ACCOUNTS - Final Accounts preparation

HYDE INVESTMENTS LIMITED - Company Information

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Registered number: 01848817

Hyde Investments Limited

Director's Report and Financial Statements

For the Year Ended 30 September 2023

Hyde Investments Limited

Company Information

Director	M Ford


Company secretary	M V Haslam


Registered number	01848817


Registered office
	185 Stamford House
	Stamford Street
	Stalybridge
	Cheshire
	SK15 1QZ


Independent auditors	Hurst Accountants Limited
	Chartered Accountants & Statutory Auditors
	3 Stockport Exchange
	Stockport
	SK1 3GG

Hyde Investments Limited

Contents

	Page
Director's Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8
Notes to the Financial Statements	9 - 16

Hyde Investments Limited

Director's Report

For the Year Ended 30 September 2023

The director presents his report and the financial statements for the year ended 30 September 2023.

Principal activity

The principal activity of the Company is the letting and sale of industrial properties.

Director

The director who served during the year was:

M Ford

Results and dividends

The profit for the year, after taxation, amounted to £2,930,177 (2022 - £1,162,010).

The directors do not propose the payment of a dividend (2022: £Nil).

Director's responsibilities statement

The director is responsible for preparing 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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;

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

∙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.

Land and buildings

The director is of the opinion that in aggregate the market value of the land and buildings exceeds the book value of the assets by approximately £33.9 million (2022: £32.2 million).

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ 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 auditors are aware of that information.

Page 1

Hyde Investments Limited

Director's Report (continued)

For the Year Ended 30 September 2023

Auditors

The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

M V Haslam

Secretary

Date: 6 June 2024

Page 2

Hyde Investments Limited

Independent Auditors' Report to the Members of Hyde Investments Limited

Opinion

We have audited the financial statements of Hyde Investments Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, 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 Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 2023 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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. 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.

Page 3

Hyde Investments Limited

Independent Auditors' Report to the Members of Hyde Investments Limited (continued)

Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's Report has 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 identified material misstatements in 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; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 1, 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 either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

Hyde Investments Limited

Independent Auditors' Report to the Members of Hyde Investments Limited (continued)

Auditors' 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 Auditors' 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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.

∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.

∙Supporting documentation relating to the Company's policies and procedures for:
- Identifying, evaluating, and complying with laws and regulations
- Detecting and responding to the risks of fraud

∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:

∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.

∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

∙Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.

∙Enquiring of management about any actual and potential litigation and claims.

∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.

Page 5

Hyde Investments Limited

Independent Auditors' Report to the Members of Hyde Investments Limited (continued)

We have also considered the risk of fraud through management override of controls by:

∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.

∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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 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 Auditors' 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 Auditors' 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.

John Glover (Senior Statutory Auditor)

for and on behalf of

Hurst Accountants Limited

Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG

6 June 2024

Page 6

Hyde Investments Limited

Statement of Comprehensive Income

For the Year Ended 30 September 2023

	2023	2022
Note	£	£


Turnover	2,429,809	2,424,294
Cost of sales	(856,600)	(846,942)
Gross profit	1,573,209	1,577,352
Administrative expenses	1,275,791	(122,706)
Operating profit	2,849,000	1,454,646
Interest receivable and similar income	611,329	66,973
Profit before tax	3,460,329	1,521,619
Tax on profit	(530,152)	(359,609)
Profit for the financial year	2,930,177	1,162,010

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 9 to 16 form part of these financial statements.

Page 7

Hyde Investments Limited

Registered number: 01848817

Statement of Financial Position

As at 30 September 2023

		2023		2022
Note		£		£


Fixed assets
Tangible assets	4		8,384,008		9,200,878
Current assets
Debtors: amounts falling due within one year	5	20,407,443		16,092,299
Cash at bank and in hand	6	3,817		16,713
		20,411,260		16,109,012
Creditors: amounts falling due within one year	7	(834,596)		(242,469)
Net current assets			19,576,664		15,866,543
Total assets less current liabilities			27,960,672		25,067,421

Provisions for liabilities
Deferred tax			(1,355,465)		(1,392,391)

Net assets			26,605,207		23,675,030

Capital and reserves
Called up share capital	100	100
Profit and loss account	26,605,107	23,674,930
	26,605,207	23,675,030

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M Ford

Director

Date: 6 June 2024

The notes on pages 9 to 16 form part of these financial statements.

Page 8

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

1.	General information

Hyde Investments Limited is a private company limited by shares and incorporated in England and Wales. Registered number 01848817. Its registered head office is located at 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

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 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The financial statements are presented in Sterling (£), the Company’s functional currency.
The accounting reference date is 30th September 2023 however the accounts are drawn up for the 52 weeks to 1st October 2023 (2022: 52 weeks to 2nd October 2022).
The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraphs 76 and 79(d) of IAS 40 Investment Property; and

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Hyde Industrial Holdings Limited as at 30 September 2023 and these financial statements may be obtained from 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

2.3

Group Modern Slavery Act Transparency Statement

To view our Modern Slavery Act Transparency Statement, please refer to our group website at:
https://www.hydegroup .com/modern-slavery -act-transparency-statement
This policy covers all group entities, and is regularly updated to remain in compliance with legislation.

Page 9

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

2.Accounting policies (continued)

2.4

Going concern

As detailed in the financial statements of the ultimate holding company Hyde Industrial Holdings Limited, the group meets its day to day working capital requirements through significant available cash balances.
The directors of Hyde Industrial Holdings Limited (the ultimate parent company) have prepared consolidated forecasts for the period to 30 June 2025 which include forecast results for this Company.
After review of the forecasts, significant available group cash resources and consideration of the parental support from the ultimate parent company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements.
Accordingly, they continue to adopt the going concern basis in the preparation of these financial statements.

2.5

Turnover

Turnover is the total amount receivable by the Company for rental services. Revenue is recognised based on the period to which the rents receivable relate..

2.6

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.

Page 10

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

2.Accounting policies (continued)

2.7

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.

2.8

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.

2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.10

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 11

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

2.Accounting policies (continued)

2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 12

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

2.Accounting policies (continued)

2.13

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 13

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

Employees

The average monthly number of employees, including directors, during the year was 3 (2022: 3).

4.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2022	22,416,048	591,289	34,209	23,041,546
Disposals	(977,275)	-	-	(977,275)
At 30 September 2023	21,438,773	591,289	34,209	22,064,271
Depreciation
At 1 October 2022	13,232,720	591,289	16,659	13,840,668
Charge for the year on owned assets	520,820	-	8,552	529,372
Disposals	(689,777)	-	-	(689,777)
At 30 September 2023	13,063,763	591,289	25,211	13,680,263
Net book value
At 30 September 2023	8,375,010	-	8,998	8,384,008
At 30 September 2022	9,183,328	-	17,550	9,200,878

Page 14

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

Debtors

					2023	2022
					£	£


Trade debtors	60,694	54,831
Amounts owed by group undertakings	20,275,385	15,989,510
Other debtors	42,646	31,000
Prepayments	28,718	16,958
	20,407,443	16,092,299

Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.

6.	Cash
		2023	2022
		£	£

	Cash at bank and in hand	3,817	16,713

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	94,193	56,070
Corporation tax	567,078	-
Other taxation and social security	14,069	14,189
Other creditors	9,304	9,915
Accruals and deferred income	149,952	162,295
	834,596	242,469

Amounts due to group undertakings are repayable on demand, unsecured and bear no interest.

8.	Contingent liabilities

The Company is party to an inter-company cross guarantee in favour of its bankers. The cross guarantee is for all amounts due to the bank by all of the group companies headed by Hyde Industrial Holdings Limited.
The maximum liability of this cross guarantee at 30 September 2023 was £Nil (2022: £Nil).

Page 15

Hyde Investments Limited

Notes to the Financial Statements

For the Year Ended 30 September 2023

9.	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 £15,777 (2022: £40,642) . Contributions totalling £813 (2022: £542) were payable to the fund at the reporting date and are included in creditors.

10.	Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Hyde Industrial Holdings Limited.
The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by Hyde Industrial Holdings Limited.
Copies of the group financial statements can be obtained from that company's registered office.

Page 16