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HOWITTS LIMITED

Registered Number
00138186
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

HOWITTS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

EBRAHIM, Femina
EBRAHIM, Nazim Nizar

Registered Address

Flat 12 High Street
Desborough
Kettering
NN14 2QS

Registered Number

00138186 (England and Wales)
HOWITTS LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets336,12637,637
36,12637,637
Current assets
Stocks472,90454,040
Debtors5349,938312,446
Cash at bank and on hand123,15665,611
545,998432,097
Creditors amounts falling due within one year6(408,627)(310,419)
Net current assets (liabilities)137,371121,678
Total assets less current liabilities173,497159,315
Creditors amounts falling due after one year7(20,001)(30,000)
Provisions for liabilities8(9,032)(9,813)
Net assets144,464119,502
Capital and reserves
Called up share capital50,00050,000
Profit and loss account94,46469,502
Shareholders' funds144,464119,502
The financial statements were approved and authorised for issue by the Board of Directors on 25 October 2024, and are signed on its behalf by:
EBRAHIM, Femina
Director
EBRAHIM, Nazim Nizar
Director

Registered Company No. 00138186
HOWITTS 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.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the rendering of services.
Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
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.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost valuation, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Office Equipment25
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). Stocks consists of unsold medicines at the year end.
Financial instruments
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year1010
3.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 231,61378,6007,94388,156
Additions--5,2675,267
Disposals(1,613)--(1,613)
At 31 March 24-78,60013,21091,810
Depreciation and impairment
At 01 April 231,61345,1123,79450,519
Charge for year-5,0231,7556,778
On disposals(1,613)--(1,613)
At 31 March 24-50,1355,54955,684
Net book value
At 31 March 24-28,4657,66136,126
At 31 March 23-33,4884,14937,637
4.Stocks

2024

2023

££
Finished goods72,90454,040
Total72,90454,040
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables264,622225,520
Other debtors80,10783,788
Prepayments and accrued income5,2093,138
Total349,938312,446
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables181,068157,485
Bank borrowings and overdrafts10,00010,000
Taxation and social security42,59423,364
Other creditors174,965119,570
Total408,627310,419
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts20,00130,000
Total20,00130,000
Included in bank loans less than one year and more than one year is bouceback loan of £30,001 (2023 : £40,000).
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)9,0329,813
Total9,0329,813
9.Operating lease commitments
At the reporting end date the company had a total outstanding commitments for future minimum lease payments under non-cancellable operating leases of £12,496 (2023 : £12,492).
10.Related party transactions
Included in other debtors is an amount of £20,000 (2023 : £Nil) due from Vanisha Ltd, £8,331 (2023 : £Nil) due from Etwall (Midalnds) Ltd, companies connected to the directors. Included in other creditors is an amount of £18,644 (2023 : £Nil) due to Riddings Ltd, and £502 (2023 : £Nil) due to Hilton Pharmacy Ltd, companies connected to the directors.
11.Further information regarding the company's financial position
The company's parent company is Fana Enterprises Ltd, a company registered in England and Wales and its registered office address is Flat 12 High Street, Desborough, Kettering, United Kingdom, NN14 2QS.