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Registered number: SC191671










A.M. HOWIE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
A.M. HOWIE LTD
 

COMPANY INFORMATION


Directors
Mr C R Purvis 
Mr R Purvis 




Registered number
SC191671



Registered office
New Thistle House
Lochview Industrial Estate

The Avenue

Lochgelly

Fife

KY5 9HG




Independent auditors
Sumer Auditco Limited
Chartered Accountants and Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
A.M. HOWIE LTD
REGISTERED NUMBER: SC191671

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
54,560
226,368

  
54,560
226,368

Current assets
  

Debtors: amounts falling due within one year
 5 
140,505
120,080

Bank and cash balances
  
40
17,196

  
140,545
137,276

Creditors: amounts falling due within one year
 6 
(261,113)
(293,118)

Net current liabilities
  
 
 
(120,568)
 
 
(155,842)

Total assets less current liabilities
  
(66,008)
70,526

Creditors: amounts falling due after more than one year
 7 
(12,530)
(60,649)

Provisions for liabilities
  

Deferred tax
  
-
(19,559)

  
 
 
-
 
 
(19,559)

Net liabilities
  
(78,538)
(9,682)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(78,638)
(9,782)

  
(78,538)
(9,682)


Page 1

 
A.M. HOWIE LTD
REGISTERED NUMBER: SC191671

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 income and retained earnings 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 on 23 August 2024.




Mr R Purvis
Mr C R Purvis
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
A.M. HOWIE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is limited by shares and incorporated in Scotland. The registered office is New Thistle House, Lochview Industrial Estate, Lochgelly, Fife, KY5 9HG.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the company has net liabilities as at 31 March 2024 of £78,538. The directors believe the company has sufficient working capital for it to continue trading for at least 12 months from the date the financial statements are approved.

 
2.3

Turnover

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:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
A.M. HOWIE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

Page 4

 
A.M. HOWIE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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% straight line

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.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.


3.


Employees

The average monthly number of employees, during the year was 5 (2023 - 5).

Page 5

 
A.M. HOWIE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 April 2023
778,369


Additions
10,000


Disposals
(139,109)



At 31 March 2024

649,260



Depreciation


At 1 April 2023
552,001


Charge for the year on owned assets
154,520


Disposals
(111,821)



At 31 March 2024

594,700



Net book value



At 31 March 2024
54,560



At 31 March 2023
226,368


5.


Debtors

2024
2023
£
£


Trade debtors
2,817
116,819

Amounts owed by group undertakings
131,728
-

Prepayments and accrued income
2,696
3,261

Deferred taxation
3,264
-

140,505
120,080


Page 6

 
A.M. HOWIE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
160,957
-

Bank loans
10,000
10,000

Trade creditors
687
101,817

Amounts owed to group undertakings
-
40,268

Other taxation and social security
30,774
27,173

Net obligations under hire purchase contracts
46,040
89,382

Other creditors
-
2,582

Accruals and deferred income
12,655
21,896

261,113
293,118


Bank overdrafts are secured by a bond and floating charge. Net obligations under hire purchase contracts are secured on the assets concerned.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,530
22,213

Net obligations under hire purchase contracts
-
38,436

12,530
60,649


Net obligations under hire purchase contracts are secured on the assets concerned.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



80 (2023 - 80) A Ordinary shares of £1.00 each
80
80
20 (2023 - 20) B Ordinary shares of £1.00 each
20
20

100

100


Page 7

 
A.M. HOWIE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Related party transactions

The company has taken advantage of the exemption within FRS 102 1A from disclosing related party transactions with other companies that are wholly owned by the group headed by Robert Purvis Plant Hire Limited.


10.


Controlling party

A.M. Howie Ltd is a wholly owned subsidiary of Robert Purvis Plant Hire Limited, a company registered in Scotland. The registered office and principal place of business is New Thistle House, Lochview Industrial Estate, Lochgelly, Fife, KY5 9HG.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 23 August 2024 by Mark Gibson (Senior statutory auditor) on behalf of Sumer Auditco Limited.

Page 8