The notes on pages 2 to 9 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Hawk Investment Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Merritt House, Hill Avenue, Amersham, Bucks, HP6 5BQ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate trueany adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue represents the amounts (excluding Value Added Tax) derived from the rental of properties to customers.

Other operating rental revenue

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the company recognised on straight-line basis over the period of the lease.

All tangible fixed assets acquired on demerger were fully depreciated in the first accounting period of the company.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

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, 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.

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, 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.

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.

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.

The 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 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

The key sources of estimation uncertainty that have had the most significant effect on amounts recognised in the financial statements are outlined below:

Investment property valuation

Investment properties are valued periodically by an external expert. These valuations take into account market conditions, current tenants and rental income potential when establishing a value. The carrying value of investment properties is reassessed at the period end date to consider any material changes in valuation.

Bad debt provision

Management are required to estimate the recoverability of doubtful debts and assess the need to provision for bad debts. The recoverability of debts are assessed continually during the year based on customer communication and management experience. Where required, a bad debt provision is raised. Each provision is made on a debt-by-debt basis.

There is significant estimation uncertainty over the bad debt provision because the outcome cannot be known at the time of estimating, as well as the wide range of possible outcomes.

Deferred Tax Liability

Deferred tax balances are recognised in respect of timing differences arising between the carrying amounts of assets and liabilities and their tax bases. The recognition of deferred tax assets involves estimation uncertainty, as it requires judgement regarding the extent to which it is probable that taxable profits will be available against which the deductible timing differences can be utilised. The amounts recognised are based on management’s expectations of future taxable profits, having regard to relevant tax legislation and advice received from tax specialists.

The average monthly number of persons (including directors) employed by the company during the year was 8 (2025: 8).

In March 2025, the investment properties were revalued by Savills, an independent firm of chartered surveyors, in accordance with the RICS Valuation - Global Standards. The valuation reflects the estimated market value as at the balance sheet date.

The directors consider that there has been no material change in the value of investment properties since the valuation to the Balance sheet date.

Bank loans above are secured by way of a fixed and floating charge over the assets of the company.

Amounts owed to group undertakings are unsecured.

Bank loans above are secured by way of a fixed and floating charge over the assets of the company.

None of the bank loans are due in greater than 5 years (2025: none).

During the year, the bank loans held by the company were renewed.

The bank loans above are secured by way of a fixed and floating charge over the assets of the company.

The following are the major deferred tax liabilities recognised by the company and movements thereon:

A and B shares rank parri passu in all respects.

Amounts in the demerger reserve of £4,621,049 (2025: £4,621,049) arose following a demerger in the period ended 31 January 2020. This reserve remains non-distributable.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 January 2026 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.

After the year end, the Company renewed one of its existing loans with a related party.

Subsequently, some of this loan was drawn down to purchase properties at a value of £705,000.

No entries have been made to reflect any of these transactions in the financial statements for the year ended 31 January 2026.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company is exempt from disclosing operating leases receivable as a lessor under FRS 102 Section 1A.

The immediate parent company is Hawk Investment Holdings Limited, a company registered in Guernsey. The Ultimate Controlling Party is A. D. Holt, by virtue of his majority shareholding and directorship in the overlying corporate trustee.

The financial statements of the parent company are not publicly available.

At the end of the year the company owed £2,000,000 (2025: £2,000,000) to companies with common shareholders.

Interest is charged at a market rate for the above loan.