Howe Robinson And Company Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 01195130 (England and Wales)
Howe Robinson And Company Limited
Company Information
Directors
R.M. Allen
D.I.A. Hall
G.C. Hindley
G.R. Hulse
N. G. E. Ball
(Appointed 19 April 2024)
Company number
01195130
Registered office
3rd Floor
40 Gracechurch Street
London
EC3V 0BT
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Howe Robinson and Company Limited
Howe Robinson And Company Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Howe Robinson And Company Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
106,228
111,403
Current assets
Debtors
4
568,982
199,213
Cash at bank and in hand
321,050
1,001,710
890,032
1,200,923
Creditors: amounts falling due within one year
5
(946,260)
(1,262,326)
Net current liabilities
(56,228)
(61,403)
Net assets
50,000
50,000
Capital and reserves
-
-
Called up share capital
7
50,000
50,000

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
G.C. Hindley
Director
Company Registration No. 01195130
Howe Robinson And Company Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information

Howe Robinson and Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 40 Gracechurch Street, London, EC3V 0BT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has current net liabilities of £56,228 (2023: £true61,403) which includes £206,029 (2023: £405,424) due to a group company, which has confirmed that it will not call in the amounts due to it until such time as it is able to do so without compromising the ability of the company to continue to trade and meet its liabilities as they fall due. The company has a minimal cost base and continues to receive income in relation to fixtures agreed before 1st April 2015. In addition, the company uses the ongoing support of the parent company who has confirmed that it will continue to support the working capital requirements of the company for the foreseeable future and at least twelve months from the date of approval of the financial statements. As a result, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable in the ordinary course of the company's activities. Turnover is presented, net of goods and services tax, rebates, discounts and bad debt provisions. Commission income on brokerage is recognised when the company becomes entitled to the income on the completion of the underlying contractual agreements it brokers.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation on fixed assets is provided at rates estimated to write off the cost, less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Over the life of the lease
Furniture, fixtures & fittings
20% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Howe Robinson And Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and 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 amortised 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 amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Howe Robinson And Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax
Provision is made for deferred taxation using the liability method to take account of material timing differences between the incidence of income and expenditure for taxation and accounting purposes, whether or not the directors consider the liability will crystallise.
1.9
Foreign exchange
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Amounts relating to assets and liabilities in foreign currencies at the balance sheet date are expressed in sterling at the rates ruling at the year end, taking into account forward contracts written at fixed rates.
1.10
Dividends
Dividends are charged in the financial statements to the extent that a present obligation exists at the Balance Sheet date.
2
Employees

There were no employees in the current or prior period.

2024
2023
Number
Number
Total
-
0
-
0
Howe Robinson And Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
125,557
250,092
375,649
Additions
-
0
1,129
1,129
At 31 March 2024
125,557
251,221
376,778
Depreciation and impairment
At 1 April 2023
26,557
237,689
264,246
Depreciation charged in the year
1,000
5,304
6,304
At 31 March 2024
27,557
242,993
270,550
Carrying amount
At 31 March 2024
98,000
8,228
106,228
At 31 March 2023
99,000
12,403
111,403
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
155,288
22,852
Corporation tax recoverable
15,061
-
0
Amounts owed by group undertakings
339,394
111,600
Other debtors
30,080
30,080
539,823
164,532
Deferred tax asset (note 6)
29,159
34,681
568,982
199,213
Howe Robinson And Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
709,424
839,453
Amounts owed to group undertakings
206,029
381,196
Corporation tax
-
0
12,702
Other taxation and social security
18,788
11,207
Other creditors
4,019
7,768
Accruals and deferred income
8,000
10,000
946,260
1,262,326
6
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
28,000
33,522
Other timing differences
1,159
1,159
29,159
34,681
2024
Movements in the year:
£
Liability/(Asset) at 1 April 2023
(34,681)
Charge to profit or loss
5,522
Liability/(Asset) at 31 March 2024
(29,159)
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
Howe Robinson And Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jonathan Sutcliffe
Statutory Auditor:
Moore Kingston Smith LLP
Howe Robinson And Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
9
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in section 33 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

10
Parent company

The immediate and ultimate parent company is Howe Robinson Holdings Pte. Ltd, a company registered in Singapore.

The smallest and largest entity preparing consolidated accounts is Howe Robinson Partners Pte. Ltd. The consolidated accounts are available from 77 Robinson Road, #31-01, Robinson 77, Singapore 068896.

There is no one ultimate controlling party.

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