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Registration number: 12880272

Howard Cole Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Howard Cole Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Howard Cole Limited

Company Information

Directors

Mr M H Chadwick

Mr C J Lewis

Registered office

Greenacre
Slad
Stroud
Gloucestershire
GL6 7QD

Accountants

Regulatory Accounting Ltd
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Howard Cole Limited

(Registration number: 12880272)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,380

3,386

Current assets

 

Debtors

5

50,339

37,354

Cash at bank and in hand

 

85,639

89,880

 

135,978

127,234

Creditors: Amounts falling due within one year

6

(55,416)

(46,435)

Net current assets

 

80,562

80,799

Total assets less current liabilities

 

83,942

84,185

Provisions for liabilities

(642)

(536)

Net assets

 

83,300

83,649

Capital and reserves

 

Called up share capital

2

2

Retained earnings

83,298

83,647

Shareholders' funds

 

83,300

83,649

 

Howard Cole Limited

(Registration number: 12880272)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

.........................................
Mr M H Chadwick
Director

 

Howard Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Greenacre
Slad
Stroud
Gloucestershire
GL6 7QD
England

These financial statements were authorised for issue by the Board on 13 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statement is the Pound Sterling(£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Howard Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Reducing Balance

Fixture & Fittings

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Howard Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Howard Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

4,655

4,655

Additions

838

838

At 30 September 2023

5,493

5,493

Depreciation

At 1 October 2022

1,269

1,269

Charge for the year

844

844

At 30 September 2023

2,113

2,113

Carrying amount

At 30 September 2023

3,380

3,380

At 30 September 2022

3,386

3,386

5

debtors

Current

2023
£

2022
£

Trade debtors

47,675

36,719

Prepayments

2,664

635

 

50,339

37,354

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,568

1,279

Taxation and social security

45,817

43,366

Accruals and deferred income

1,555

1,540

Other creditors

4,476

250

55,416

46,435

 

Howard Cole Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr M H Chadwick

163

(54,206)

54,136

92

         
       

Mr C J Lewis

89

(47,863)

52,157

4,383

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr M H Chadwick

12,206

(82,030)

69,987

163

         
       

Mr C J Lewis

(1)

(56,958)

57,048

89

         
       

 

In the current financial year there is no interest charged and no terms in place for repayment of the loans.