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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-246": {
"value": "The Group\u2019s consolidated financial statements have been prepared on a going concern basis in accordance with the Disclosure Guidance and Transparency Rules of the FCA, the requirements of The Companies (Guernsey) Law 2008 and with UK-adopted International Accounting Standards. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-10": {
"value": "2.3 New standards, amendments and interpretations New standards, amendments to standards and interpretations which came into effect for accounting periods starting on or after 1 January 2025 are as follows: Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (effective for periods beginning on or after 1 January 2025) provides clarification upon treatment for transactions in a foreign currency that is no t exchangeable into another currency at the measurement date. During the year ended 31 December 2025, none of the above had a material impact on the financial statements. 2.4 New standards, amendments and interpretations effective for future accounting periods A number of new standards, amendments to standards and interpretations are effective for periods beginning on or after 1 January 2026 and have not been applied in preparing these financial statements. These are: Amendments to IFRS 9 \u201cFinancial Instruments\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d (effective for periods beginning on or after 1 January 2026) refine the classification of financial assets and liabilities and introduce enhanced disclosure requirements. Annual Improvements to IFRS Accounting Standards Volume 11 (effective for periods beginning on or after 1 January 2026) contains amendments to five standards, IFRS1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 as a result of the IASB\u2019s annual improvements project. The aim of which is to improve consistency across the standards. IFRS 18 \u2018Presentation and Disclosure in Financial Statements (effective for periods beginning on or after 1 January 2027) replaces IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures (effective for periods beginning on or after 1 January 2027) specifies reduced disclosure requirements that an eligible entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. The Directors are reviewing these amendments and new standards. IFRS 18 will have some presentational impacts on the financial statements which are currently being assessed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-247": {
"value": "2.3 New standards, amendments and interpretations New standards, amendments to standards and interpretations which came into effect for accounting periods starting on or after 1 January 2025 are as follows: Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (effective for periods beginning on or after 1 January 2025) provides clarification upon treatment for transactions in a foreign currency that is no exchangeable into another currency at the measurement date. During the year ended 31 December 2025, none of the above had a material impact on the financial statements. 2.4 New standards, amendments and interpretations effective for future accounting periods A number of new standards, amendments to standards and interpretations are effective for periods beginning on or after 1 January 2026 and have not been applied in preparing these financial statements. These are: Amendments to IFRS 9 \u201cFinancial Instruments\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d (effective for periods beginning on or after 1 January 2026) refine the classification of financial assets and liabilities and introduce enhanced disclosure requirements. Annual Improvements to IFRS Accounting Standards Volume 11 (effective for periods beginning on or after 1 January 2026) contains amendments to five standards, IFRS1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 as a result of the IASB\u2019s annual improvements project. The aim of which is to improve consistency across the standards. IFRS 18 \u2018Presentation and Disclosure in Financial Statements (effective for periods beginning on or after 1 January 2027) replaces IAS 1 \u2018Presentation of Financial Statements\u2019. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures (effective for periods beginning on or after 1 January 2027) specifies reduced disclosure requirements that an eligible entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. The Directors are reviewing these amendments and new standards. IFRS 18 will have some presentational impacts on the financial statements which are currently being assessed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-11": {
"value": "3. Significant accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. 3.1 Critical accounting estimates and assumptions The principal estimates that may be material to the carrying amount of assets and liabilities are as follows: 3.1.1 Valuation of investment property The value of investment property, is determined by independent property valuation experts to be the estimated amount for which a property should exchange on the date of the valuation in an arm\u2019s length transaction less the value of assets arising from rent smoothing. Properties have been valued on an individual basis. The valuation experts use recognised valuation techniques applying the principles of both IAS 40 and IFRS 13. The value of the properties has been assessed in accordance with the relevant parts of the current RICS Red Book. In particular, we have assessed the fair value as referred to in VPS4 item 7 of the RICS Red Book. Under these provisions, the term \u201cFair Value\u201d means the definition adopted by the International Accounting Standards Board (\u201cIASB\u201d) in IFRS 13, namely \u201cThe price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date\u201d. Factors reflected include current market conditions, annual rentals, lease lengths and location. The significant methods and assumptions used by the valuers in estimating the fair value of investment property are set out in note 14. Sensitivity analysis for investment property valuations are included in note 14. The fair value of investment property is equal to the independent property valuer\u2019s valuation of \u00a3555.2m (2024: \u00a3622.5m) less the value of the assets arising from rent smoothing of \u00a313.0m (2024: \u00a315.0m). 3.2 Critical judgements in applying the Group\u2019s accounting policies In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: 3.2.1 Operating lease contracts \u2013 the Group as lessor The Group has acquired investment properties that are subject to commercial property leases with tenants. The Group has determined, based on an evaluation of the terms and conditions of the arrangements, particularly the duration of the lease terms and minimum lease payments, that it retains all of the significant risks and rewards of ownership of these properties and so accounts for the leases as operating leases. 3.2.2 Consolidation of entities in which the Group holds less than 50% but has power to control Management considered that up until 9 November 2018, the Group had de facto control of View Castle Limited and its 27 subsidiaries (the \u201cView Castle Sub Group\u201d) by virtue of the amended and restated Call Option Agreement dated 3 November 2015. Following a restructure of the View Castle Sub Group, the majority of properties held within the View Castle Sub Group now reside in a new special purpose vehicle (\u201cSPV\u201d). A new call option was entered into dated 9 November 2018 with View Castle Limited and five of its subsidiaries (the \u201cView Castle Group\u201d). As per the previous amended and restated Call Option Agreement, under this new option the Group may acquire any of the properties held by the View Castle Group (valued at 31 December 2025 at \u00a314,160,000), for a fixed nominal consideration. Despite having no equity holding, the Group is deemed to have control over the View Castle Group as the Option Agreement means that the Group is exposed to, and has rights to, variable returns from its involvement with the View Castle Group, through its powe to control. 3.2.3 Recognition of income Service charges and other similar receipts are included in net rental and property income gross of the related costs as the Directors consider the Group acts as principal in this respect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-14": {
"value": "4.3 Associates Associates are entities over which the investor has significant influence, being the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies, and holds 20% or more of the voting power. The Group adopts the equity method of accounting on such assets. On initial recognition, the investment in an associate is recognised at cost, and the carrying amount is increased or decreased, to recognise the investor's share of the profit or loss in the associate after the date of acquisition less distributions received. The Group's share of the Associates' profit or loss is recorded in the Consolidated Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-248": {
"value": "4.3 Associates Associates are entities over which the investor has significant influence, being the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies, and holds 20% or more of the voting power. The Group adopts the equity method of accounting on such assets. On initial recognition, the investment in an associate is recognised at cost, and the carrying amount is increased or decreased, to recognise the investor's share of the profit or loss in the associate after the date of acquisition less distributions received. The Group's share of the Associates' profit or loss is recorded in the Consolidated Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-12": {
"value": "4.1 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the date of the Statement of Financial Position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-13": {
"value": "4.2 Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated in full. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies. 4.2.1 Disposal of subsidiaries When the Group ceases to have control over an entity, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in the carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-15": {
"value": "4.4 Segmental information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision-maker is the Board of Directors. After a review of the information provided for management purposes, it was determined that the Group has one operating segment and therefore segmental information is not disclosed in these consolidated financia statements. No single customer comprises in excess of 10% of the Group's revenue in either 2025 or 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-16": {
"value": "4.5 Investment property Investment property comprises freehold or leasehold properties that are held to earn rentals or for capital appreciation, or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. Investment property is recognised, usually, on legal completion, when the risks and rewards of ownership have been transferred, and is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of being utilised in the manner intended. Subsequent to initial recognition, investment property is stated at fair value. The Group recognise the fair value of investment property to be the value calculated by the independent property valuer less the value of assets arising from rent smoothing. Gains or losses arising from changes in the fair value are included in the Group\u2019s Consolidated Statement of Comprehensive Income in the period in which they arise under IAS 40, \u2018Investment Property\u2019. Additions to investment property include costs of a capital nature only. Expenditure is classified as capital when it results in identifiable future economic benefits, which are expected to accrue to the Group. All other property expenditure is charged in the Group\u2019s Consolidated Statement of Comprehensive Income as incurred. Investment properties cease to be recognised when they have been disposed of or withdrawn permanently from use and no future economic benefit is expected. The difference between the net disposal proceeds and the carrying amount of the asset (being the fair value at the start of the financial year) would result in either gains or losses at the retirement or disposal of investment property. Any gains or losses are recognised in the Group\u2019s Consolidated Statement of Comprehensive Income in the period of retirement or disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-18": {
"value": "4.7 Financial assets The Group classifies its financial assets as at fair value through profit or loss or at amortised cost, depending on the purpose for which the asset was acquired. Currently the only assets classified at fair value through profit or loss are derivative financial instruments. Assets held at amortised cost arise principally from the provision of goods and services (e.g. trade and other receivables), but also incorporate other financial assets where the objective is to hold these assets in order to collect contractual cash flows which comprise the payment of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost being the effective interest rate method, les s provision for impairment. The Group\u2019s financial assets comprise, \u2018trade and other receivables\u2019, \u2018tenant loan\u2019 and \u2018cash and cash equivalents\u2019. The tenant loan relates to a loan made to a tenant which is subject to interest. The amount receivable has been recognised at amortised cost using the effective interest method. Impairment provisions are recognised based on the expected credit loss model detailed within IFRS 9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-250": {
"value": "4.7 Financial assets The Group classifies its financial assets as at fair value through profit or loss or at amortised cost, depending on the purpose for which the asset was acquired. Currently the only assets classified at fair value through profit or loss are derivative financial instruments. Assets held at amortised cost arise principally from the provision of goods and services (e.g. trade and other receivables), but also incorporate other financial assets where the objective is to hold these assets in order to collect contractual cash flows which comprise the payment of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost being the effective interest rate method, les provision for impairment. The Group\u2019s financial assets comprise, \u2018trade and other receivables\u2019, \u2018tenant loan\u2019 and \u2018cash and cash equivalents\u2019. The tenant loan relates to a loan made to a tenant which is subject to interest. The amount receivable has been recognised at amortised cost using the effective interest method. Impairment provisions are recognised based on the expected credit loss model detailed within IFRS 9. Trade and other receivables are recognised initially at fair value and subsequently carried at amortised cost less provision for impairment. Where the time value of money is material, receivables are carried at amortised cost using the effective interest method. Impairment provisions are recognised based on the expected credit loss model detailed within IFRS 9. The Group recognises a loss allowance for expected credit losses on trade receivables. The loss allowance is based on lifetime expected credit losses. Trade receivables are grouped based on shared credit risk characteristics and the days past due. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition. The expected credit losses on these financial assets are estimated based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Impaired balances are reported net, however, impairment provisions are recorded within a separate provision account with the loss being recognised within administration costs within the Consolidated Statement of Comprehensive Income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-17": {
"value": "4.6 Derivative financial instruments Derivative financial instruments, comprising interest rate caps and swaps for hedging purposes, are initially recognised at fair value and are subsequently measured at fair value, being the estimated amount that the Group would receive or pay to sell or transfer the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the lender and its counterparties. The gain or loss at each fair value remeasurement date is recognised in the Group\u2019s Consolidated Statement of Comprehensive Income. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-249": {
"value": "4.6 Derivative financial instruments Derivative financial instruments, comprising interest rate caps and swaps for hedging purposes, are initially recognised at fair value and are subsequently measured at fair value, being the estimated amount that the Group would receive or pay to sell or transfer the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the lender and its counterparties. The gain or loss at each fair value remeasurement date is recognised in the Group\u2019s Consolidated Statement of Comprehensive Income. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-269": {
"value": "4.6 Derivative financial instruments Derivative financial instruments, comprising interest rate caps and swaps for hedging purposes, are initially recognised at fair value and are subsequently measured at fair value, being the estimated amount that the Group would receive or pay to sell or transfer the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the lender and its counterparties. The gain or loss at each fair value remeasurement date is recognised in the Group\u2019s Consolidated Statement of Comprehensive Income. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-276": {
"value": "4.6 Derivative financial instruments Derivative financial instruments, comprising interest rate caps and swaps for hedging purposes, are initially recognised at fair value and are subsequently measured at fair value, being the estimated amount that the Group would receive or pay to sell or transfer the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the lender and its counterparties. The gain or loss at each fair value remeasurement date is recognised in the Group\u2019s Consolidated Statement of Comprehensive Income. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole. 4.7 Financial assets The Group classifies its financial assets as at fair value through profit or loss or at amortised cost, depending on the purpose for which the asset was acquired. Currently the only assets classified at fair value through profit or loss are derivative financial instruments. Assets held at amortised cost arise principally from the provision of goods and services (e.g. trade and other receivables), but also incorporate other financial assets where the objective is to hold these assets in order to collect contractual cash flows which comprise the payment of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost being the effective interest rate method, les s provision for impairment. The Group\u2019s financial assets comprise, \u2018trade and other receivables\u2019, \u2018tenant loan\u2019 and \u2018cash and cash equivalents\u2019. The tenant loan relates to a loan made to a tenant which is subject to interest. The amount receivable has been recognised at amortised cost using the effective interest method. Impairment provisions are recognised based on the expected credit loss model detailed within IFRS 9. 4.8 Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently carried at amortised cost less provision for impairment. Where the time value of money is material, receivables are carried at amortised cost using the effective interest method. Impairment provisions are recognised based on the expected credit loss model detailed within IFRS 9. The Group recognises a loss allowance for expected credit losses on trade receivables. The loss allowance is based on lifetime expected credit losses. Trade receivables are grouped based on shared credit risk characteristics and the days past due. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition. The expected credit losses on these financial assets are estimated based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Impaired balances are reported net, however, impairment provisions are recorded within a separate provision account with the loss being recognised within administration costs within the Consolidated Statement of Comprehensive Income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Lease premiums and other lease incentives provided to tenants are recognised as an asset and amortised over the period from date of lease commencement to termination date. As disclosed in note 4.13, rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease terms, this practice is known as rent smoothing. As a result, income is often recognised ahead of rent invoices, so an asset arises on rent smoothing which is included in the trade and other receivables note 18. This amount is not considered to be a financial instrument. 4.10 Trade and other payables Trade and other payables are initially recognised at their fair value being at their invoiced value inclusive of any VAT that may be applicable. Payables are subsequently measured at amortised cost using the effective interest method. 4.11 Bank and other borrowings All bank and other borrowings (comprising bank loans and retail eligible bonds) are initially recognised at cost net of attributable transaction costs. Any attributable transaction costs relating to the issue of the bank borrowings are amortised through the Group\u2019s Statement of Comprehensive Income over the life of the debt instrument on a straight-line basis. After initial recognition, all bank and other borrowings are measured at amortised cost, using the effective interest method. Bank and other borrowings are derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in Group\u2019s Consolidated Statement of Comprehensive Income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-19": {
"value": "4.8 Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently carried at amortised cost less provision for impairment. Where the time value of money s material, receivables are carried at amortised cost using the effective interest method. Impairment provisions are recognised based on the expected credit loss model detailed within IFRS 9. The Group recognises a loss allowance for expected credit osses on trade receivables. The loss allowance is based on lifetime expected credit losses. Trade receivables are grouped based on shared credit risk characteristics and the days past due. The amount of expected credit losses s updated at each reporting date to reflect changes in credit risk since initial recognition. The expected credit osses on these financial assets are estimated based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Impaired balances are reported net, however, impairment provisions are recorded within a separate provision account with the loss being recognised within administration costs within the Consolidated Statement of Comprehensive Income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Lease premiums and other lease incentives provided to tenants are recognised as an asset and amortised over the period from date of lease commencement to termination date. As disclosed in note 4.13, rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease terms, this practice s known as rent smoothing. As a result, income is often recognised ahead of rent invoices, so an asset arises on rent smoothing which is included in the trade and other receivables note 18. This amount is not considered to be a financial instrument. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-21": {
"value": "4.10 Trade and other payables Trade and other payables are initially recognised at their fair value being at their invoiced value inclusive of any VAT that may be applicable. Payables are subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-251": {
"value": "4.10 Trade and other payables Trade and other payables are initially recognised at their fair value being at their invoiced value inclusive of any VAT that may be applicable. Payables are subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-22": {
"value": "4.11 Bank and other borrowings All bank and other borrowings (comprising bank loans and retail eligible bonds) are initially recognised at cost net of attributable transaction costs. Any attributable transaction costs relating to the issue of the bank borrowings are amortised through the Group\u2019s Statement of Comprehensive Income over the life of the debt instrument on a straight-line basis. After initial recognition, all bank and other borrowings are measured at amortised cost, using the effective interest method. Bank and other borrowings are derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in Group\u2019s Consolidated Statement of Comprehensive Income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-252": {
"value": "Bank and other borrowings are derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in Group\u2019s Consolidated Statement of Comprehensive Income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-23": {
"value": "4.12 Dividends payable to Shareholders Equity dividends are recognised and accrued from the date declared and when they are no longer at the discretion of the Company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-20": {
"value": "4.9 Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at banks with original maturities of three months or less. Cash also includes amounts held in restricted accounts that are unavailable for everyday use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-24": {
"value": "4.13 Rental and property income Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease terms and is included in gross rental and property income in the Group\u2019s Consolidated Statement of Comprehensive Income. For leases which contain fixed or minimum uplifts, the rental income arising from such uplifts is recognised on a straight-line basis over the lease term. Tenant lease incentives are recognised as a reduction of rental revenue on a straight-line basis over the term of the lease. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option. Surrender premiums received from tenants to terminate leases or surrender premises are recognised in the Group\u2019s Statement of Comprehensive Income when the right to receive them arises. Dilapidation income is recognised in the Group\u2019s Statement of Comprehensive Income when the right to receive it arises. When the Group is acting as an agent, the commission, rather than gross income, is recorded as revenue. Income arising from expenses recharged to tenants is recognised in the year in which the compensation becomes receivable. Service charges and other similar receipts are included in net rental and property income gross of the related costs as the Directors consider the Group acts as principal in this respect.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-25": {
"value": "4.15 Interest income Interest income is recognised as interest accrued on cash balances held by the Group. Interest charged to a tenant on any overdue rental income is also recognised within interest income. 4.16 Finance costs Interest costs are expensed in the period in which they occur. Arrangement fees that a Group entity incurs in connection with bank and other borrowings are amortised over the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-270": {
"value": "4.15 Interest income Interest income is recognised as interest accrued on cash balances held by the Group. Interest charged to a tenant on any overdue rental income is also recognised within interest income. 4.16 Finance costs Interest costs are expensed in the period in which they occur. Arrangement fees that a Group entity incurs in connection with bank and other borrowings are amortised over the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-253": {
"value": "4.16 Finance costs Interest costs are expensed in the period in which they occur. Arrangement fees that a Group entity incurs in connection with bank and other borrowings are amortised over the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-26": {
"value": "4.17 Taxation As the Company is managed and controlled in the UK, it is considered to be tax resident in the UK. The tax currently payable is based on the taxable profit/ (loss) for the period. Taxable profit/(loss) differs from net profit/(loss) as reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted at the date of the Statement of Financial Position. The Group elected to be treated as a UK REIT with effect from 7 November 2015. The UK REIT rules exempt the profits of the Group\u2019s UK property rental business from UK Corporation Tax. Gains on UK properties are also exempt from tax, provided that they are not held for trading or sold in the three years after completion of development. The Group is otherwise subject to UK Corporation Tax. There are a small number of entities within the Group which fall outside the REIT rules and are subject to UK taxes on profits and property gains. 4.18 Deferred tax Deferred tax is provided in full using the liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit/(loss). The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax rates (and tax laws) enacted or substantively enacted at the date of the Statement of Financial Position. A deferred tax asset is recognised only to the extent that it is probable that future profits will be available for offset. The deferred tax liability in relation to investment properties that are measured at fair value is determined assuming that the property will be recovered entirely through sale. Deferred tax has been recognised on the unrealised property valuation gains/(losses) of properties owned by Group entities which fall outside of the REIT tax rules. The current rate of UK Corporation Tax is 25%.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-27": {
"value": "4.19 Stated capital Stated capital represents the consideration received by the Company for the issue of Ordinary Shares. Ordinary Shares are classed as equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-28": {
"value": "4.20 Leased assets The Group has a number of leases concerning the long- term lease of land associated with its long leasehold investment properties. These leased assets are capitalised as \u201cright of use assets\u201d by recognising the present value of the lease payments as an asset and a financial liability representing the obligation to make future lease payments. Right of use assets are valued at fair value and the change in fair value is recognised in the Consolidated Statement of Comprehensive Income. The associated financial liability is valued at the present value of future lease payments using an applicable incremental borrowing rate. The value of the financial liability is revalued at each reporting date. Lease payments reduce the financial liability and interest on the financial liability is recognised in finance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-254": {
"value": "4.18 Deferred tax Deferred tax is provided in full using the liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit/(loss). The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax rates (and tax laws) enacted or substantively enacted at the date of the Statement of Financial Position. A deferred tax asset is recognised only to the extent that it is probable that future profits will be available for offset. The deferred tax liability in relation to investment properties that are measured at fair value is determined assuming that the property will be recovered entirely through sale. Deferred tax has been recognised on the unrealised property valuation gains/(losses) of properties owned by Group entities which fall outside of the REIT tax rules. The current rate of UK Corporation Tax is 25%.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-279": {
"value": "5. Rental and property income Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Rental income - freehold property 50,235 53,406 Rental income - long leasehold property 10,197 11,833 Recoverable service charge income and other similar items 18,196 25,742 Total 78,628 90,981 6. Property costs Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Direct Vacancy Irrecoverable costs 19,011 17,791 Other property expenses 1,166 1,488 Recoverable service charge expenditure and other similar costs 18,196 25,742 Total 38,373 45,021 Direct vacancy costs include service charges, utility costs, rates, insurance, repairs and maintenance. 7. Administrative and other expenses Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Investment management fees 1,947 1,362 Property management fees 2,257 2,541 Asset management fees 1,949 1,360 Directors' remuneration (see note 8) 309 265 Administrative fees 662 679 Legal and professional fees 2,205 2,509 Marketing and promotion 83 71 Other administrative costs 220 186 Allowance for doubtful debts 299 454 Abortive costs - 412 Bank charges 13 12 Total 9,944 9,851",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-29": {
"value": "5. Rental and property income Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Rental income - freehold property 50,235 53,406 Rental income - long leasehold property 10,197 11,833 Recoverable service charge income and other similar items 18,196 25,742 Total 78,628 90,981 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-277": {
"value": "5. Rental and property income Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Rental income - freehold property 50,235 53,406 Rental income - long leasehold property 10,197 11,833 Recoverable service charge income and other similar items 18,196 25,742 Total 78,628 90,981 6. Property costs Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Direct Vacancy Irrecoverable costs 19,011 17,791 Other property expenses 1,166 1,488 Recoverable service charge expenditure and other similar costs 18,196 25,742 Total 38,373 45,021 Direct vacancy costs include service charges, utility costs, rates, insurance, repairs and maintenance. 7. Administrative and other expenses Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Investment management fees 1,947 1,362 Property management fees 2,257 2,541 Asset management fees 1,949 1,360 Directors' remuneration (see note 8) 309 265 Administrative fees 662 679 Legal and professional fees 2,205 2,509 Marketing and promotion 83 71 Other administrative costs 220 186 Allowance for doubtful debts 299 454 Abortive costs - 412 Bank charges 13 12 Total 9,944 9,851",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-30": {
"value": "6. Property costs Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Direct Vacancy Irrecoverable costs 19,011 17,791 Other property expenses 1,166 1,488 Recoverable service charge expenditure and other similar costs 18,196 25,742 Total 38,373 45,021 Direct vacancy costs include service charges, utility costs, rates, insurance, repairs and maintenance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-255": {
"value": "7. Administrative and other expenses
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Investment management fees
1,947
1,362
Property management fees
2,257
2,541
Asset management fees
1,949
1,360
Directors' remuneration (see note 8)
309
265
Administrative fees
662
679
Legal and professional fees
2,205
2,509
Marketing and promotion
83
71
Other administrative costs
220
186
Allowance for doubtful debts
299
454
Abortive costs
-
412
Bank charges
13
12
Total 9,944 9,851
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-31": {
"value": "7. Administrative and other expenses Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Investment management fees 1,947 1,362 Property management fees 2,257 2,541 Asset management fees 1,949 1,360 Directors' remuneration (see note 8) 309 265 Administrative fees 662 679 Legal and professional fees 2,205 2,509 Marketing and promotion 83 71 Other administrative costs 220 186 Allowance for doubtful debts 299 454 Abortive costs - 412 Bank charges 13 12 Total 9,944 9,851",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-271": {
"value": "7. Administrative and other expenses Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Investment management fees 1,947 1,362 Property management fees 2,257 2,541 Asset management fees 1,949 1,360 Directors' remuneration (see note 8) 309 265 Administrative fees 662 679 Legal and professional fees 2,205 2,509 Marketing and promotion 83 71 Other administrative costs 220 186 Allowance for doubtful debts 299 454 Abortive costs - 412 Bank charges 13 12 Total 9,944 9,851",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-32": {
"value": "Services provided by the Company's Auditor and its associates The Group has obtained the following services from the Company\u2019s Auditor and its associates: Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual 114 110 accounts Fees payable to the Group\u2019s Auditor and its associates for the audit of the 147 147 Company\u2019s subsidiaries Total fees payable for audit services 261 257 Fees payable to the Group\u2019s Auditor and its associates for other services: Audit-related services 34 33 Corporate finance work for the share issue - 150 Total fees payable to the Group\u2019s Auditor and its associates 295 440",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-33": {
"value": "8. Directors\u2019 remuneration Key management comprises the Directors of the Company. A summary of the Directors\u2019 emoluments is set out in the Directors\u2019 Remuneration Report on page 155. Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Directors' fees 289 243 Employer\u2019s National Insurance contributions 20 22 Total 309 265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-256": {
"value": "9. Finance income
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest income 991 1,394
Total 991 1,394
10. Finance expense
Year ended
Year ended
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Interest payable on bank borrowings
10,251
11,881
Amortisation of loan arrangement fees
1,561
1,497
Bond interest
-
1,344
Bond issue costs amortised
-
93
Bond expenses
-
5
Lease interest
403
404
Total 12,215 15,224
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-278": {
"value": "9. Finance income Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Interest income 991 1,394 Total 991 1,394 10. Finance expense Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Interest payable on bank borrowings 10,251 11,881 Amortisation of loan arrangement fees 1,561 1,497 Bond interest - 1,344 Bond issue costs amortised - 93 Bond expenses - 5 Lease interest 403 404 Total 12,215 15,224",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-272": {
"value": "9. Finance income Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Interest income 991 1,394 Total 991 1,394 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-34": {
"value": "9. Finance income Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Interest income 991 1,394 Total 991 1,394 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-273": {
"value": "10. Finance expense Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Interest payable on bank borrowings 10,251 11,881 Amortisation of loan arrangement fees 1,561 1,497 Bond interest - 1,344 Bond issue costs amortised - 93 Bond expenses - 5 Lease interest 403 404 Total 12,215 15,224",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-35": {
"value": "10. Finance expense Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Interest payable on bank borrowings 10,251 11,881 Amortisation of loan arrangement fees 1,561 1,497 Bond interest - 1,344 Bond issue costs amortised - 93 Bond expenses - 5 Lease interest 403 404 Total 12,215 15,224",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-36": {
"value": "11. Taxation Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Corporation tax (credit)/ charge (27) 32 Increase in deferred tax liability 13 33 Total (14) 65 The current tax charge is reduced by the UK REIT tax exemptions. The tax charge for the year can be reconciled to the loss in the Consolidated Statement of Comprehensive Income as follows: Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Loss before taxation (16,366) (39,474) UK Corporation Tax rate 25.00% 25.00% Theoretical tax at UK Corporation Tax rate (4,092) (9,868) Effects of: Revaluation of investment property 6,653 14,183 Permanent differences (87) (169) Profits from the tax-exempt business (2,501) (4,114) Deferred tax movement 13 33 Total (14) 65 Permanent differences are the differences between an entity's taxable profits and its results as stated in the financial statements. These arise because certain types of income and expenditure are non-taxable or disallowable, or because certain tax charges or allowances have no corresponding amounts in the financial statements. The Group elected to be treated as a UK REIT with effect from 7 November 2015. The UK REIT rules exempt the profits of the Group's UK property rental business from corporation tax. Gains on UK properties are also exempt from tax, provided they are not held for trading purposes or sold in the three years after completion of development. The Group is otherwise subject to UK corporation tax. As a REIT, Regional REIT Ltd is required to pay PID's equal to at least 90% of the Group's exempted net income. To retain UK REIT status, there are a number of conditions to be met in respect of the principal company of the Group, the Group's qualifying activity and its balance of business. The Group continues to meet these conditions. UK Corporation Tax arises on entities which form part of the Group consolidated accounts but do not form part o the REIT group. Due to the Group's REIT status and its intention to continue meeting the conditions required to maintain this status for the foreseeable future, no provision has been made for deferred tax on any capital gains or losse arising on the revaluation or disposal of investments hel by entities within the REIT group. No deferred tax asset has been recognised in respect of losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-37": {
"value": "12. Earnings per Share Earnings per Share amounts are calculated by dividing (losses)/profits for the year attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the year. In accordance with IAS 33 \"Earnings per Share\", the weighted average number of shares have been recalculated as though the bonus issue and share consolidation were in place from 1 January 2024. The calculation of basic and diluted earnings per Share is based on the following: ear ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Calculation of earnings per Share Net loss attributable to Ordinary Shareholders (16,352) (39,539) Adjustments to remove: Change in value of investment properties 26,612 56,732 Change in value of right of use assets 139 138 Loss on disposal of investment properties 3,172 3,180 Changes in fair value of interest rate derivatives and financial assets 5,506 1,703 Abortive costs - 412 Deferred tax charge 13 33 EPRA earnings 19,090 22,659 Weighted average number of Ordinary Shares 162,088,483 118,199,045 Loss per Share - basic and diluted (10.1)p (33.5)p EPRA earnings per Share \u2013 basic and diluted 11.8p 19.2p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-38": {
"value": "13. Dividends All dividend rates stated in this note represent the dividend rates announced to the London Stock Exchange. Following a share issue and 1 for 10 share consolidation on 29 July 2024, the number of Ordinary Shares in issue decreased from 515,736,583 Ordinary Shares to 162,088,483 Ordinary Shares. Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Dividend of 2.20 (2024: 1.20) pence per Ordinary Share for the period 1 October \u2013 31 December 3,565 6,188 Dividend of 2.50 (2024: 1.20) pence per Ordinary Share for the period 1 January \u2013 31 March 4,052 6,189 Dividend of 2.50 (2024: 2.20) pence per Ordinary Share for the period 1 April \u2013 30 June 4,052 3,566 Dividend of 2.50 (2024: 2.20) pence per Ordinary Share for the period 1 July \u2013 30 September 4,052 3,567 Unpaid dividends held by Registrar (1) (70) Total 15,720 19,440 On 20 February 2025, the Company announced a dividend of 2.20 pence per Share in respect of the period 1 October 2024 to 31 December 2024. The dividend payment was made on 4 April 2025 to shareholders on the register as at 28 February 2025. On 15 May 2025, the Company announced a dividend of 2.50 pence per Share in respect of the period 1 January 2025 to 31 March 2025. The dividend payment was made on 11 July 2025 to shareholders on the register as at 23 May 2025. On 9 September 2025, the Company announced a dividend of 2.50 pence per Share in respect of the period 1 April 2025 to 30 June 2025. The dividend payment was made on 17 October 2025 to shareholders on the register as at 19 September 2025. On 12 November 2025, the Company announced a dividend of 2.50 pence per Share in respect of the period 1 July 2025 to 30 September 2025. The dividend payment was made on 9 January 2026 to shareholders on the register as at 21 November 2025. On 19 February 2026, the Company announced a dividend of 2.50 pence per Share in respect of the period 1 October 2025 to 31 December 2025. The dividend will be paid on 10 April 2026 to shareholders on the register as at 27 February 2026. The financial statements do not reflect this dividend. The Board intends to pursue a dividend policy with quarterly dividend distributions. The level of future payment of dividends will be determined by the Board having regard to, amongst other things, the financial position and performance of the Group at the relevant time, UK REIT requirements, and the interest of shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-39": {
"value": "14. Investment properties In accordance with International Accounting Standard, IAS 40, \u2018Investment Property\u2019, investment property has been independently valued at fair value by Colliers International Property Consultants Limited, an accredited independent valuer with recognised and relevant professional qualifications and with recent experience in the locations and categories of the investment properties being valued. The valuations have been prepared in accordance with the RICS Red Book and incorporate the recommendations of the International Valuation Standards Committee which are consistent with the principles set out in IFRS 13. The valuations are the ultimate responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the Board. reehold Long Leasehold Group Movement in investment properties for the year ended Property Property Total 31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Valuation at 1 January 2025 492,896 129,584 622,480 Property additions - acquisitions 1,160 - 1,160 Property additions - subsequent expenditure 8,143 3,639 11,782 Disposal proceeds, net of costs (48,193) (232) (48,425) Loss on disposal of investment properties (3,094) (78) (3,172) Change in fair value during the period (20,976) (7,619) (28,595) Valuation advised by the property valuers at 31 December 2025 429,936 125,294 555,230 Less adjustment for rent smoothing assets (note 18) (9,780) (3,259) (13,039) Fair Value at 31 December 2025 420,156 122,035 542,191 Freehold Long Leasehold Group Movement in investment properties for the year Property Property Total ended 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Valuation at 1 January 2024 562,395 138,325 700,720 Property additions - acquisitions - - - Property additions - subsequent expenditure 7,286 963 8,249 Disposal proceeds, net of costs (28,574) - (28,574) Loss on disposal of investment properties (3,180) - (3,180) Change in valuation during the period (45,031) (9,704) (54,735) Valuation advised by the property valuers at 31 December 2024 492,896 129,584 622,480 Less adjustment for rent smoothing assets (note 18)* (10,795) (4,227) (15,022) Fair Value at 31 December 2024 482,101 125,357 607,458 * The analysis of the comparative rent smoothing adjustment between leasehold and freehold property has been updated. The net book value of properties disposed of during the year amounted to \u00a351,597,000 (2024: \u00a331,754,000). The historic cost of the properties is \u00a3773,287,000 (2024: \u00a3850,152,000). Bank borrowings are secured by charges over investment properties held by certain asset\u2013holding subsidiaries. The banks also hold charges over the shares of certain subsidiaries and any intermediary holding companies of those subsidiaries. The independent valuer's assessment of the value of investment properties secured at 31 December 2025 was \u00a3555,230,000 (2024: \u00a3622,480,000). The table below shows the total change in fair value during the year. 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Change in valuation during the period (28,595) (54,735) Change in rent smoothing assets adjustment 1,983 (1,997) Total (26,612) (56,732) The following table provides the fair value measurement hierarchy for investment property: Significant Significant Quoted active observable unobservable prices inputs inputs Total (level 1) (level 2) (level 3) Date of valuation: \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 31 December 2025 542,191 - - 542,191 31 December 2024 607,458 - - 607,458 The hierarchy levels are defined in note 30. It has been determined that the entire investment properties portfolio should be classified under the level 3 category. The table below shows the movement in the year on the level 3 category: Year ended Year ended 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Balance at the start of the year 607,458 687,695 Additions 12,942 8,249 Disposals (48,425) (28,574) Loss on the disposal of investment properties (3,172) (3,180) Change in fair value during the year (26,612) (56,732) Balance at the end of the year 542,191 607,458 The determination of the fair value of the investment properties held by each consolidated subsidiary requires the use of estimates such as future cash flows from investment properties, which take into consideration lettings, tenants\u2019 profiles, future revenue streams, any environmental matters and the overall repair and condition of the property, and discount rates applicable to those assets. Future revenue streams comprise contracted rent (passing rent) and Estimated Rental Value (ERV) after the contract period. In calculating ERV, the potential impact of future lease incentives to be granted to secure new contracts is taken into consideration. All these estimates are based on local market conditions existing at the reporting date. As at 31 December 2025, the estimated fair value of each property has been primarily derived using comparable recent market transactions on arm\u2019s length terms and assessed in accordance with the relevant parts of the RICS Red Book. The impact of climate change on the portfolio and the principal risk around environmental and energy efficiency standards are disclosed in the Strategic Report on page 93. Techniques used for valuing investment properties The following descriptions and definitions relate to valuation techniques and key significant inputs made in determining the fair values: Valuation technique: market comparable method Under the market comparable method (or market approach), a property's fair value is estimated based on comparable transactions in the market. Significant input: market rental The rent at which space could be let in the market conditions prevailing at the date of valuation range: \u00a316,200 - \u00a33,512,000 per annum (2024: \u00a314,200 - \u00a33,237,000 per annum) Significant input: rental growth Rental Growth: decrease in contracted income of -13.79% (2024: 8.64% decrease) from December 2024 (\u00a353,840,436) to December 2025 (\u00a346,413,666). There is a gross contracted rent reduction, as per normal operations it is a combination of property disposals, space under refurbishments and lease expiries. Significant input: equivalent yield The time-weighted average return that a property will produce including purchase costs. The equivalent yield generally sits between the net initial yield and reversionar yield. See below table. Unobservable inputs The significant unobservable inputs (level 3) are sensitive to changes in the estimated future cash flows from investment properties such as increases and decreases in contracted rents, operating expenses and capital expenses, plus transactional activity in the real estate market. Geographical and sector specific market evidence reviewed in the course of preparing the December 2025 valuation had an initial yield range of 6.0% to 20.9% (2024 6.00% to 25.19%). As set out within the significant accounting estimates and judgements, the Group\u2019s property portfolio valuation is open to judgement and is inherently subjective by nature, and actual values can only be determined in a sales transaction. ERV and equivalent yield by sector: Significant Unobservable Inputs ERV Range ERV Weighted Equivalent Valuation (\u00a3 per average (\u00a3 per Equivalent Yield Yield Weighted Sector \u00a3'000 sq ft p.a) sq ft) Range % Average % As at December 2025 \u00a34.00 - Industrial \u00a323,825.00 7.07 6.40% - 21.38% 8.51% \u00a39.49 Retail \u00a320,290.00 \u00a32.07 - \u00a340.00 15.94 8.20% - 13.41% 8.82% Alternatives \u00a39,550.00 \u00a35.00 - \u00a313.50 9.28 9.67% 9.67% Office by Region Office South East \u00a388,075.00 \u00a35.00 - \u00a329.01 18.65 8.24% - 32.55% 10.28% Office South West \u00a353,950.00 \u00a312.28 - \u00a322.90 18.54 9.93%- 14.34% 11.33% Office Midlands \u00a3112,590.00 \u00a33.01 - \u00a335.04 15.37 9.52% - 12.10% 10.97% Office North West \u00a362,725.00 \u00a36.61 - \u00a321.99 16.95 8.53% - 16.59% 10.89% Office North East \u00a389,950.00 \u00a38.29 - \u00a337.13 18.13 8.36% - 12.00% 10.21% Office Wales \u00a317,650.00 \u00a310.01 - \u00a313.50 12.01 8.89% - 11.01% 10.48% Office Scotland \u00a376,625.00 \u00a34.50 - \u00a390.21 17.77 9.39% - 14.16% 10.41% Total \u00a3555,230.00 The impact of changes to the significant unobservable inputs: 2025 2025 2024 2024 Impact on Impact on Impact on Impact on statement of statement of statement of statement of comprehensive financial comprehensive financial income \u00a3'000 position \u00a3'000 income \u00a3'000 position \u00a3'000 Improvement in ERV by 5% 25,062 25,062 27,490 27,490 Worsening in ERV by 5% (24,787) (24,787) (27,009) (27,009) Improvement in yield by 0.125% 8,061 8,061 9,064 9,064 Worsening in yield by 0.125% (7,837) (7,837) (8,792) (8,792) The 0.125% yield movement applied is considered reasonable, as it reflects a shift commonly observed in normal market conditions and is consistent with independent valuer guidance for diversified UK commercial real estate portfolios. This margin therefore represents a reasonably possible change in key unobservable inputs at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-257": {
"value": "14. Investment properties In accordance with International Accounting Standard, IAS 40, \u2018Investment Property\u2019, investment property has been independently valued at fair value by Colliers International Property Consultants Limited, an accredited independent valuer with recognised and relevant professional qualifications and with recent experience in the locations and categories of the investment properties being valued. The valuations have been prepared in accordance with the RICS Red Book and incorporate the recommendations of the International Valuation Standards Committee which are consistent with the principles set out in IFRS 13. The valuations are the ultimate responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the Board. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-40": {
"value": "15. Investment in subsidiaries List of subsidiaries which are 100% owned and controlled by the Group: Country of Ownership incorporation % 1 Beaufort Office Park Management Company Limited United Kingdom 100% 1 Glasgow Airport Business Park Management Company Limited United Kingdom 100% 1 Origin Apartments Management Company Limited United Kingdom 100% 2 Regional Commercial MIDCO Ltd Jersey 100% 2 RR Bennett House Ltd Jersey 100% 2 RR Brand Street Ltd Jersey 100% 2 RR Bristol Ltd Jersey 100% 2 RR Chancellor Court Ltd Jersey 100% 2 RR Falcon Ltd Jersey 100% 2 RR Glasgow Ltd Jersey 100% 6 RR Glasgow II Ltd United Kingdom 100% 2 RR Harvest Ltd Jersey 100% 2 RR Hounds Gate Ltd Jersey 100% 2 RR Milburn House Ltd Jersey 100% 2 RR Minton Place Ltd Jersey 100% 2 RR Newstead Court Ltd Jersey 100% 2 RR Portland Street Ltd Jersey 100% 2 RR Rainbow (Aylesbury) Ltd Jersey 100% 2 RR Rainbow (North) Ltd Jersey 100% 2 RR Rainbow (South) Ltd Jersey 100% 2 RR Range Ltd Jersey 100% 5 RR Reflex Limited United Kingdom 100% 3 RR Sea Dundee Ltd United Kingdom 100% 3 RR Sea Hanover Street Ltd United Kingdom 100% 2 RR Sea Lamont I Ltd Jersey 100% 2 RR Sea Lamont II Ltd Jersey 100% 3 RR Sea St. Helens Ltd United Kingdom 100% Country of Ownership incorporation % 3 RR Sea Stafford Ltd United Kingdom 100% 3 RR Sea Strand Ltd United Kingdom 100% 4 RR Sea TAPP Ltd Guernsey 100% 4 RR Sea TOPP Bletchley Ltd Guernsey 100% 4 RR Sea TOPP I Ltd Guernsey 100% 2 RR Sheldon Court Ltd Jersey 100% 2 RR Star Ltd Jersey 100% 2 RR St James Court Ltd Jersey 100% 2 RR Strathclyde BP Ltd Jersey 100% 2 RR UK (Central) Ltd Jersey 100% 2 RR UK (Cheshunt) Ltd Jersey 100% 2 RR UK (Port Solent) Ltd Jersey 100% 2 RR UK (South) Ltd Jersey 100% 2 RR Wallington Ltd Jersey 100% 2 RR Westminster House Ltd Jersey 100% 2 RR Wing Portfolio Ltd Jersey 100% 2 Tay Properties Ltd Jersey 100% 2 TCP Arbos Ltd Jersey 100% 2 TCP Channel Ltd Jersey 100% Registered Office Address 1 Leeds House, Central Park, Leeds LS11 5DZ 2 Second Floor, No.4 The Forum, Grenville Street, St Helier, Jersey JE2 4UF 3 19th Floor, 51 Lime Street, London EC3M 7DQ 4 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, Guernsey GY1 2JP 5 300 Bath Street, First Floor West, Glasgow G2 4JR 6 Ferguson House, 15 Marylebone, London, NW1 5JD All of the above entities have been included in the Group\u2019s consolidated financial statements. By virtue of an Amended and Restated Call Option Agreement dated 3 November 2018, the Directors consider that the Group has control of View Castle Limited and its subsidiaries (the \u201cView Castle Group\u201d). Under this option, the Group has the ability to acquire an of the properties held by the View Castle Group by issuing an option notice for a nominal consideration of \u00a31. The recipient of the option notice will be obliged to convey its title within one month after receipt of the option notice. Despite having no equity holding, the Group controls the View Castle Group as the option agreement has the effect that the Group is exposed to, and has rights to, variable returns from its involvement with the View Castle Group through its power to control. The companies which make up the View Castle Group are as follows: Country of Control List of subsidiaries that are controlled by the Group: incorporation % 1 Credential (Wardpark North) Ltd United Kingdom 100% 1 Credential Estates Ltd United Kingdom 100% 2 Rocket Unit Trust Jersey 100% 1 Squeeze Newco 2 Ltd United Kingdom 100% 1 View Castle Ltd United Kingdom 100% 1 View Castle (Milton Keynes) Ltd United Kingdom 100% 1 View Castle (Properties) Ltd United Kingdom 100% Registered Office Address 1 300 Bath Street, First Floor West, Glasgow G2 4JR 2 Gasp\u00e9 House, 66-72 Esplanade, St Helier, Jersey JE2 3QT All of the above entities have been included in the Group\u2019s consolidated financial statements up to 31 December 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-41": {
"value": "16. Investment in associates The Company has an investment in an associate, Sugarbird Solar (UK) Limited (\u201cSolarCo\u201d), which represents 40% of the issued share capital. Sunbird Solar International (Cyprus) Limited contributed 60% of the issued share capital. The investment represents a minority interest with significant influence but not control over SolarCo. SolarCo is operated and managed by Sunbird Solar International (Cyprus) Limited. In addition the Company has a holding in a property management company acquired for nil value. The table below shows the movement in the investment during the year: 31 December 2025 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 At start of year 276 - Amounts paid for investment 96 276 Share of losses (24) - At end of year 348 276 List of companies not wholly owned by the Group: Country of incorporation Holding % HCP (Estate Management) Limited United Kingdom 49% Sugarbird Solarco (UK) Limited United Kingdom 40%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-42": {
"value": "17. Non\u2013current receivables on tenant loans 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 At start of year 337 578 Amounts repaid in the year (193) (241) At end of year 144 337 Asset due within 1 year (note 18) 144 193 Asset due after 1 year - 144 144 337 During 2016, the Group entered into a loan agreement with a tenant for \u00a31,926,000. The loan is subject to interest of 4% above the base rate of the Bank of Scotland on late payments and is repayable in instalments over ten years. No impairment has been recognised against the non current receivable as at 31 December 2025 or 31 December 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-43": {
"value": "18. Trade and other receivables 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Gross amount receivable from tenants 11,291 9,696 Less provision for impairment (252) (1,451) Net amount receivable from tenants 11,039 8,245 Current receivables \u2013 tenant loans (note 17) 144 193 Income tax - 24 Other receivables 2,169 1,495 Assets arising from rent smoothing (note 14) 13,039 15,022 Prepayments and accrued income 14,326 10,100 40,717 35,079 The maximum exposure to credit risk at the reporting date is the carrying value of the amounts disclosed above in note 30.1. The Group does not hold any collateral as security. The aged analysis of trade receivables that are past due but not impaired was as follows: 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 < 30 days 7,211 3,928 30\u201360 days 475 722 > 60 days 3,605 5,046 Net amount receivable from tenants 11,291 9,696 Less provision for impairment (252) (1,451) Net amount receivable from tenants 11,039 8,245 The Directors consider the fair value of receivables equals their carrying amount. The table above shows the aged analysis of trade receivables included in the table above which are past due but not impaired. These relate to tenants for whom there is no recent history of default. Provision for impairment of trade receivables movement as follows: 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 At start of year 1,451 915 Provision for impairment in the year 901 1,739 Receivables written off as uncollectable (1,346) (195) Unused provision reversed (754) (1,008) At end of year 252 1,451 Other categories within trade and other receivables do not include impaired assets. Receivables are written off as uncollectable where there is no reasonable expectation of recovery.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-274": {
"value": "Income tax
-
24
Value added tax 2,066 1,974 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-258": {
"value": "Assets arising from rent smoothing (note 14)
13,039
15,022
Prepayments and accrued income
14,326
10,100
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-259": {
"value": "The Group does not hold any collateral as security",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-260": {
"value": "The Directors consider the fair value of receivables equals their carrying amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-261": {
"value": "Provision for impairment of trade receivables movement as follows: 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 At start of year 1,451 915 Provision for impairment in the year 901 1,739 Receivables written off as uncollectable (1,346) (195) Unused provision reversed (754) (1,008) At end of year 252 1,451 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-44": {
"value": "19. Cash and cash equivalents 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Group Cash held at bank 37,719 55,869 Restricted cash held at bank 7 850 At end of year 37,726 56,719 Comparatives have been re-analysed between restricted and non-restricted balances. Restricted cash balances of the Group comprise: \u2022 \u00a37,000 (2024: \u00a3850,000) of funds held in blocked bank \u2022 \u00a32,710,000 (2024: \u00a32,698,000) of cash funds represent accounts which are controlled by the Group\u2019s lenders tenants\u2019 rental deposits. and are released once certain loan conditions are The restricted cash balances are all accessible within 90 met. The restricted funds arose on net proceeds from days so meet the definition of cash and cash equivalents investment property disposals. The following amounts are not analysed as restricted balances: \u2022 \u00a38,604,000 (2024: \u00a39,847,000) of cash funds represent service charge income received from tenants for settlement of future service charge expenditure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-262": {
"value": "\u2022 \u00a38,604,000 (2024: \u00a39,847,000) of cash funds represent service charge income received from tenants for settlement of future service charge expenditure. \u2022 \u00a32,710,000 (2024: \u00a32,698,000) of cash funds represent tenants\u2019 rental deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-263": {
"value": "20. Trade and other payables
31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Witholding tax due on dividends paid
512
429
Dividends announced but not paid
4,052
3,567
Trade payables
3,147
2,377
Other payables
15,521
19,182
Value added tax
2,066
1,974
Accruals
3,967
4,118
At end of year 29,265 31,647
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-45": {
"value": "20. Trade and other payables 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Witholding tax due on dividends paid 512 429 Dividends announced but not paid 4,052 3,567 Trade payables 3,147 2,377 Other payables 15,521 19,182 Value added tax 2,066 1,974 Accruals 3,967 4,118 At end of year 29,265 31,647 Other payables principally include rent deposits held and service charge costs. The Directors consider the fair value of trade and other payables to equal their carrying amounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-46": {
"value": "21. Deferred income Deferred rental income of \u00a313,540,000 (31 December 2024: \u00a314,364,000) represents rent received in advance from tenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-47": {
"value": "22. Deferred tax liabilities 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Deferred tax 754 741 At end of year 754 741 The movement on deferred tax liability is shown below: At start of year 741 708 Deferred tax on the valuation of investment properties 13 33 At end of year 754 741 The deferred tax liability relates to the potential tax liability that may crystalise when investment properties are sold. It is calculated on the revaluation gains of investment properties held by the Group which fall outside of the REIT regime.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-48": {
"value": "23. Bank and loan borrowings Bank borrowings are secured by charges over investment properties held by certain asset-holding subsidiaries. The banks also hold charges over the shares of certain subsidiaries and any intermediary holding companies of those subsidiaries. Any associated fees in arranging the bank borrowings unamortised as at the year end are offset against amounts drawn on the facilities as shown in the table below: 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Bank borrowings drawn at start of year 316,734 370,750 Bank borrowings repaid (50,508) (54,016) Bank borrowings drawn at end of year 266,226 316,734 Less: unamortised costs at start of year (4,411) (5,147) Less: loan issue costs incurred in the year (1,057) (761) Add: loan issue costs amortised in the year 1,561 1,497 At end of year 262,319 312,323 Maturity of bank borrowings Repayable within 1 year - - Repayable between 1 to 2 years 118,339 99,789 Repayable between 2 to 5 years 147,887 216,945 Repayable after more than 5 years - - Unamortised loan issue costs (3,907) (4,411) 262,319 312,323 The table below lists the Group\u2019s borrowings. Outstanding Annual Facility debt* Maturity Gross loan interest Lender \u00a3\u2019000 \u00a3\u2019000 date to value** rate Amortisation Scottish Widows Ltd & Aviva 3.28% Investors Real Estate Finance 118,339 118,339 Dec-27 50.8% Fixed None 3.37% Scottish Widows Ltd 32,325 32,325 Dec-28 45.6% Fixed None 2.40% over Royal Bank of Scotland, Bank of 3mth \u00a3 Mandatory Scotland and Santander 72,449 72,449 Dec-28 44.9% SONIA prepayment 2.20% over 3mth \u00a3 Mandatory Santander UK 43,113 43,113 Jun-29 48.5% SONIA prepayment Total bank borrowings 266,226 266,226 SONIA = Sterling Over Night Indexed Average * Before unamortised debt issue costs ** Based upon Colliers International Property Consultants Limited property valuations The percentage of borrowings at variable rates of interest was 43.4% (2024: 47.2%). The weighted average term to maturity of the Group\u2019s debt at the year end was 2.6 years (2024: 2.9 years). The weighted average interest rate payable by the Group on its total bank borrowings, excluding hedging costs, as at the year end was 4.6% (2024: 5.2%). The Group weighted average interest rate, including hedging activity at the year end, amounted to 3.3% per annum (2024: 3.4% per annum). The Group has been in compliance with all of the financial covenants relating to the above facilities as applicable throughout the year covered by these consolidated financial statements. Each facility has distinct covenants which generally include: historic interest cover, projected interest cover, LTV cover and debt service cover. A breach of agreed covenant levels would typically result in an event of default of the respective facility, giving the lender the right, but not the obligation, to declare the loan immediately due and payable. Where a loan is repaid in these circumstances, early repayment fees will apply, which are generally based on a percentage of the loan repaid or calculated with reference to the interest income foregone by the lenders as a result of the repayment. As shown in note 25, the Group uses a combination of interest rate swaps and fixed rate bearing loans to hedge against cash flow interest rate risks. The Group\u2019s exposure to interest rate volatility is minimal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-49": {
"value": "24. Retail Eligible Bonds The table below shows the movement on the Company's \u00a350,000,000 4.5% Retail Eligible Bonds that matured on 6 August 2024. These unsecured bonds were listed on the London Stock Exchange ORB platform until their maturity in the previous year. 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Bond principal at start of year - 50,000 Unamortised issue costs at start of year - (93) Amortisation of issue costs - 93 Maturity - (50,000) At end of year - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-50": {
"value": "25. Derivative financial instruments Interest rate caps and swaps are in place to mitigate the interest rate risk that arises as a result of entering into variable rate borrowings. 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Fair value at start of period 11,608 16,009 Early break costs received (1,218) (2,698) Revaluation in period (5,506) (1,703) Fair value at end of period 4,884 11,608 The calculation of fair value of interest rate caps and swaps is based on the following calculation: the notional amount multiplied by the difference between the swap rate and the current market rate and then multiplied by the number of years remaining on the contract and discounted. Further details can be found in note 30.1. During the year the notional amount on derivative instruments was reduced with a cash amount realised of \u00a31,218,000 (2024: \u00a32,698,000). The value of derivatives maturing in less than 1 year is \u00a31,739,000 (2024: \u00a3nil) The table below lists the hedging and swap notional amounts and rates against the details of the Group's loan facilities. Outstanding Loan Annual Notional Facility debt* Maturity interest amount Swap/cap Lender \u00a3\u2019000 \u00a3\u2019000 date rate \u00a3\u2019000 rate Scottish Widows Ltd & Aviva 3.28% Investors Real Estate Finance 118,339 118,339 Dec-27 Fixed n/a n/a 3.37% Scottish Widows Ltd 32,325 32,325 Dec-28 Fixed n/a n/a 2.40% over 1 3 Royal Bank of Scotland, Bank of 3mth \u00a3 51,420 0.99% 2 3 Scotland and Santander UK 72,449 72,449 Dec-28** SONIA 23,780 0.97% 2.20% over 1 3mth \u00a3 34,585 1.39% 2 Santander UK 43,113 43,113 Jun-29 SONIA 8,529 1.39% Total bank borrowings 266,226 266,226 1 Interest rate swap 2 Interest rate cap 3 Average rate of the three derivative providers * Before unamortised debt issue costs ** Derivative maturity date is 27 August 2026. As detailed in note 35, Subsequent Events, the Group has executed new derivatives maturing in December 2028 SONIA = Sterling Over Night Indexed Average As at 31 December 2025, the swap notional arrangements were \u00a386.0 million (2024: \u00a396.1 million) and the cap notional arrangements amounted to \u00a332.3 million (2024: \u00a353.5 million). The Group weighted average effective interest rate was 3.3% (2024: 3.4%) inclusive of hedging costs and the Retail Eligible Bond, which matured in August 2024. The maximum exposure to credit risk at the reporting date is the fair value of the derivative liabilities. It is the Group\u2019s target to hedge at least 90% of the total debt portfolio using interest rate derivatives and fixed\u2013 rate facilities. As at the year end, the total proportion of hedged debt equated to 101.0% (2024: 100.0%), as shown below. 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Total bank borrowings 266,226 316,734 Notional value of interest rate caps and swaps 118,314 149,637 Fixed rate borrowings 150,664 167,097 268,978 316,734 Proportion of hedged debt 101.0% 100.0% Table may not sum due to rounding",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-51": {
"value": "26. Leases 31 December 31 December 2025 2024 Right of use asset \u00a3\u2019000 \u00a3\u2019000 At start of year 10,849 10,987 Fair value movement (139) (138) At end of year 10,710 10,849 31 December 31 December 2025 2024 Lease liability \u00a3\u2019000 \u00a3\u2019000 At start of year 11,444 11,475 Lease payments (435) (435) Interest charges 403 404 At end of year 11,412 11,444 The Group\u2019s lease commitments which are now represented by the right of use asset and lease liability are spread across 10 (2024: 10) separate leases with the two largest leases at Northern Cross Basingstoke and Quantum Court Edinburgh making up 48% (2024: 48%) of the balance. Total commitments on leases in respect of land and buildings are as follows: 31 December 31 December 2025 2024 Group \u00a3\u2019000 \u00a3\u2019000 Payable within 1 year 435 435 Payable between 1 and 2 years 435 435 Payable between 2 and 5 years 1,305 1,305 Payable after 5 years 33,308 33,563 At end of year 35,483 35,738 32. Operating leases The future minimum lease payments receivable under non\u2013cancellable operating leases in respect of the Group\u2019s property portfolio are as follows: 31 December 31 December 2025 2024 Group \u00a3\u2019000 \u00a3\u2019000 Receivable within 1 year 38,284 47,096 Receivable between 1\u20132 years 35,360 42,215 Receivable between 2\u20135 years 68,465 85,709 Receivable after 5 years 50,095 66,075 192,204 241,095 The Group has in excess of 650 operating leases. The number of years remaining on these operating leases varies between 1 and 991 years. The amounts disclosed above represent total rental income receivable up to the next lease break point on each lease. If a tenant wishes to end a lease prior to the break point, a surrender premium will be charged to cover the shortfall in rental income received.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-275": {
"value": "The Group\u2019s lease commitments which are now
represented by the right of use asset and lease liability
are spread across 10 (2024: 10) separate leases with the
two largest leases at Northern Cross Basingstoke and
Quantum Court Edinburgh making up 48% (2024: 48%) of
the balance. Total commitments on leases in respect of
land and buildings are as follows:
31 December
31 December
2025
2024
Group
\u00a3\u2019000
\u00a3\u2019000
Payable within 1 year
435
435
Payable between 1 and 2 years
435
435
Payable between 2 and 5 years
1,305
1,305
Payable after 5 years
33,308
33,563
At end of year 35,483 35,738
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-264": {
"value": "The Group\u2019s lease commitments which are now represented by the right of use asset and lease liability are spread across 10 (2024: 10) separate leases with the two largest leases at Northern Cross Basingstoke and Quantum Court Edinburgh making up 48% (2024: 48%) of the balance. Total commitments on leases in respect of land and buildings are as follows: 31 December 31 December 2025 2024 Group \u00a3\u2019000 \u00a3\u2019000 Payable within 1 year 435 435 Payable between 1 and 2 years 435 435 Payable between 2 and 5 years 1,305 1,305 Payable after 5 years 33,308 33,563 At end of year 35,483 35,738 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-52": {
"value": "27. Stated capital Stated capital represents the consideration received by the Company for the issue of Ordinary Shares. During the previous year, the Company offered 15 new Ordinary Shares for every 7 existing shares. This resulted in an increase of 1,105,149,821 Ordinary Shares being issued. Subsequently, there was a 10 for 1 consolidation with the resulting Ordinary Shares in issue being 162,088,483. 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Group Issued and fully paid shares of no par value At start of the year 618,266 513,762 Shares issued in year - 110,515 Cost of shares issued in 2024 (256) (6,011) At end of the year 618,010 618,266 Number of shares in issue At start of the year 162,088,483 515,736,583 Shares issued in year - 1,105,149,821 Reduction in shares (See note above) - (1,458,797,921) At end of the year 162,088,483 162,088,483",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-265": {
"value": "27. Stated capital Stated capital represents the consideration received by the Company for the issue of Ordinary Shares. During the previous year, the Company offered 15 new Ordinary Shares for every 7 existing shares. This resulted in an increase of 1,105,149,821 Ordinary Shares being issued. Subsequently, there was a 10 for 1 consolidation with the resulting Ordinary Shares in issue being 162,088,483. 31 December
31 December
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Group
Issued and fully paid shares of no par value
At start of the year
618,266
513,762
Shares issued in year
-
110,515
Cost of shares issued in 2024
(256)
(6,011)
At end of the year 618,010 618,266
Number of shares in issue
At start of the year
162,088,483
515,736,583
Shares issued in year
-
1,105,149,821
Reduction in shares (See note above)
-
(1,458,797,921)
At end of the year 162,088,483 162,088,483
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-53": {
"value": "28. Net asset value (NAV) per Share Basic NAV per Share is calculated by dividing the net assets in the Statement of Financial Position attributable to ordinary equity holders of the parent by the number of Ordinary Shares outstanding at the end of the year. See Note 27 for further explanation. Further detail of the EPRA performance measures can be found on pages 212 to 215. 31 December 31 December 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Group Net asset value per Consolidated Statement of Financial Position 319,286 351,614 Adjustment for calculating EPRA net tangible assets: Derivative financial instruments (4,884) (11,608) Deferred tax liability 754 741 EPRA Net Tangible Assets 315,156 340,747 Number of Ordinary Shares in issue 162,088,483 162,088,483 Net asset value per Share \u2013 basic and diluted 197.0p 216.9p EPRA Net Tangible Assets per Share \u2013 basic and diluted 194.4p 210.2p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-54": {
"value": "29. Notes to the Statement of Cash Flows 29.1 Reconciliation of changes in liabilities to cash flows arising from financing activities Bank Retail loans and Eligible Lease borrowings Bonds liabilities Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Balance at 1 January 2025 312,323 - 11,444 323,767 Changes from financing cash flows: Bank borrowings repaid (50,508) - - (50,508) Bank and bond borrowing costs paid (1,057) - - (1,057) Lease payments - - (435) (435) Total changes from financing cash flows (51,565) - (435) (52,000) Amortisation of issue costs 1,561 - - 1,561 Unwinding of discount - - 403 403 Total other changes 1,561 - 403 1,964 Balance at 31 December 2025 262,319 - 11,412 273,731 Bank Retail loans and Eligible Lease borrowings Bonds liabilities Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Balance at 1 January 2024 365,603 49,907 11,475 426,985 Changes from financing cash flows: Bank borrowings repaid (54,016) - - (54,016) Bank and bond borrowing costs paid (761) - - (761) Repayment of bond - (50,000) - (50,000) Lease payments - - (435) (435) Total changes from financing cash flows (54,777) (50,000) (435) (105,212) Amortisation of issue costs 1,497 93 - 1,590 Unwinding of discount - - 404 404 Total other changes 1,497 93 404 1,994 Balance at 31 December 2024 312,323 - 11,444 323,767",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-55": {
"value": "30.1 Financial instruments The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and other payables and cash and cash equivalents. The Group\u2019s other principal financial assets and liabilities are bank and other loan borrowings, amounts due to interest rate derivatives and lease liabilities, the main purpose of which is to finance the acquisition and development of the Group\u2019s investment property portfolio. Set out below is a comparison by class of the carrying amounts of the Group\u2019s financial instruments that are carried in the financial statements and their fair value: 31 December 2025 31 December 2024 Carrying Fair Carrying Fair value value value value \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Group Financial assets \u2013 measured at amortised cost Trade and other receivables 13,352 13,352 10,077 10,077 Cash and short\u2013term deposits 37,726 37,726 56,719 56,719 Financial assets \u2013 measured at fair value through profit or loss Interest rate derivatives 4,884 4,884 11,608 11,608 Financial liabilities \u2013 measured at amortised cost Trade and other payables (26,687) (26,687) (29,244) (29,244) Bank and loan borrowings (262,319) (259,060) (312,323) (301,293) Lease liability (11,412) (11,412) (11,444) (11,444) The following financial liabilities are recorded in the Consolidated Statement of Financial Position at amortised cost but their fair value is different as disclosed above. Their fair values are determined as follows: \u2022 The fair value of bank and loan borrowings is determined by reference to mark\u2013to\u2013market valuations provided by the lenders. \u2022 The fair value of the lease liability has been determined as the present value of future cash flows discounted using the Group\u2019s incremental borrowing rate. The following financial assets and liabilities are recorded in the Consolidated Statement of Financial Position at fair value which is determined as follows: \u2022 The fair value of interest rate derivatives is recorded in the Consolidated Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. Fair value hierarchy The following table provides the fair value measurement hierarchy for financial assets and liabilities measured at fair value through profit or loss. Significant Significant Quoted active observable unobservable prices inputs inputs Total (level 1) (level 2) (level 3) \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Balance at 31 December 2025 Interest rate derivatives 4,884 - 4,884 - 31 December 2024 Interest rate derivatives 11,608 - 11,608 - The different levels are defined as follows. Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. There have been no transfers between levels during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-266": {
"value": "30.1 Financial instruments The Group\u2019s principal financial assets and liabilities are those that arise directly from its operations: trade and other receivables, trade and other payables and cash and cash equivalents. The Group\u2019s other principal financial assets and liabilities are bank and other loan borrowings, amounts due to interest rate derivatives and lease liabilities, the main purpose of which is to finance the acquisition and development of the Group\u2019s investment property portfolio. Set out below is a comparison by class of the carrying amounts of the Group\u2019s financial instruments that are carried in the financial statements and their fair value: 31 December 2025 31 December 2024
Carrying
Fair
Carrying
Fair
value
value
value
value
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Group
Financial assets \u2013 measured at amortised cost
Trade and other receivables
13,352
13,352
10,077
10,077
Cash and short\u2013term deposits
37,726
37,726
56,719
56,719
Financial assets \u2013 measured at fair value through
profit or loss
Interest rate derivatives
4,884
4,884
11,608
11,608
Financial liabilities \u2013 measured at amortised cost
Trade and other payables
(26,687)
(26,687)
(29,244)
(29,244)
Bank and loan borrowings
(262,319)
(259,060)
(312,323)
(301,293)
Lease liability
(11,412)
(11,412)
(11,444)
(11,444)
The following financial liabilities are recorded in the Consolidated Statement of Financial Position at amortised cost but their fair value is different as disclosed above. Their fair values are determined as follows: \u2022 The fair value of bank and loan borrowings is determined by reference to mark\u2013to\u2013market valuations provided by the lenders. \u2022 The fair value of the lease liability has been determined as the present value of future cash flows discounted using the Group\u2019s incremental borrowing rate. The following financial assets and liabilities are recorded in the Consolidated Statement of Financial Position at fair value which is determined as follows: \u2022 The fair value of interest rate derivatives is recorded in the Consolidated Statement of Financial Position and is determined by forming an expectation that interest rates will exceed strike rates and discounting these future cash flows at the prevailing market rates as at the year end. Fair value hierarchy The following table provides the fair value measurement hierarchy for financial assets and liabilities measured at fair value through profit or loss. Significant
Significant
Quoted active
observable
unobservable
prices
inputs
inputs
Total
(level 1)
(level 2)
(level 3)
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance at 31 December 2025
Interest rate derivatives 4,884 - 4,884 -
31 December 2024
Interest rate derivatives 11,608 - 11,608 -
The different levels are defined as follows. Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. There have been no transfers between levels during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-58": {
"value": "30.4 Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from both its leasing activities and financing activities, including deposits with banks and financial institutions. Credit risk is mitigated by tenants being required to pay rentals in advance under their lease obligations. The credit quality of the tenant is assessed based on an extensive credit rating scorecard at the time of entering into a lease agreement. Outstanding trade receivables are regularly monitored. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. 30.5 Credit risk related to trade receivables Trade receivables, primarily tenant rentals, are presented in the Group\u2019s Statement of Financial Position net of provisions for impairment. Credit risk is primarily managed by requiring tenants to pay rentals in advance and performing tests around strength of covenant prior to acquisition. 30.6 Credit risk related to financial instruments and cash deposits One of the principal credit risks of the Group arises with the banks and financial institutions. The Board of Directors believes that the credit risk on short\u2013term deposits and current account cash balances is limited because the counterparties are banks, who are committed lenders to the Group, with high credit ratings assigned by international credit\u2013rating agencies. The list of bankers for the Group, with their latest Fitch credit ratings, was as follows: Bankers Fitch Ratings Aviva A- Stable Bank of Scotland plc AA- Stable Royal Bank of Scotland AA- stable Santander UK A- Stable Scottish Widows Limited A+ Stable",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-56": {
"value": "30.2 Risk management The Group is exposed to market risk (including interest rate risk), credit risk and liquidity risk. The Board of Directors oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks that are summarised below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-57": {
"value": "30.3 Market risk Market risk is the risk that the fair values of financial instruments will fluctuate because of changes in market prices. The financial instruments held by the Group that are affected by market risk are principally the Group\u2019s bank balances along with a number of interest rate swaps entered into to mitigate interest rate risk. The Group\u2019s interest rate risk arises from long\u2013term borrowings issued at variable rates, which expose the Group to cash flow interest rate risk. Borrowings issued at variable rates expose the Group to fair value interest rate risk. The Group manages its cash flow interest rate risk by using floating to fixed interest rate swaps, interest rate caps and interest rate swaps. Interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. Interest rate caps limit the exposure to a known level. No quantitative analysis relating to market risk is disclosed as this is not deemed to be material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-59": {
"value": "30.7 Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital and, going forward, the finance charges and principal repayments on its borrowings. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due, as the majority of the Group\u2019s assets are investment properties and are therefore not readily realisable. The Group\u2019s objective is to ensure that it has sufficient available funds for its operations and to fund its capital expenditure. This is achieved by continuous monitoring of forecast and actual cash flows by management. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. While the bank borrowings aged liability and the interest rate derivative aged liability within the below table are presented separately, the payment obligation of the bank borrowings is the net of the two balances. Within Between Between After 1 year 1 and 2 years 2 and 5 years 5 years Total Group at 31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Trade and other payables (26,687) - - - (26,687) Bank borrowings and interest payments (13,028) (131,368) (160,416) - (304,812) Interest rate derivatives 4,167 4,167 5,988 - 14,322 Lease liability (435) (435) (1,305) (33,308) (35,483) (35,983) (127,636) (155,733) (33,308) (352,660) Within Between Between After 1 year 1 and 2 years 2 and 5 years 5 years Total Group at 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Trade and other payables (29,244) - - - (29,244) bank borrowings and interest payments (16,875) (114,129) (233,016) - (364,020) Interest rate derivatives 6,554 5,025 4,919 - 16,498 Lease liability (435) (435) (1,305) (33,563) (35,738) (40,000) (109,539) (229,402) (33,563) (412,504)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-60": {
"value": "31. Capital management The primary objective of the Group\u2019s capital management is to ensure that it remains a going concern and continues to qualify for UK REIT status. The Group\u2019s capital is represented by reserves and bank borrowings. The Board, with the assistance of the Investment Adviser and Investment Adviser, monitors and reviews the Group\u2019s capital so as to promote the long\u2013term success of the business, facilitate expansion, deliver a quarterly dividend distribution and to maintain sustainable returns for shareholders. The Group\u2019s policy on borrowings is as follows: the level of borrowing will be on a prudent basis for the asset class and will seek to achieve a low cost of funds, while maintaining flexibility in the underlying security requirements and the structure of both the portfolio and of Regional REIT. Based on current market conditions, the Board will target Group net borrowings of 40% of Investment Property Values at any time. However, the Board may modify the Group\u2019s borrowing policy (including the level of gearing) from time to time in light of then\u2013current economic conditions, relative costs of debt and equity capital, fair value of the Company\u2019s assets, growth and acquisition opportunities or other factors the Board deems appropriate. The optimal debt financing structure for the Group will have consideration for key metrics including: fixed or floating interest rate charged, debt type, maturity profile, substitution rights, covenant and security requirements, lender type, diversity and the lender\u2019s knowledge and relationship with the property sector.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-61": {
"value": "33. Segmental information After a review of the information provided for management purposes, it was determined that the Group has one operating segment and therefore segmental information is not disclosed in these consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-63": {
"value": "35. Subsequent Events On 19 February 2026, the Company declared the Q4 2025 dividend of 2.50pps, which will be paid to shareholders on 10 April 2026. On 11 December 2025, the Company declared the Company's investment management and asset management agreements will be merged into a single Amended and Restated Master Investment Management and Services Agreement (\"IMA\"), streamlining the management structure and enhancing operational efficiency. This new agreement, comes into effect 1 January 2026, has been entered into with ESR Europe Investment Management Ltd (\"AIF Manager\") who continues in its role and ESR Europe LSPIM Ltd (\"Investment Adviser\"), who continues in its role as asset manager and has also taken over the role of investment adviser from ESR Europe (Private Markets) Ltd. Further information regarding these changes can be found on pages 103 to 104. Following the 24 December 2025 announcement of the Group\u2019s \u00a372.4m refinancing, the Group entered into new interest rate hedging arrangements after the reporting date. On 27 February 2026, the Group executed new derivatives comprising GBP 40.6 million of swaps and GBP 17.4 million of caps, effective from August 2026 and maturing on December 2028, matching the maturity profile of the new refinancing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-62": {
"value": "34. Transactions with related parties Transactions with the Directors The following persons and entities are related parties because they have significant influence over the reporting entity or are key management personnel or the reporting entity. Directors' remuneration is disclosed within the Remuneration Report on page 155 and note 8 to the financial statements. Directors' beneficial interests in the Ordinary Shares of the Company are disclosed within the Directors' Report. Bridgemere Investments Limited (\u201cBIL\u201d) is deemed a related party of the Company by virtue of its significant shareholding, holding 22.10% of the issued share capital as disclosed in the TR-1 announcement dated 10 July 2025. In addition, Ms. Nicole Burstow serves as a Non-Executive Director of the Company and is employed by BIL, with her directorship fees being payable to BIL; further detail regarding these fees is provided on page 155 and note 8 to the financial statements. BIL is therefore considered a related party, and all transactions and arrangements with BIL during the year were conducted on an arm\u2019s-length basis and in accordance with the Company\u2019s governance procedures. The Investment Adviser does not meet the definition of a related party transaction. Full details of the management arrangements are on page 103. The Group identifies Sugarbird Solar (UK) Ltd. as a relate d party under IAS 24 on the basis of its 40% investment an d resulting significant influence. During the year, the Group made equity contributions of \u00a396,000 and advanced shareholder loan funding of \u00a364,000, all on normal commercial terms. The Group\u2019s share of results has been recognised in accordance with IAS 28. Sugarbird Solar (UK) Ltd. has transacted with the Group during 2025. The transactions during the year and the balances at the year end being de minimis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-267": {
"value": "34. Transactions with related parties Transactions with the Directors The following persons and entities are related parties because they have significant influence over the reporting entity or are key management personnel or the reporting entity. Directors' remuneration is disclosed within the Remuneration Report on page 155 and note 8 to the financial statements. Directors' beneficial interests in the Ordinary Shares of the Company are disclosed within the Directors' Report. Bridgemere Investments Limited (\u201cBIL\u201d) is deemed a related party of the Company by virtue of its significant shareholding, holding 22.10% of the issued share capital as disclosed in the TR-1 announcement dated 10 July 2025. In addition, Ms. Nicole Burstow serves as a Non-Executive Director of the Company and is employed by BIL, with her directorship fees being payable to BIL; further detail regarding these fees is provided on page 155 and note 8 to the financial statements. BIL is therefore considered a related party, and all transactions and arrangements with BIL during the year were conducted on an arm\u2019s-length basis and in accordance with the Company\u2019s governance procedures. The Investment Adviser does not meet the definition of a related party transaction. Full details of the management arrangements are on page 103. The Group identifies Sugarbird Solar (UK) Ltd. as a relate party under IAS 24 on the basis of its 40% investment an resulting significant influence. During the year, the Group made equity contributions of \u00a396,000 and advanced shareholder loan funding of \u00a364,000, all on normal commercial terms. The Group\u2019s share of results has been recognised in accordance with IAS 28. Sugarbird Solar (UK) Ltd. has transacted with the Group during 2025. The transactions during the year and the balances at the year end being de minimis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-64": {
"value": "Regional REIT Limited",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-268": {
"value": "Mont Crevelt House Bulwer Avenue St. Sampson Guernsey GY2 4LH",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300D8G4NKLRIKBX73",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}