H2 Portes 1 Limited iXBRL

Company Registration Number: 10901355

H2 Portes 1 Limited

Financial Statements

for the financial year ended 31 March 2025

H2 Portes 1 Limited

Directors and Other Information


Directors	Peter Rush
	Simon Gilbert
	Brian McCracken
	Kieran McCracken
	Cathal Turley


Company Registration Number	10901355


Registered Office	Sandall Stones Road
	Kirk Sandall Industrial Estate
	Doncaster
	DN3 1QR
	United Kingdom


Business Address	Sandall Stones Road
	Kirk Sandall Industrial Estate
	Doncaster
	DN3 1QR
	United Kingdom


Independent Auditors	HCA Chartered Accountants Ltd
	Chartered Accountants and Statutory Auditors
	12 Cromac Place
	Belfast
	Co. Antrim
	BT7 2JB
	Northern Ireland


Bankers	Allied Irish Banks
	Block K3
	Bankcentre
	Ballsbridge
	Dublin 4
	Republic of Ireland


Solicitors	Pinsent Masons
	1 Lanyon Place
	BT1 3LP
	Northern Ireland

H2 Portes 1 Limited

Company Registration Number: 10901355

Statement of Financial Position

as at 31 March 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Financial assets

38,553,768

38,553,768

─────────

Current Assets

Debtors

2,440

2,440

Creditors: amounts falling due within one year

(25,598,207)

(24,180,207)

─────────

Net Current Liabilities

(25,595,767)

(24,177,767)

─────────

Total Assets less Current Liabilities

12,958,001

14,376,001

Creditors:

amounts falling due after more than one year

(12,958,000)

(14,376,000)

Provisions for liabilities

828,682

215,822

─────────

Net Assets

828,683

215,823

═════════

Capital and Reserves

Called up share capital

Retained earnings

828,682

215,822

─────────

Equity attributable to owners of the company

828,683

215,823

═════════

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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

Approved by the Board and authorised for issue on 18 December 2025 and signed on its behalf by



________________________________
Peter Rush
Director

H2 Portes 1 Limited

Notes to the Financial Statements

for the financial year ended 31 March 2025

General Information

H2 Portes 1 Limited is a company limited by shares incorporated in the United Kingdom. Sandall Stones Road, Kirk Sandall Industrial Estate, Doncaster, DN3 1QR, United Kingdom is the registered office, which is also the principal place of business of the company. The principal activity of the company is to hold shares in subsidiaries. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 March 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Consolidated accounts

The company is entitled to the exemption in Section 400 of the Companies Act 2006 from the obligation to prepare group accounts.

Financial assets

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable.

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.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

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.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Going concern

The directors have reviewed the projected financial performance for a period of at least 12 months from the date of approval of the financial statements and are confident that the company has adequate financing available to continue its operations for the foreseeable future. The Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the company's financial statements.

At the date of signing, the group’s loan facilities with AIB are due for repayment or refinancing in August 2026. The Directors expect that the facilities with AIB will be extended or refinanced and will therefore not be payable in full in 2026.

Group Company Exemptions Claimed

The company has claimed exemption from preparing group accounts as it is consolidated as part of a larger group under section 400 of the Companies Act 2006.

INFORMATION RELATING TO THE AUDITOR'S REPORT

The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.

The financial statements were audited by HCA Chartered Accountants Ltd.

The Auditor's Report was signed by Brian Hegarty (Senior Statutory Auditor) for and on behalf of HCA Chartered Accountants Ltd on 18th December 2025.

Employees

The company did not have any employees during the period or the comparative period.


7.	Financial fixed assets
		Group and	Total
		participating
		interests/
		joint ventures
	Investments	£	£
	Cost

	At 31 March 2025	38,553,768	38,553,768
		─────────	─────────
	Net book value
	At 31 March 2025	38,553,768	38,553,768
		═════════	═════════
	At 31 March 2024	38,553,768	38,553,768
		═════════	═════════

7.1.

Holdings in related undertakings

The company holds 20% or more of the share capital of the following company:

Country

Nature

Details

Proportion

held by

Name

incorporation and address of Registered Office

business

investment

company

Subsidiary undertaking

BA Kitchen Components Limited

Derryloran Industrial Estate, Cookstown, Co. Tyrone, BT80 9LU

Manufacture of kitchen furniture

Ordinary Shares

100%

In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.


8.	Debtors	2025	2024
		£	£

	Taxation	2,440	2,440
		═════════	═════════

Creditors

2025

2024

Amounts falling due within one year

Bank loan

1,418,000

1,018,000

Amounts owed to group undertakings

24,071,987

23,043,968

Other creditors

108,220

118,239

─────────

25,598,207

24,180,207

═════════

Allied Irish Banks plc holds fixed and floating charge security over the property of the company.

Amounts due to group companies are unsecured and repayable on demand.


10.	Creditors	2025	2024
	Amounts falling due after more than one year	£	£

	Bank loan	12,958,000	14,376,000
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 9)	1,418,000	1,018,000
	Repayable between one and two years	12,958,000	14,376,000
		─────────	─────────
		14,376,000	15,394,000
		═════════	═════════

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Losses

Total

Total

2025

2024

At financial year start

(215,822)

(215,822)

(232,727)

Charged to profit and loss

(612,860)

(612,860)

16,905

─────────

At financial year end

(828,682)

(215,822)

═════════

12.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 March 2025.

13.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

14.

Parent and ultimate parent company

The company regards H2 Portes Topco Limited as its parent company.

The company's ultimate parent undertaking is Cooperatif H2 Equity Partners Fund V U.A.

The address of Cooperatif H2 Equity Partners Fund V U.A. is in England.

The parent of the largest group in which the results are consolidated is H2 Portes Topco Limited.

H2 Portes Topco Limited is registered in England.

15.

Controlling interest

The ultimate controlling party of the company is Cooperatief H2 Equity Partners Fund V U.A. by virtue of its majority shareholding in H2 Portes Topco Limited.

16.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.


17.	Share Capital

	The share capital of the company consists of 1 ordinary share of £1.

		2025	2024
		£	£

	Ordinary shares of £1 each	1	1
		═════════	═════════