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REGISTERED NUMBER: 09263805 (England and Wales)





















DIRECTORS' REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

HOWARDS HOLDINGS LIMITED

HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Directors' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


HOWARDS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: M A Bailey
R J Hudson





SECRETARY: Mrs J Austin





REGISTERED OFFICE: Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA





REGISTERED NUMBER: 09263805 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

M A Bailey
R J Hudson

FINANCIAL INSTRUMENTS
Preference shares
The company repaid £55,000 (2021 - £30,000) in respect of issued preference shares in the period.

Reclassification of preference shares
The preference shareholders approached the directors of the company to discuss the redemption of their remaining shares. The preference shareholders wanted to reduce their external risk of leaving their investment within the group.

As a result of the above the preference shares have now been reclassified as a debt like item and as such are no longer shown within equity.

The preference shareholders have expressed their continued support of the group. If matters get that the group struggles to redeem the shares then the preference shareholders will suspend their redemption until matters improve.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M A Bailey - Director


13 November 2023

HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Investments 5 1,850,000 1,850,000

CURRENT ASSETS
Debtors 6 854 854
Cash at bank 10,881 10,850
11,735 11,704
CREDITORS
Amounts falling due within one year 7 (193,617 ) (233,617 )
NET CURRENT LIABILITIES (181,882 ) (221,913 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,668,118

1,628,087

CREDITORS
Amounts falling due after more than one
year

8

485,000

510,000

PROVISIONS FOR LIABILITIES 129,315 129,315

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Other reserves 135,000 80,000
Fair value reserve 589,092 589,092
Retained earnings 327,211 317,180
SHAREHOLDERS' FUNDS 1,053,803 988,772
1,668,118 1,628,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2022


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:




M A Bailey - Director



R J Hudson - Director


HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Howards Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09268305 and the registered office address is Newport House, Newport Road, Stafford, Staffordshire, ST16 1DA.

The principal activity of the company is that of a holding company.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Functional currency
The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Preparation of consolidated financial statements
The financial statements contain information about Howards Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, provisions and contingent liabilities and impairment are its critical accounting estimates.

Investments in subsidiaries
Investments in subsidiaries are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss with any gain or loss being transferred to a non-distributable fair value reserve.

Where a gain is realised upon sale of the investments, a transfer from the non-distributable fair value reserve is made to retained earnings.

If objective evidence indicates impairment, an impairment loss will be recognised in the fair value reserve accordingly.

HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares

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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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 statement of financial position date.

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.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 January 2022
and 31 December 2022 1,850,000
NET BOOK VALUE
At 31 December 2022 1,850,000
At 31 December 2021 1,850,000

Cost or valuation at 31 December 2022 is represented by:

Shares in
group
undertakings
£   
Valuation in 2017 718,407
Cost 1,131,593
1,850,000

The directors have reviewed the value of the investment in the wholly owned subsidiary and adopted an appropriate basis to assess the fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 854 854

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 50,000
Taxation and social security 20,001 20,001
Other creditors 163,616 163,616
193,617 233,617

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 30,000 -
Other creditors 455,000 510,000
485,000 510,000

Amounts falling due in more than five years:

Repayable by instalments
Preference shares 215,000 270,000

HOWARDS HOLDINGS LIMITED (REGISTERED NUMBER: 09263805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
M A Bailey
Balance outstanding at start of year - -
Amounts advanced 50,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,000 -