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Registration number: 13801337

G D Howells LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

G D Howells LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

G D Howells LTD

Company Information

Director

Mr Gethin Dylan Howells

Registered office

Lodge Farm
Trelech
Carmarthen
SA33 6RG

 

G D Howells LTD

(Registration number: 13801337)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,543

30,679

Current assets

 

Debtors

5

-

3,254

Cash at bank and in hand

 

2,806

21,461

 

2,806

24,715

Creditors: Amounts falling due within one year

6

(33,240)

(42,998)

Net current liabilities

 

(30,434)

(18,283)

Total assets less current liabilities

 

(5,891)

12,396

Creditors: Amounts falling due after more than one year

6

(8,613)

(12,189)

Net (liabilities)/assets

 

(14,504)

207

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(14,604)

107

Total equity

 

(14,504)

207

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 August 2024
 

.........................................
Mr Gethin Dylan Howells
Director

   
     
 

G D Howells LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Lodge Farm
Trelech
Carmarthen
SA33 6RG

These financial statements were authorised for issue by the director on 23 August 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.

 

G D Howells LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

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

Plant & Machinery

20% Reducing Balance

Motor Vehicles

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.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

G D Howells LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 1 (2022 - 1).

 

G D Howells LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,517

27,292

32,809

Additions

800

-

800

Disposals

(800)

-

(800)

At 31 December 2023

5,517

27,292

32,809

Depreciation

At 1 January 2023

311

1,819

2,130

Charge for the year

1,041

5,095

6,136

At 31 December 2023

1,352

6,914

8,266

Carrying amount

At 31 December 2023

4,165

20,378

24,543

At 31 December 2022

5,206

25,473

30,679

5

Debtors

2023
£

2022
£

Trade debtors

-

3,254

-

3,254

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

4,698

5,820

Trade creditors

 

1,809

5,264

Taxation and social security

 

1,041

467

Other related parties

 

24,341

30,146

Other creditors

 

1,351

1,301

 

33,240

42,998

Due after one year

 

Loans and borrowings

8

8,613

12,189

 

G D Howells LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

8,613

12,189

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

8,613

12,189

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

4,698

5,820

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Other payments made to company by director
£

At 31 December 2023
£

Mr Gethin Dylan Howells

Interest free loan repayable on demand

(30,146)

5,805

(24,341)

       
     

 

 

G D Howells LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

2022

At 14 December 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Gethin Dylan Howells

Interest free loan repayable on demand

-

440

(30,586)

(30,146)