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Registered number: 09240577
Howson Fabrications Limited
Unaudited Financial Statements
For The Year Ended 30 March 2024
Stack & Jones Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09240577
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 47,042 17,998
47,042 17,998
CURRENT ASSETS
Stocks 5 2,794 2,794
Debtors 6 16,150 26,432
Cash at bank and in hand 29,328 29,562
48,272 58,788
Creditors: Amounts Falling Due Within One Year 7 (29,519 ) (33,938 )
NET CURRENT ASSETS (LIABILITIES) 18,753 24,850
TOTAL ASSETS LESS CURRENT LIABILITIES 65,795 42,848
NET ASSETS 65,795 42,848
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 65,793 42,846
SHAREHOLDERS' FUNDS 65,795 42,848
Page 1
Page 2
For the year ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Howson
Director
02/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Howson Fabrications Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09240577 . The registered office is 21 West End, Launton, Bicester, OX26 5DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No Depreciation
Plant & Machinery 20% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 20% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 31 March 2023 1 50,675 10,305 1,220 62,201
Additions - 21,235 17,060 - 38,295
As at 30 March 2024 1 71,910 27,365 1,220 100,496
Depreciation
As at 31 March 2023 - 35,635 7,550 1,018 44,203
Provided during the period - 4,968 4,243 40 9,251
As at 30 March 2024 - 40,603 11,793 1,058 53,454
Net Book Value
As at 30 March 2024 1 31,307 15,572 162 47,042
As at 31 March 2023 1 15,040 2,755 202 17,998
5. Stocks
2024 2023
£ £
Stock 2,794 2,794
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,381 25,675
Other debtors 769 757
16,150 26,432
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,784 7,669
Bank loans and overdrafts - 1,690
Other creditors 2,545 10,466
Taxation and social security 9,190 14,113
29,519 33,938
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Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5