Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-31false2022-09-01No description of principal activity2121truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01368929 2022-09-01 2023-08-31 01368929 2021-09-01 2022-08-31 01368929 2023-08-31 01368929 2022-08-31 01368929 2021-09-01 01368929 c:Director6 2022-09-01 2023-08-31 01368929 d:MotorVehicles 2022-09-01 2023-08-31 01368929 d:MotorVehicles 2023-08-31 01368929 d:MotorVehicles 2022-08-31 01368929 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 01368929 d:FurnitureFittings 2022-09-01 2023-08-31 01368929 d:FurnitureFittings 2023-08-31 01368929 d:FurnitureFittings 2022-08-31 01368929 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 01368929 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 01368929 d:CurrentFinancialInstruments 2023-08-31 01368929 d:CurrentFinancialInstruments 2022-08-31 01368929 d:Non-currentFinancialInstruments 2023-08-31 01368929 d:Non-currentFinancialInstruments 2022-08-31 01368929 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 01368929 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 01368929 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 01368929 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 01368929 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 01368929 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 01368929 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 01368929 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 01368929 d:ShareCapital 2023-08-31 01368929 d:ShareCapital 2022-08-31 01368929 d:ShareCapital 2021-09-01 01368929 d:SharePremium 2023-08-31 01368929 d:SharePremium 2022-08-31 01368929 d:SharePremium 2021-09-01 01368929 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 01368929 d:RetainedEarningsAccumulatedLosses 2023-08-31 01368929 d:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 01368929 d:RetainedEarningsAccumulatedLosses 2022-08-31 01368929 d:RetainedEarningsAccumulatedLosses 2021-09-01 01368929 c:FRS102 2022-09-01 2023-08-31 01368929 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 01368929 c:FullAccounts 2022-09-01 2023-08-31 01368929 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 01368929 2 2022-09-01 2023-08-31 01368929 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 01368929 d:TaxLossesCarry-forwardsDeferredTax 2022-08-31 iso4217:GBP xbrli:pure

Registered number: 01368929










DAVID HOWARD (UK) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
DAVID HOWARD (UK) LIMITED
REGISTERED NUMBER: 01368929

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
51,335
73,543

  
51,335
73,543

Current assets
  

Stocks
 5 
111,026
8,741

Debtors: amounts falling due within one year
 6 
249,183
1,309,739

Cash at bank and in hand
 7 
995,961
1,276,753

  
1,356,170
2,595,233

Creditors: amounts falling due within one year
 8 
(281,770)
(718,861)

Net current assets
  
 
 
1,074,400
 
 
1,876,372

Total assets less current liabilities
  
1,125,735
1,949,915

Creditors: amounts falling due after more than one year
 9 
-
(236,883)

  

Net assets
  
1,125,735
1,713,032


Capital and reserves
  

Called up share capital 
  
11,250
11,250

Share premium account
  
23,750
23,750

Profit and loss account
  
1,090,735
1,678,032

  
1,125,735
1,713,032


Page 1

 
DAVID HOWARD (UK) LIMITED
REGISTERED NUMBER: 01368929
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S P Corcoran
Director

Date: 7 March 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
DAVID HOWARD (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
11,250
23,750
1,359,662
1,394,662


Comprehensive income for the year

Profit for the year
-
-
417,721
417,721

Dividends: Equity capital
-
-
(99,351)
(99,351)



At 1 September 2022
11,250
23,750
1,678,032
1,713,032


Comprehensive income for the year

Profit for the year
-
-
156,597
156,597


Dividends: Equity capital
-
-
(743,894)
(743,894)


At 31 August 2023
11,250
23,750
1,090,735
1,125,735


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The entity is a private limited liability company, limited by shares and incorporated in England. The registered office is 17-19 Baldock Street, Ware, Hertfordshire, SG12 9DH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
per annum
Fixtures and fittings
-
20%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 the Statement of Comprehensive Income.

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 best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 7

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 8

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 21).

Page 9

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 September 2022
83,413
494,842
578,255


Additions
-
4,608
4,608


Disposals
(83,413)
(255,768)
(339,181)



At 31 August 2023

-
243,682
243,682



Depreciation


At 1 September 2022
83,413
421,299
504,712


Charge for the year
-
26,816
26,816


Disposals
(83,413)
(255,768)
(339,181)



At 31 August 2023

-
192,347
192,347



Net book value



At 31 August 2023
-
51,335
51,335



At 31 August 2022
-
73,543
73,543


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
111,026
8,741

111,026
8,741


Stock at 31 August 2023 is comprised of finished garments held for sale to a variety of retailers. Stock held at 31 August 2023 is held at the lower of cost and net realisable value. 

Page 10

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
186,571
1,127,596

Other debtors
15,388
78,523

Prepayments and accrued income
40,334
38,796

Deferred taxation
6,890
64,824

249,183
1,309,739






Included within debtors of £249,183 are deferred tax debtors of £6,890 (2022 £64,824) due after more than one year.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
995,961
1,276,753

995,961
1,276,753



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans - CBILs
-
78,442

Trade creditors
52,520
199,233

Other taxation and social security
10,999
24,385

Other creditors
158,185
240,491

Accruals and deferred income
60,066
176,310

281,770
718,861


Page 11

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans - CBILs
-
236,883

-
236,883



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
-
78,442

Amounts falling due 1-2 years

Other loans
-
86,742

Amounts falling due 2-5 years

Other loans
-
150,141


-
315,325



11.


Deferred taxation




2023
2022


£

£






At beginning of year
64,824
206,990


Charged to profit or loss
(57,934)
(142,166)



At end of year
6,890
64,824

2023
2022
£
£


Tax losses carried forward
6,890
64,824

6,890
64,824

Page 12

 
DAVID HOWARD (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Guarantees and debentures

The company is party to an omnibus guarantee and set off agremeent in respect of a loan facility of its parent company, David Howard (UK) Holdco Limited, which is held with Lloyds Bank Plc. Under this agreement, the parent company's loan is secured by way of a fixed and floating charge over the assets of the company. 


13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge in the year represents contributions payable by the company to the fund and amounted to £11,124 (2022 - £10,421). Contributions totalling £3,942 (2022 - £871) were payable to the fund at the balance sheet date. 


14.


Related party transactions

Related parties include the directors and David Howard (UK) Holdco Limited, the immediate and ultimate parent company.
The company is a wholly owned subsidiary of David Howard (UK) Holdco Limited, with a registered office as that of the company. 


15.


Parent entity

The immediate and ultimate parent company is David Howard (UK) Holdco Limited due to the ownership of 100% of the company's share capital.

Page 13