The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

HPH Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Kingsmead Square, Bath, BA1 2AB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Company meets its day-to-day working capital requirements through its bank facilities. Adverse economic conditions may result in uncertainty over the company's ability to let its properties profitably or the availability of bank finance. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance and availability of bank finance, show that the Company should be able to operate within the level of its available facilities, true

The directors believe the Company is well placed to manage its business risks and the directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the next twelve months. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

Rental income is billed quarterly in advance on English quarter days and is recognised in the calendar quarter thereafter.

Rental income is recognised on a straight-line basis over the fixed period of the lease, with the exception of Covid specific rent concessions which are recognised in full in the period in which they're granted.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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. The surplus or deficit on revaluation is recognised in profit or loss.

Fixed asset investments are stated at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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.

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 statement of financial position 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, which include debtors, 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.

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, 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

FRS102 Section 16 requires investment property to be stated at its fair value at each reporting year end. As such, the directors have applied their industry expertise to determine the valuations of the investment properties with reference to the valuation carried out by independent advisers, Knight Frank LLP in 2023.

The average monthly number of persons (including directors) employed by the company during the year was 10 (2024 - 10).

During the year the entity did not sell any properties. (2024: sold one of its properties which had a gain on sale of £634,946)

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

The full investment property portfolio had undergone valuations as at 9 August 2023 by independent advisers Knight Frank LLP. These properties were restated to these fair values, with the gain or loss on revaluation represented on the Income Statement. The directors are satisfied that the property valuations determined at 9 August 2023 remain appropriate at year end.

Included within investment properties is an owner-occupied unit. The directors consider the value of the owner-occupied element to be immaterial and have therefore elected not to split it out as PPE in these financial statements.

Financial instruments are carried at fair value determined annually and derived from the current market rates.

Derivative financial instruments relate to a SONIA Swap agreement and a SONIA Cap agreement, each relating to £5.5m of debt and each with quarterly interest periods. The SWAP creates an effective fixed rate at 4.15% for a total notional of £5.5m (of the £11m variable interest rate term loan) and the Cap, paid by a one-off premium, provides an upper limit of 5% to SONIA for the remaining notional of £5.5m. Both agreements expire on 22nd September 2026 and therefore the debtor related to the SWAP is due in greater than one year.

From 22 September 2023, interest on HPH Ltd’s loan facilities is payable at a rate of SONIA plus 2.3%. The loan is repayable in full on 22 September 2026 with an option to extend the term for a further 2 years.

Bank borrowing is secured by legal mortgage over the freehold properties, held in investment properties.

The deferred tax liability set out above relates to accelerated capital allowances.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Amounts contracted for but not provided in the financial statements:

There are no balance sheet events to disclose after the reporting date.

The company is a wholly-owned subsidiary of HPH Holdings Limited, a company registered in England and Wales which is controlled by L I Holdoway.

The ultimate controlling party is L I Holdoway by virtue of his shareholding.

HPH Holdings Limited - parent company

During the year audit fees of £4,900 (2024: £4,750) were paid by HPH Limited on behalf of HPH Holdings Limited.

Hawke Ridge Business Park Limited - subsidiary of the Company

Debtors: amount due within one year includes an amount owing from Hawke Ridge Business Park Limited of £3,360,607 (2024: £3,330,216).

Director's Loan Account

During the year, the company incurred expenses on behalf of directors totalling £3,605 (2024: £5,048). These amounts were fully repaid to the company at the year end.

At the year end, amounts totalling £1,164 (2024: £4,152 owed by the directors) were owed to the directors by the company.