Company No: 05885892 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	M P Ringrose
	S Wickremeratne

Registered office	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG
	United Kingdom

Company number

05885892 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hapstead Properties Limited for the financial year ended 31 March 2025 which comprise the Balance Sheet and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Hapstead Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hapstead Properties Limited. You consider that Hapstead Properties Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Hapstead Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Hapstead Properties Limited, as a body, in accordance with the terms of our engagement letter dated 24 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Hapstead Properties Limited and state those matters that we have agreed to state to the Board of Directors of Hapstead Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hapstead Properties Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP

Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG

23 December 2025

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	41,768		47,881
Investment property	4	8,295,044		8,112,969
		8,336,812		8,160,850
Current assets
Debtors	5	183,776		164,840
Cash at bank and in hand		675		10,653
		184,451		175,493
Creditors: amounts falling due within one year	6	( 153,625)		( 122,418)
Net current assets		30,826		53,075
Total assets less current liabilities		8,367,638		8,213,925
Creditors: amounts falling due after more than one year	7	( 6,140,242)		( 6,116,403)
Provision for liabilities	8	( 396,570)		( 398,122)
Net assets		1,830,826		1,699,400
Capital and reserves
Called-up share capital		4		4
Revaluation reserve	10	1,700,435		1,700,435
Profit and loss account		130,387		( 1,039 )
Total shareholder's funds		1,830,826		1,699,400

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Hapstead Properties Limited (registered number: 05885892) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

M P Ringrose Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hapstead Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, Springfield Road,, Horsham, West Sussex, RH12 2RG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	5 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Vehicles		Office equipment		Total
	£		£		£
Cost
At 01 April 2024	63,017		3,447		66,464
At 31 March 2025	63,017		3,447		66,464
Accumulated depreciation
At 01 April 2024	15,136		3,447		18,583
Charge for the financial year	6,113		0		6,113
At 31 March 2025	21,249		3,447		24,696
Net book value
At 31 March 2025	41,768		0		41,768
At 31 March 2024	47,881		0		47,881

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	8,112,969
Additions	182,075
As at 31 March 2025	8,295,044

The 2025 valuations were made by the director, on an open market value for existing use basis.

The historic cost of the freehold investment property is £6,208,301 (2024: £6,026,226).

5. Debtors

	2025		2024
	£		£
Trade debtors	12,069		5,124
Amounts owed by associates	87,939		50,130
Amounts owed by directors	2,547		3,498
Prepayments	3,334		11,666
Corporation tax	2,229		2,229
Other debtors	75,658		92,193
	183,776		164,840

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	30,671		10,098
Trade creditors	2,517		1,123
Accruals and deferred income	7,783		31,453
Corporation tax	45,362		32,650
Other taxation and social security	9,023		4,649
Obligations under finance leases and hire purchase contracts	1,324		4,694
Other creditors	56,945		37,751
	153,625		122,418

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	4,302,928		4,237,765
Amounts owed to Group undertakings	1,642,280		1,642,280
Obligations under finance leases and hire purchase contracts	0		1,324
Other creditors	195,034		235,034
	6,140,242		6,116,403

Details of security provided:

The other loans and bank loans and mortgages are secured over the investment properties.

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 398,122)		( 397,847)
Credited/(charged) to the Statement of Income and Retained Earnings	1,552		( 275)
At the end of financial year	( 396,570)		( 398,122)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 10,442)		( 11,970)
Revaluation of investment property	( 386,308)		( 386,308)
Other timing differences	180		156
	( 396,570)		( 398,122)

9. Related party transactions

The Directors
During the year, the company has continued to provide a loan to M P Ringrose, a director. This loan is interest free. At the year end M P Ringrose owed the company £2,547 (2024: £3,498).

Murray Homes Limited
(same directors)
During the year, Hapstead Properties Limited provided a loan to Murray Homes Limited. At the year end £87,938 (2024: £50,130) was due from Murray Homes Limited.

Lizard Properties (Sussex) Limited
(M P Ringrose is the sole director)
During the year, Hapstead Properties Limited provided a loan to Lizard Properties (Sussex) Limited. At the year end £41,751 (2024: £53,751) was due from Lizard Properties (Sussex) Limited.,

10. Reserves

Revaluation Reserve

The company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.

Profit and loss account

The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholder. This is a distributable reserve.

11. Ultimate controlling party

The company is controlled by Murray House & Homes Limited which owns 100% of the called up share capital.