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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
COMPANY INFORMATION
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HIGHTOWER FINANCE LIMITED
CONTENTS
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HIGHTOWER FINANCE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present the strategic report for the year ended 31 March 2025.
The financial statements of the Group for the year ended 31 March 2025 present the results and the financial position for the year commencing 1 April 2024.
The group’s operating loss for the year of £51.3m (2024: £43.2m) includes £57.2m of net revaluation and impairment losses (2024: £56.8m losses). The full results for the group are shown in the Consolidated Statement of Comprehensive Income on page 11. The reduction in value is considered to be a timing issue and expected to reverse in future when current market conditions improve. The directors continue to review lending opportunities as they arise in keeping with the company’s risk management principles.
The group uses a variety of KPIs to allow it to monitor the performance of its business and financial model, as well as its wider responsibilities to its shareholders.
The group sees EBITDA and rates of return on lending as key KPIs. For the period ended 31 March 2025 the EBITDA of the group was £17.3m loss (2024: £9.8m loss), with a £39.4m profit (2024: £47.3m profit) when adjusting for the effects of property revaluation. The group reviews its trade debtor position on a weekly and monthly basis to effectively manage the credit risk and have installed a number of debt collection metrics. At 31 March 2025 trade debt was £7.4m (2024: £7.5m) and is considered satisfactory.
The directors have identified the need to manage the Group’s material financial risks and, as a result, have adopted various policies across the group. These risks and policies are monitored by the directors on a continuing basis and are discussed below.
Profitability risk The directors place importance on continuous monitoring of the performance of the business, and the credit agreements in issue. Rent reviews are carried out at regular intervals to ensure changes in market conditions are reflected in lease terms and concessions. Through the group’s interest rate risk and due diligence policies, profitability from its lending activities is also managed effectively. Credit risk The directors place strong emphasis on constantly improving controls over risk including seeking forms of security or guarantees. The covenant strength of potential tenants is assessed on a case by case basis and, as a standard policy, security is obtained in the form of a rental deposit or guarantee where possible. Existing tenants are reviewed on a regular basis to monitor payment and trading patterns. Loans issued by the group are underwritten to reduce any financial or credit risk. Financial covenants such as interest cover ratio (ICR), loan to value (LTV), net operating income (NOI) and timeliness of payments are reviewed regularly to help mitigate risk.
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HIGHTOWER FINANCE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Interest rate risk The group’s long term debt is largely priced at a fixed rate which enables the group to forecast its costs with very little to no risk attributable to changes in base rate. The group regularly reviews its forecasts to ensure that there is sufficient cash available to meet its interest and principal repayments. Where the group extends debt financing to other parties, a base rate is generally applied which is subject to a floor rate set by the directors to ensure a desired minimum return. Liquidity risk The group’s liquidity position is adequate for the level of business with £11,681,678 of cash and cash equivalents at 31 March 2025 (2024: £10,805,583). The group seeks to manage its liquidity risk by forecasting cashflow and establishing long term financing arrangements to aid its operations and investments for the foreseeable future. Foreign exchange risk The group is not exposed to foreign exchange risk as all of its income is derived from activities undertaken in the UK and all of its transactions are denominated in sterling. Section 172 (1) Statement- Promoting success of the group Considering the interest of all of our stakeholders is an important part of the way in which we conduct our business and underpins the methodology used in all key decisions, considering and balancing all perspectives. The directors have continued to invest in development of the group's property portfolio to ensure it continues to bring in revenue. Within the period, additions to investment property totalled £134.8m (2024: £114.3m). Where a property becomes vacant, an assessment is made of the site with a view to obtaining the optimum shareholder return either through the generation of rental income or capital appreciation. The company undertakes a comprehensive review including an assessment of alternative use or disposal, if deemed appropriate. The group's operations continue to qualify as low energy, as disclosed in the energy and carbon report, minimising its impact on the environment. The group endeavours to uphold high standards of operations and business conduct and will continue to act fairly between members of the group. Customers & Suppliers The effects of elevated interest rates and ongoing cost of living pressures continued to influence some tenants’ and borrowers’ ability to pay. However, bad debts have decreased during the period, reflecting a gradual improvement in repayment behaviour as financial conditions begin to stabilise. Bad debts continue to be reviewed post year end. We have continued to work hard with customers to provide cashflow solutions to alleviate some of the burdens that the current economy has presented to their underlying businesses, in order to maintain our relationships with tenants who lease premises on normal credit terms, whilst remaining fair to all other stakeholders. The group maintains high levels of due diligence and performs regular reviews of the economic factors affecting the financing markets to ensure limitation of the group’s risks from its debt financing activities. Our suppliers are also central to our business, and we continually strive to improve our processes and build stronger relationships with them. We balance the benefits of maintaining strategic relationships with key suppliers alongside the need to obtain value for money for our customers.
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HIGHTOWER FINANCE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The group is committed to the goals of environmental sustainability and accountability. We are conscious of our operating environment and the effect our activities can have on neighbouring communities. There are appropriate environmental policies and waste disposal contracts in place. Where appropriate, subsidiaries participate in the Energy Savings Opportunity Scheme (ESOS).
This report was approved by the board and signed on its behalf.
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HIGHTOWER FINANCE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The loss for the year, after taxation, amounted to £51,268,873 (2024 - loss £43,199,939).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend
The directors who served during the year were:
The effects of a significant rise in interest rates, inflation, and the cost-of-living crisis have impacted a number of tenants’ and borrowers’ abilities to pay. As a result, bad debts have increased during the period and continue to be reviewed post year-end.
We have continued to work hard with customers to provide cashflow solutions to alleviate some of the burdens that the current economy has presented to their underlying businesses, in order to maintain our relationships with tenants who lease premises on normal credit terms, whilst remaining fair to all other stakeholders. The Group maintains high levels of due diligence and performs regular reviews of the economic factors affecting the financing markets to ensure limitation of the group’s risks from its debt financing activities. Our suppliers are also central to our business, and we continually strive to improve our processes and build stronger relationships with them. We balance the benefits of maintaining strategic relationships with our key suppliers alongside the need to obtain the highest value for money for our customers.
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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HIGHTOWER FINANCE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the Group since the year end.
Hightower Investments Corp, the Group’s ultimate parent company, has committed to provide ongoing financial support to ensure the Group can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date these financial statements are signed. Accordingly, the directors have prepared the financial statements for the year ended 31 March 2025 on a going concern basis.
The auditors, Adler Shine LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HIGHTOWER FINANCE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HIGHTOWER FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGHTOWER FINANCE LIMITED
We have audited the financial statements of Hightower Finance Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HIGHTOWER FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGHTOWER FINANCE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HIGHTOWER FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGHTOWER FINANCE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
∙Enquiring of management of whether they are aware of any non-compliance with laws and regulations.
∙Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.
∙Enquiring of management their internal controls established to mitigate risk related to fraud or noncompliance with laws and regulations.
∙Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals.
∙Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation, data protection, anti-bribery, employment and health and safety.
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙audited the risk of management override of controls, including through testing journal entries for appropriateness;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:
∙Agreeing financial statements disclosures to underlying supporting documentation.
∙Reviewing minutes of meetings of those charged with governance.
∙Enquiring of management as to actual and potential litigation claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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HIGHTOWER FINANCE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGHTOWER FINANCE LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
N3 1LF
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HIGHTOWER FINANCE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
REGISTERED NUMBER: 12963039
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 33 form part of these financial statements.
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HIGHTOWER FINANCE LIMITED
REGISTERED NUMBER: 12963039
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £52,037,297 (2024: £35,083,660)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 33 form part of these financial statements.
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HIGHTOWER FINANCE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Hightower Finance Limited ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor, Millbank Tower, 21-24 Millbank, London, SW1P 4QP.
The group consists of Hightower Finance Limited and all of its subsidiaries ("the Group").
2.Accounting policies
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, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Hightower Investments Corp, the Group’s ultimate parent company, has committed to provide ongoing financial support to ensure the Group can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date these financial statements are signed. Accordingly, the directors have prepared the financial statements for the year ended 31 March 2025 on a going concern basis.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from financing activities is recognised in the profit or loss using the effective interest method.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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. Investment properties The assumptions on which the investment property valuations have been based includes, but is not limited to, matters such as the tenure and tenancy details for the properties and prevailing market yields. If the assumptions upon which the directors have based their valuations proves to be inaccurate, this may have an impact on the value of the Group’s investment properties, which could in turn have an effect on the Group’s financial position and results. Loans receivable The directors consider how past trends and patterns are in forecasting future performance and may make any adjustments they believe are necessary to reflect the current economic and market conditions. The accuracy of impairment calculations is therefore affected by unexpected changes to the economic situation, variances between the models used and the actual results, or assumptions which differ from the actual outcomes. The directors are of the opinion that at the balance sheet date no impairment of loans receivable was required.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The 2025 valuations were made by the directors, on an open market value for existing use basis.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The amounts owed to group undertakings are secured by fixed charges over the Group's investments. The loans are interest bearing and due on 31 March 2027.
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HIGHTOWER FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company's immediate parent company is
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