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REGISTERED NUMBER: OC325456 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

HANOVER SQUARE LLP

HANOVER SQUARE LLP (REGISTERED NUMBER: OC325456)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HANOVER SQUARE LLP

GENERAL INFORMATION
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: N A C Laurence
J D Fawcett
M Nurse





REGISTERED OFFICE: 10 London Mews
London
W2 1HY





REGISTERED NUMBER: OC325456 (England and Wales)





ACCOUNTANTS: Stein Richards
Chartered Accountants
10 London Mews
Paddington
LONDON
W2 1HY

HANOVER SQUARE LLP (REGISTERED NUMBER: OC325456)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,230,000 1,175,000

CURRENT ASSETS
Debtors 5 2,086 4,445
Cash at bank 2,116 2,854
4,202 7,299
CREDITORS
Amounts falling due within one year 6 5,724 4,857
NET CURRENT (LIABILITIES)/ASSETS (1,522 ) 2,442
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,228,478

1,177,442

CREDITORS
Amounts falling due after more than one
year

7

607,677

607,677
NET ASSETS ATTRIBUTABLE TO
MEMBERS

620,801

569,765

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

620,801

569,765

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 620,801 569,765

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

HANOVER SQUARE LLP (REGISTERED NUMBER: OC325456)

BALANCE SHEET - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 12 November 2024 and were signed by:




J D Fawcett - Designated member




N A C Laurence - Designated member


HANOVER SQUARE LLP (REGISTERED NUMBER: OC325456)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hanover Square LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

After reviewing the LLPs forecasts and projections, the partners have reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover represents rent receivable.

Investment property
In accordance with FRS 102 section 1a, the LLP's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties are transferred to the profit and loss account.

Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.

3. EMPLOYEE INFORMATION

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,175,000
Revaluations 55,000
At 31 March 2024 1,230,000
NET BOOK VALUE
At 31 March 2024 1,230,000
At 31 March 2023 1,175,000

HANOVER SQUARE LLP (REGISTERED NUMBER: OC325456)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2007 195,005
Valuation in 2008 (15,191 )
Valuation in 2010 23,000
Valuation in 2011 25,502
Valuation in 2012 (54,722 )
Valuation in 2013 120,000
Valuation in 2014 20,000
Valuation in 2015 105,000
Valuation in 2017 150,000
Valuation in 2024 55,000
Cost 606,406
1,230,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 2,086 4,445

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors - 245
Other creditors 5,724 4,612
5,724 4,857

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 607,677 607,677

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 607,677 607,677

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 607,677 607,677

Barclays bank holds a legal charge over specific Partnership property.

HANOVER SQUARE LLP (REGISTERED NUMBER: OC325456)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Monies owed to the partners included in loans and other debts due to members are payable after all creditors have been paid.

10. RELATED PARTY DISCLOSURES

At the balance sheet date the Partnership owes £588 (2023 - £(2,622)) to James Laurence Limited and £486 (2023 - £1,000) to Thameway Limited which are included in other creditors.

N Laurence and J Fawcett are directors of this company.