Hanover Associates Limited - Period Ending 2015-11-30

Registration number: 02861292

Hanover Associates Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2015
 

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

Hanover Associates Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hanover Associates Limited
for the Year Ended 30 November 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hanover Associates Limited for the year ended 30 November 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Hanover Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hanover Associates Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hanover Associates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hanover Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hanover Associates Limited. You consider that Hanover Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hanover Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

19 August 2016

Page 1

Hanover Associates Limited
(Registration number: 02861292)
Abbreviated Balance Sheet at 30 November 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					722			871
Current assets
Stocks					5,147			6,051
Debtors					1,839			4,955
Cash at bank and in hand					1,353			2,637
					8,339			13,643
Creditors: Amounts falling due within one year					(6,944)			(13,605)
Net current assets					1,395			38
Total assets less current liabilities					2,117			909
Provisions for liabilities					(144)			(174)
Net assets					1,973			735
Capital and reserves
Called up share capital		3			5			3
Profit and loss account					1,968			732
Shareholders' funds					1,973			735

For the year ending 30 November 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 19 August 2016

.........................................
Mr P Hearsey
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Hanover Associates Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

All turnover was derived from the provision of services that fall within the company's ordinary continuing activities.

Depreciation

Depreciation on tangible fixed assets is charged so as to write off their full cost or valuation, less estimated residual values, over their expected useful lives at the following rates:

Asset class	Depreciation method and rate
Fixtures and office equipment	33% of cost per annum
Plant and machinery	15% of cost per annum

Stock

Stock is stated at the lower of cost and net realisable value.

Deferred tax

Deferred taxation is accounted for in accordance with the requirements of FRS19.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Hanover Associates Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2014		7,339			7,339
Additions		435			435
Disposals		(365)			(365)
At 30 November 2015		7,409			7,409
Depreciation
At 1 December 2014		6,468			6,468
Charge for the year		584			584
Eliminated on disposals		(365)			(365)
At 30 November 2015		6,687			6,687
Net book value
At 30 November 2015		722			722
At 30 November 2014		871			871

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		5			5			3			3

New shares allotted

During the year 2 Ordinary shares having an aggregate nominal value of £2 were allotted for an aggregate consideration of £2. The shares were allotted to provide additional capital..

Page 4

Hanover Associates Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr P Hearsey
Loan from Director	(669)	-	(2,133)	-

Page 5