Partnership Information

Members' Report

Members' Responsibilities Statement

Independent Auditor's Report to the Members of This Is Protos LLP

Balance Sheet

Statement of Changes in Members' Interests

Notes to the Financial Statements

Peel L&P Protos (No.2) Limited

Peel L&P Protos (No.1) Limited

OC354812

Manchester

Statutory Auditor

Edinburgh

United Kingdom

The members present their members' report and audited financial statements for the year ended 31 March 2026.

This is Protos ("the partnership) is a Limited Liability Partnership registered under the Limited Liability Partnerships Act 2000 in England and Wales.

Following the transfer of the LLP's investment property in previous years all trading activities have ceased. Consequently, the financial statements have been prepared on a basis other than that of a going concern. No material changes arose as a result of ceasing to apply the going concern basis. The LLP is expected to be liquidated in future years.

Peel L&P Protos (No.2) Limited

Peel L&P Protos (No.1) Limited

The capital requirements of the partnership are determined by the Board and are reviewed regularly.  Each member is required to subscribe for a proportion of this capital. The amount of capital subscribed by each member shall belong to the members' in the proportions in which it has been contributed by them.  No interest is paid on capital. Members' capital is only repayable on approval by the Board.

The loan requirements of the partnership are determined by the Members' and are reviewed regularly. All member loans are unsecured.

Drawings by members on account of profits are classified as members' current assets within members' interests.

Each member at the date of approval of this report confirms that:

so far as the members are aware, there is no relevant audit information of which the LLP's auditor is unaware; and

they have taken all the steps that they ought to have taken as members in order to make themselves aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Deloitte LLP was appointed auditor to the LLP in the year. In the absence of a general meeting the auditor is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The LLP is not facing any risks as it is not trading.

Date: 27 October 2026

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

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members 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 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

The financial statements are required by law to give a true and fair view of the state of affairs of the firm and of the profit or loss of the firm for that period. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

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

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

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the firm and enable them to ensure that the financial statements comply with the Companies Act 2006, as applicable to limited liability partnerships. They are also responsible for safeguarding the assets of the firm and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

We have audited the financial statements which comprise:

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).

As explained more fully in the members' responsibilities statement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the limited liability partnership's industry and its control environment, and reviewed the limited liability partnership's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the members about their own identification and assessment of the risks of irregularities, including those that are specific to the limited liability partnership's business sector.

We obtained an understanding of the legal and regulatory framework that the limited liability partnership operates in, and identified the key laws and regulations that:

We discussed among the audit engagement team including relevant internal specialists such as IT specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

As the limited liability partnership was exempt from audit under section 477 of the Companies Act 2006 in the prior year, we have not audited the corresponding amounts for that year.

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of Deloitte LLP

Statutory Auditor

Edinburgh, United Kingdom

The accompanying notes form an integral part of these financial statements.

These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

Members' interests at 1 April 2024

Result for the financial year available

for discretionary division among

members

Result for the financial year available

for discretionary division among

members

Credit arising on repayment of a

fully impaired loan, recognised

directly in equity

Members' capital repaid to Peel

L&P Protos (No.2) Limited

Members' interests at 31 March 2026

The accompanying notes form an integral part of these financial statements.

The financial statements have been prepared in accordance with applicable UK accounting standards including Financial Reporting Standard 102 Section 1A – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' (‘FRS 102'), issued by the Financial Reporting Council and the requirement of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships, (issued in July 2014). The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value.

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

The LLP meets the definition of a small LLP under The Companies Act 2006 and has therefore taken advantage of the reduced disclosure requirements applicable to the small LLP regime including the presentation of a cash flow statement.

The LLP has not traded during the year or the preceding financial year. During this time the LLP received no income and incurred no expenditure and therefore no profit and loss account is presented in these financial statements.

Following the transfer of the LLP's investment property in previous years all trading activities have ceased. Consequently, the financial statements have been prepared on a basis other than that of a going concern. No material changes arose as a result of ceasing to apply the going concern basis. The LLP is expected to be liquidated in future years.

The LLP has not traded throughout the current and prior year. Consequently, the LLP has no profit and loss account.

There were no employees during the year or prior year, apart from the members.

All taxation balances for years since the formation of the partnership, including the current year charge, are detailed within the financial statements of the member companies.

Amounts due from members

Amounts due from members are free of interest and repayable on demand.

In the year ended 31 March 2022 the LLP fully impaired a loan receivable from Peel L&P Group Finance

Limited, a fellow group undertaking. Including interest accrued and impaired in the year ended 31 March 2023, the impaired balance was £7,052,331. Its carrying amount at 31 March 2025 was nil.

During the year, as part of a restructuring of intercompany balances across the group, the members and their parent undertakings arranged for Peel L&P Group Finance Limited to be funded, through intercompany loans from other group undertakings, to repay the loan in full. The loan was repaid on 31 July 2025.

The repayment arose from the decision of the members and their parent undertakings to fund it, rather than from any improvement in the borrower's own ability to pay. The members have therefore concluded that the resulting credit of £7,052,331 arises from a transaction with the members in their capacity as owners of the LLP.

Transactions with members in their capacity as owners are recognised directly in members' interests. The credit has accordingly been recognised in other reserves within members' other interests, as shown in the statement of changes in members' interests, and not in the profit and loss account. This is a significant judgement made by the members in preparing these financial statements.

On 31 July 2025, with the unanimous and irrevocable consent of both members, the LLP used the repayment proceeds to repay £7,052,331 of members' capital to Peel L&P Protos (No.2) Limited.

Credit on repayment of loan, recognised in other reserves

Members' capital repaid to Peel L&P Protos (No.2) Limited

                          (7,052,331)

The transactions had no net effect on the LLP's net assets. At 31 March 2026 members' other interests

comprise members' capital of £4,607,165 and other reserves of £314,508, matched by amounts due from members of £4,921,673.

The immediate parent companies are Peel L&P Protos (No.2) Limited and Peel L&P Protos (No.1) Limited. Their registered office is Ballaman Manor, Ballnahowe Road, Port Erin, Isle of Man, IM9 6JF.