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REGISTERED NUMBER: 14247306 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HYVE OPERATIONS LIMITED

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Income Statement | 4 |

| Balance Sheet | 5 |

| Notes to the Financial Statements | 7 |

| HYVE OPERATIONS LIMITED |

COMPANY INFORMATION

for the Year Ended 31 December 2024

| DIRECTORS: | Mr P J Holland

| Mrs H L Cashmore

| REGISTERED OFFICE: | 5 The Triangle

| Wildwood Drive

| Worcester

| Worcestershire

| WR5 2QX

| REGISTERED NUMBER: | 14247306 (England and Wales)

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2024

The directors present their report with the unaudited financial statements of the company for the period ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is that of landlord for accommodation provided specifically for and leased to NHS key workers.

REVIEW OF BUSINESS

The business of the Hyve group is as a specialist landlord focused on removing the barriers key workers within the NHS face when accessing accommodation. We offer good quality accommodation, conveniently located to the key workers place of work, at a price which is affordable. In doing this, Hyve operates to meet its objectives of simply covering its costs and meeting its liabilities on an ongoing basis, enabling Hyve to maintain rents charged to occupiers at an affordable level.

For the year ended 31 December 2024, there was one property under management. Opening in the spring of 2023, 2024 reflected the first full year of trading. Turnover for the year was £725,555 (period to 31 December 2023, £426,131). The company made an operating loss of £45,701 (period to 31 December 2023, £204,076). Included within administrative expenses is a depreciation charge of £79,970 (period to 31 December 2023, £53,411) on a one-off investment in some initial fixtures and fittings. As such, we consider the EBITDA surplus of £34,269 (4.7% of turnover) a better reflection on the underlying performance of the business.

Profits at these modest levels will be reinvested in the business and allow Hyve to focus on its core aspiration to maximise the positive impact that housing can have on the recruitment and retention of NHS key workers. We are keen to monitor our impact on our current tenants and extend our reach to other locations to support local NHS Trusts with their recruitment and retention challenges.

Key performance indicators;

Cash generation and reserves

Over the period under review, overall cash reserves reduced by £56,538, closing at £383,337. Cash generated from operational activities during the year was £82,000. A large proportion of the reduction in overall cash reserves was due to a number of delayed one-off start-up costs settled in the year from ring-fenced cash reserves.

Rental growth and affordability

During the year rent increases were 2%; this was lower than general inflation (3.4%), lower than open market rental growth (c.9%) and lower than NHS pay award (5.5%) supporting our objective of providing accommodation which is affordable to key workers.

Happiness of tenants

Over the period under review:

- 80% of our tenants said their mental health had improved since living at the Hyve

- 80% of our tenants felt happier in their job

Average length of tenancy

Hyve understands that NHS key workers have specific needs and one of those is often needing accommodation for a relatively short period of time. This is a key barrier to accessing the private rental sector, where private landlords prefer long-term tenants. As a specialist key worker landlord, Hyve's business model is set-up to manage a high turnover of tenants.

Over the period under review, the average tenancy length was 7.5 months

Number of leavers: 37

Number of new tenants: 36

Occupancy levels and rent collection

Over the period under review, the average occupancy was 98.8%, on-time rent collection was 100%

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2024

Beds in the pipeline

Hyve is furthering its objectives and building upon the success of its first property in Dorchester by securing further assets located in several locations in England, serving a number of NHS trusts.

In construction: 89

In planning: 250

In active engagement: 750

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr P J Holland

Mrs H L Cashmore

Other changes in directors holding office are as follows:

Mr R M Stockton and Mr E Forsyth ceased to be directors after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr P J Holland - Director

17 September 2025

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

INCOME STATEMENT

for the Year Ended 31 December 2024

| Period

| 20.7.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 725,555 |  | 426,131 |  |

Administrative expenses | (771,256 | ) | (630,207 | ) |

OPERATING LOSS | 3 | (45,701 | ) | (204,076 | ) |

Interest receivable and similar income | 5,235 |  | - |  |

(40,466 | ) | (204,076 | ) |

Interest payable and similar expenses | - |  | (104,630 | ) |

LOSS BEFORE TAXATION | (40,466 | ) | (308,706 | ) |

Tax on loss | 4 | 7,854 |  | 61,837 |  |

LOSS FOR THE FINANCIAL YEAR | (32,612 | ) | (246,869 | ) |

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

BALANCE SHEET

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 206,102 |  | 286,072 |  |

CURRENT ASSETS

Debtors | 6 | 223,870 |  | 235,540 |  |

Cash at bank | 383,337 |  | 439,875 |  |

607,207 |  | 675,415 |  |

CREDITORS

Amounts falling due within one year | 7 | (107,207 | ) | (199,439 | ) |

NET CURRENT ASSETS | 500,000 |  | 475,976 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 706,102 |  | 762,048 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (985,582 | ) | (1,008,916 | ) |

NET LIABILITIES | (279,480 | ) | (246,868 | ) |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Accumulated losses | 11 | (279,481 | ) | (246,869 | ) |

SHAREHOLDERS' DEFICIT | (279,480 | ) | (246,868 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

BALANCE SHEET - continued

31 December 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr P J Holland - Director

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

1. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| Hyve Operations Limited is a company limited by shares and is incorporated in England and Wales. The address of the registered office is 5 The Triangle, Wildwood Drive, Worcester, Worcestershire, WR5 2QX. The principal activity of the company is that of acting as landlord for apartments specifically leased to NHS key worker staff.

| The company's financial statements have been prepared in compliance with FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" Section 1A and the Companies Act 2006.

| The financial statements comprise the unaudited financial statements of the company up to 31 December each year, and are stated in pounds, the company's functional and presentational currency.

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

| Exemptions

| In accordance with the small companies regime, no cash flow statement is required to be presented as the company qualifies as a small entity as defined in the Companies Act 2006.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Property, plant and equipment

| Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost of each asset over its expected useful life as follows:

| Leasehold improvements |  | - 20% on a straight line basis |  |

| Fixtures and fittings |  | - 25% on a straight line basis |  |

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Leases

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2023 - NIL).

3. | OPERATING LOSS

| The operating loss is stated after charging:

| Period

| 20.7.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

£ | £ |

| Depreciation - owned assets | 79,970 |  | 53,411 |  |

4. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| Period

| 20.7.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax | (7,854 | ) | (61,837 | ) |

| Tax on loss | (7,854 | ) | (61,837 | ) |

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| Period

| 20.7.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

£ | £ |

| Loss before tax | (40,466 | ) | (308,706 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%) | (10,117 | ) | (72,611 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 978 |  | 14,410 |  |

| Group relief | 1,285 |  | 24 |  |

| Re-measurement of deferred tax provision | - |  | (3,660 | ) |

| Total tax credit | (7,854 | ) | (61,837 | ) |

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

5. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 98,018 |  | 241,465 |  | 339,483 |  |

| DEPRECIATION

| At 1 January 2024 | 13,069 |  | 40,342 |  | 53,411 |  |

| Charge for year | 19,604 |  | 60,366 |  | 79,970 |  |

| At 31 December 2024 | 32,673 |  | 100,708 |  | 133,381 |  |

| NET BOOK VALUE

| At 31 December 2024 | 65,345 |  | 140,757 |  | 206,102 |  |

| At 31 December 2023 | 84,949 |  | 201,123 |  | 286,072 |  |

6. | DEBTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 1,534 |  | 26,639 |  |

| Amounts owed by group undertakings | - |  | 1 |  |

| Other debtors | 70,104 |  | 62,568 |  |

71,638 |  | 89,208 |  |

| Amounts falling due after more than one year:

| Other debtors | 152,232 |  | 146,332 |  |

| Aggregate amounts | 223,870 |  | 235,540 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 11,200 |  | - |  |

| Amounts owed to group undertakings | - |  | 100 |  |

| Deferred income | 96,007 |  | 199,339 |  |

107,207 |  | 199,439 |  |

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred income | 985,582 |  | 1,008,916 |  |

9. | LEASING AGREEMENTS

| Arrangements in the capacity of lessee

| Minimum lease payments payable under non-cancellable operating leases fall due as follows:

|  | 31.12.24 |  |  | 31.12.23 |  |

|  | £ |  |  | £ |  |

| Within one year |  | 418,080 |  |  | 402,000 |  |

| Between one and five years |  | 1,672,320 |  |  | 1,608,000 |  |

| In more than five years |  | 15,998,146 |  |  | 15,785,934 |  |

|  | 18,088,546 |  |  | 17,795,934 |  |

| Rental income payable under the lease is subject to annual inflationary increases linked to the RPI index.

10. | DEFERRED TAX

| Deferred |  |

| tax |  |

| £ |  |

| Balance at 1 January 2024 |  |  | (61,837 | ) |

| Charged to Income Statement during the year |  |  | (7,854 | ) |

| Balance at 31 December 2024 |  |  | (69,691 | ) |

| The provision for deferred tax consists of the following deferred tax (assets)/liabilities:

|  | 31.12.24 |  |  | 31.12.23 |

|  | £ |  |  | £ |

| Accelerated capital allowances |  | 51,526 |  |  | 71,518 |

| Unutilised losses |  | (121,217 | ) |  | (133,355 | )

| Deferred tax asset |  | (69,691 | ) |  | (61,837 | )

| HYVE OPERATIONS LIMITED (REGISTERED NUMBER: 14247306) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

11. | RESERVES

| Accumulated

| losses

£ |

| At 1 January 2024 | (246,869 | ) |

| Deficit for the year | (32,612 | ) |

| At 31 December 2024 | (279,481 | ) |

12. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption under section 33 of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.

| During the year an entity which shares a common director with the company invoiced the company £180,581 (2023 - £420,070). This related to costs which are rechargeable to the company, including unbilled amounts from the previous financial year (£84,000) and operational costs passed through (£23,781). At the year end the outstanding balance to the entity was £7,280 (2023 - £nil).

13. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is Hyve by Prime Limited, a company which is owned by private shareholders, none of which have a controlling interest in the company. Accordingly there is no ultimate controlling party.