

63

56

CAPITAL AND RESERVES

Called up share capital

63

56

63

56

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2026 and were signed on its behalf by:

S N Bedford - Director

1.	STATUTORY INFORMATION

Bracknell Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

These financial statements report the transactions of Bracknell Management Limited only and the presentation currency of the financial statements is the Pound Sterling (£).

The Company's principal place of business is c/o Workman LLP 7th Floor, 3 Newbridge Square, Swindon, United Kingdom SN1 1BY.

COMPANY PURPOSE

The Company exists as a special purpose entity, established for the management and administration of the service charge arrangement for Arlington Square ("the Development").

The company receives service charge contributions from the tenants and applies those funds towards the costs of maintaining, repairing, insuring and managing the common parts of the development, in accordance with the relevant agreements.

The Company does not trade for profit and does not undertake any activities other than the collection and expenditure of service charge monies.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Service charges receivable

Service charges receivable comprises the reimbursement of service charge expenditure deployed by the management company on behalf of the service charge fund for the Development.

Recognition of income

Service charges receivable is recognised in the financial statements concurrently with the recognition of the service charge expenditure that is being funded.

VAT

The Company's responsibility to manage the Development exists by way of provisions within the plot owners deed of covenants. The company has elected to waive the exemption from VAT in respect of its freehold interest in the amenity land of the Development. Therefore, all service charge income and expenditure is reported exclusive of VAT in these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was Nil (2024: Nil).

DIRECTORS' REMUNERATION

The directors received no remuneration in respect of their services to the company for the year (2024: £Nil). This is regarded as common practice for an entity set up for the purposes set out in Note 1.

4.	TANGIBLE FIXED ASSETS

The company owns the freehold interest in the amenity land of the Development which was purchased at £Nil consideration. In the directors' opinion the property does not qualify as an Investment Property as defined by the provisions of Section 16 of FRS102 as the property is held for administrative purposes and as no rentals are being earned. Therefore the property is held on the balance sheet at £Nil, being the cost to the company of the freehold interest.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

2,946

572

Other debtors

225,681

273,765

228,627

274,337

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

145,933

223,198

Taxation and social security

1,320

1,680

Other creditors

29,956

28,048

177,209

252,926

7.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Other provisions

51,355

21,355

As permitted by RICS Professional Standard 1st Edition, a provision of £30,000 has been included in the Development’s service charge accounts for year ended 31 December 2025, despite the proposed works not having been carried out prior to the year end.

This provision is additional to a similar provision of £21,555 included in the prior year’s service charge accounts in respect of different proposed works, which is retained at 31 December 2025.

In the prior year the £21,555 provision was disclosed in Other Creditors. It has been re-classified in the prior year figures in these accounts in line with the current year disclosure.

8.	CONTROLLING PARTY

The parent company of the smallest group for which consolidated financial statements are drawn up is BSREP III Caelum Pooling LP, a company registered in Bermuda whose registered office address is 73 Front Street, 5th Floor, Hamilton Pembroke, HM 12 Bermuda.