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Registered number: 14030861









HANOVER SQUARE HOSPITALITY GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
REGISTERED NUMBER: 14030861

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,161,752
780,114

Current assets
  

Stocks
  
80,487
-

Debtors: amounts falling due within one year
 5 
150,713
104,058

Cash at bank and in hand
  
173,889
29,296

  
405,089
133,354

Creditors: amounts falling due within one year
 6 
(5,625,130)
(1,386,373)

Net current liabilities
  
 
 
(5,220,041)
 
 
(1,253,019)

Total assets less current liabilities
  
(2,058,289)
(472,905)

  

Net liabilities
  
(2,058,289)
(472,905)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,058,389)
(473,005)

  
(2,058,289)
(472,905)

Page 1

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
REGISTERED NUMBER: 14030861
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies 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: 




................................................
Nicholas James Fallows
Director

Date: 25 February 2025

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Hanover Square Hospitality Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14030861. The registered office is 26 St James’s Square, London, SW1Y 4JH.
The principal activity of the company during the period was that of a restaurant.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has negative reserves at the year end as a result of a loan from its parent company (see note 6). The directors have assessed the company’s requirements for the foreseeable future and are confident that sufficient funds will be available to enable operations to continue at a sustainable level for a period of at least 12 months from the date of approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements. As such, the financial statements have been prepared on a going concern basis as the directors believe that no material uncertainties exist.
The financial statements do not include the adjustments that would result if the company was unable
to continue as a going concern, if the loan was recalled.

Page 3

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5%
Plant and machinery
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

2024
2023
£
£

Wages and salaries
635,310
84

Social security costs
41,526
-

Cost of defined contribution scheme
4,002
-

680,838
84


The average monthly number of employees, including directors, during the year was 30 (2023 - 2).

Page 6

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
541,750
-
208,392
29,972
780,114


Additions
2,273,986
49,069
156,385
7,914
2,487,354



At 31 August 2024

2,815,736
49,069
364,777
37,886
3,267,468



Depreciation


At 1 September 2023
-
-
-
-
-


Charge for the year on owned assets
58,661
5,111
37,998
3,946
105,716



At 31 August 2024

58,661
5,111
37,998
3,946
105,716



Net book value



At 31 August 2024
2,757,075
43,958
326,779
33,940
3,161,752



At 31 August 2023
541,750
-
208,392
29,972
780,114


5.


Debtors

2024
2023
£
£


Trade debtors
32,831
-

Other debtors
4,064
53,181

Prepayments and accrued income
113,818
50,877

150,713
104,058


Page 7

 
HANOVER SQUARE HOSPITALITY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1,096
-

Trade creditors
619,456
198,626

Amounts owed to group undertakings
4,750,000
1,100,000

Other taxation and social security
21,250
-

Other creditors
3,644
-

Accruals and deferred income
229,684
87,747

5,625,130
1,386,373


During the year the Company held one loan from its parent company, which totalled £4,750,000 (2023: 1,100,000) at year end. At year end the outstanding loan is interest free and repayable on demand.


7.


Pension commitments

The Company operates a defined contributions pension scheme. The pension cost charges represents contributions payable by the Company to the fund and amounted to £4,002 (2023: £Nil).
Contributions totalling £3,329 (2023: £Nil) were payable to the fund at the reporting date.


8.


Controlling party

The immediate parent undertaking is Tchack Limited, a company registered in Guernsey. The parent's registered office is St Julian’s Court, St Julian’s Avenue, St Peter Port, GY1 4NA, Guernsey. The parent company does not prepare consolidated financial statements and the single entity accounts it does prepare are not available to the public.
The directors do not consider there to be an ultimate controlling party.

Page 8