Company registration number 05883958 (England and Wales)
HATTON GARDEN PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
HATTON GARDEN PROPERTIES LIMITED
COMPANY INFORMATION
Directors
D A Pearlman
M R Goldberger
H A Pearlman
A E Bliss
W P Tuffy
J N Thomson
Secretary
D A Pearlman
Company number
05883958
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
Business address
1st Floor
9 White Lion Street
London
N1 9PD
Bankers
Lloyds Bank Plc
190 Great Portland Street
London
W1A 4LN
Solicitors
Mishcon de Reya
21 Southampton Row
London
WC1B 5HS
Hamlins LLP
1 Kingsway
London
United Kingdom
WC2B 6AN
HATTON GARDEN PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
HATTON GARDEN PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present their report for the year ended 30 September 2025.

Review of the business

The company is a subsidiary of Structadene (LBG) Properties Limited. The directors of Structadene Limited, the ultimate parent undertaking, manage the group's strategy at a group level, rather than at an individual company level.

The results for the year and the financial position at the year end were considered satisfactory by the directors.

Principal risks and uncertainties

The principal activity of the company continued to be that of property investment.

From the perspective of the company, the principal risks and uncertainties are integrated with the principal risks of the group and are not managed separately. Accordingly, the principal risks and uncertainties of the Structadene Group, which includes those of the company, are discussed in the Group's annual report, which does not form part of this report.

Key performance indicators

Results for the year to 30 September 2025 have shown that:

- Turnover has increased by 10.3% to £22,236,308 (2024: £20,159,975)

- Net profit before tax less fair value gains on investment property was £16,782,522 (2024: £14,824,925)

- Net assets have decreased by 12.2% to £114,630,387 (2024: £130,660,189)

On behalf of the board

M R Goldberger
Director
23 June 2026
HATTON GARDEN PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company continues to be that of property investment.

Results and dividends

The results for the year are set out on page 7. The results for the year and the financial position at the year end were considered satisfactory by the directors.

During the year ended 30 September 2025, a n interim ordinary dividend was paid amounting to £17,000,000 (20 2 4: £8,000,000). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D A Pearlman
M R Goldberger
H A Pearlman
A E Bliss
W P Tuffy
J N Thomson
Auditor
The auditor, UHY Hacker Young, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HATTON GARDEN PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
M R Goldberger
Director
23 June 2026
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HATTON GARDEN PROPERTIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Hatton Garden Properties Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 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 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 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HATTON GARDEN PROPERTIES LIMITED (CONTINUED)
- 5 -

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HATTON GARDEN PROPERTIES LIMITED (CONTINUED)
- 6 -
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.

We gained an understanding using our general commercial and sector experience and through discussion with the Directors and other senior management of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We enquired of management and the Directors as to their identification of any non-compliance with laws or regulations, or any actual or potential claims. We performed our own checks of compliance with relevant areas identified which included financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation, health & safety and anti-money laundering. We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. We agreed the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements. We reviewed Board meeting minutes and enquired of the Directors and management as to the risks of non-compliance and any instances thereof. We challenged assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the property valuations by reviewing the rental yields per property against market yields as per industry reports.

In relation to the risk of management override of internal controls, we undertook procedures to review journal entries processed up to the year end and evaluated whether there was a risk of material misstatement due to fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HATTON GARDEN PROPERTIES LIMITED (CONTINUED)
- 7 -
Harriet Hodgson-Grove
23 June 2026
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
Chartered Accountants
Statutory Auditor
HATTON GARDEN PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
22,236,308
20,159,975
Property expenses
(5,385,905)
(5,374,837)
Gross profit
16,850,403
14,785,138
Administrative expenses
(94,229)
(73,139)
Gain/ (Loss) on sale of investment properties
(18,950)
78,679
Operating profit
3
16,737,224
14,790,678
Interest receivable and similar income
5
45,298
34,270
Interest payable and similar expenses
6
-
0
(23)
Fair value gains and losses on investment properties
9
(15,797,451)
(10,050,742)
Profit before taxation
985,071
4,774,183
Taxation
7
(14,873)
(1,466,546)
Profit for the financial year
970,198
3,307,637
HATTON GARDEN PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment properties
9
291,268,501
307,960,001
Current assets
Debtors
10
13,869,174
13,069,518
Cash at bank and in hand
77,369
8,209
13,946,543
13,077,727
Creditors: amounts falling due within one year
11
(180,432,955)
(177,003,582)
Net current liabilities
(166,486,412)
(163,925,855)
Total assets less current liabilities
124,782,089
144,034,146
Provisions for liabilities
13
(10,151,702)
(13,373,957)
Net assets
114,630,387
130,660,189
Capital and reserves
Called up share capital
14
25,500,001
25,500,001
Other equity reserve
15
33,951,235
47,560,463
Profit and loss reserves
15
55,179,151
57,599,725
Total equity
114,630,387
130,660,189
The financial statements were approved by the board of directors and authorised for issue on 23 June 2026 and are signed on its behalf by:
M R Goldberger
Director
Company Registration No. 05883958
HATTON GARDEN PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
Share capital
Other equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2023
25,500,001
55,367,072
54,485,479
135,352,552
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
3,307,637
3,307,637
Dividends
8
-
-
(8,000,000)
(8,000,000)
Transfers
-
(7,806,609)
7,806,609
-
Balance at 30 September 2024
25,500,001
47,560,463
57,599,725
130,660,189
Year ended 30 September 2025:
Profit and total comprehensive income for the year
-
-
970,198
970,198
Dividends
8
-
-
(17,000,000)
(17,000,000)
Transfers
-
(13,609,228)
13,609,228
-
Balance at 30 September 2025
25,500,001
33,951,235
55,179,151
114,630,387
HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
1
Accounting policies
Company information

Hatton Garden Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Structadene Limited. These consolidated financial statements are available from its registered office, Quadrant House - Floor 6, 4 Thomas More Square, London E1W 1YW.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rents, insurance receivable and service charges receivable, net of VAT.

Revenue is recognised at the point where the benefit of the service provided is transferred to the customer.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Investment properties are valued annually at fair value. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties, historical experience, and rent levels and cash flows of cash for the respective investment property. There is an inevitable degree of judgement involved and value can be only reliably tested ultimately in the market itself. Given the property market knowledge and expertise of the directors, no third party valuation has been considered necessary unless required by the lenders.

3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
40,850
40,100
HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
45,298
34,270
6
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
-
0
23
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
3,460,000
3,386,502
Adjustments in respect of prior periods
(222,872)
-
0
Total current tax
3,237,128
3,386,502
Deferred tax
Origination and reversal of timing differences
(3,222,255)
(1,919,956)
Total tax charge
14,873
1,466,546
HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
7
Taxation
(Continued)
- 17 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
985,071
4,774,183
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
246,268
1,193,546
Tax effect of expenses that are not deductible in determining taxable profit
164,270
112
Adjustments in respect of prior years
(144,622)
257,185
Group relief
(818,520)
(372,675)
Other tax adjustment
5,290
556
Indexation allowances
457,126
589,898
Capital disposals
105,061
(323,752)
Capital gains transfers
-
0
121,676
Taxation charge for the year
14,873
1,466,546
8
Dividends
2025
2024
£
£
Interim paid
17,000,000
8,000,000
HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 18 -
9
Investment properties
Land and buildings Freehold
Land and buildings Leasehold
Total
£
£
£
Valuation
At 1 October 2024
293,550,000
14,410,001
307,960,001
Additions
1,017,096
38,855
1,055,951
Disposals
(1,950,000)
-
0
(1,950,000)
Revaluation
(18,213,596)
2,416,145
(15,797,451)
At 30 September 2025
274,403,500
16,865,001
291,268,501
Carrying amount
At 30 September 2025
274,403,500
16,865,001
291,268,501
At 30 September 2024
293,550,000
14,410,001
307,960,001

During the year ended 30 September 2025, there were a number of changes of fair values arising from the revaluation of the Company’s investment properties.

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 30 September 2025 by the Directors who are considered to have sufficient industry experience. The Directors are also employees of the company’s parent Structadene Limited and are hence connected to the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

Some investment properties are secured against borrowings and settlement agreements held by the Company and Group undertakings. The Company acts as guarantor for the borrowings taken out by Structadene (LBG) Properties Limited.

The historical cost of the portfolio is £249,699,959.

10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,211,090
2,015,161
Corporation tax recoverable
492,062
1,365
Amounts owed by group undertakings
8,524,358
8,653,275
Other debtors
259,507
264,990
Prepayments and accrued income
2,382,157
2,134,727
13,869,174
13,069,518
HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
204,908
306,979
Amounts owed to group undertakings
167,669,313
164,399,054
Corporation tax
3,460,000
3,305,000
Other taxation and social security
853,272
914,211
Other creditors
3,379,565
3,285,617
Accruals and deferred income
4,865,897
4,792,721
180,432,955
177,003,582
12
Details of Registered Charge

On 24 September 2024, the company granted a legal charge in favour of Lloyds Bank PLC, acting as security trustee, in connection with a group financing arrangement.

The charge includes:

A fixed charge over various properties owned by the company.

A floating charge over all the undertaking and assets of the company not otherwise subject to fixed charges.

A negative pledge, restricting the company from creating further security over its assets without the lender’s consent.

The charge was registered at Companies House under charge code 0588 3958 0034 on 25 September 2024

13
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
2,685,205
2,674,378
Revaluations
7,466,497
10,699,579
10,151,702
13,373,957
HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13
Deferred taxation
(Continued)
- 20 -
2025
Movements in the year:
£
Liability at 1 October 2024
13,373,957
Credit to profit or loss
(3,222,255)
Liability at 30 September 2025
10,151,702

The deferred tax liability set out above is expected to reverse over the normal course of business. The liability relates to accelerated capital allowances expected to mature within the same period and revaluations expected to mature upon the sale of properties.

At the year end deferred tax amounting to £12,610,766 (20 2 4: £1 2,610,766) has not been provided on investment properties transferred from other group entities as they represent permanent differences which will only crystallise upon the sale of the properties.

14
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,500,001
25,500,001
25,500,001
25,500,001

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

15
Equity

Called-up share capital

Represents the nominal value of shares that have been issued.

Other equity reserve

Represents fair value movements in investment property net of deferred tax, recognised in the current and previous reporting period.

Profit and loss account

Includes all current and prior period retained profits and losses.

HATTON GARDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 21 -
16
Related party transactions

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Included within a mount s due from related parties is an amount of £231,558 (20 2 4: £228,382) due from Pearl & Coutts Limited, £Nil (20 2 4: £6) due from Pixielink Limited, £53 (20 2 4: £22) due from PCO 199 Limited and £Nil (20 2 4: £5) due from Acemark Properties Limited. D A Pearlman is a director of Pearl & Coutts Limited, Pixielink Limited, PCO 199 Limited and Acemark Properties Limited.

17
Ultimate controlling party

The company's immediate parent company is Structadene (LBG) Properties Limited, and its immediate parent company is Structadene (LBG) Holdings Limited. The ultimate parent undertaking is Structadene Limited, which is the only undertaking to produce consolidated financial statements. The registered office of Structadene Limited is Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW. Copies of the financial statements of Structadene Limited can be obtained from the Registrar of Companies. The ultimate controlling party is D A Pearlman, a director of this company and a director and controlling shareholder of Structadene Limited.

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