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COMPANY REGISTRATION NUMBER: 7714157
HOWARD BOWCOTT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
HOWARD BOWCOTT LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
11,930
14,867
Current assets
Stocks
2,425
6,708
Debtors
7
994
Cash at bank and in hand
7,079
3,446
-------
--------
9,504
11,148
Creditors: amounts falling due within one year
8
4,916
4,835
-------
--------
Net current assets
4,588
6,313
--------
--------
Total assets less current liabilities
16,518
21,180
Creditors: amounts falling due after more than one year
9
21,254
24,306
Provisions
Taxation including deferred tax
2,267
2,553
--------
--------
Net liabilities
( 7,003)
( 5,679)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 7,004)
( 5,680)
-------
-------
Shareholders deficit
( 7,003)
( 5,679)
-------
-------
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 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HOWARD BOWCOTT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
Mr C H Bowcott
Director
Company registration number: 7714157
HOWARD BOWCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92 - 94 High Street, Porthmadog, Gwynedd, LL49 9NW, Wales.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company`s accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current rates and laws.
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:
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property
-
10% straight line
Tools and equipment
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
101,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
101,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
15,460
28,668
9,480
53,608
Additions
711
711
--------
--------
-------
--------
At 31 March 2024
15,460
29,379
9,480
54,319
--------
--------
-------
--------
Depreciation
At 1 April 2023
13,923
18,843
5,975
38,741
Charge for the year
1,537
1,586
525
3,648
--------
--------
-------
--------
At 31 March 2024
15,460
20,429
6,500
42,389
--------
--------
-------
--------
Carrying amount
At 31 March 2024
8,950
2,980
11,930
--------
--------
-------
--------
At 31 March 2023
1,537
9,825
3,505
14,867
--------
--------
-------
--------
7. Debtors
2024
2023
£
£
Other debtors
994
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,016
3,628
Corporation tax
544
199
Social security and other taxes
2,356
1,008
-------
-------
4,916
4,835
-------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,523
9,900
Other creditors
12,731
14,406
--------
--------
21,254
24,306
--------
--------
10. Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern. The director has confirmed his willingness to support the company for a period of twelve months from the date of these financial statements, to enable the company to continue on this basis.
11. Director's advances, credits and guarantees
There were no director's advances, credits or guarantees during the year.
12. Related party transactions
The company paid £1800 to Mr Bowcott for rent of the workshop.