Silverfin false false 30/06/2024 01/07/2023 30/06/2024 V K Humphreys 12/06/2015 W A Humphreys 12/06/2015 08 October 2024 The principal activity of the Company during the financial year was property ownership and rental. 09636696 2024-06-30 09636696 bus:Director1 2024-06-30 09636696 bus:Director2 2024-06-30 09636696 2023-06-30 09636696 core:CurrentFinancialInstruments 2024-06-30 09636696 core:CurrentFinancialInstruments 2023-06-30 09636696 core:Non-currentFinancialInstruments 2024-06-30 09636696 core:Non-currentFinancialInstruments 2023-06-30 09636696 core:ShareCapital 2024-06-30 09636696 core:ShareCapital 2023-06-30 09636696 core:RetainedEarningsAccumulatedLosses 2024-06-30 09636696 core:RetainedEarningsAccumulatedLosses 2023-06-30 09636696 bus:OrdinaryShareClass1 2024-06-30 09636696 2023-07-01 2024-06-30 09636696 bus:FilletedAccounts 2023-07-01 2024-06-30 09636696 bus:SmallEntities 2023-07-01 2024-06-30 09636696 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09636696 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09636696 bus:Director1 2023-07-01 2024-06-30 09636696 bus:Director2 2023-07-01 2024-06-30 09636696 2022-07-01 2023-06-30 09636696 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 09636696 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 09636696 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09636696 (England and Wales)

HANOVER HOUSE (BATH) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

HANOVER HOUSE (BATH) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

HANOVER HOUSE (BATH) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
HANOVER HOUSE (BATH) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,135,000 1,000,000
1,135,000 1,000,000
Current assets
Debtors 4 799 625
Cash at bank and in hand 137,497 2,934
138,296 3,559
Creditors: amounts falling due within one year 5 ( 494,789) ( 583,708)
Net current liabilities (356,493) (580,149)
Total assets less current liabilities 778,507 419,851
Creditors: amounts falling due after more than one year 6 ( 183,333) 0
Provision for liabilities ( 66,063) ( 36,100)
Net assets 529,111 383,751
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 9 519,111 373,751
Total shareholders' funds 529,111 383,751

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hanover House (Bath) Limited (registered number: 09636696) were approved and authorised for issue by the Board of Directors on 08 October 2024. They were signed on its behalf by:

W A Humphreys
Director
HANOVER HOUSE (BATH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
HANOVER HOUSE (BATH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hanover House (Bath) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hanover House The Square, Lower Bristol Road, Bath, BA2 3BH, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 1,000,000
Fair value movement 135,000
As at 30 June 2024 1,135,000

Valuation

Investment properties were revalued to fair value at 31 March 2024, based on a valuation undertaken by Cooper and Tanner LLP, an independent valuer.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 810,000 810,000

4. Debtors

2024 2023
£ £
Prepayments 799 625

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,000 0
Amounts owed to Group undertakings 0 5,000
Amounts owed to directors 411,485 457,154
Accruals and deferred income 17,560 108,843
Taxation and social security 15,744 12,711
494,789 583,708

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 183,333 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 100.00 each 10,000 10,000

8. Related party transactions

At the year end the directors were owed £411,485 (2023: £457,154) from the company. The loan has no fixed date for repayment, and interest is charged at 3.5%.


During the year the company charged rents and recharged expenses to a company under common control totalling £47,951 (2023: £40,406). At the statement of financial position date, the amount due to the company was £Nil (2023: £5,000).

9. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £258,937 (2023: £153,900).