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REGISTERED NUMBER: 09793074 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

Hanover House Limited

Hanover House Limited (Registered number: 09793074)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Hanover House Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: A H Povlsen
L Kaae





REGISTERED OFFICE: Unit A
10 Fashion Street
London
E1 6PX





REGISTERED NUMBER: 09793074 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Hanover House Limited (Registered number: 09793074)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 141,100,000 136,600,000

CURRENT ASSETS
Debtors 5 826,214 961,618
Cash at bank 1,274,182 999,009
2,100,396 1,960,627
CREDITORS
Amounts falling due within one year 6 83,805,859 82,669,793
NET CURRENT LIABILITIES (81,705,463 ) (80,709,166 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

59,394,537

55,890,834

PROVISIONS FOR LIABILITIES 119,000 114,000
NET ASSETS 59,275,537 55,776,834

CAPITAL AND RESERVES
Called up share capital 7 92,000,000 92,000,000
Retained earnings (32,724,463 ) (36,223,166 )
SHAREHOLDERS' FUNDS 59,275,537 55,776,834

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:




A H Povlsen - Director



L Kaae - Director


Hanover House Limited (Registered number: 09793074)

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

1. STATUTORY INFORMATION

Hanover House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Accounting basis and standards
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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

The group undertakings and other companies within the group will continue to support the Company.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can adopt the going concern basis in preparing the annual reports and accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest and similar income and charges
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.

Fixed assets
All fixed assets are initially recorded at cost.

Investment properties
Investment properties are included in the balance sheet at their fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Debtors
Debtors are valued individually and there are made provision according to this valuation.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Hanover House Limited (Registered number: 09793074)

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

2. ACCOUNTING POLICIES - continued

Taxation
Current tax and deferred taxation, 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 taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 136,600,000
Additions 339,110
Revaluations 4,160,890
At 31 July 2024 141,100,000
NET BOOK VALUE
At 31 July 2024 141,100,000
At 31 July 2023 136,600,000

Investment property, which is freehold, is revalued to fair value at each reporting date by the Company's directors. The valuation is not based on a valuation by an independent valuer.

The fair value for commercial property and land are based on the estimated rental income earned on the property, average yields earned on comparable properties from publicly available information and the Company's directors professional judgement.

Change in the yield and the estimated rental income can influence the valuation of the investment property. There is a level of estimation uncertainty regarding the yield.

The historical cost of investment property is £ 181,740,334 (2023: £ 181,401,224).

Deferred tax assets regarding investment property is not recognised. There are deferred tax asset of £ 10,160k (2023: £ 11,200k) based on a tax rate of 25%.

Hanover House Limited (Registered number: 09793074)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 65,292 221,793
Amounts owed by group undertakings - 109,889
Other debtors 91,808 26,760
Tax 391,517 253,915
VAT - 157,179
Prepayments 277,597 192,082
826,214 961,618

Included within prepayments and accrued income are £ 230,193 (2023 £ 122,781), which are distributed to the profit & loss account after one year.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,214 9,490
Amounts owed to group undertakings 80,635,391 81,180,814
Corporation tax - 69,836
VAT 155,560 -
Other creditors 15,323 31,869
Accruals and deferred income 2,998,371 1,377,784
83,805,859 82,669,793

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
92,000,000 Ordinary 1 92,000,000 92,000,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

9. FINANCIAL COMMITMENTS

A legal mortgage is in place to Nykredit Realkredit A/S over all that freehold property known as 293 and 295 Oxford Street, 14-15 Hanover Square and 3-17 Harewood Place London W1, which contains fixed charge, floating charge and negative pledge.

The company has entered a Security Agreement covering the above mentioned securities and certain other provisions such as; Assignment of rental income, Assignment of insurance income, negative pledge, subordination of debt from AAA United A/S.

Hanover House Limited (Registered number: 09793074)

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

10. ULTIMATE CONTROLLING PARTY

The directors consider Heartland A/S (incorporated in Denmark) as the ultimate parent company. The director Anders Holch Povlsen is considered to be the ultimate controlling party by virtue of his interest in the share capital of this company's ultimate parent company.

The immediate parent undertaking is AAA United A/S (incorporated in Denmark).

Heartland A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from:

Heartland A/S
Store Torv 1, 3.
8000 Aarhus C
Denmark