REGISTERED NUMBER: SC685307 (Scotland)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Hamcap (Hillington) Ltd

Page

Company Information

1

Report of the Directors

2

Balance Sheet

4

Notes to the Financial Statements

5

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:

SC685307 (Scotland)

SENIOR STATUTORY AUDITOR:

Raymond Henry FCA

AUDITORS:

The Kelvin Partnership Ltd

Statutory Auditor

Chartered Accountants

The Cooper Building

505 Great Western Road

Glasgow

G12 8HN

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

PRINCIPAL ACTIVITY

The principal activity of the company is property investment.

DIRECTORS

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

J A Dunn

S G Kelly

Hamcap HYIF No4 LLP

RISK MANAGEMENT

The Board of Directors recognises its responsibility for maintaining a sound system of risk management and internal control to safeguard the Company’s assets, ensure business continuity, and support the delivery of its strategic objectives. As part of the governance process, the Directors have undertaken a formal risk assessment for the financial year under review.

GOING CONCERN

The Directors have assessed the Company’s ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements.

As part of this assessment, the Directors reviewed projected cash flows, budgets, and other relevant forecasts covering a period extending beyond 12 months from the reporting date. This review considered the Company’s current financial position, recent trading performance, and available financing facilities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, The Kelvin Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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:

S G Kelly - Director

1 September 2025

FIXED ASSETS

Investment property

4

2,537,699

2,445,500

CURRENT ASSETS

Debtors

5

1,950,632

1,931,925

Cash at bank

13,852

40,387

1,964,484

1,972,312

CREDITORS

Amounts falling due within one year

6

1,491,595

1,622,526

NET CURRENT ASSETS

472,889

349,786

TOTAL ASSETS LESS CURRENT LIABILITIES

3,010,588

2,795,286

CREDITORS

Amounts falling due after more than one year

7

(296,140

)

(296,140

)

PROVISIONS FOR LIABILITIES

9

(219

)

(219

)

NET ASSETS

2,714,229

2,498,927

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

2,714,228

2,498,926

2,714,229

2,498,927

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 (Hillington) 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, which is property held to earn rentals and/or for capital appreciation, is initially

recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are 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

2,445,500

Revaluations

92,199

At 31 December 2024

2,537,699

NET BOOK VALUE

At 31 December 2024

2,537,699

At 31 December 2023

2,445,500

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 £2.7m (2023 - £2.610m).

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

Fair value at 31 December 2024 is represented by:

£

Valuation in 2021

(275,925

)

Valuation in 2022

(836,184

)

Valuation in 2023

44,509

Valuation in 2024

92,199

Cost

3,513,100

2,537,699

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

31.12.24

31.12.23

£

£

Cost

3,513,100

2,896,000

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

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

1,778,842

1,778,342

Other debtors

171,790

144,938

VAT

-

2,885

Prepayments

-

5,760

1,950,632

1,931,925

Included within other debtors are lease incentives amounting to £162,300 (2023 - £164,499).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 8)

1,381,188

1,477,819

Trade creditors

-

13,332

Tax

40,965

84,715

VAT

10,196

-

Accruals and deferred income

59,246

46,660

1,491,595

1,622,526

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other loans (see note 8)

296,140

296,140

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

1,381,188

1,477,819

Amounts falling due between one and two years:

Other loans - 1-2 years

296,140

296,140

The Company has granted a standard security in favour of Santander UK PLC as collateral for banking facilities provided. The standard security constitutes a legal charge over certain Company assets to secure repayment of the loan.

9.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

219

219

Deferred

tax

£

Balance at 1 January 2024

219

Balance at 31 December 2024

219

10.	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

11.	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

Hamcap HYIF No4 LLP

Parent

Hamilton Portfolio Partnership LLP

Members in common

HKI Partnership LLP

Members in common

KH V Lending 302 Limited

Investor

Description of transaction

Income

Payments

2024

2023

2024

2023

Hamcap HYIF No4 LLP

Management fees

-

-

19,337

27,658

Hamilton PortfolioPartnership LLP

Management fees

-

-

5,000

5,000

HKI Partnership LLP

Management fees

-

-

-

7,750

KH V Lending 302 Limited

Interest charge

-

-

-

36,258

Balances with related parties

Amounts owed by related parties

Amounts owed to related parties

2024

2023

2024

2023

Hamcap HYIF No4 LLP

17,438

16,938

-

-

HKIP (Cigna House) Limited

1,761,404

1,1761,404

-

-

KH V Lending 302 Limited

-

-

296,140

296,140

12.	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.