2023-04-012024-03-312024-03-31false04760389Howsons 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Howsons Limited

Registered Number
04760389
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Howsons Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mr A R Howson
Mr A M Howson
Mrs J G Howson
Mr M A Howson
Mr M A Howson

Company Secretary

HOWSON, Janice Garnett

Registered Address

Kirksteads
Westhouse
Ingleton
LA6 3NJ

Registered Number

04760389 (England and Wales)
Howsons Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,726,7151,596,384
Investments6101101
Investment property51,830,629948,397
3,557,4452,544,882
Current assets
Stocks72,263,7632,219,175
Debtors8,93,668,4432,726,568
Cash at bank and on hand2,995,3312,594,475
8,927,5377,540,218
Creditors amounts falling due within one year10(1,527,097)(1,127,995)
Net current assets (liabilities)7,400,4406,412,223
Total assets less current liabilities10,957,8858,957,105
Creditors amounts falling due after one year11-(60,846)
Provisions for liabilities12(270,649)(233,700)
Net assets10,687,2368,662,559
Capital and reserves
Called up share capital100100
Revaluation reserve151,04752,500
Profit and loss account10,536,0898,609,959
Shareholders' funds1510,687,2368,662,559
The financial statements were approved and authorised for issue by the Board of Directors on 16 September 2024, and are signed on its behalf by:
Mr M A Howson
Director
Registered Company No. 04760389
Howsons Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Office Equipment15-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined annually by external values and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company 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.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year3845
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2310,30010,300
At 31 March 2410,30010,300
Amortisation and impairment
At 01 April 2310,30010,300
At 31 March 2410,30010,300
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 23849,540622,546902,73656,26175,1262,506,209
Additions25,600119,077347,7343,3822,582498,375
Disposals-(110,050)(137,346)--(247,396)
At 31 March 24875,140631,5731,113,12459,64377,7082,757,188
Depreciation and impairment
At 01 April 23178,506311,686329,60441,50548,524909,825
Charge for year16,13339,734193,4132,5524,220256,052
On disposals-(47,120)(88,284)--(135,404)
At 31 March 24194,639304,300434,73344,05752,7441,030,473
Net book value
At 31 March 24680,501327,273678,39115,58624,9641,726,715
At 31 March 23671,034310,860573,13214,75626,6021,596,384
5.Investment property
The 2024 valuations were made by the directors on an open market value for existing use basis. It is the opinion of the directors that this valuation has not materiality altered at the period end date. Had the Investment Property been measured at historical cost the amounts would have been £1,699,233 (2023 - £733,880).

£
Fair value at 01 April 23948,397
Additions1,068,854
Disposals(318,017)
Fair value adjustments131,395
At 31 March 241,830,629
6.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23101101
At 31 March 24101101
Net book value
At 31 March 24101101
At 31 March 23101101

Notes

1Investments in group undertakings and participating interests
7.Stocks

2024

2023

££
Work in progress2,111,7172,030,455
Finished goods152,046188,720
Total2,263,7632,219,175
8.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,156,7651,232,213
Other debtors1,986,7141,203,355
Prepayments and accrued income29,49326,159
Total3,172,9722,461,727
9.Debtors: amounts due after one year

2024

2023

££
Other debtors495,471264,841
Total495,471264,841
10.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables385,713553,097
Bank borrowings and overdrafts-14,895
Amounts owed to related parties101101
Taxation and social security977,059367,751
Other creditors66,607115,549
Accrued liabilities and deferred income97,61776,602
Total1,527,0971,127,995
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdraft are secured by fixed and floating charges over the assets of the company.
11.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts-60,846
Total-60,846
Bank borrowings and overdraft are secured by fixed and floating charges over the assets of the company.
12.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)270,649233,700
Total270,649233,700
13.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £204,427 (2023 - 34,538).
14.Directors advances, credits and guarantees
On 1 April 2023, a director owed the Company £296,321. During the period this director was advanced a further £375,995 and repaid £75,000. As at 31 March 2024, the director owed the company £597,316. Interest of £7,244 was charged on this loan. On 1 April 2023, a director owed the Company £298,969. During the period this director was advanced a further £380,336 and repaid £75,000. As at 31 March 2024, the director owed the company £604,305. Interest of £7,748 was charged on this loan. On 1 April 2023, a director owed the Company £323,077. During the period this director was advanced a further £377,017 and repaid £75,000. As at 31 March 2024, the director owed the company £625,094. Interest of £8,078 was charged on this loan.
15.Revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the investment property was revalued, less any deferred tax provision. The reserve represents non-distributable funds.

£
Reserve at 01 April 2352,500
Revaluations of plant, property and equipment131,396
Deferred Tax on Revaluations(32,849)
At 31 March 24151,047
16.Related party transactions
During the year a director had a loan account with the company. At the balance sheet date the company owed a director £49,745 (2023 £97,170), This loan is unsecured, interest free and repayable upon demand.