REGISTERED NUMBER: SC663976 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

Hamcap (Dundee) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Dunn

S G Kelly

Hamcap HYIF No4 LLP

REGISTERED OFFICE:

c/o HKIP LLP

Mercantile Buildings, Suite 10

53 Bothwell Street

GLASGOW

G2 6TS

REGISTERED NUMBER:

SC663976 (Scotland)

AUDITORS:

The Kelvin Partnership Ltd

Statutory Auditor

Chartered Accountants

The Cooper Building

505 Great Western Road

Glasgow

G12 8HN

FIXED ASSETS

Investment property

4

5,339,528

5,357,199

CURRENT ASSETS

Debtors

5

474

129,304

Cash at bank

119,421

99,925

119,895

229,229

CREDITORS

Amounts falling due within one year

6

3,590,372

2,221,430

NET CURRENT LIABILITIES

(3,470,477

)

(1,992,201

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,869,051

3,364,998

CREDITORS

Amounts falling due after more than one year

7

1,245,394

2,890,033

NET ASSETS

623,657

474,965

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

623,656

474,964

623,657

474,965

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2025 and were signed on its behalf by:

S G Kelly - Director

1.	STATUTORY INFORMATION

Hamcap (Dundee) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements are presented in Great British Pounds (GBP), which is the Company's functional and presentation currency. All amounts have been rounded to the nearest pound, unless otherwise stated.

Turnover

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

Lease Incentives

The cost of any lease incentives provided are recognised over the lease term, on a straight line basis as a reduction of rental income. The resulting asset is reflected as a receivable in the Balance Sheet. The valuation of investment properties is reduced by the total of the unamortised lease incentive balances. Any remaining lease incentive balances in respect of properties disposed of are included in the calculation of profit or loss arising at disposal.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern

We have reviewed the current and future financial position of the company. Such a review includes the examination of future cash flows, the liquidity position, the impact of financial covenants and interest rates.

Following our review, we have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. As such, we continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

5,357,199

Revaluations

(17,671

)

At 31 December 2024

5,339,528

NET BOOK VALUE

At 31 December 2024

5,339,528

At 31 December 2023

5,357,199

Fair value at 31 December 2024 is represented by:

£

Valuation in 2020

(136,607

)

Valuation in 2021

550,000

Valuation in 2022

(205,098

)

Valuation in 2023

(437,703

)

Valuation in 2024

(17,671

)

Cost

5,586,607

5,339,528

If investment property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

5,586,607

5,520,000

Investment property was valued on an open market basis on 31 December 2024 by CBRE .

Investment property was valued on a fair value basis by directors on 31 December 2024. The valuation is shown net of lease incentives, which are included in other debtors and are being released over the life of the lease.

The gross value of the investment property (including lease incentives) is £5,34m (2023 - £5.37m).

The investment property is subject to a standard security held by Lloyds Bank PLC as security against banking facilities provided to the Company.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

-

116,500

Other debtors

474

12,804

474

129,304

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 8)

1,657,967

288,808

Trade creditors

1,500

-

Amounts owed to group undertakings

1,484,427

1,500,927

Tax

55,455

65,802

Accruals and deferred income

391,023

365,893

3,590,372

2,221,430

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 8)

-

1,644,639

Other loans (see note 8)

1,245,394

1,245,394

1,245,394

2,890,033

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

1,657,967

288,808

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

1,644,639

Other loans - 1-2 years

1,245,394

1,245,394

1,245,394

2,890,033

The Company has secured loan facilities with Lloyds Bank PLC and KH V Lending 302 Limited, over which standard securities have been granted, creating legal charges against certain Company properties. In addition, Lloyds Bank PLC holds an all-assets debenture comprising a bond and floating charge over the Company’s present and future assets.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Raymond Henry FCA (Senior Statutory Auditor)

for and on behalf of The Kelvin Partnership Ltd

10.	RELATED PARTY DISCLOSURES

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party

Nature of relationship

Hamilton Portfolio Partnership LLP

Members in common

HKI Partnership LLP

Members in common

KH V Lending 302 Limited

Investor

Hamcap HYIF No4 LLP

Parent

Hamcap (Hillington) Limited

Fellow subsidiary

HKIP (Cigna House) Limited

Fellow subsidiary

Description of transaction

Income

Payments

2024

2023

2024

2023

Hamilton Portfolio Partnership LLP

Management fees

-

-

6,000

6,000

HKI Partnership LLP

Management fees

-

-

-

40,233

KH V Lending 302 Limited

Interest

-

-

124,881

125,784

Balances with related parties

Amounts owed by related parties

Amounts owed to related parties

2024

2023

2024

2023

Hamcap HYIF No4 LLP

16,500

66,500

1,500,927

1,500,927

HKIP (Cigna House) Limited

50,000

-

-

KH V Lending 302 Limited

-

-

1,245,394

1,518,986

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Hamcap HYIF No4 LLP .

Hamcap HYIF No4 LLP is a joint venture between HCP High Yield No4 Limited and KH V Properties 109 Limited.