1.
General Information
Hamcap (Dundee) Ltd
is a private company, limited by shares, incorporated in Scotland, registered number
SC663976
. The registered office is C/O Hkip Llp Mercantile Buildings, Suite 10, 53 Bothwell Street, Glasgow, G2 6TS.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
We have reviewed the current and future financial position of the company. Such a review includes the examination of future cash flows, the liquidity position, the impact of financial covenants and interest rates.
Following our review, we have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. As such, we continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3.
Significant judgements and estimations
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Service Charges
The members consider that the risks in relation to the provision of services are primarily borne by the company's tenants. Consequently, such income is not treated as revenue; rather it is offset against the costs to which it relates.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Fair value of investment property
The valuation of investment property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment property are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
The fair value of investment property is appraised each year either by independent external valuers or on the basis of internal valuations. The best evidence of fair value are current prices in an active market for similar investment property. In the absence of such information, the members determine the amount within a range of reasonable fair value estimate taking into account such assumptions as the tenure and tenancy details, ground conditions, the structural condition, prevailing market yields and comparable market transactions.
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Hamcap (Dundee) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7.
Financial Instruments
2.7.
Financial Instruments - continued
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.
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 limited liability partnership 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.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
...CONTINUED
Hamcap (Dundee) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
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. Amounts 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 subsequently 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 fair value through 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.
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.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9.
Lease Incentives
The cost of any lease incentives provided are recognised over the lease term, on a straight line basis as a reduction of rental income. The resulting asset is reflected as a receivable in the Balance Sheet. The valuation of investment properties is reduced by the total of the unamortised lease incentive balances. Any remaining lease incentive balances in respect of properties disposed of are included in the calculation of profit or loss arising at disposal.
Hamcap (Dundee) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.10.
Other accounting policies
2.10.1 Prepayments
Prepayments are amounts paid in advance for goods or services that will be received or consumed in future periods. Prepayments are initially recorded as assets and expensed over the period that benefits from the payment.
2.10.2. Accrued expenses
Accrued expenses are liabilities that represent costs or expenses incurred by the organization during the reporting period but not yet paid or invoiced. These expenses are recorded as liabilities until payment is made.
2.10.3. Deferred income
Deferred income represents amounts invoiced or received in advance for goods or services which have not yet been delivered or performed at the reporting date. These amounts are recognised as revenue in the period in which the related goods or services are provided.
2.10.4. Reserve and Dividend Policy
The Company’s objective is to maintain a prudent level of reserves to support the long-term holding and management of its investment property and to ensure adequate liquidity for operational needs, capital expenditures, and debt servicing obligations. Profits generated are retained within the business and transferred to retained earnings. No dividends have been declared or paid during the period. The Company will consider dividend distributions only when it is satisfied that sufficient distributable reserves are available, cash flow requirements are met, and such distributions will not adversely impact the Company’s financial position or its ability to meet future obligations.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
4.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2025 |
|
| Revaluations | 30,472 |
| As at 31 December 2025 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 5,586,607 | 5,586,607 | |
Fair value at 31 December 2025 is represented by:
|
Valuation in 2020
|
(136,607)
|
|
Valuation in 2021
|
550,000
|
|
Valuation in 2022
|
(205,098)
|
|
Valuation in 2023
|
(437,703)
|
|
Valuation in 2024
|
(17,671)
|
|
Valuation in 2025
|
30,472
|
|
Cost
|
5,586,607
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
5,370,000
|
Hamcap (Dundee) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Investment property was valued on an open market basis on 31 December 2025 by CBRE. The valuation is shown net of lease incentives, which are included in other debtors and are being released over the life of the lease.
The gross value of the investment property (including lease incentives) is £5,370,000 (2024 - £5,339,528).
The investment property is subject to a standard security held by Lloyds Bank PLC as security against banking facilities provided to the Company.
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors |
|
|
|
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | - |
|
|
| Bank loans and overdrafts |
|
|
|
| Corporation tax |
|
|
|
| Accruals and deferred income |
|
|
|
| Amounts owed to group undertakings | - |
|
|
|
|
|
||
Bank Loan
Following the year end, the company fully repaid its loan with Lloyds Bank and entered into a new loan agreement with LHV Bank under revised repayment terms. The refinancing took place after the reporting date and therefore does not affect the balances recognised at year end.
7.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other loans |
|
|
|
| Amounts owed to group undertakings |
|
|
|
|
|
|
||
The Company has secured loan facilities with KH V Lending 302 Limited, over which standard securities have been granted, creating legal charges against certain Company properties.
Hamcap (Dundee) Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8.
Loans
An analysis of the maturity of loans is given below:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Other loans |
|
|
|
9.
Related Party Disclosures
Transactions with related parties
During the year the company entered into the following transactions with related parties:
|
Name of related party
|
Nature of relationship
|
|
Hamilton Portfolio Partnership LLP
|
Members in common
|
|
KH V Lending 302 Limited
|
Investor
|
|
Hamcap HYIF No4 LLP
|
Parent
|
|
Description of transaction
|
Income
|
Payments
|
|||
|
2025
|
2024
|
2025
|
2024
|
||
|
Hamilton Portfolio Partnership LLP
|
Management fees
|
6,000
|
6,000
|
||
|
KH V Lending 302 Limited
|
Interest
|
124,539
|
124,881
|
||
|
Balances with related parties
|
Amounts owed by
|
related parties
|
Amounts owed to
|
related parties
|
|
|
2025
|
2024
|
2025
|
2024
|
||
|
Hamcap HYIF No4 LLP
|
16,500
|
16,500
|
1,500,927
|
1,500,927
|
|
|
KH V Lending 302 Limited
|
1,245,394
|
1,245,394
|
10.
Controlling Parties
The company's ultimate controlling party is
Hamcap HYIF No4 LLP
by virtue of their interest in the share capital of the company.
Hamcap HYIF No4 LLP is a joint venture between HCP High Yield No4 Limited and KH V Properties 109 Limited.
11.
Audit Information
The auditor's report on the accounts of
Hamcap (Dundee) Ltd
for the year ended 31 December 2025 was unqualified.
The auditor's report was signed by
Raymond Henry
(Senior Statutory Auditor)
for and on behalf of
The Kelvin Partnership
, Statutory Auditor.