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Registered number: 09423270 HANNAFORD CONSULTANTS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 28 FEBRUARY 2025
HANNAFORD CONSULTANTS LIMITED REGISTERED NUMBER: 09423270 BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 11,044,605 |  | 9,379,999
|  |  | 11,044,605 |  | 9,379,999
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 2,151,374 |  | 1,368,661 |
Cash at bank and in hand | 6 | 142,381 |  | 138,286 |
|  | 2,293,755 |  | 1,506,947 |
Creditors: amounts falling due within one year | 7 | (3,368,838) |  | (2,486,953) |
Net current liabilities |  |  | (1,075,083) |  | (980,006)
Total assets less current liabilities |  |  | 9,969,522 |  | 8,399,993
Creditors: amounts falling due after more than one year | 8 |  | (4,034,333) |  | (3,760,833)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (1,424,560) |  | (1,021,331) |
|  |  | (1,424,560) |  | (1,021,331)
Net assets |  |  | 4,510,629 |  | 3,617,829
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Revaluation reserve | 10 |  | 5,001,766 |  | 3,809,217
Profit and loss account | 10 |  | (491,237) |  | (191,488)
|  |  | 4,510,629 |  | 3,617,829
HANNAFORD CONSULTANTS LIMITED REGISTERED NUMBER: 09423270 BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025 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:
................................................ R W Lawee | ................................................ A A Lawee
Director | Director
Date: 13 February 2026 | Date:13 February 2026
The notes on page 5 form part of these financial statements.
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Hannaford Consultants Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Midas, 198 West End Lane, London, NW6 1SG. The company's principal activity is that of the running of hotels. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on sufficient and continuing financial support being made available by the company’s directors, the shareholders and the creditors. If the company were unable to continue to trade adjustments would have to be made to reduce the value of the assets to their realisable amounts, to reclassify fixed assets as current assets, long-term liabilities as current liabilities, and to provide for any further liabilities that may arise. The directors continue to monitor the Company’s financial position and will take appropriate actions to ensure the Company’s continued viability.
| 2.3 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Turnover arises from hotel occupancy charges and related services. It is recognised at the date of check in in respect of prepaid reservations, and check-out in the case of indeterminate reservations and extra charges, such that it is possible to measure the turnover reliably.
| 2.4 | 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.
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 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 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets are under the revaluation model, and are stated at its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Fair value is included if it can be measured reliably otherwise the asset is included at its 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. Land is not depreciated as it is considered to have an indefinite useful life. Depreciation is provided on the following basis:
|  |  |  | Freehold building | - | 2% | straight line on cost
|  |  |  | Fixtures and fittings | - | 25% | reducing balance
|  |  |  | Office equipment | - | 25% | reducing balance
|  |  |  | Computer equipment | - | 25% | reducing balance
| 2.10 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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.
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments under Shariah Law
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments under Shariah Law (continued)
effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including directors, during the year was 17 (2024 - 16).
4. | Tangible fixed assets
|  | Freehold property | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 March 2024 | 9,767,194 | 279,910 | 227 | 1,245 | 10,048,576
| Additions | 70,403 | 309,096 | - | - | 379,499
| Revaluations | 1,562,403 | - | - | - | 1,562,403
| At 28 February 2025 | 11,400,000 | 589,006 | 227 | 1,245 | 11,990,478
| Depreciation |  |  |  |  |
| At 1 March 2024 | 467,195 | 200,123 | 196 | 1,062 | 668,576
| Charge for the year on owned assets | 180,023 | 97,220 | 8 | 46 | 277,297
| At 28 February 2025 | 647,218 | 297,343 | 204 | 1,108 | 945,873
| Net book value |  |  |  |  |
| At 28 February 2025 | 10,752,782 | 291,663 | 23 | 137 | 11,044,605
| At 29 February 2024 | 9,299,999 | 79,786 | 31 | 183 | 9,379,999
Cost or valuation at 28 February 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 5,017,213
|  | At valuation: |
|  | Between 2021 and 2025 | 6,382,787
|  |  | 11,400,000
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 4.Tangible fixed assets (continued)
| The 2025 valuations were made by the directors, on an open market value basis.
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 5,017,215 | 4,946,813
| Accumulated depreciation | (647,218) | (467,195)
| Net book value | 4,369,997 | 4,479,618
5. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 7,670 | 18,211
| Amounts owed by connected companies | 2,092,164 | 1,347,969
| Other debtors | 50,000 | -
| Prepayments and accrued income | 1,540 | 2,481
|  | 2,151,374 | 1,368,661
6. | Cash and cash equivalents
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 142,381 | 138,286
|  | 142,381 | 138,286
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HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 10,000 | 10,000
| Trade creditors | 56,196 | 50,312
| Amounts owed to connected companies | 614,633 | 572,532
| Other taxation and social security | 30,969 | 47,343
| Other creditors | 2,449,189 | 1,658,048
| Accruals and deferred income | 207,851 | 148,718
|  | 3,368,838 | 2,486,953
Page 2
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 4,034,333 | 3,760,833
|  | 4,034,333 | 3,760,833
| The following liabilities were secured:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank Loan | 4,028,500 | 3,745,000
|  | 4,028,500 | 3,745,000
| Details of security provided:
Included within bank loans is a facility of £4,028,500 advanced under a Shariah-compliant financing arrangement. The facility does not bear interest. Instead, the lender charges a profit rate / repayment premium calculated in accordance with Shariah principles. The economic effect of this premium is broadly comparable to a return of 3.95% above base rate, had the arrangement been structured as a conventional loan. The facility is repayable in full at the end of each five-year term unless renewed. The loan is secured by a fixed charge over the Company’s property and over a property owned by the directors. The Company and the directors are joint and several obligors under the facility. The Company recognises only the portion for which it has primary liability; the directors’ share is disclosed as a contingent liability (see Note 12). Page 3
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (1,021,331)
| Charged to profit & loss account | (57,634)
| Charged to revaluation reserve | (345,595)
| At end of year | (1,424,560)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (66,628) | (8,994)
| Surplus on revaluation of property | (1,357,932) | (1,012,337)
|  | (1,424,560) | (1,021,331)
10. | Reserves
Revaluation reserve The surplus arising on revaluation is recognised in other comprehensive income and accumulated in equity under the revaluation reserve, except to the extent that it reverses a revaluation decrease previously recognised in profit or loss.
11. | Contingent liabilities
The company is joint party to a loan facility jointly with its directors totalling £8,057,000. The loan facility is provided 50% to the company and 50% to the directors each of whom has primary liability for the repayment of their half of the loan and premiums or interest on it and each of whom have provided security to support the loan facility. Consequently, the company’s 50% (£4,028,500) has been included as a loan creditor in the financial statements of the company. Liability for repayment of the facility is joint and several as between the company and the directors concerned. In the event that the directors were to default, the company would become liable for all payments due by them to the lender. However, primary liability rests with each party respectively. Consequently, the 50% in respect of the directors is a contingent liability and is not recognised in the company’s financial statements. The amount of this contingent liability is £4,028,500 over and above the amounts already included in loans (note 9) which would crystalise in the event that the directors did not meet their obligations under the agreement. Page 4
HANNAFORD CONSULTANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,183 (2024 - £4,261). Contributions totalling £250 (2024 - £200) were payable to the fund at the balance sheet date and are included in creditors.
13. | Related party transactions
| At the balance sheet date, the company owed £1,332,299 (2024: £771,643) to A A Lawee and R W Lawee who are directors of the company. The loan is free from interest and is repayable on demand.
Page 5