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REGISTERED NUMBER: 06835357 (England and Wales)

HICORP 51 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page |

Company Information | 1 |

Chartered Accountants' Report | 2 |

Statement of Financial Position | 3 |

Notes to the Financial Statements | 5 |

HICORP 51 LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2025

| DIRECTORS: | Mr B Stirling

| Mrs E.J. Stirling

| REGISTERED OFFICE: | The Old Dairy

| Rufford Road

| Stourbridge

| West Midlands

| DY9 7NG

| REGISTERED NUMBER: | 06835357 (England and Wales)

| ACCOUNTANTS: | Folkes Worton LLP

| 15-17 Church Street

| Stourbridge

| West Midlands

| DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

HICORP 51 LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hicorp 51 Limited for the year ended 31 October 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hicorp 51 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hicorp 51 Limited and state those matters that we have agreed to state to the Board of Directors of Hicorp 51 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hicorp 51 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hicorp 51 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hicorp 51 Limited. You consider that Hicorp 51 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hicorp 51 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

7 April 2026

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

STATEMENT OF FINANCIAL POSITION

31 OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 174,380 |  | 215,758 |  |

Investments | 5 | 1,694,984 |  | 1,694,984 |  |

1,869,364 |  | 1,910,742 |  |

CURRENT ASSETS

Debtors | 6 | 1,249,740 |  | 802,853 |  |

Cash at bank | 515 |  | 669 |  |

1,250,255 |  | 803,522 |  |

CREDITORS

Amounts falling due within one year | 7 | 450,266 |  | 58,912 |  |

NET CURRENT ASSETS | 799,989 |  | 744,610 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,669,353 |  | 2,655,352 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (181,943 | ) | (166,069 | ) |

PROVISIONS FOR LIABILITIES | 10 | (710,971 | ) | (721,316 | ) |

NET ASSETS | 1,776,439 |  | 1,767,967 |  |

CAPITAL AND RESERVES

Called up share capital | 4 |  | 4 |  |

Retained earnings | 1,776,435 |  | 1,767,963 |  |

SHAREHOLDERS' FUNDS | 1,776,439 |  | 1,767,967 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

STATEMENT OF FINANCIAL POSITION - continued

31 OCTOBER 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2026 and were signed on its behalf by:

Mr B Stirling - Director

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | STATUTORY INFORMATION

| Hicorp 51 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery |  | - |  | 25% on cost |  |

| Fixtures and fittings |  | - |  | 25% on cost |  |

| Motor vehicles |  | - |  | 25% on cost |  |

| The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to the income statement.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| The company also provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.

| Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement as which point any further contributions of annual increases cease. Further information can be found in note 14 to the financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 4 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 November 2024 | 101,673 |  | 41,278 |  | 315,917 |  | 458,868 |  |

| Additions | 1,961 |  | 2,478 |  | 52,026 |  | 56,465 |  |

| At 31 October 2025 | 103,634 |  | 43,756 |  | 367,943 |  | 515,333 |  |

| DEPRECIATION

| At 1 November 2024 | 90,001 |  | 36,499 |  | 116,610 |  | 243,110 |  |

| Charge for year | 8,629 |  | 2,647 |  | 86,567 |  | 97,843 |  |

| At 31 October 2025 | 98,630 |  | 39,146 |  | 203,177 |  | 340,953 |  |

| NET BOOK VALUE

| At 31 October 2025 | 5,004 |  | 4,610 |  | 164,766 |  | 174,380 |  |

| At 31 October 2024 | 11,672 |  | 4,779 |  | 199,307 |  | 215,758 |  |

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

4. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 November 2024 | 272,446 |  |

| Additions | 52,026 |  |

| At 31 October 2025 | 324,472 |  |

| DEPRECIATION

| At 1 November 2024 | 99,403 |  |

| Charge for year | 75,699 |  |

| At 31 October 2025 | 175,102 |  |

| NET BOOK VALUE

| At 31 October 2025 | 149,370 |  |

| At 31 October 2024 | 173,043 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 1,694,984 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,694,984 |  |

| At 31 October 2024 | 1,694,984 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 1,246,240 |  | 802,853 |  |

| Other debtors | 3,500 |  | - |  |

1,249,740 |  | 802,853 |  |

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 21,443 |  | 26,801 |  |

| Amounts owed to group undertakings | 360,000 |  | - |  |

| Taxation and social security | 65,110 |  | 30,639 |  |

| Other creditors | 3,713 |  | 1,472 |  |

450,266 |  | 58,912 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 181,943 |  | 166,069 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 203,386 |  | 192,870 |  |

| Hire purchase liabilities are secured on the assets acquired thereunder.

10. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 43,595 |  | 53,940 |  |

| Other provisions | 667,376 |  | 667,376 |  |

710,971 |  | 721,316 |  |

| Deferred |  | Retirement |

| tax |  | benefits |

£ | £ |

| Balance at 1 November 2024 | 53,940 |  | 667,376 |  |

| Credit to Income Statement during year | (10,345 | ) | - |  |

| Balance at 31 October 2025 | 43,595 |  | 667,376 |  |

11. | RELATED PARTY DISCLOSURES

| The company has a wholly owned subsidiary, Tasman Industries Limited. During the year Hicorp 51 Limited received a management charge of £430,003 (2024 £320,000) and a dividend of £370,000 (2024 £520,250) from Tasman Industries Limited. At the balance sheet date Hicorp 51 Limited was owed £1,246,240 (2024 £802,853) by Tasman Industries Limited.

| The company is a wholly owned subsidiary of Hicorp 52 Limited. During the year Hicorp 51 Limited paid a dividend of £525,000 (2024 £56,000) to Hicorp 52 Limited. At the balance sheet date Hicorp 51 Limited owed £360,000 (2024 £Nil) to Hicorp 52 Limited

HICORP 51 LIMITED (REGISTERED NUMBER: 06835357)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

12. | RETIREMENT BENEFIT SCHEMES

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Charge to profit or loss in respect of contributions to Self Invested Pension Plans |  | 60,000 |  |  | 120,000 |

|  | 60,000 |  |  | 120,000 |

| The company provides pension benefits in respect of 1 senior employees. Amounts payable are charged to the profit or loss account in the year as a constructive obligation existed at the balance sheet date. This obligation was satisfied by the company entering into the contracts with the employees. The number of directors to whom pension benefits are accruing under these pension agreements is 2 (2024 2).

| The contributions and potential liabilities of the company in respect of the pension agreement are fixed at least until the date of retirement of the employees which is over 5 years from the balance sheet date for Benjamin Stirling and 1 year from the balance sheet date for John Bairner.

| Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and, therefore, no further disclosures are considered necessary in order to understand the nature and measurement of the liability.

| The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities.