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Financial Statements |
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for the Year Ended 31st December 2021 |
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for |
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HANOVER SQUARE OFFICES LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31st December 2021 |
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for |
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HANOVER SQUARE OFFICES LIMITED |
HANOVER SQUARE OFFICES LIMITED (REGISTERED NUMBER: 12046873) |
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Contents of the Financial Statements |
for the year ended 31st December 2021 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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HANOVER SQUARE OFFICES LIMITED |
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Company Information |
for the year ended 31st December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
HANOVER SQUARE OFFICES LIMITED (REGISTERED NUMBER: 12046873) |
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Statement of Financial Position |
31st December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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PROVISIONS FOR LIABILITIES |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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HANOVER SQUARE OFFICES LIMITED (REGISTERED NUMBER: 12046873) |
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Notes to the Financial Statements |
for the year ended 31st December 2021 |
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1. | STATUTORY INFORMATION |
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Hanover Square Offices Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The COVID-19 pandemic significantly impacted the company during the year. The directors are continually reviewing and updating the company's strategy to lessen the impact of the pandemic on the company's operations and believe that this, along with the level of cash reserves, will allow the company to be able to meet its liabilities as they fall due for a period of at least 12 months from the date the financial statements were authorised for issue. Accordingly, the directors are satisfied that the financial statements should be prepared on the going concern basis. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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. |
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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 charged on the following basis: |
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Leasehold improvements | - over the life of the lease |
Fixtures and fittings | - 20% on cost |
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Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
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Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors. |
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Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
HANOVER SQUARE OFFICES LIMITED (REGISTERED NUMBER: 12046873) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1st January 2021 |
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Additions |
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At 31st December 2021 |
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DEPRECIATION |
At 1st January 2021 |
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Charge for year |
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At 31st December 2021 |
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NET BOOK VALUE |
At 31st December 2021 |
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At 31st December 2020 |
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HANOVER SQUARE OFFICES LIMITED (REGISTERED NUMBER: 12046873) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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VAT | 14,267 | 25,670 |
Other creditors |
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Accruals and deferred income |
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7. | AUDITORS' INFORMATION |
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The audit report provided to the members of Hanover Square Offices Limited on the financial statements for the period ended 31st December 2021 was not qualified. |
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The audit report was signed by
Wreford & Partners, Chartered Accountants and St atutory Auditor. |
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8. | RELATED PARTY DISCLOSURES |
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No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35. |
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The parent of the smallest group for which consolidated accounts are drawn up of which this company is a member is Halkin Management Company Limited, a company registered in England and Wales, whose registered address is 4th Floor, 10 Lower Thames Street, London, EC3R 6AF. |
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9. | EVENTS AFTER THE REPORTING PERIOD |
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On 27 July 2022 the company surrendered two of its three real estate properties back to their landlords by mutual agreement, resulting in a decrease in the leased property area available to the company of 35%. |
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At the date of surrender the remaining property had exceeded its annual sales revenue from 2021 which has compensated for the loss of the revenue generated from the surrendered properties. The Directors strongly believe that the revenue generation ability of the remaining property will result in significant revenue growth for the company in 2022. |