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REGISTERED NUMBER: 08603261 (England and Wales)

















G HOWSAM & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






G HOWSAM & SON LIMITED (REGISTERED NUMBER: 08603261)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


G HOWSAM & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mrs J M Howsam
Mr D Howsam
Mr A Howsam





REGISTERED OFFICE: Excel House
Millbrook Lane
Wragby
Lincolnshire
LN8 5AB





BUSINESS ADDRESS: The Mill
Chapel Road
Old Leake
Boston
Lincolnshire
PE22 9PW





REGISTERED NUMBER: 08603261 (England and Wales)





ACCOUNTANTS: Socius Accountants Limited
Excel House
Millbrook Lane
Wragby
Lincolnshire
LN8 5AB

G HOWSAM & SON LIMITED (REGISTERED NUMBER: 08603261)

ABRIDGED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 63,318 67,860
Investments 6 60 60
63,378 67,920

CURRENT ASSETS
Inventories 119,972 127,291
Debtors 267,074 153,060
Cash in hand 770 626
387,816 280,977
CREDITORS
Amounts falling due within one year 402,183 269,254
NET CURRENT (LIABILITIES)/ASSETS (14,367 ) 11,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,011

79,643

CREDITORS
Amounts falling due after more than one year (111,462 ) (146,386 )

PROVISIONS FOR LIABILITIES (4,076 ) (4,735 )
NET LIABILITIES (66,527 ) (71,478 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (66,627 ) (71,578 )
(66,527 ) (71,478 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G HOWSAM & SON LIMITED (REGISTERED NUMBER: 08603261)

ABRIDGED BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr A Howsam - Director


G HOWSAM & SON LIMITED (REGISTERED NUMBER: 08603261)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

G Howsam & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2.5% on reducing balance
Plant and machinery - 10% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

G HOWSAM & SON LIMITED (REGISTERED NUMBER: 08603261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 46,000
AMORTISATION
At 1 June 2023
and 31 May 2024 46,000
NET BOOK VALUE

At 31 May 2024 -
At 31 May 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 June 2023
and 31 May 2024 116,816
DEPRECIATION
At 1 June 2023 48,956
Charge for year 4,542
At 31 May 2024 53,498
NET BOOK VALUE
At 31 May 2024 63,318
At 31 May 2023 67,860

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 June 2023
and 31 May 2024 60
NET BOOK VALUE
At 31 May 2024 60
At 31 May 2023 60

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 169,503 100,920

The bank overdraft is secured by a charge over the companies trade and assets.

G HOWSAM & SON LIMITED (REGISTERED NUMBER: 08603261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. GOING CONCERN

The director acknowledges that at the balance sheet date the company is insolvent, however included in creditors is an amount owed to the director of £112,833 (2023 £160,286) the director confirms that he will not seek repayment of this amount until funds allow.

The director is confident that with the continued support of the bank the company will be able to trade through this situation and return the company to profitability in the coming years. The director will also continue to support the company throughout the foreseeable future and as such these accounts have been prepared on a going concern basis.