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COMPANY REGISTRATION NUMBER: 03801670
Libby Howie Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Libby Howie Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
12,603
16,803
Current assets
Stocks
148,950
138,450
Debtors
7
1,642,075
1,117,571
Cash at bank and in hand
1,412,618
1,447,181
------------
------------
3,203,643
2,703,202
Creditors: amounts falling due within one year
8
315,022
158,081
------------
------------
Net current assets
2,888,621
2,545,121
------------
------------
Total assets less current liabilities
2,901,224
2,561,924
Provisions
3,151
4,201
------------
------------
Net assets
2,898,073
2,557,723
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
2,898,071
2,557,721
------------
------------
Shareholders funds
2,898,073
2,557,723
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Libby Howie Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Ms C M E Howie
Director
Company registration number: 03801670
Libby Howie Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rectory Farm House, Rectory Farm Lane, Orwell, Hertfordshire, SG8 5RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over the useful economic life of 4 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2022: nil).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
20,000
--------
Amortisation
At 1 November 2022 and 31 October 2023
20,000
--------
Carrying amount
At 31 October 2023
--------
At 31 October 2022
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
85,958
6,480
92,438
--------
-------
--------
Depreciation
At 1 November 2022
69,958
5,677
75,635
Charge for the year
4,000
200
4,200
--------
-------
--------
At 31 October 2023
73,958
5,877
79,835
--------
-------
--------
Carrying amount
At 31 October 2023
12,000
603
12,603
--------
-------
--------
At 31 October 2022
16,000
803
16,803
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
36,000
21,402
Other debtors
1,606,075
1,096,169
------------
------------
1,642,075
1,117,571
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,769
583
Social security and other taxes
297,149
124,924
Other creditors
13,104
32,574
---------
---------
315,022
158,081
---------
---------
9. Directors' advances, credits and guarantees
During the current and previous year the company made advances to and received repayments from a director. Interest has been charged at the official HMRC rate on any overdrawn loan account balances over £10,000, there are no repayment terms.
2023 2022
£ £
Advances 219,100 374,375
Repayments 84,116 581,431
Amounts due to the company 973,586 838,602