Caseware UK (AP4) 2024.0.164 2024.0.164 The principal activity of the Company is that of the management and running of a hotel. SOF-10 HIM Assetco Limited (No. 08463984) is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 51st Floor, 5 Wigmore Street, London, England, W1U 1PB. The principal activity of the Company is that of the management and running of a hotel.These financial statements have been prepared on a going concern basis. The Director has considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements. These financial statements have been prepared on a going concern basis. The Director has considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements.2024-12-31 2024-12-31 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, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: 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, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. Hotel income Turnover from hotel operations arise wholly in the United Kingdom. The turnover of the hotel is derived primarily from the rental of rooms, conference and banqueting, and food and beverage sales. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates valued added tax and other sales taxes. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. Hotel income Turnover from hotel operations arise wholly in the United Kingdom. The turnover of the hotel is derived primarily from the rental of rooms, conference and banqueting, and food and beverage sales. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates valued added tax and other sales taxes.Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company 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. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company 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 Company's Statement of Financial Position when the Company 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 (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £24,908 (2023: £24,968). Contributions totalling £8,245 (2023: £6,326) were payable to the fund at the reporting date and included in other creditors. Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.The Company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group. The Company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group.true true true true true false 2024-01-01 false 98 97 false 08463984 2024-01-01 2024-12-31 08463984 2023-01-01 2023-12-31 08463984 2024-12-31 08463984 2023-12-31 08463984 2023-01-01 08463984 1 2024-01-01 2024-12-31 08463984 1 2023-01-01 2023-12-31 08463984 1 2024-01-01 2024-12-31 08463984 e:Director1 2024-01-01 2024-12-31 08463984 e:RegisteredOffice 2024-01-01 2024-12-31 08463984 e:Agent1 2024-01-01 2024-12-31 08463984 d:PlantMachinery 2024-01-01 2024-12-31 08463984 d:PlantMachinery 2024-12-31 08463984 d:PlantMachinery 2023-12-31 08463984 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08463984 d:FurnitureFittings 2024-01-01 2024-12-31 08463984 d:FurnitureFittings 2024-12-31 08463984 d:FurnitureFittings 2023-12-31 08463984 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08463984 d:ComputerEquipment 2024-01-01 2024-12-31 08463984 d:ComputerEquipment 2024-12-31 08463984 d:ComputerEquipment 2023-12-31 08463984 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08463984 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08463984 d:CurrentFinancialInstruments 2024-12-31 08463984 d:CurrentFinancialInstruments 2023-12-31 08463984 d:Non-currentFinancialInstruments 2024-12-31 08463984 d:Non-currentFinancialInstruments 2023-12-31 08463984 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08463984 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08463984 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 08463984 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 08463984 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 08463984 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 08463984 d:ReportableOperatingSegment3 2024-01-01 2024-12-31 08463984 d:ReportableOperatingSegment3 2023-01-01 2023-12-31 08463984 d:UKTax 2024-01-01 2024-12-31 08463984 d:UKTax 2023-01-01 2023-12-31 08463984 d:ShareCapital 2024-01-01 2024-12-31 08463984 d:ShareCapital 2024-12-31 08463984 d:ShareCapital 2023-01-01 2023-12-31 08463984 d:ShareCapital 2023-12-31 08463984 d:ShareCapital 2023-01-01 08463984 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08463984 d:RetainedEarningsAccumulatedLosses 2024-12-31 08463984 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08463984 d:RetainedEarningsAccumulatedLosses 2023-12-31 08463984 d:RetainedEarningsAccumulatedLosses 2023-01-01 08463984 e:OrdinaryShareClass1 2024-01-01 2024-12-31 08463984 e:OrdinaryShareClass1 2024-12-31 08463984 e:OrdinaryShareClass1 2023-12-31 08463984 e:FRS102 2024-01-01 2024-12-31 08463984 e:Audited 2024-01-01 2024-12-31 08463984 e:FullAccounts 2024-01-01 2024-12-31 08463984 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08463984 d:WithinOneYear 2024-12-31 08463984 d:WithinOneYear 2023-12-31 08463984 d:BetweenOneFiveYears 2024-12-31 08463984 d:BetweenOneFiveYears 2023-12-31 08463984 d:MoreThanFiveYears 2024-12-31 08463984 d:MoreThanFiveYears 2023-12-31 08463984 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 08463984 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08463984 2 2024-01-01 2024-12-31 08463984 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

SOF-10 HIM Assetco Limited Registered number: 08463984 Annual Report For the year ended 31 December 2024
SOF-10 HIM ASSETCO LIMITED COMPANY INFORMATION
Director | A J Stevens
Registered number | 08463984
Registered office | 51st Floor
| 5 Wigmore Street
| London
| W1U 1PB
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| 5th Floor Merck House
| Seldown Lane
| Poole
| Dorset
| BH15 1TW
Bankers | Barclays Bank
| 2 Churchill Place
| Canary Wharf
| London
| E14 5RB
Solicitors | Field Seymour Parkes LLP
| 1 London Street
| Reading
| RG1 4PN
SOF-10 HIM ASSETCO LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditor's Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 25
SOF-10 HIM ASSETCO LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The Director presents his Strategic Report for the year ended 31 December 2024.
Business review
The Company recorded an operating loss for the year of £(645,166) (2023: operating profit of £798,638) and turnover of £11,775,000 (2023: £14,772,092).
Principal risks and uncertainties
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet its foreseeable needs with the use of a strong treasury function. The COVID-19 pandemic continued to have a negative impact on the hospitality industry and impacted demand in the prior year. The underlying trading of the hotel responded positively due to the pent-up demand in H2 2023 and this upward trading recovery continued into 2024. The UK and global economy on the whole remained in a high inflationary period and interest rates increased significantly in 2024. This contributes to an increase in the overall cost of living which could adversely impact demand and has an impact on the operational costs of running a hotel. Management are of the opinion the risk to hotel trading will be low given its location, customer base and target market. Management is of the opinion that the risk to hotel trading will be low given its location, customer base and target market.
Key performance indicators
In order to deliver the Company's business objectives, the Company needs to deliver to three key stakeholder groups: 1) People 2) Guests 3) Investors The Company uses a number of measures to assess how well the Company is delivering to its stakeholders. Personnel matters Team turnover - This measures how many people leave the Company each year and is an indicator of engagement and job satisfaction. Motivated and committed staff are key to delivering good customer service. There is also a cost associated with recruiting and training staff. Health and Safety - This measures how well the Company looks after its people and its guests. It is critical to the Company to provide safe working environments and safe hotels for its guests to stay in. This is measured by Health and Safety audits by external independent experts. Guest measures Brand Standards - The Company is audited by its brand partners against set criteria to make sure they meet high operational standards and its customers’ expectations. Guest satisfaction - The Company actively seeks feedback from its guests so that it can act on their experiences to improve the services provided. Guest satisfaction is measured continually and analysed on a monthly basis. - 1 -
SOF-10 HIM ASSETCO LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Investor relations
Profitability - The Company measures its profitability against last year focusing on the underlying hotel’s operational Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA), and against its budgets and reports, and analyses this every month. In 2024, the hotel’s operational EBITDA amounted to a loss of £514,197 (2023: profit of £899,713). This report was approved by the board and signed on its behalf by.
A J Stevens Director
Date: 12 March 2026
- 2 -
SOF-10 HIM ASSETCO LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Director presents his report and the audited financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is that of the management and running of a hotel.
Results and dividends
The profit for the year, after taxation, amounted to £402,583 (2023:£1,805,666). The Director has recommended the payment of an ordinary dividend of £nil (2023: £nil).
Directors
The Director who served during the year and to the date of this report was:
A J Stevens
Director's responsibilities statement
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has 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 Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements 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; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Future developments
The Company's overriding objective is to achieve attractive and sustainable rates of growth and returns through organic growth. - 3 -
SOF-10 HIM ASSETCO LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Qualifying third party indemnity provisions
The Director benefits from a qualifying third party indemnity provision in the form permitted by Section 234 of the Companies Act 2006 in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying third party indemnity provision was in force throughout the financial year and up to the date of approval of the Director's Report.
Matters covered in the Strategic Report
The Company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Company’s Strategic Report information required by Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008. Certain matters which are required to be disclosed in the Director’s report have been omitted as they are included in the Strategic Report on pages 1 to 2. These matters relate to the business review and principal risks and uncertainties.
Going concern
These financial statements have been prepared on a going concern basis. The Director has considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements.
Provision of information to auditor
The Director at the time when this Director's Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Forvis Mazars 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.
A J Stevens Director
Date: 12 March 2026
- 4 -
SOF-10 HIM ASSETCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOF-10 HIM ASSETCO LIMITED Opinion We have audited the financial statements of SOF-10 HIM Assetco Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: ∙give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Director's 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 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 director with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is 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. - 5 -
SOF-10 HIM ASSETCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOF-10 HIM ASSETCO LIMITED Other information (continued) 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. - 6 -
SOF-10 HIM ASSETCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOF-10 HIM ASSETCO LIMITED Responsibilities of Director As explained more fully in the Director's Responsibilities Statement set out on page 3, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Director is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director intends either to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements 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 auditor’s 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 financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. - 7 -
SOF-10 HIM ASSETCO LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOF-10 HIM ASSETCO LIMITED In addition, we evaluated the Director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the occurence of group sales) and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the Director and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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 auditor’s report. Use of the audit 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 auditor's 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. Stephen Mills (Senior Statutory Auditor) for and behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 5th Floor Merck House Seldown Lane Poole Dorset BH15 1TW 12 March 2026 - 8 -
SOF-10 HIM ASSETCO LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 11,775,000 | 14,772,092
Cost of sales |  | (2,074,536) | (3,021,761)
Gross profit |  | 9,700,464 | 11,750,331
Administrative expenses |  | (10,345,630) | (10,951,693)
Operating (loss)/profit | 5 | (645,166) | 798,638
Interest receivable and similar income | 9 | 1,177,704 | 1,113,170
Profit before tax |  | 532,538 | 1,911,808
Tax on profit | 10 | (129,955) | (106,142)
Profit for the financial year |  | 402,583 | 1,805,666
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 402,583 | 1,805,666
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 to 25 form part of these financial statements.
- 9 -
SOF-10 HIM ASSETCO LIMITED REGISTERED NUMBER: 08463984 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 11 |  | 577,576 |  | 359,211
|  |  | 577,576 |  | 359,211
Current assets |  |  |  |  |
Stocks | 12 | 23,881 |  | 26,650 |
Debtors: amounts falling due after more than one year | 13 | 14,683,484 |  | 13,505,780 |
Debtors: amounts falling due within one year | 13 | 63,995,038 |  | 64,037,915 |
Cash and cash equivalents | 14 | 2,625,312 |  | 3,196,191 |
|  | 81,327,715 |  | 80,766,536 |
Creditors: amounts falling due within one year | 15 | (23,479,345) |  | (23,102,384) |
Net current assets |  |  | 57,848,370 |  | 57,664,152
Total assets less current liabilities |  |  | 58,425,946 |  | 58,023,363
Net assets |  |  | 58,425,946 |  | 58,023,363
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 3,556,461 |  | 3,556,461
Profit and loss account | 18 |  | 54,869,485 |  | 54,466,902
Total equity |  |  | 58,425,946 |  | 58,023,363
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A J Stevens
Director
Date: 12 March 2026
The notes on pages 12 to 25 form part of these financial statements. - 10 -
SOF-10 HIM ASSETCO LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 3,556,461 | 52,661,236 | 56,217,697
Comprehensive income for the year |  |  |
Profit for the year | - | 1,805,666 | 1,805,666
Total comprehensive income for the year | - | 1,805,666 | 1,805,666
At 1 January 2024 | 3,556,461 | 54,466,902 | 58,023,363
Comprehensive income for the year |  |  |
Profit for the year | - | 402,583 | 402,583
Total comprehensive income for the year | - | 402,583 | 402,583
At 31 December 2024 | 3,556,461 | 54,869,485 | 58,425,946
| The notes on pages 12 to 25 form part of these financial statements.
- 11 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
SOF-10 HIM Assetco Limited (No. 08463984) is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 51st Floor, 5 Wigmore Street, London, England, W1U 1PB. The principal activity of the Company is that of the management and running of a hotel. 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, 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 management to exercise judgement in applying the Company's accounting policies (see note 3). The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of HI Manchester Investment Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
These financial statements have been prepared on a going concern basis. The Director has considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements.
| 2.4 | Foreign currency translation
The Company's functional and presentation currency is GBP. - 12 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Turnover
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, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Hotel income Turnover from hotel operations arise wholly in the United Kingdom. The turnover of the hotel is derived primarily from the rental of rooms, conference and banqueting, and food and beverage sales. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates valued added tax and other sales taxes.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
| 2.7 | Interest receivable and similar income
Interest receivable is recognised in profit or loss using the effective interest method.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. - 13 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries 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 reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company 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. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred. - 14 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation on other assets 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:
|  |  |  | Plant and machinery | - | 10% | straight-line
|  |  |  | Fixtures and fittings | - | 10% | straight-line
|  |  |  | Computer equipment | - | 33% | straight-line
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. Depreciation is included within 'administrative expenses' in the Statement of Comprehensive Income.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - 15 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company 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 Company's Statement of Financial Position when the Company 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 (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. 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 Statement of Comprehensive Income. - 16 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual value are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Impairment of debtors The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience. - 17 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accommodation sales | 8,633,591 | 10,765,441
| Food and beverage sales | 2,608,126 | 3,467,329
| Other sales | 533,283 | 539,322
|  | 11,775,000 | 14,772,092
| All turnover arose within the United Kingdom.
5. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 130,969 | 101,075
| Other operating lease rentals | 3,931,708 | 3,912,501
| Defined pension contribution | 24,908 | 24,968
6. | Auditor's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 24,816 | 23,657
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 2,036,805 | 1,901,969
| Social security costs | 164,102 | 146,665
| Cost of defined contribution scheme | 24,908 | 24,968
|  | 2,225,815 | 2,073,602
| The average monthly number of employees, including the Director, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Administration and service staff | 83 | 83
|  | Management staff | 15 | 14
|  |  | 98 | 97
8. | Director's remuneration
No directors received emoluments in respect of services to the Company in the current year or prior year. There are no directors for whom retirement benefits are accruing under defined contributions pension schemes (2023: no directors). The hotel is operated under a management contract with Kew Green Hotels (Management) Limited and the day-to-day management is outsourced to them. The director is considered to be the key management personnel, but has not been remunerated by the Company.
9. | Interest receivable and similar income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group undertaking | 1,177,704 | 1,113,170
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SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | (90,055) | 16,087
| Total current tax | (90,055) | 16,087
| Deferred tax |  |
| Origination and reversal of timing differences | 220,010 | 90,055
| Total deferred tax | 220,010 | 90,055
| Taxation on profit on ordinary activities | 129,955 | 106,142
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit before tax | 532,538 | 1,911,808
| Profit multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%) | 133,135 | 449,275
| Effects of: |  |
| Expenses not deductible for tax purposes | - | 24,038
| Capital allowances for year in excess of depreciation | (187,657) | (145,909)
| Adjustments to tax charge in respect of prior periods | 129,955 | -
| Other timing differences leading to an increase (decrease) in taxation | (1,582) | -
| Group relief | 56,104 | (221,262)
| Total tax charge for the year | 129,955 | 106,142
| Factors that may affect future tax charges
There are no factors that may affect future tax charges. - 20 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 261,359 | 1,086,798 | 266,804 | 1,614,961
| Additions | - | 349,334 | - | 349,334
| At 31 December 2024 | 261,359 | 1,436,132 | 266,804 | 1,964,295
| Depreciation |  |  |  |
| At 1 January 2024 | 174,323 | 815,079 | 266,348 | 1,255,750
| Charge for the year | 26,345 | 104,168 | 456 | 130,969
| At 31 December 2024 | 200,668 | 919,247 | 266,804 | 1,386,719
| Net book value |  |  |  |
| At 31 December 2024 | 60,691 | 516,885 | - | 577,576
| At 31 December 2023 | 87,036 | 271,719 | 456 | 359,211
12. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 23,881 | 26,650
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SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings (note 22) | 14,683,484 | 13,505,780
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 229,599 | 537,741
| Amounts owed by group undertakings (note 22) | 62,201,083 | 61,712,583
| Other debtors | 197,407 | 244,427
| Prepayments and accrued income | 214,103 | 176,321
| Tax recoverable | - | (6,013)
| Deferred taxation (note 16) | 1,152,846 | 1,372,856
|  | 63,995,038 | 64,037,915
| Amounts owed by group undertakings which are due after more than one year represent intercompany loans totalling £12,919,436 (2023: £12,919,436), which includes accrued interest of £1,898,489 (2023: £1,043,819). This amount is due to mature on 21/10/2029 and attracts interest at GBP LIBOR 3 months plus 3.75% (2023: 3.75%). Amounts owed by group undertakings which are due within one year represent intercompany loans totalling £62,201,083 (2023: £61,712,583). These loans do not attract interest and are repayable on demand.
14. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,625,312 | 3,196,191
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SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 172,635 | 246,171
| Amounts owed to group undertakings (note 22) | 20,591,092 | 19,926,558
| Corporation tax | 112,927 | 303,111
| Other taxation and social security | 474,139 | 36,336
| Other creditors | 621,647 | 592,894
| Accruals and deferred income | 1,506,905 | 1,997,314
|  | 23,479,345 | 23,102,384
| Amounts owed to group undertakings which are due within one year represent intercompany loans totalling £8,482,333 (2023: £8,482,333). These loans do not attract interest and are repayable on demand.
16. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | 1,372,856 | 1,282,801
| (Credited)/charged to the Statement of Comprehensive Income | (220,010) | 90,055
| At end of year | 1,152,846 | 1,372,856
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 1,152,846 | 1,372,856
17. | Called up share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3,556,461 (2023: 3,556,461) Ordinary shares of £1 each | 3,556,461 | 3,556,461
| The Ordinary shares rank pari passu, have full voting rights, entitlement to dividends and other distributions and have entitlement to distributions arising from a winding up of the Company.
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SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Reserves
Profit and loss account The profit and loss account is made up of distributable reserves less any dividends paid.
19. | Guarantees and contingencies
The Company was party to a cross group security arrangement in favour of Munchener Hypothekenbank eG in relation to a loan within a fellow group company. The loan is secured by way of a fixed and floating charge over the assets of the Company.
20. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £24,908 (2023: £24,968). Contributions totalling £8,245 (2023: £6,326) were payable to the fund at the reporting date and included in other creditors.
21. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 3,500,000 | 3,500,000
| Later than 1 year and not later than 5 years | 14,000,000 | 14,000,000
| Later than 5 years | 23,905,000 | 27,405,000
|  | 41,405,000 | 44,905,000
22. | Related party transactions
| The Company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group.
23. | Post balance sheet events
There have been no significant events affecting the Company since the year end. - 24 -
SOF-10 HIM ASSETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Parent company and controlling party
The Company is a wholly owned subsidiary undertaking of HI Manchester Investment Limited. The smallest group of undertakings for which consolidated accounts are drawn up is headed by HI Manchester Investment Limited. These financial statements are available from Companies House. The registered office of HI Manchester Investment Limited is 5 Wigmore Street, London, W1U 1PB. The ultimate controlling party of SOF-10 HIM Assetco Limited is HMI Holding SA, a Company registered and incorporated in Luxembourg. The registered office of the Company is 15 Rue Notre Dame, L-2240, Luxembourg.
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