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Registered number: 10266609
NORFOLKSHIRE ASSETS LIMITED
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NORFOLKSHIRE ASSETS LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Income and Retained Earnings
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Statement of Financial Position
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Notes to the Financial Statements
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NORFOLKSHIRE ASSETS LIMITED
COMPANY INFORMATION
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Matthew Wayne Walker (appointed 10 August 2025)
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Kwong Weng Wan (Alternate Director) (appointed 10 August 2025)
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Thomas George Rix (Alternate Director) (appointed 10 August 2025)
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Page 1
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NORFOLKSHIRE ASSETS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors present their report and the audited financial statements of Norfolkshire Assets Limited (the "Company") for the year ended 31 March 2026.
This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. Accordingly, the Directors have elected to take advantage of the exemption from preparing a Strategic Report.
The principal activity of the Company is to own and lease out student accommodation property. The Company is a private company with limited liability incorporated in England and Wales on 7 July 2016.
The ultimate controlling party is Temasek Holdings (Private) Limited, a company incorporated in Singapore.
As at 31 March 2026, the Company is in a net current liability position of £750,000 (2025: £882,000), primarily due to amounts owed to group undertakings of £2,960,000 (2025: £3,128,000). The intermediate parent undertaking, Mapletree Investments Pte Ltd, has provided a Letter of Support confirming that financial assistance will continue to be made available to the Company for at least twelve months from the date of approval of these financial statements. The Directors have also reviewed detailed cash flow forecasts, and are satisfied that the Company will have adequate resources to meet its obligations as they fall due.
Due to the above factors, the Directors do not believe there to be uncertainty over the going concern of the Company and the financial statements have been prepared on a going concern basis, which assumes that the Company will continue to meet its liabilities when they fall due, for the foreseeable future.
The loss for the year, after taxation, amounted to £2,168,000 (2025: £2,769,000). No dividends were declared or paid during the year (2025: £nil).
Change in financial reporting framework
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For the current financial year, the Company has adopted Financial Reporting Standard 102 ("FRS 102"), including the provisions of Section 1A, for the first time, having previously reported under UK-adopted International Financial Reporting Standards ("IFRS"). This change has no impact on the Company’s net assets, equity or results, and the required transition disclosures are presented in Note 2.1.
Principal risks and uncertainties
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Private student accommodation is a highly competitive market, which is a continuing risk to the Company. The Company manages this risk by delivering high quality products and services to its customers, to differentiate itself from competitors.
The demand for student accommodation also poses a risk to the Company, both in relation to current operations and future developments. The Company mitigates this risk by monitoring local demand and market conditions affecting its specific site on an ongoing basis and at group level prior to development and site selection.
Post balance sheet events
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There are no significant events since the balance sheet date which require adjustment to or disclosure in the financial statements.
In the forthcoming year, the Company will continue to own and lease out a student accommodation property.
Page 2
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NORFOLKSHIRE ASSETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Directors who served during the year and up to the date of approval of the financial statements were:
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Zejian Yang (resigned 10 August 2025)
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Matthew Wayne Walker (appointed 10 August 2025)
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Kwong Weng Wan (Alternate Director) (appointed 10 August 2025)
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Thomas George Rix (Alternate Director) (appointed 10 August 2025)
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None of the Directors hold any interest in the shares of the Company.
Directors' responsibilities statement
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The Directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including the provisions of Section 1A of FRS 102. 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 year.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in existence.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2006.
Page 3
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NORFOLKSHIRE ASSETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
KPMG Audit Limited were appointed as auditors of the Company during the period in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Gavin David Bamberger
Director
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Page 4
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NORFOLKSHIRE ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLKSHIRE ASSETS LIMITED
Our opinion
We have audited the financial statements of Norfolkshire Assets Limited ("the Company"), which comprise the statement of financial position as at 31 March 2026, the statement of income and retained earnings for the year then ended, and notes, comprising significant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of the Company's loss for the year then ended;
∙are properly prepared in accordance with United Kingdom accounting standards, including Section 1A of FRS 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland; 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including FRC Ethical Standards. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (the “going concern period").
In our evaluation of the directors' conclusions, we considered the inherent risks to the Company's business model and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
∙we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and
∙we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
∙enquiring of management as to the Company’s policies and procedures to prevent and detect fraud as well as enquiring whether management have knowledge of any actual, suspected or alleged fraud;
∙reading minutes of meetings of those charged with governance; and
∙using analytical procedures to identify any unusual or unexpected relationships.
As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the Company’s revenue streams are simple in nature with respect to accounting policy choice, and are easily verifiable to external data sources or agreements with little or no requirement for estimation from management. We did not identify any additional fraud risks.
We performed procedures including:
∙Identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation; and
∙incorporating an element of unpredictability in our audit procedures.
Page 5
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NORFOLKSHIRE ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLKSHIRE ASSETS LIMITED
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience and through discussion with management (as required by auditing standards), and discussed with management the policies and procedures regarding compliance with laws and regulations.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of litigation or impacts on the Company’s ability to operate. We identified company law as being the area most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
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 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 remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
The directors' report
The directors are responsible for the directors' report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon.
Our responsibility is to read the directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
∙we have not identified material misstatements in the directors' report;
∙in our opinion the information given in that report for the financial year is consistent with the financial statements; and
∙in our opinion that report has been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006, we are required 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
We have nothing to report in these respects.
Respective responsibilities
Directors' responsibilities
As explained more fully in their statement set out on page 3, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 6
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NORFOLKSHIRE ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLKSHIRE ASSETS LIMITED
Auditor's responsibilities
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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities
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 its member, as a body, for our audit work, for this report, or for the opinions we have formed.
James Le Bailly (Senior Statutory Auditor)
For and on behalf of KPMG Audit Limited (Statutory Auditor)
Chartered accountants
Jersey
13 October 2026
Page 7
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NORFOLKSHIRE ASSETS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2026
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss on changes in fair value of investment property
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Total tax credit for the year
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Retained (deficit)/earnings at the beginning of the year
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Retained deficit at the end of the year
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The Statement of Income and Retained Earnings has been prepared on the basis that all operations are continuing operations.
The notes on pages 10 to 21 form part of these financial statements.
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Page 8
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NORFOLKSHIRE ASSETS LIMITED
REGISTERED NUMBER: 10266609
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
13 October 2026.
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Gavin David Bamberger
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The notes on pages 10 to 21 form part of these financial statements.
Page 9
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Norfolkshire Assets Limited (company number: 10266609), having its registered office at 4th Floor, Westworks, White City Place, 195 Wood Lane, London, is a private limited company incorporated in England and Wales on 7 July 2016.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include investment property at fair value, and in accordance with the provisions of Section 1A of FRS 102, and with the Companies Act 2006.
The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to presentation of a cash flow statement, related party transactions and remuneration of key management personnel. The Company and its subsidiary are consolidated in the financial statements of Mapletree Investments Pte Ltd, whose financial statements may be obtained at 10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore 117438. This is the smallest group into which the results of the Company are consolidated. Accordingly, the Company is exempted from preparing and delivering group financial statements by section 401 of the Companies Act 2006.
These financial statements are the first prepared in accordance with FRS 102. The Company previously prepared its financial statements under IFRS and has adopted FRS 102 with an effective transition date of 1 April 2024.
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Management’s assessment of IFRS vs FRS 102 differences
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Management has undertaken a detailed review of recognition, measurement and presentation differences between IFRS and FRS 102 as they apply to the Company’s activities. Based on this assessment:
∙No measurement or recognition adjustments were required on transition to FRS 102.
∙No changes to accounting policies resulted in restatements of comparative figures.
∙The transition had no impact on equity or on profit or loss at the transition date or for the comparative period.
∙The measurement bases for investment property and financial instruments are unchanged under FRS 102.
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Optional exemptions applied on first-time adoption
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FRS 102 grants certain first-time adoption exemptions. The following exemptions have been applied in these financial statements:
∙The investment carrying amount as deemed cost exemption at the transition date; and
∙The investment property fair value as deemed cost exemption at the transition date.
Application of these exemptions did not result in any adjustments to equity or profit or loss under FRS 102. No other optional exemptions have been applied.
Page 10
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
2.1 Basis of preparation of financial statements (continued)
The amounts previously reported under IFRS are unchanged under FRS 102, and all amounts for the current year are the same when determined under IFRS or FRS 102. Therefore, reconciliations between the amounts determined under IFRS and those determined under FRS 102 for:
∙equity at the transition date;
∙equity at the comparative year-end; and
∙profit or loss for the comparative period,
have not been presented, as all reconciling items would have been £nil.
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Reclassification of comparative information
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Comparative information was previously presented under IFRS formats. Reclassifications have been applied to comply with the presentation and classification requirements of FRS 102, including presentation of investment property movements and grouping of income and expenditure categories, within the primary financial statements and the notes to the financial statements.
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Standards in issue but not yet effective
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At the date of approval of these financial statements, certain amendments to FRS 102 had been issued but were not yet effective and had not been early adopted by the Company. These include amendments relating to:
∙revenue recognition and contract costs
∙operating leases and lease incentives
∙financial instruments and the classification of basic and other financial liabilities
∙disclosures required for small entities under Section 1A.
The Directors do not expect these amendments to have a material impact on the Company’s financial statements in future periods.
Judgements made by the Directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 3.
The following principal accounting policies have been applied:
As at 31 March 2026, the Company is in a net current liability position of £750,000 (2025: £882,000), primarily due to amounts owed to group undertakings of £2,960,000 (2025: £3,128,000). The intermediate parent undertaking, Mapletree Investments Pte Ltd, has provided a Letter of Support confirming that financial assistance will continue to be made available to the Company for at least twelve months from the date of approval of these financial statements. The Directors have also reviewed the detailed cash flow forecasts, and are satisfied that the Company will have adequate resources to meet its obligations as they fall due.
Due to the above factors, the Directors do not believe there to be uncertainty over the going concern of the Company and the financial statements have been prepared on a going concern basis, which assumes that the Company will continue to meet its liabilities when they fall due, for the foreseeable future.
Page 11
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP. Balances are rounded to the nearest thousand.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period-end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Turnover comprises rental income arising from the Company's investment property.
Rental income from operating leases is recognised on a straight-line basis over the lease term.
Turnover is stated net of VAT and is wholly derived from the United Kingdom.
All expenses are recognised on an accruals basis in the period to which they relate. Expenses are charged to profit or loss, unless they qualify for capitalisation under FRS 102.
The Company has no employees. The Directors listed in the Directors' Report did not receive any emoluments in respect of their services to the Company during the current or prior year. The Directors are remunerated by an intermediate parent undertaking, Mapletree Investments Pte Ltd, and other fellow subsidiaries, for their services to the wider Group. There is no allocation of Directors’ remuneration to the Company.
Interest income is recognised in profit or loss using the effective interest method. Interest receivable on bank deposits is recognised in profit or loss when the amounts are accrued in accordance with the effective interest method, unless the Company does not have a contractual right to receive interest or any unaccrued amounts are immaterial to the financial statements.
Where interest is only received when cash is credited to the account and the timing difference between accrual and receipt is immaterial, interest income is recognised when received. The Company does not accrue interest receivable where any unaccrued amounts would not materially affect the financial statements.
Page 12
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Transaction costs are included in the initial measurement of the financial liability and are amortised using the effective interest method.
Finance costs include interest on borrowings. All loans are measured at amortised cost in accordance with FRS 102 Sections 11 and 12. Details of borrowings, including lender names, interest rates and outstanding balances, are presented in Note 15.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the United Kingdom, where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment properties comprise buildings that are held for long-term rental yields or capital appreciation.
Investment properties are initially recognised at cost and subsequently measured at fair value. Fair value is determined with reference to market evidence and, where appropriate, valuations performed by independent professionally qualified valuers. Any gains or losses arising from the changes in their fair values are taken to the profit or loss. See Note 3 for details of the valuation.
Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements is capitalised and the carrying amounts of the replaced components are written off to profit or loss. The cost of maintenance, repairs and minor improvements is charged to profit or loss when incurred.
Investment properties are derecognised when disposed of or when no future economic benefits are expected from their use. Gains or losses arising from derecognition are recognised in profit or loss.
Page 13
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Leases – lessor accounting
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The Company acts as a lessor in respect of leases granted to tenants of its investment property. Leases where substantially all the risks and rewards incidental to ownership of the property remain with the Company are classified as operating leases.
Investments in subsidiaries are measured at cost less accumulated impairment.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 14
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
The Company's financial assets comprise accrued income, amounts owed by group undertakings, cash at bank, and trade and other debtors. The Company's financial liabilities comprise accruals, amounts owed to group undertakings, and trade and other creditors.
Financial assets and financial liabilities are initially recognised at transaction price and are subsequently measured at amortised cost.
Financial assets and financial liabilities are derecognised when the contractual rights or obligations relating to the instrument expire or are discharged.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
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Critical accounting judgements and key sources of estimation uncertainty
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In preparing these financial statements, the Directors are required to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities. Actual results may differ from these estimates.
Critical accounting judgements
There are no critical accounting judgements that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
(a) Fair value of investment property
Investment properties are measured at fair value at each reporting date. The valuation requires the use of significant assumptions, including consideration of aggregate rental income, associated operating costs and management’s expectations of capital improvements. Independent external valuers apply recognised valuation techniques and comparable market data; however, fair values remain subject to estimation uncertainty.
The Company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. A third party valuation has been carried out by JLL, an independent property consultancy, as at 31 March 2026, using the discounted cash flow method. The valuation conforms to International Valuation Standards and has specifically been assessed in accordance with the current Royal Institution of Chartered Surveyors (“RICS”) Valuation – Professional Standards.
Key inputs used in the valuations:
∙Information provided by the Company, including current rents, occupancy rates, operating costs,
terms and conditions of leases and nomination agreements, capital expenditure, etc. This information is derived from the Company’s financial systems and is subject to the Company’s overall control environment.
∙Assumptions and valuation models used by the valuers, which are typically market related, such as yield and discount rates. These are based on their professional judgement and market observation.
Page 15
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Critical accounting judgements and key sources of estimation uncertainty (continued)
The determined fair value of the investment property is most sensitive to the estimated yield. The yield used in the model is within the typical ranges reported by a number of industry sources.
The valuation process requires the application of professional judgement, and the amount determined may differ from a price that could be obtained in an actual transaction. Property values are subject to market fluctuations over time, and therefore the fair value at the reporting date may not necessarily reflect amounts that might ultimately be realised.
The Directors are of the opinion that there are no other critical accounting judgements or key sources of estimation uncertainty during the year.
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Financial risk management
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The Company is exposed to a limited range of financial risks in the normal course of its operations, and the Directors monitor these risks on an ongoing basis. The key financial risks arising from the Company’s financial instruments are credit risk, liquidity risk, interest rate risk, currency risk, and fair value risk.
Credit risk
Credit risk arises from cash balances and intragroup receivables as detailed in Note 12. Cash is held with regulated financial institutions that hold appropriate external credit ratings. Management monitor the cash flow forecasts of group undertakings with outstanding receivables. The Directors consider credit risk to be low in both the current year and the previous year.
Liquidity risk
Liquidity risk arises from the Company’s obligations to meet operational costs and to service its borrowings as they fall due. The Company’s loans include facilities with contractual maturity dates (see Note 15). The Company manages liquidity through regular short-term cash flow forecasting, monitoring income inflows, and ensuring sufficient cash is maintained to meet anticipated commitments. The Company also benefits from the availability of financial support from the intermediate parent undertaking, as evidenced by the Letter of Support referred to in Note 2.2. The Directors therefore consider that liquidity risk is appropriately managed within the context of the Company’s operations and group funding arrangements.
Interest rate risk
The Company is exposed to interest rate risk because its borrowings bear a floating rate of interest, meaning the amount of interest payable varies in line with the terms of the agreement. The Directors consider the level of risk to be limited given the nature of the funding arrangements and the availability of financial support from the intermediate parent undertaking.
Currency risk
The Company’s functional and presentation currency is GBP. All income, expenses, assets and liabilities are denominated in GBP, and the Company therefore has no significant exposure to foreign currency risk.
Fair value
All financial instruments are measured at amortised cost in accordance with FRS 102 Sections 11 and 12. This includes the intragroup loan, which is not revalued to fair value. The Directors consider that the carrying amounts of the Company’s financial assets and financial liabilities approximate their fair values due to being short-term, repayable on demand or subject to market-linked interest rates, and the absence of any significant difference between the transaction price and the present value of future cash flows.
Page 16
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Turnover is wholly attributable to the principal activity of the Company and arises solely within the United
Kingdom.
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An analysis of turnover by class of business is as follows:
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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No non-audit services were provided by the Company’s auditors or their associates during the year.
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Other interest receivable
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Interest payable and similar expenses
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Loans from group undertakings
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Loans from group undertakings comprise interest expenses incurred on a loan obtained from Thames Assets (Jersey) Limited ("TAJ"), the immediate parent undertaking, during the year.
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Page 17
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Total tax credit for the year
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Factors affecting tax for the year
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The tax assessed for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25% (2025: 25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 -25%)
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Expenses not deductible for tax purposes
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Loss on changes in fair value of investment property
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Corporate interest restriction
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Adjustments to tax charge in respect of prior periods
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Total tax credit for the year
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Factors that may affect future tax charges
As at 31 March 2026, the Company has a deferred tax asset not recognised of £994,876 (2025: £380,946) comprising investment property revaluation losses prior to any reductions based on capital allowances previously claimed. In addition, there are deferred tax assets of £601,309 (2025: £688,701) relating to capital allowances and £312,972 (2025: £245,506) relating to disallowed interest under the Corporate Interest Restriction which may be reactivated in future periods.
Due to uncertainty regarding the timing and availability of future taxable profits against which these amounts may be utilised, the Directors have determined that it is not probable that the deferred tax assets will be recovered against future taxable profits. Accordingly, no deferred tax asset has been recognised in the financial statements.
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Page 18
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Fair value at the start of the year
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Loss on changes in fair value of investment property
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Fair value as per valuation report
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The investment property included in the accounts relates to one freehold student accommodation property in Norfolk, which is operated by the Company's subsidiary under an intercompany operating lease.
The valuation of £21,355,000 (2025: £23,655,000) recognised in these financial statements was determined by the Directors, based on valuations carried out by JLL, an entity registered with the Royal Institution of Chartered Surveyors. See Note 3 for further details on the valuation.
As at 31 March 2026, the Company has one wholly-owned subsidiary, Norfolkshire SA Limited, which is incorporated in England and Wales, and whose principal activity is managing student accommodation on behalf of the Company.
During the year, no impairment loss (2025: none) was recognised on this investment as the recoverable amount of the subsidiary exceeded the carrying cost of the investment of £1 (2025: £1).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Corporation tax receivable
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Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
Corporation tax receivable reflects the anticipated recovery arising from tax losses available for surrender to fellow group companies under the group relief regime.
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Page 19
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Cash and cash equivalents
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There are no restricted cash balances (2025: £nil).
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are non-trade, unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings includes a loan of £23,873,000 (2025: £23,873,000) from TAJ. This balance is unsecured, subject to interest at SONIA + 0.68% and has a maturity date of 30 August 2027.
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Allotted, called up and fully paid
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1,000 (2025 -1,000) Ordinary shares of £1.00 each
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Fully paid ordinary shares carry one vote per share and a right to dividends as and when declared by the Company.
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Page 20
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NORFOLKSHIRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The immediate parent undertaking is Thames Assets (Jersey) Limited, a company incorporated in Jersey, Channel Islands.
The ultimate controlling party is Temasek Holdings (Private) Limited ("Temasek"), a company incorporated in Singapore.
The Company's results, and those of its subsidiary, are included in the consolidated financial statements of Mapletree Investments Pte Ltd, whose financial statements may be obtained at 10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore 117438. This is the smallest group into which the results of the Company are consolidated.
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Related party transactions
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The Company has taken advantage of the exemption available under FRS 102, Section 33: Related Party
Disclosures whereby it has not disclosed transactions with any wholly-owned subsidiary undertakings of the group headed by Temasek, except where required to give a true and fair view of the state of affairs of the Company.
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Post balance sheet events
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There are no significant events since the balance sheet date which require adjustment to or disclosure in the financial statements.
Page 21
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