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Registered number: 01360843 HAYSPORT PROPERTIES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
HAYSPORT PROPERTIES LIMITED COMPANY INFORMATION
Directors | J Hager
| M I Frenkel
| C Khan
Registered number | 01360843
Registered office | 28 The Ridgeway
| London
| NW11 8TB
Independent auditors | Wilder Coe Ltd
| Chartered Accountants & Statutory Auditors
| 1st Floor Sackville House
| 143-149 Fenchuch Street
| London
| EC3M 6BL
HAYSPORT PROPERTIES LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Notes to the Financial Statements | 3 - 10
HAYSPORT PROPERTIES LIMITED REGISTERED NUMBER: 01360843 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 44,609,000 |  | 40,909,200
Investments | 5 |  | 4,322,002 |  | 8,644,000
|  |  | 48,931,002 |  | 49,553,200
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 468,319 |  | 468,319 |
Debtors: amounts falling due within one year | 6 | 1,176,852 |  | 1,300,368 |
Cash at bank and in hand |  | 592,872 |  | 337,349 |
|  | 2,238,043 |  | 2,106,036 |
Creditors: amounts falling due within one year | 7 | (1,465,596) |  | (3,047,118) |
Net current assets/(liabilities) |  |  | 772,447 |  | (941,082)
Total assets less current liabilities |  |  | 49,703,449 |  | 48,612,118
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 |  | (3,622,874) |  | (2,857,214)
Net assets |  |  | 46,080,575 |  | 45,754,904
Capital and reserves |  |  |  |  |
Allotted, called up and fully paid share capital |  |  | 100 |  | 100
Profit and loss account | 9 |  | 46,080,475 |  | 45,754,804
Equity shareholder's funds |  |  | 46,080,575 |  | 45,754,904
Page 1
HAYSPORT PROPERTIES LIMITED REGISTERED NUMBER: 01360843 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 November 2025.
J Hager
Director
The notes on pages 3 to 10 form part of these financial statements. Page 2
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Haysport Properties Limited (company number: 01360843), having its registered office and trading address at 28 The Ridgeway, London, NW11 8TB, is a private limited company incorporated in England and Wales. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, Section 1A, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006. The Company has taken advantage from the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly-owned by a member of the group. The following principal accounting policies have been applied:
| 2.2 | Statement of Cash Flows
The Company has taken advantage of the exemptions in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
| 2.3 | Turnover
Turnover comprises rental property income from property investment. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts or rebates. Profits on the disposal of investment properties are recognised as exceptional items as the principal activity of the Company is to obtain rental income from property investment. Page 3
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Investment properties
Investment properties comprise freehold and leasehold land and buildings. They are a combination of residential and commercial units and are measured initially at cost, including related transaction costs. They are held as an investment to earn rental income and for capital appreciation and are stated at fair value at the Balance Sheet date. After initial recognition, investment properties are carried at fair value, based on market value, after which they are valued annually by independent external valuers or held at directors’ valuation if appropriate. The changes in fair value and impairments resulting from loss of economic benefit are recognised in the Statement of Income and Retained Earnings. The fair value of an investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions. Subsequent expenditure is added to the asset’s carrying amount only when it is probably that future economic benefits associated with the item will flow to the Company and the cost of the item can be reliably measured. Other repairs and maintenance expenditure is charged to the Statement of Income and Retained Earnings during the financial period in which it incurred. When an existing investment property is redeveloped for continued use it remains an investment property whilst in development.
| 2.5 | Valuation of investments
Other investments held as fixed assets are shown at the net present value of future cash flows using the effective interest rate method.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.7 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 4
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price.
| 2.10 | Gift Aid distribution
Gift Aid distribution to the parent charity is recognised when it becomes legally payable.
| 2.11 | Interest income
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
| 2.12 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. Page 5
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the United Kingdom where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 6
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Tangible fixed assets
|  | Investment properties
|  | £
| Valuation |
| At 1 April 2024 | 40,909,200
| Revaluations | 3,699,800
| At 31 March 2025 | 44,609,000
| Net book value |
| At 31 March 2025 | 44,609,000
| At 31 March 2024 | 40,909,200
| The cost of investment property at 31 March 2025 is £18,437,840 (2024: £18,437,840) and the uplift following professional and Directors' valuations undertaken is £26,171,160 (2024: £22,471,360). The fair value of investment property has been determined by the directors of the Company. Fair value has been determined by reference to inter-alia, independent surveys, marketing reports, letting status, planning status and physical inspection of properties.
Page 7
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Fixed asset investments
|  | Unsecured subordinated loan notes
|  | £
| Cost or valuation |
| At 1 April 2024 | 8,644,000
| Amounts repaid | (4,321,998)
| At 31 March 2025 | 4,322,002
| Net book value |
| At 31 March 2025 | 4,322,002
| At 31 March 2024 | 8,644,000
| As previously reported, following a Court approved process involving the restructuring of debtor and creditor balances with former related party entities, the Company now holds unsecured subordinated loan notes issued by a counterparty to the restructuring with an aggregate value of £8.6m at 31 March 2025 (2024: £17.3m). These loan notes are repayable in instalments commencing in May 2015 through to 2029 and carry an escalating coupon. The Company has also granted a conditional option to its property asset manager, geared to certain performance criteria, in respect of up to £2.5million of the new loan notes maturing in 2029. In subsequent years, the Directors reviewed the basis of valuation of these assets adopted hitherto and as a result have reduced the discount factor applied to derive the net present value. This resulted in an increase to the net assets of the company in the prior year. Future movements will be in line with capital repayments
Page 8
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 468,319 | 468,319
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 627,718 | 633,649
| Other debtors | 219,017 | 254,753
| Prepayments and accrued income | 309,777 | 411,966
| Amounts owed by group undertakings | 20,340 | -
|  | 1,176,852 | 1,300,368
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 84,118 | 147,443
| Amounts owed to group undertakings | 548,370 | 2,056,363
| Other creditors | 246,702 | 252,215
| Accruals and deferred income | 586,406 | 591,097
|  | 1,465,596 | 3,047,118
Page 9
HAYSPORT PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 2,857,214 | 2,000,130
| Charged to profit or loss | 765,660 | 857,084
| At end of year | 3,622,874 | 2,857,214
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Revaluation on investment properties | 3,622,874 | 2,740,414
| Spreading of tax on FRS 102 transitional adjustment | - | 116,800
|  | 3,622,874 | 2,857,214
9. | Reserves
Profit & loss reserve Included within the profit and loss reserve are non-distributable reserves of £22,548,286 (2024: £19,730,946).
10. | Consolidated parent undertaking
As at 31 March 2025 and 31 March 2024, the ultimate parent undertaking and controlling party of the Company is Delapage Limited, a company limited by guarantee, and a registered charity incorporated in the United Kingdom. Consolidated accounts may be obtained from the following address: The Trustees Delapage Limited 28 The Ridgeway London NW11 8TB
11. | Auditors' information
The Company was subject to audit for the year ended 31 March 2025. The audit report was issued with an unqualified opinion and signed on 01 December 2025 by Chris Gent BA FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.
Page 10