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Registration number: 00828732

N H Howard & Son Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

N H Howard & Son Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

N H Howard & Son Ltd

Company Information

Directors

Mrs A Howard

Mr TG Howard

Company secretary

Mrs A Howard

Registered office

Felbrigg
Nursery Lane
North Wootton
King's Lynn
Norfolk
PE30 3QB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

N H Howard & Son Ltd

(Registration number: 00828732)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,012

1,915

Investment property

5

650,000

650,000

 

651,012

651,915

Current assets

 

Debtors

6

97

58

Cash at bank and in hand

 

7,925

6,486

 

8,022

6,544

Creditors: Amounts falling due within one year

7

(168,289)

(170,699)

Net current liabilities

 

(160,267)

(164,155)

Total assets less current liabilities

 

490,745

487,760

Provisions for liabilities

(44,329)

(44,329)

Net assets

 

446,416

443,431

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

348,182

348,182

Retained earnings

98,134

95,149

Shareholders' funds

 

446,416

443,431

For the financial year ending 31 March 2024 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income.

Approved and authorised by the Board on 30 April 2024 and signed on its behalf by:
 

 

N H Howard & Son Ltd

(Registration number: 00828732)
Statement of financial position as at 31 March 2024

.........................................
Mr TG Howard
Director

 

N H Howard & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Felbrigg
Nursery Lane
North Wootton
King's Lynn
Norfolk
PE30 3QB

These financial statements were authorised for issue by the Board on 30 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

N H Howard & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold

Not depreciated

F&F and Equipment

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

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.

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.

 

N H Howard & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

565

1,800

2,365

At 31 March 2024

565

1,800

2,365

Depreciation

At 1 April 2023

-

450

450

Charge for the year

565

338

903

At 31 March 2024

565

788

1,353

Carrying amount

At 31 March 2024

-

1,012

1,012

At 31 March 2023

565

1,350

1,915

5

Investment properties

2024
£

At 1 April

650,000

At 31 March

650,000

There has been no valuation of investment property by an independent valuer.

In the opinion of the directors there has been no change in the value of the property.

6

Debtors

Current

2024
£

2023
£

Prepayments

97

58

 

97

58

 

N H Howard & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

161,292

162,917

Accruals

 

1,170

1,140

Tax liability

3,327

4,142

Gross amount due to customers for contract work

 

2,500

2,500

 

168,289

170,699

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

55

55

55

55

Ordinary B of £1 each

20

20

20

20

Ordinary C of £1 each

20

20

20

20

Ordinary D of £1 each

5

5

5

5

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.