1 April 2023 v2024.61.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP004619162023-04-012024-03-31004619162024-03-31004619162023-03-3100461916core:WithinOneYear2024-03-3100461916core:WithinOneYear2023-03-3100461916core:ShareCapital2024-03-3100461916core:ShareCapital2023-03-3100461916core:OtherReservesSubtotal2024-03-3100461916core:OtherReservesSubtotal2023-03-3100461916core:RetainedEarningsAccumulatedLosses2024-03-3100461916core:RetainedEarningsAccumulatedLosses2023-03-3100461916bus:Director12023-04-012024-03-3100461916bus:RegisteredOffice2023-04-012024-03-3100461916core:LandBuildings2023-04-012024-03-3100461916core:PlantMachinery2023-04-012024-03-3100461916core:FurnitureFittingsToolsEquipment2023-04-012024-03-3100461916core:MotorVehicles2023-04-012024-03-31004619162022-04-012023-03-3100461916core:LandBuildings2023-04-0100461916core:PlantMachinery2023-04-01004619162023-04-0100461916core:LandBuildings2024-03-3100461916core:PlantMachinery2024-03-3100461916core:LandBuildings2023-03-3100461916core:PlantMachinery2023-03-310046191612023-04-012024-03-3100461916countries:EnglandWales2023-04-012024-03-3100461916bus:AuditExemptWithAccountantsReport2023-04-012024-03-3100461916bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100461916bus:SmallEntities2023-04-012024-03-3100461916bus:FullAccounts2023-04-012024-03-31
Company registration number:
00461916
Howe Estates Company Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Howe Estates Company Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
111,885
 
117,140
 
Current assets    
Stocks
298,175
 
305,248
 
Debtors 6
167,448
 
204,270
 
465,623
 
509,518
 
Creditors: amounts falling due within one year 7
(417,898
)
(442,010
)
Net current assets
47,725
 
67,508
 
Total assets less current liabilities 159,610   184,648  
Provisions for liabilities
(2,217
) -  
Net assets
157,393
 
184,648
 
Capital and reserves    
Called up share capital
6,665
 
6,665
 
Other reserves
235
 
235
 
Profit and loss account
150,493
 
177,748
 
Shareholders funds
157,393
 
184,648
 
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
Mr P A E Littleboy
Director
Company registration number:
00461916
Howe Estates Company Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Howe
,
Thirsk
,
North Yorkshire
,
YO7 4HU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over the life of the lease
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
25% straight line
Motor vehicles
20% reducing balance

Impairment

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.

Stocks

Stocks are measured at the lower of cost and net realisable value.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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 in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2023:
4.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
137,772
 
830,343
 
968,115
 
Additions
5,162
 
9,233
 
14,395
 
At
31 March 2024
142,934
 
839,576
 
982,510
 
Depreciation      
At
1 April 2023
134,867
 
716,108
 
850,975
 
Charge
807
 
18,843
 
19,650
 
At
31 March 2024
135,674
 
734,951
 
870,625
 
Carrying amount      
At
31 March 2024
7,260
 
104,625
 
111,885
 
At 31 March 2023
2,905
 
114,235
 
117,140
 

6 Debtors

20242023
££
Trade debtors
64,903
 
101,695
 
Other debtors
102,545
 
102,575
 
167,448
 
204,270
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
373,053
 
401,529
 
Trade creditors
28,327
 
27,743
 
Taxation and social security
9,461
 
6,160
 
Other creditors
7,057
 
6,578
 
417,898
 
442,010
 

8 Directors' advances, credit and guarantees

During the period the company provided the director, Mrs V L Littleboy, with an interest free unsecured loan with no fixed repayment terms. The balance outstanding at the period end and included in current assets is £14,287 (2023 £14,287).