REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ROBERT HOWELL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ROBERT HOWELL LIMITED |
ROBERT HOWELL LIMITED (REGISTERED NUMBER: 03471470) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ROBERT HOWELL LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
ROBERT HOWELL LIMITED (REGISTERED NUMBER: 03471470) |
BALANCE SHEET |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ROBERT HOWELL LIMITED (REGISTERED NUMBER: 03471470) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Robert Howell Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors of the company recognise the current liabilities of the company exceed current assets. The directors have confirmed their ongoing support of the company together with support, as required, from other group companies. On this basis the companies accounts have been prepared on the going concern basis as the company is expected to have adequate cash resource to meet its trading obligations as they fall due. |
Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities which might arise and to reclassify fixed assets as current assets. |
Related party exemption |
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. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The directors consider no estimates or assumptions have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. |
ROBERT HOWELL LIMITED (REGISTERED NUMBER: 03471470) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows: |
Initial fee income is recognised once the investment provider has receipt of the investment from the customer. Ongoing fees are recognised once received. The directors estimate an accrual for ongoing income at the year end. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business has been amortised evenly over its estimated useful life. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market rate on interest. Financial liabilities classified as payable within one year are not amortised. |
Taxation |
Taxation for the year comprises current 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. |
Current 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
ROBERT HOWELL LIMITED (REGISTERED NUMBER: 03471470) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Other creditors |
Directors' current accounts | 1,422 | 1,422 |
Accruals and deferred income |
7. | CONTINGENT LIABILITIES |
The company has given unlimited guarantees in respect of third party bank borrowings. At 31st December 2021 the total amount outstanding on these bank borrowings amounted to £197,458 (2020: £465,974). |
There is a contingent liability on income earned in respect of life and pension policies under indemnity terms which may be cancelled by the policy holder within a certain period from the inception of the policy. The average period within which cancellation may occur resulting in the clawback of income is one year and hence the contingent liability approximates to one year's indemnity income included in turnover. |
8. | ULTIMATE PARENT COMPANY |
Gerrard Stuart Holdings Limited incorporated in the United Kingdom is regarded by the directors as being the Company's ultimate parent company. |
The company is an 85% owned subsidiary of Gerrard Stuart Financial Services Limited which is also incorporated in the United Kingdom. |