Registration number: 05987141

Meadowhall Finance PLC

Annual Report and Financial Statements

for the Year Ended 31 March 2023

DocuSign Envelope ID: 251BDA4E-2678-44B1-AB21-505082A586C4

Meadowhall Finance PLC

Contents

Strategic Report 1 to 2

Directors' Report 3 to 4

Independent Auditors' Report 5 to 10

Profit and Loss Account 11

Statement of Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15 to 25

DocuSign Envelope ID: 251BDA4E-2678-44B1-AB21-505082A586C4

Meadowhall Finance PLC

Strategic Report for the Year Ended 31 March 2023

The directors present their Strategic Report for the year ended 31 March 2023.

Business review and principal activities

Meadowhall Finance PLC ("the company") is a wholly owned subsidiary of Meadowhall Limited Partnership, which

itself is indirectly owned by MSC Property Intermediate Holdings Limited. MSC Property Intermediate Holdings

Limited and its subsidiaries ("the group") operate as a joint venture between The British Land Company PLC and

NBIM Victoria Partners LP.

The company's principal activity is to provide funding to fellow subsidiaries within the group.

As shown in the company's Profit and Loss Account on page 11, profit on ordinary activities before taxation is £2,547

compared to a profit on ordinary activities before taxation of £2,733 in the prior year.

Dividends of £nil (2022: £nil) were paid in the year.

The Balance Sheet on page 13 shows that the company's financial position at the year end has, in net liability terms,

decreased compared with the prior year. This is mainly due to movements in the valuation of interest rate swaps

reflecting the increase in market interest rates since the beginning of the year.

Details of significant events since the balance sheet date, if any, are contained in note 15.

Key performance indicators

The directors measure how the group is delivering its strategy through the key performance indicators.

The directors consider the primary measure of performance of the group to be turnover and net asset value. The

performance of the group, which includes the company, is discussed in the group’s annual report which can be

obtained as per the details in note 16.

The expected future developments of the company are determined by the strategy of the group. There are no future

developments outside of the company's current operations.

Principal risks and uncertainties

This company is part of a large property investment group. As such, the fundamental underlying risks for this

company are those of the property group as discussed below.

The group generates returns to shareholders through long-term investment decisions requiring the evaluation of

opportunities arising in the following areas:

• demand for space from occupiers against available supply;

• identification and execution of investment and development strategies which are value enhancing;

• availability of financing or refinancing at an acceptable cost;

• economic cycles, including their impact on tenant covenant quality, interest rates, inflation and property values;

• legislative changes, including planning consents and taxation;

• engagement of development contractors with strong covenants;

• key staff changes; and

• environmental and health and safety policies.

Page 1

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Meadowhall Finance PLC

Strategic Report for the Year Ended 31 March 2023 (continued)

Principal risks and uncertainties (continued)

These opportunities also represent risks, the most significant being change to the value of the property portfolio. This

risk has high visibility to directors and is considered and managed on a continuous basis. Directors use their

knowledge and experience to knowingly accept a measured degree of market risk.

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other

party to incur a financial loss. In order to manage this risk, management regularly monitors all amounts that are owed

to the company to ensure that amounts are paid in full and on time.

Liquidity risk is the risk that the entity will encounter difficulty in raising funds to meet commitments associated with

financial liabilities. This risk is managed through day to day monitoring of future cash flow requirements to ensure that

the company has enough resources to repay all future amounts outstanding.

The company's activities expose it primarily to interest rate risk. The company uses interest rate swap contracts to

hedge these exposures. The company does not use derivative financial instruments for speculative purposes.

The company finances its operations through public debt issues. The company borrows in Sterling at both fixed and

floating rates of interest, using interest rate derivatives to hedge the interest rate risk on variable rate debt.

The company holds one derivative as at 31 March 2023 (2022: one) to fix the interest rates on external debt at

approximately 4.65% (2022: 4.65%). The fair value of interest rate derivatives at the year end is a liability of £2.6m

(2022: £9.5m liability) and has been accounted for using hedge accounting through the Statement of Comprehensive

Income, with the ineffective portion recognised in the Profit and Loss Account.

The general risk environment in which the Company operates has been volatile in terms of the economic and political

landscape. Market sentiment remains fragile.

Approved by the Board on ................................... and signed on its behalf by:

.........................................

Director

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Paul Case

26.07.2023

Meadowhall Finance PLC

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the audited financial statements for the year ended 31 March 2023.

Directors of the company

The directors, who held office during the year, and up to the date of signing the financial statements, were as follows:

H Shah

J Brookes

J Patel

P Case

R Peel

Statement of directors’ responsibilities in respect of the financial statements

The directors are responsible for preparing the Annual Report and the financial statements in accordance with

applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and

applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a

true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In

preparing the financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed,

subject to any material departures disclosed and explained in the financial statements;

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

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

company will continue in business.

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for

the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain

the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company

and enable them to ensure that the financial statements comply with the Companies Act 2006.

Environment

The company recognises the importance of its environmental responsibilities, monitors its impact on the environment;

and designs and implements policies to reduce any damage that might be caused by the company's activities. The

company operates in accordance with best practice policies and initiatives designed to minimise the company's

impact on the environment including safe disposal of manufacturing waste, recycling and reducing energy

consumption.

In preparing the financial statements, the impact of climate change has been considered. Whilst noting the

Company's commitment to sustainability, there has not been a material impact on the financial reporting judgements

and estimates arising from our considerations, which include physical climate and transitional risk assessments

conducted by the group.

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Meadowhall Finance PLC

Directors' Report for the Year Ended 31 March 2023 (continued)

Going concern

The Directors have reviewed the company’s forecast working capital and cash flow requirements, in addition to

making enquiries and examining areas which could give risk to financial exposure.

At 31 March 2023 the company was in a net liability position of £1,795,727 (2022: £7,230,016 liability) mainly due to

market rates being below the fixed rate payable on the company’s interest rate swap. Within the going concern period

the Company is required to repay principal amounts of £37,301,720 on the secured bonds and receive £37,301,720

on the term loans from Meadowhall Limited Partnership (the borrower).

In the instance of a shortfall on repayment of the term loan by the borrower due to lower rents received from tenants,

the Company has access to an undrawn Liquidity Facility of £75m which will be available for the scheduled life of the

bonds to 2032, to meet certain shortfalls in debt service of the Issuer, including bond interest and certain bond

amortisation amounts. The company also has the ability to defer other debt service amounts if required.

As a result of the above, Meadowhall Finance PLC expects to have sufficient resources to meet the debt service

requirements of the Company. Therefore, the directors have a reasonable expectation that the Company has

adequate resources to continue its operations for at least twelve months after the signing of these financial

statements and as a result they continue to adopt the going concern basis in preparing the accounts.

Subsequent Events

Details of significant events since the Balance Sheet date, if any, are contained in note 15.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any

relevant audit information and to establish that the company's auditors are aware of that information. The directors

confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of independent auditors

The independent auditors, PricewaterhouseCoopers LLP, have indicated their willingness to continue in office and a

resolution concerning their re-appointment will be proposed at the next Board Meeting.

Approved by the Board on ................................... and signed on its behalf by:

.........................................

Director

Page 4

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Paul Case

26.07.2023

Independent auditors’ report to the

members of Meadowhall Finance PLC

Report on the audit of the financial statements

Opinion

In our opinion, Meadowhall Finance PLC’s financial statements:

• give a true and fair view of the state of the company’s affairs as at 31 March 2023 and of its profit for the year then

ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United

Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and

• have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”),

which comprise: the Balance Sheet as at 31 March 2023; the Profit and Loss Account, the Statement of Comprehensive

Income and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, which

include a description of the significant accounting policies.

Our opinion is consistent with our reporting to the directors.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our

responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements

section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the

financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and

we have fulfilled our other ethical responsibilities in accordance with these requirements.

To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were

not provided.

We have provided no non-audit services to the company in the period under audit.

Our audit approach

Overview

Audit scope

• We have performed a full scope audit on the financial statements. As part of designing our audit, we determined

materiality and assessed the risks of material misstatement in the financial statements. In particular, we addressed the

risk of management override of controls, including evaluating whether there was evidence of bias by the Directors that

represented a risk of material misstatement due to fraud.

Key audit matters

• Accounting for loans and borrowings

Materiality

• Overall materiality: £4,880,160 (2022: £5,269,000) based on 1% of total assets.

• Performance materiality: £3,660,120 (2022: £3,952,000).

The scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial

statements.

Key audit matters

Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of

the financial statements of the current period and include the most significant assessed risks of material misstatement

(whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit

strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any

comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

This is not a complete list of all risks identified by our audit.

The key audit matters below are consistent with last year.

Key audit matter

How our audit addressed the key audit matter

Accounting for loans and borrowings

Refer to the Notes to the financial statements - Note 11

(Creditors due after more than one year). The company

has debt totalling £482 million (2022: £519 million).There

were no redemptions, or partial redemptions in the period.

The principle business activity of the company is to

provide funding to fellow subsidiaries of the Meadowhall

group, and therefore the loans and borrowings are

considered an area of focus.

We obtained and reviewed each loan contract to

understand the terms and conditions. Where debt

covenants were identified, we re-performed management's

calculations to verify compliance with the loan contracts.

We have either agreed the carrying value of debt to third

party confirmations or performed alternative procedures.

We traced payments to bank statements to confirm

repayments made in the year on the bonds and term loans.

From our work on the terms of the debt arrangements in

place as at 31 March 2023, we consider the loans and

borrowings to be accounted for appropriately.

How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial

statements as a whole, taking into account the structure of the company, the accounting processes and controls, and the

industry in which it operates.

The company’s principal activity is to provide funding to fellow subsidiaries within the group. The scoping performed has

ensured sufficient coverage and appropriate audit evidence for our opinion on the company financial statements as a whole.

The impact of climate risk on our audit

In planning our audit, we made enquiries with management to understand the extent of the potential impact of climate

change risk on the financial statements. Our evaluation of this conclusion included challenging key judgements and

estimates in areas where we considered that there was greatest potential for climate change impact. Our procedures did

not identify any material impact as a result of climate risk on the company’s financial statements.

Materiality

The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.

These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and

extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of

misstatements, both individually and in aggregate on the financial statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

Overall company

materiality

£4,880,160 (2022: £5,269,000).

How we determined it

1% of total assets

Rationale for

benchmark applied

We believe that total assets are the primary measure used by the shareholders in assessing

the performance of the entity and is a generally accepted auditing benchmark.

We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and

undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope

of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example

in determining sample sizes. Our performance materiality was 75% (2022: 75%) of overall materiality, amounting to

£3,660,120 (2022: £3,952,000) for the company financial statements.

In determining the performance materiality, we considered a number of factors - the history of misstatements, risk assessment

and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our normal range

was appropriate.

We agreed with the directors that we would report to them misstatements identified during our audit above £244,000 (2022:

£264,000) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.

Conclusions relating to going concern

Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of

accounting included:

• Corroborated key assumptions (e.g. liquidity forecasts and financing arrangements) to underlying documentation and

ensured this was consistent with our audit work in these areas;

• Understood and assessed the appropriateness of the key assumptions used both in the base case and in the severe but

plausible downside scenario, including assessing whether we considered the downside sensitivities to be appropriately

severe;

• Tested the integrity of the underlying formulas and calculations within the going concern and cash flow models;

• Considered the appropriateness of the mitigating actions available to management in the event of the downside scenario

materialising. Specifically, we focused on whether these actions are within the company’s control and are achievable;

and

• Reviewed the disclosures provided relating to the going concern basis of preparation and found that these provided an

explanation of the directors’ assessment that was consistent with the evidence we obtained.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,

individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of

at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in

the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's

ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant

sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our

auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does

not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise

explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,

consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in

the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material

misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that

there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based

on these responsibilities.

With respect to the Strategic report and Directors' report, we also considered whether the disclosures required by the UK

Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions

and matters as described below.

Strategic report and Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and

Directors' report for the year ended 31 March 2023 is consistent with the financial statements and has been prepared in

accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did

not identify any material misstatements in the Strategic report and Directors' report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors' responsibilities in respect of the financial statements, the directors are

responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied

that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary

to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless

the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect

a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of

these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with

our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent

to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws

and regulations related to the Listing Rules, and we considered the extent to which non-compliance might have a material

effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial

statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent

manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks

were related to posting inappropriate journal entries to increase interest receivable or reduce interest payable. Audit

procedures performed by the engagement team included:

• Discussions with management and internal audit, including consideration of known or suspected instances of non-

compliance with laws and regulations and fraud, and review of the reports made by management and internal audit;

• Understanding of management’s internal controls designed to prevent and detect irregularities, risk-based monitoring of

customer processes;

• Assessment of matters reported on the company’s whistleblowing helpline and the results of management’s investigation

of such matters;

• Reviewing the company’s litigation register in so far as it related to non-compliance with laws and regulations and fraud;

and

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing

• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, posted

by unexpected users and posted on unexpected days.

• Reviewing relevant board meeting minutes.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of

non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial

statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one

resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,

or through collusion.

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing

techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete

populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases,

we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with

Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or

assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may

come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

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

• adequate accounting records have not been kept by the company, or returns adequate for our audit have not been

received from branches not visited by us; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Appointment

Following the recommendation of the directors, we were appointed by the members on 15 March 2018 to audit the financial

statements for the year ended 31 March 2018 and subsequent financial periods. The period of total uninterrupted

engagement is six years, covering the years ended 31 March 2018 to 31 March 2023.

Other matter

In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.14R, these

financial statements will form part of the ESEF-prepared annual financial report filed on the National Storage Mechanism of

the Financial Conduct Authority in accordance with the ESEF Regulatory Technical Standard (‘ESEF RTS’). This auditors’

report provides no assurance over whether the annual financial report will be prepared using the single electronic format

specified in the ESEF RTS.

Sandra Dowling (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London

26 July 2023

Meadowhall Finance PLC

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023

2022

Interest received and similar income

25,477,126

27,329,656

Interest paid and similar expenses

(25,474,579)

(27,326,923)

Profit on ordinary activities before taxation

2,547

2,733

Taxation

(484)

(519)

Profit for the year

2,063

2,214

Results were derived from continuing operations within the United Kingdom.

The notes on pages 15 to 25 form an integral part of these financial statements.

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Meadowhall Finance PLC

Statement of Comprehensive Income for the Year Ended 31 March 2023

Note

2023

2022

Profit for the year

2,063

2,214

Items that may be reclassified subsequently to profit or loss

Gain on cash flow hedges (net)

6,591,239

4,853,420

Tax relating to components of other comprehensive income

(1,159,013)

(929,398)

Total other comprehensive income

5,432,226

3,924,022

Total comprehensive income for the year

5,434,289

3,926,236

The notes on pages 15 to 25 form an integral part of these financial statements.

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Meadowhall Finance PLC

(Registration number: 05987141)

Balance Sheet as at 31 March 2023

Note

31 March

2023

31 March

2022

Assets

Debtors due within one year

42,708,163

43,110,296

Debtors due after more than one year

445,306,562

483,767,295

Cash at bank and in hand

1,309

1,000

488,016,034

526,878,591

Creditors due within one year

(42,584,140)

(42,670,333)

Total assets less current liabilities

445,431,894

484,208,258

Creditors due after more than one year

(447,227,621)

(491,438,274)

Net liabilities

(1,795,727)

(7,230,016)

Capital and reserves

Share capital

12,502

Cash flow hedging reserve

(1,321,795)

(6,754,021)

Profit and loss account

(486,434)

(488,497)

Total shareholders' deficit

(1,795,727)

(7,230,016)

Approved by the Board on ................................... and signed on its behalf by:

.........................................

Director

The notes on pages 15 to 25 form an integral part of these financial statements.

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Paul Case

26.07.2023

Meadowhall Finance PLC

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital

Cash flow

hedging

reserve

Profit and loss

account

Total

Balance at 1 April 2021

12,502 (10,678,043) (490,711) (11,156,252)

Profit for the year

- - 2,214 2,214

Gain on cash flow hedges (net)

- 4,853,420 - 4,853,420

Tax relating to components of other

comprehensive income

- (929,398) - (929,398)

Total comprehensive income for the

year

- 3,924,022 2,214 3,926,236

Balance at 31 March 2022

12,502 (6,754,021) (488,497) (7,230,016)

Balance at 1 April 2022

12,502 (6,754,021) (488,497) (7,230,016)

Profit for the year

- - 2,063 2,063

Gain on cash flow hedges (net)

- 6,591,239 - 6,591,239

Tax relating to components of other

comprehensive income

- (1,159,013) - (1,159,013)

Total comprehensive income for the

year

- 5,432,226 2,063 5,434,289

Balance at 31 March 2023

12,502 (1,321,795) (486,434) (1,795,727)

The notes on pages 15 to 25 form an integral part of these financial statements.

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Meadowhall Finance PLC

Notes to the Financial Statements for the Year Ended 31 March 2023

1 General information

The company is a public company limited by share capital, incorporated and domiciled in England, United Kingdom.

The address of its registered office is:

York House

45 Seymour Street

London

W1H 7LX

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These

policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements were prepared in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and

applicable law). The financial statements are prepared in accordance with the requirements of the Companies Act

2006. Instances in which advantage of the FRS 101 disclosure exemptions have been taken are set out below.

The financial statements have been prepared under the historical cost convention, as modified to include the

revaluation of derivatives. Historical cost is generally based on the fair value of the consideration given in exchange

for the assets.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:

(a) The requirements of IAS 1 to provide a Balance Sheet at the beginning of the year in the event of a prior year

adjustment;

(b) The requirements of IAS 1 to provide a Statement of Cash flows for the year;

(d) The requirements of IAS 1 to disclose information on the management of capital;

(e) The requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates

and Errors to disclose new IFRS's that have been issued but are not yet effective;

(f) The requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into

between two or more members of a group, provided that any subsidiary which is a party to the transaction is

wholly owned by such a member;

(g) The requirements of paragraph 17 of IAS 24 Related Party Disclosures to disclose key management

personnel compensation;

(h) The requirements of IFRS 7 to disclose financial instruments; and

(i) The requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement to disclose information of fair

value valuation techniques and inputs.

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Meadowhall Finance PLC

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2 Accounting policies (continued)

Disclosure exemptions for subsidiaries are permitted where the relevant disclosure requirements are met in the

consolidated financial statements. Where required, equivalent disclosures are given in the group financial statements

of MSC Property Intermediate Holdings Limited. The group financial statements of MSC Property Intermediate

Holdings Limited are available to the public and can be obtained as set out in note 16.