IRIS Accounts Production v25.4.0.155 01463755 Board of Directors 1.4.24 31.3.25 31.3.25 4 3 false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01463755 2024-03-31 01463755 2025-03-31 01463755 2024-04-01 2025-03-31 01463755 2023-03-31 01463755 2023-04-01 2024-03-31 01463755 2024-03-31 01463755 ns15:EnglandWales 2024-04-01 2025-03-31 01463755 ns14:PoundSterling 2024-04-01 2025-03-31 01463755 ns10:Director1 2024-04-01 2025-03-31 01463755 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 01463755 ns10:SmallEntities 2024-04-01 2025-03-31 01463755 ns10:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 01463755 ns10:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 01463755 ns10:AbridgedAccounts 2024-04-01 2025-03-31 01463755 ns10:Director2 2024-04-01 2025-03-31 01463755 ns10:RegisteredOffice 2024-04-01 2025-03-31 01463755 ns5:CurrentFinancialInstruments 2025-03-31 01463755 ns5:CurrentFinancialInstruments 2024-03-31 01463755 ns5:ShareCapital 2025-03-31 01463755 ns5:ShareCapital 2024-03-31 01463755 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 01463755 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 01463755 11 2024-04-01 2025-03-31 01463755 11 2023-04-01 2024-03-31

REGISTERED NUMBER: 01463755 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Hanover Pensions Limited

Hanover Pensions Limited (Registered number: 01463755)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Abridged Income Statement | 3 |

Abridged Balance Sheet | 4 |

Notes to the Financial Statements | 5 |

Hanover Pensions Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | C J Yates

| R J Young

| REGISTERED OFFICE: | 13 Hanover Square

| London

| W1S 1HN

| REGISTERED NUMBER: | 01463755 (England and Wales)

Hanover Pensions Limited (Registered number: 01463755)

Report of the Directors

for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of professional and advisory services.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

We draw attention to Note 2 of the financial statements with regards to the material uncertainty related to going concern notwithstanding that the Company's trading continues satisfactorily. The Company was a joint guarantor of a senior facilities agreement entered into by The Ince Group Plc before it was dissolved. This guarantee has now been demanded but not enforced so there is potential for the company to become insolvent should repayment be required. However, it is our opinion that the company is worth more as a trading entity and that to continue as a going concern would produce a better outcome for the lender than an insolvent liquidation.

There is uncertainty regarding the future of Ince Wealth Limited, the Company's parent company. We consider the recoverability of amounts due from that company to be doubtful and full provision against that balance has been made in previous years.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

C J Yates

R J Young

ON BEHALF OF THE BOARD:

C J Yates - Director

22 January 2026

Hanover Pensions Limited (Registered number: 01463755)

Abridged Income Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £'000 | £'000 |

GROSS PROFIT | 374 |  | 327 |  |

Administrative expenses | 353 |  | 440 |  |

OPERATING PROFIT/(LOSS) | 4 | 21 |  | (113 | ) |

Interest payable and similar expenses | 7 |  | 2 |  |

PROFIT/(LOSS) BEFORE TAXATION | 14 |  | (115 | ) |

Tax on profit/(loss) | (20 | ) | 40 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 34 |  | (155 | ) |

Hanover Pensions Limited (Registered number: 01463755)

Abridged Balance Sheet

31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £'000 | £'000 |

FIXED ASSETS

Tangible assets | 6 | - |  | - |  |

Investments | 7 | - |  | - |  |

- |  | - |  |

CURRENT ASSETS

Debtors | 201 |  | 248 |  |

Cash at bank | 59 |  | 28 |  |

260 |  | 276 |  |

CREDITORS

Amounts falling due within one year | 395 |  | 445 |  |

NET CURRENT LIABILITIES | (135 | ) | (169 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (135 | ) | (169 | ) |

CAPITAL AND RESERVES

Called up share capital | - |  | - |  |

Retained earnings | (135 | ) | (169 | ) |

SHAREHOLDERS' FUNDS | (135 | ) | (169 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2026 and were signed on its behalf by:

C J Yates - Director

Hanover Pensions Limited (Registered number: 01463755)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | GENERAL INFORMATION

| Hanover Pensions 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

| 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" (applying Section 1A "Small Entities") and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Material uncertainty related to going concern

| The entity is one of the original guarantors for a senior facilities agreement between The Ince Group Plc (now dissolved) and Investec Bank Plc. A demand has been made in respect of this guarantee but has not been enforced. The amount due is material to these accounts and if called in would result in the company becoming insolvent. It is the Directors' opinion that, from the perspective of realisation by the lender in respect of the guarantee, the Company is better positioned as a trading company and therefore they do not expect to have to make full repayment.

| The Company has prepared its business plan on a conservative basis and is satisfied that on the basis that its business plan is achieved, adequate financial resources on the basis set out in the previous paragraph will be available to it until at least 12 months after the approval date of the financial statements. Accordingly the financial statements have been prepared on the going concern basis.

| Turnover

| Turnover represents amounts chargeable, excluding value added tax, in respect of professional services provided to clients during the year. Income is recognised when the company has performed services in accordance with the agreement with the relevant client and has obtained a right to consideration for those services.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided on all property, plant and equipment, other than land, at the following annual rates in order to write off each asset over its expected useful:

| Computer equipment - 15% on cost

| The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable, and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively.

| An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the derecognition of the asset is included in the Income Statement in the period of derecognition.

| Investments

| Investments are valued at cost less impairment. Profits or losses arising from disposal of fixed asset investments are recognised in the Income Statement.

Hanover Pensions Limited (Registered number: 01463755)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| 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.

| Financial instruments

| The company classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Financial instruments are recognised on trade date when the company becomes a party to the contractual provisions of the instrument. Financial instruments are recognised initially at fair value plus, in the case of a financial instrument not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. Financial instruments are derecognised on trade date when the company is no longer a party to the contractual provisions of the instrument.

| Financial assets are included on the Balance Sheet as trade and other debtors and cash and cash equivalents.

| Financial liabilities are included on the Balance Sheet as trade and other creditors and borrowings.

| Trade debtors

| Trade debtors are stated at their original invoiced value, as the interest that would be recognised from discounting future cash receipts over the short credit period is not considered to be material. Trade debtors are reduced by appropriate allowances for estimated irrecoverable amounts.

| Trade creditors

| Trade creditors are stated at their original invoiced value, as the interest that would be recognised from discounting future cash payments over the short payment period is not considered to be material.

| Interest-bearing borrowings

| Interest-bearing borrowings are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability.

Hanover Pensions Limited (Registered number: 01463755)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Critical accounting estimates and judgements

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

| (a) Impairment of debtors

| Debtors are held at cost less provisions for impairment. Provisions for impairment represent an allowance for doubtful debts that is estimated, based on current observable data and historical trend.

| (b) Other debtors

| Other debtors include unbilled amounts for client work and are measured initially at fair value and held at amortised cost less provisions for foreseeable losses based upon current observable data and historical trend.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period excluding directors, was as follows:-

|  | Year |  | Year |  |

|  | to |  | to |  |

|  | 31/3/25 |  | 31/3/24 |  |

| Sales, advice and administration |  | 4 |  | 3 |  |

|  | 4 |  | 3 |  |

| The aggregate staff costs was as follows:-

|  | £'000 |  | £'000 |  |

| Wages and salaries |  | 281 |  | 148 |  |

| Compulsory social security contributions |  | 29 |  | 17 |  |

| Employee benefit costs |  | 15 |  | 5 |  |

| Pension costs |  | 13 |  | 7 |  |

|  | 338 |  | 177 |  |

4. | OPERATING PROFIT/(LOSS)

| The operating profit (2024 - operating loss) is stated after charging:

| 31.3.25 |  | 31.3.24

£'000 | £'000 |

| Auditor's remuneration | - |  | 5 |  |

Hanover Pensions Limited (Registered number: 01463755)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | EXCEPTIONAL ITEMS

| 31.3.25 |  | 31.3.24

£'000 | £'000 |

| Group maintenance fees | - |  | (4 | ) |

| Ince Wealth provision | (19 | ) | (229 | ) |

(19 | ) | (233 | ) |

6. | TANGIBLE FIXED ASSETS

| Totals

£'000 |

| COST

| At 1 April 2024

| and 31 March 2025 | 125 |  |

| DEPRECIATION

| At 1 April 2024

| and 31 March 2025 | 125 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

7. | FIXED ASSET INVESTMENTS

| Information on investments other than loans is as follows:

| Totals

£'000 |

| COST

| At 1 April 2024

| and 31 March 2025 | 18 |  |

| PROVISIONS

| At 1 April 2024

| and 31 March 2025 | 18 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

| The investment represents a 33% holding in both the ordinary and preference share capital of The Hanover Trustee Company Limited, a company incorporated in England and Wales which provides trustee services.

Hanover Pensions Limited (Registered number: 01463755)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

8. | RELATED PARTY DISCLOSURES

| 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.

| The company has an associated undertaking The Hanover Trustee Company Limited, whose registered office is at 13 Hanover Square, London W1S 1HN. At the year end an amount of £167,404 was due to The Hanover Trustee Company Limited (2024 - £167,404).

| At the year end an amount of £247,178 was due from Ince Wealth Limited (2024 - £228,578), a fellow subsidiary undertaking of Ince Wealth Limited. Full provision against this amount has been made.

| At the year end, £72,849 was due to (2024 - £17,683 due from) Culver Financial Management Limited, a fellow subsidiary undertaking of Ince Wealth Limited arising from services and goods paid for by the company on behalf of that entity and vice versa.

| During the year, the Company received services valued at £13,650 (2024 - £11,000) from CMY Services LLP for services supplied in respect of C J Yates, a director of the Company, and at the year end £1,150 (2024 - £1,000) was accrued by the Company for such services supplied by CMY Services LLP. C J Yates, a director of the Company, is a member of CMY Services LLP.

| During the year, the Company received no services as a consultant (2024 - £57,250) from R J Young, a director of the Company. At the year end, the Company had accrued nothing (2024 - £24,250) for consultancy services supplied by R J Young.

9. | ULTIMATE CONTROLLING PARTY

| The company's parent company is Ince Wealth Limited. Following the dissolution of The Ince Group plc (which had been the ultimate parent of the Company until such dissolution), control of the whole of the issued share capital of the Company passed to the Crown through the bono vacantia arrangements.

| These financial statements provide information about Hanover Pensions Limited as an individual undertaking.

10. | GUARANTEE FOR ULTIMATE PARENT

| The Company, together with many then fellow subsidiaries of The Ince Group plc (which has recently been dissolved), provided a guarantee, secured against, inter alia, the Company's assets and business, of a bank loan to that company. The facility totalled £17.0m and, at the date of the administration of The Ince Group plc, a term loan of £8.2m and RCF loan of £8.0m were outstanding under the facility.

| A demand has been made in respect of this guarantee but has not been enforced.