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REGISTERED NUMBER: NI038260 (Northern Ireland)














Unaudited Financial Statements

for the Year Ended 31 July 2023

for

P.F. HOWELL LIMITED

P.F. HOWELL LIMITED (REGISTERED NUMBER: NI038260)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


P.F. HOWELL LIMITED (REGISTERED NUMBER: NI038260)

Balance Sheet
31 JULY 2023

31/7/23 31/7/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 279,119 865,599
Investments 5 - 335,000
Investment property 6 93,632 93,632
372,751 1,294,231

CURRENT ASSETS
Stocks 204,632 188,681
Debtors 7 234,725 377,672
Cash at bank 445,031 354,334
884,388 920,687
CREDITORS
Amounts falling due within one year 8 538,566 425,885
NET CURRENT ASSETS 345,822 494,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

718,573

1,789,033

PROVISIONS FOR LIABILITIES 9 24,387 55,413
NET ASSETS 694,186 1,733,620

CAPITAL AND RESERVES
Called up share capital 1,020 1,020
Retained earnings 10 693,166 1,732,600
694,186 1,733,620

P.F. HOWELL LIMITED (REGISTERED NUMBER: NI038260)

Balance Sheet - continued
31 JULY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

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 14 February 2024 and were signed on its behalf by:





Paul Howell - Director


P.F. HOWELL LIMITED (REGISTERED NUMBER: NI038260)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

P.F. Howell Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI038260

Registered office: 8 Balloo Crescent
Bangor
Co. Down
BT19 7WP

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2.5% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


P.F. HOWELL LIMITED (REGISTERED NUMBER: NI038260)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2022 832,051 497,045 45,488 327,966 1,702,550
Additions - 48,014 2,917 147,366 198,297
Disposals (832,051 ) - - (21,890 ) (853,941 )
At 31 July 2023 - 545,059 48,405 453,442 1,046,906
DEPRECIATION
At 1 August 2022 124,807 438,098 32,657 241,389 836,951
Charge for year - 26,740 3,937 43,080 73,757
Eliminated on disposal (124,807 ) - - (18,114 ) (142,921 )
At 31 July 2023 - 464,838 36,594 266,355 767,787
NET BOOK VALUE
At 31 July 2023 - 80,221 11,811 187,087 279,119
At 31 July 2022 707,244 58,947 12,831 86,577 865,599

On 27 July 2023 the company's freehold property was transferred at it's market value of £1,000,000 to it's holding company, P.F.Howell (Holdings) Limited.

P.F. HOWELL LIMITED (REGISTERED NUMBER: NI038260)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2022 335,000
Disposals (335,000 )
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 335,000

On 31 July 2023 the company's other investments were transferred at their market value of £335,000 to it's holding company, P.F.Howell (Holdings) Limited.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 93,632
NET BOOK VALUE
At 31 July 2023 93,632
At 31 July 2022 93,632

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Trade debtors 204,704 243,357
Other debtors 15,312 7,038
Provision for doubtful debts (3,101 ) (137 )
Owing by holding company - 104,000
Prepayments and accrued income 17,810 23,414
234,725 377,672

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Trade creditors 385,923 267,050
Taxation and social security 138,460 145,746
Other creditors 14,183 13,089
538,566 425,885

P.F. HOWELL LIMITED (REGISTERED NUMBER: NI038260)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


9. PROVISIONS FOR LIABILITIES
31/7/23 31/7/22
£    £   
Deferred tax
Accelerated capital allowances 24,387 55,413

Deferred
tax
£   
Balance at 1 August 2022 55,413
Provided during year (31,026 )
Balance at 31 July 2023 24,387

10. RESERVES
Retained
earnings
£   

At 1 August 2022 1,732,600
Profit for the year 676,781
Equity Dividends (1,716,215 )
At 31 July 2023 693,166

11. ULTIMATE HOLDING COMPANY

The company is a wholly owned subsidiary of P.F. Howell (Holdings) limited, a private limited company registered in Northern Ireland.