Company registration number 04141195 (England and Wales)
B M Howarth Ltd
Unaudited
financial statements
for the year ended 31 May 2023
PAGES FOR FILING WITH REGISTRAR
B M Howarth Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
B M Howarth Ltd
Statement of financial position
as at 31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
81,209
108,593
Current assets
Work in progress
302,318
263,417
Debtors
1,445,151
1,339,326
Cash at bank and in hand
255,294
206,435
2,002,763
1,809,178
Creditors: amounts falling due within one year
(2,067,103)
(1,468,977)
Net current (liabilities)/assets
(64,340)
340,201
Total assets less current liabilities
16,869
448,794
Capital and reserves
Called up share capital
3
202
202
Profit and loss reserves
16,667
448,592
Total equity
16,869
448,794

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
C R Moorby
Director
Company Registration No. 04141195
B M Howarth Ltd
Notes to the financial statements
for the year ended 31 May 2023
- 2 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of value added tax.

Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Where appropriate, revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.

Intangible fixed assets - goodwill

Acquired goodwill is written off in annual instalments over its estimated useful economic life.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% straight line
Work in progress

Incomplete work not recognised within revenue recognition is included within work in progress. Unbilled amounts for client work is stated at cost less a provision for foreseeable losses.

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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

B M Howarth Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2023
1
Accounting policies
(continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Pension costs

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
72
66
3
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
Ordinary A shares of £1 each
102
102
Ordinary B shares of £1 each
100
100
202
202
4
Company information

B M Howarth Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.

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