Limited Liability Partnership registration number SO304903 (Scotland)
HCP HASI LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
HCP HASI LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr S Kelly
Mr A Lapping
LLP registration number
SO304903
Registered office
C/o HKIP LLP
Suite 10, Mercantile Buildings
53 Bothwell Street
Glasgow
United Kingdom
G2 6TS
Accountants
Azets
Titanium 1
King's Inch Place
Renfrew
United Kingdom
PA4 8WF
HCP HASI LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Balance sheet
3
Reconciliation of members' interests
4 - 5
Notes to the financial statements
6 - 12
HCP HASI LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the limited liability partnership continued to be that of holding investments.

Members' drawings, contributions and repayments

No interest is due to members on capital contributed.

Each member is entitled to, though not bound to, contribute further capital to the LLP in proportion to the amount of capital previously contributed and in accordance with any additional funding requirement. No capital shall be contributed, withdrawn or distributed without the prior written consent of a requisite majority of members.

Each member is entitled to share in the net profits and losses as determined by the stakeholder agreement. Although, profits and losses are allocated as soon as the annual accounts are approved by members, the LLP does not have an unconditional right to avoid delivering cash or other assets to the members in respect of their share. As such, all profits and losses of the LLP are considered to be members remuneration charged as an expense.

Each member is entitled to draw a proportion of their profit share in accordance with the terms laid out in the LLP agreement.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Boyle
(Resigned 19 August 2025)
Mr L Dempster
(Resigned 19 August 2025)
Mr J A Dunn
(Resigned 19 August 2025)
Mrs D Kelly
(Resigned 19 August 2025)
Mr R R Kelly
(Resigned 19 August 2025)
Mr S Kelly
Mr A Lapping
Mrs A M H Nelson
(Resigned 19 August 2025)
Mr M R Nelson
(Resigned 19 August 2025)
Mr A Pert
(Resigned 19 August 2025)
Mr S Robertson
(Resigned 19 August 2025)
HCP HASI TRUST
(Resigned 19 August 2025)
Watson Packaging Scotland Limited
(Resigned 19 August 2025)
Proactive Payroll Services Limited
(Resigned 19 August 2025)
Energy and carbon report

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Small LLPs exemption

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

Approved by the members on 12 November 2025 and signed on behalf by:
12 November 2025
Mr S Kelly
Designated Member
HCP HASI LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HCP HASI LLP
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
5
10
10
Current assets
Debtors
7
679,232
570,090
Cash at bank and in hand
50
97
679,282
570,187
Creditors: amounts falling due within one year
8
(643,642)
(588,591)
Net current assets/(liabilities)
35,640
(18,404)
Total assets less current liabilities and net assets/(liabilities) attributable to members
35,650
(18,394)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(722,850)
(758,500)
Members' other interests
Members' capital classified as equity
758,500
758,500
Other reserves classified as equity
-
(18,394)
35,650
(18,394)

For the financial year ended 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

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

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 12 November 2025 and are signed on their behalf by:
12 November 2025
Mr S Kelly
Designated member
Limited Liability Partnership registration number SO304903 (Scotland)
HCP HASI LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 April 2024
758,500
(18,394)
740,106
(758,500)
(758,500)
(18,394)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
54,044
54,044
54,044
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
758,500
(18,394)
740,106
(704,456)
(704,456)
35,650
Other divisions of losses
-
18,394
18,394
(18,394)
(18,394)
-
Members' interests at 31 March 2025
758,500
-
758,500
(722,850)
(722,850)
35,650
HCP HASI LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
758,500
-
758,500
(651,259)
(651,259)
107,241
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
(125,635)
(125,635)
(125,635)
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
758,500
-
758,500
(776,894)
(776,894)
(18,394)
Other divisions of profits
-
(18,394)
(18,394)
18,394
18,394
-
Members' interests at 31 March 2024
758,500
(18,394)
740,106
(758,500)
(758,500)
(18,394)
HCP HASI LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
1
Accounting policies
Limited liability partnership information

HCP HASI LLP is a limited liability partnership incorporated in Scotland. The registered office is C/o HKIP LLP, Suite 10, Mercantile Buildings, 53 Bothwell Street, Glasgow, United Kingdom, G2 6TS.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The limited liability partnership ("LLP") is an investment entity whose underlying investment holds commercial property.

The designated members have resolved to wind up the company in the near future. After the year end, the investment properties were sold and the loans were redeemed.

The accounts have therefore been prepared on a basis other than the going concern basis.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

Interest receivable and similar income

Income from participation rights in joint ventures relates to the distribution of profits and losses from the LLP's joint venture.

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

HCP HASI LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

The members’ agreement limits the amount of losses that can be allocated to and recovered from members to the pro-rata amount of their capital investment in the LLP. Furthermore, the members’ agreement stipulate s that the LLP cannot demand additional contributions from members unless there is unanimous consent. A s a result the LLP does not have an unconditional right to demand payment from members for losses. Losses are therefore allocated in the profit sharing ratios. T o the extent that losses exceed the balance on capital accounts, they are not recognised as a recoverable asset and remain within equity until such time as profits are generated to set them against.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and a ny impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

The limited liability partnership 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 limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

HCP HASI LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 limited liability partnership 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 paymen ts 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. A m ounts 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.

HCP HASI LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

1.10

Promote expense/recovery

In accordance with the LLP agreement, the investment manager Hamilton Capital Partners LLP is entitled to receive a share of the profits of the LLP, otherwise referred to as the investment manager's promote.

In accordance with the terms and conditions of the LLP agreement, the promote due is calculated taking into account the required performance conditions and distribution arrangements of the LLP as a whole and is calculated on the fair value of the investments of the LLP as measured at the reporting date. Where the calculation indicates that the performance conditions have been achieved, the proportion of the promote payable for services provided by the investment manager is accrued as an expense to the LLP. No promote is accrued where performance conditions are not achieved at the reporting date.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

HCP HASI LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 10 -
Critical estimates and judgements

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Valuation of investments and loans

The LLP's principal activity is holding an investment via members capital and loans in its joint venture entity, Hamilton Alternative Strategy Investment LLP.

The assessment of valuation is based on information provided by the asset manager and investment manager of the underlying fund and reflects the LLP's share of the net assets of the fund. This includes all fair value movements on investment property held by the underlying fund.

The members believe that their investment is reasonably valued based on their knowledge of the investment and information provided from the asset manager and investment manager.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
0
0
4
Members' remuneration
2025
2024
Members' remuneration comprises:
£
£
Automatic division of profits/(losses)
54,044
(125,635)
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
10
10
6
Joint ventures

Despite holding 10% of the members' capital, the LLP is a joint venture between the two designated members. Each designated member entity has two representatives which form the board of the LLP. Each representative is entitled to one vote.

Name of undertaking
Registered
Class of
% Held
office
shares held
Direct
Hamilton Alternative Strategy Investment LLP
Suite 10, Mercantile Buildings, 53 Bothwell Street, Glasgow, G2 6TS
Voting rights
50.00
HCP HASI LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
134,385
108,517
Amounts owed by undertakings in which the LLP has a participating interest
543,847
460,573
Other debtors
1,000
1,000
679,232
570,090

Balances with undertakings in which the LLP has a participating interest represents the LLP's member's loan and current account with its joint venture. There is no unconditional right to defer settlement of either balance for at least 12 months after the reporting period. As such, such balances are shown within current assets.

8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
215,893
185,855
Taxation and social security
24,653
29,890
Other creditors
403,096
372,846
643,642
588,591
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

Amounts owed by members relate to amounts owing in respect of losses. Included within this are their share of fair value movements on investment property amounting to a deficit of £662,600 (2024 - £757,100).

HCP HASI LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
10
Related party transactions

HCP Hasi Trust - Designated member

At the year end, HCP Hasi Trust owed £8,080 (2024 - £16,524) to the LLP in respect of expenses paid for on its behalf, which have been fully provided for in the financial statements.

Entities controlled by designated members

During the year, the LLP recognised fees of £33,509 (2024 - £50,624) due to HKI Partnership LLP. At the year end, the LLP owed £375,405 (2024 - £332,017) to HKI Partnership LLP.

The LLP paid £4,000 (20 2 4 - £4,000) to the Hamilton Portfolio Partnership LLP in respect of accounting services rendered. At the year end, £26,550 (20 2 4 - £21,750) was due to the Hamilton Portfolio Partnership LLP.

Investment manager

As defined in the Operator Agreement, the Operator (Hamilton Capital Partners LLP) is entitled to receive an annual fee amounting to £10,000 plus RPI. For the year under review, total fees payable under the operator agreement amounted to £15,400 (2024 - £15,021). At the year end £135,284 (2024 - £119,884) was due to Hamilton Capital Partners LLP.

The investment manager (Hamilton Capital Partners LLP) is entitled to receive an annual fee amounting to 1.75% of equity raised. The investment manager has waived its entitlement to its annual fee in the current and prior year.

11
Controlling party

The LLP is under the control of its investment manager and operator, Hamilton Capital Partners LLP.

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