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

The principal activity of the limited liability partnership continued to be that of property investment.

The partnership members are Stevenage Borough Council (99.9%) and Marshgate Ltd (0.1%). It is incorporated as a Limited Liability Partnership (company number OC424782) under Companies Act 1985 and does not have any share capital.

Moore NHC Audit Limited were appointed auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a General Meeting.

Members Report for Queensway Properties (Stevenage) LLP

Welcome to Queensway Properties (Stevenage) LLP, a Limited Liability Partnership set up in 2018 as a new partnership with Stevenage Borough Council (SBC) and Marshgate to implement a multi-million pound regeneration of 85 Queensway, 89-103 Queensway, 24-26 The Forum and Marshgate, an area of Stevenage town centre. These are the accounts of Queensway Properties (Stevenage) LLP and cover the 12 months to 31 March 2026.

Why regeneration?

Stevenage was the first of the UK’s six new towns to be built following the Second World War. The Town Centre was completed during the 1950s and 1960s, producing an innovative, forward thinking iconic town for its day. Whilst Stevenage still thrives, 70 years later, it is clear that the Town needed a very considerable level of regeneration to recreate a modern and sustainable town which keeps pace with retail, digital and residential trends, this, whilst maintaining and modernising its unique iconic style.

Benefits of regeneration

The Queensway regeneration scheme has seen the enhancement of the existing shop fronts, canopies and facades, exciting new retail, fitness and food and beverage offers, rebranding the wayfinding and enlivenment, and the development of 110 brand new residential apartments in Queensway and Marshgate, an area behind Queensway. The regeneration is designed to reposition the retail, creating an enticing environment for retailers and customers, increase the night-time economy, improve the public realm, enhance new retail and leisure spend, increase dwell times, let vacant accommodation and increase occupational income and lease terms with existing tenants, improving their income profile. The scheme will also enhance the pedestrian, cycling and vehicular journeys from Marshgate to Queensway.

Managing the regeneration

SBC, who own the head lease from Aviva, granted Queensway Properties (Stevenage) LLP the sublease for a period of 37 years on the above property, and the LLP is responsible for the overall management and control of the business and affairs of the property. The LLP appointed leading property development and investment specialists, Reef Estates, to provide strategic real estate, operation and leasing services, property management services in relation to the above properties, and specific development and leasing services in relation to the residential development. Colliers International has been appointed to carry out the commercial property management, and now Cortland have been appointed to manage the residential side. Queensway Properties (Stevenage) LLP’s Board has management of the LLP and Board meetings. There are four Board Members – as at 31 March 2026, these were Richard Protheroe, Dave Wells, Melanie Chiknagi and Steve Dupoy. The Board appointed a company secretary, and other support arrangements to fulfil its responsibilities. Reef Estates compile and present quarterly reports to the LLP Board at their quarterly meetings. Progress against the business plan is monitored, including full financial budget and expenditure, anticipated, agreed or expired lettings on retail, office and residential property, key milestones during the next quarter, health and safety and risk management. In addition to the quarterly meetings, Reef produces monthly written reports and attends other associated meetings on request.

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

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires 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. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Queensway Properties (Stevenage) LLP (the 'limited liability partnership') for the year ended 31 March 2026 which comprise the income statement, statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

• give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2026 and of its loss 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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 members' 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 limited liability partnership’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 members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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

• we have not received all the information and explanations we require for our audit; or

• the members were not entitled to prepare the financial statements in accordance with the small limited liability partnership regime.

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.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate evidence regarding the assed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006. UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance

• We assed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• We reviewed minutes of meetings of management and partners to identify any indicators of non-compliance or fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

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 by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The financial statements are prepared under the historical cost convention.

The financial statements have been prepared under International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Turnover represents of rental income recognised over the period of the lease and excludes VAT.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

At inception, the LLP assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets and lease liabilities have been presented separately on the statement of financial position, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the LLP's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Going concern

The Members have prepared a cash flow forecast taking into account all expected cash flows for 12 months from the date of signing these financial statements. Having reviewed the forecasts the members have at the time of approving the financial statements, a reasonable expectation that the LLP has adequate resources to continue in operational existence for at least 12 months and the foreseeable future from the date of approval the annual financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

A letter of support was provided by Stevenage Borough Council confirming it will not withdraw its financial support to Queensway Properties (Stevenage) LLP so as to enable the LLP to continue in operational existence for at least the 12 month period from the date of signing the financial statements. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

In the application of the limited liability partnership’s accounting policies, the members 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.

An analysis of the limited liability partnership's turnover is as follows:

The average number of persons (excluding members) employed by the partnership during the year was:

Stevenage Borough Council (SBC) has a 99.9% partnership holding of Queensway Properties (Stevenage) LLP. In the year, Queensway Properties (Stevenage) LLP owed SBC the following balances at 31 March 2026: