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REGISTERED NUMBER: 10009940 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Karl Hanover Properties Limited

Karl Hanover Properties Limited (Registered number: 10009940)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Karl Hanover Properties Limited (Registered number: 10009940)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 265,677 77,506
Investments 5 868,323 1,993,664
Investment property 6 3,502,001 3,502,001
4,636,001 5,573,171

CURRENT ASSETS
Debtors 7 24,007 47,809
Cash at bank and in hand 135,991 388,189
159,998 435,998
CREDITORS
Amounts falling due within one year 8 9,824 12,286
NET CURRENT ASSETS 150,174 423,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,786,175

5,996,883

CREDITORS
Amounts falling due after more than one
year

9

-

900,000
NET ASSETS 4,786,175 5,096,883

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Retained earnings 12 4,776,175 5,086,883
4,786,175 5,096,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Karl Hanover Properties Limited (Registered number: 10009940)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





K B Hanover - Director


Karl Hanover Properties Limited (Registered number: 10009940)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Karl Hanover Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10009940

Registered office: Knabbs Farm
Skipton Road
Kettlesing
Harrogate
North Yorkshire
HG3 2LT

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic of Ireland" and 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 have been prepared under the historical cost convention, modified to include certain items at fair value.

Turnover
Turnover represents rents receivable on investment properties.

Tangible fixed assets
Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life as follows:

Fixtures and fittings- 33% on reducing balance
Motor vehicles- 25% on reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any charge recognised in the profit and loss account.


Karl Hanover Properties Limited (Registered number: 10009940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference. Deferred tax relating to investment property is measured using tax rates and allowances that apply to the sale of the asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Investments held as fixed assets are stated at market value. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or recoverable amount. Recoverable amount is the higher of its net realisable value and its value-in-use. Fixed asset investments are disposed of at an average 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.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - fixed asset investments, other debtors, cash and bank balances, other creditors and bank loans.

Fixed asset investments are measured at fair value with changes recognised in profit or loss.

Other debtors, cash and bank balances and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.

Karl Hanover Properties Limited (Registered number: 10009940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

Critical accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements that the directors have made in applying the company's accounting policies and the key sources of estimation uncertainty that have had the most significant effect on the amounts recognised in the financial statements are described below:

The company makes an estimate of the fair value of investment properties at each reporting date. The last valuation of the company's investment property portfolio was performed at 31 March 2024. The directors undertake a review of the property portfolio at each reporting date to assess whether the fair value has changed significantly since the previous reporting date. When assessing the fair values, management considers current property trends and rental yields.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Karl Hanover Properties Limited (Registered number: 10009940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 168,940
Additions 255,404
Disposals (69,044 )
At 31 March 2024 355,300
DEPRECIATION
At 1 April 2023 91,434
Charge for year 44,401
Eliminated on disposal (46,212 )
At 31 March 2024 89,623
NET BOOK VALUE
At 31 March 2024 265,677
At 31 March 2023 77,506

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 1,993,664
Additions 1,372,916
Disposals (2,440,348 )
Revaluations (57,909 )
At 31 March 2024 868,323
NET BOOK VALUE
At 31 March 2024 868,323
At 31 March 2023 1,993,664

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2021 4,753
Valuation in 2022 19,964
Valuation in 2023 (84,482 )
Valuation in 2024 (57,909 )
Cost 985,997
868,323

Fixed asset investments are revalued at each year end. These valuations are based on market value.

Karl Hanover Properties Limited (Registered number: 10009940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,502,001
NET BOOK VALUE
At 31 March 2024 3,502,001
At 31 March 2023 3,502,001

Investment properties were valued as at 31 March 2024. These valuations were all based on market value.

The historic cost of the investment properties is £3,259,058.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 24,007 47,809

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 9,824 12,286

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 900,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 900,000

Amounts included in loans are secured by way of mortgage against the investment properties to which they relate.

11. CALLED UP SHARE CAPITAL

2024 2023
£ £
Allotted, issued and fully paid 10,000 10,000

12. RESERVES

At 31 March 2024 within retained earnings is a non-distributable amount of £125,269 (2023: £183,178) relating to fair value adjustments to investment property and investments.

Karl Hanover Properties Limited (Registered number: 10009940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
K B Hanover and L A Hanover
Balance outstanding at start of year 25,941 -
Amounts advanced 15,897 25,941
Amounts repaid (26,803 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,035 25,941

The directors' loan was repaid in full within 9 months of the end of the financial year.