Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 11803904 Miss Dominique Croft Mr William Howarth iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11803904 2023-02-28 11803904 2024-02-29 11803904 2023-03-01 2024-02-29 11803904 frs-core:CurrentFinancialInstruments 2024-02-29 11803904 frs-core:Non-currentFinancialInstruments 2024-02-29 11803904 frs-core:FurnitureFittings 2024-02-29 11803904 frs-core:FurnitureFittings 2023-03-01 2024-02-29 11803904 frs-core:FurnitureFittings 2023-02-28 11803904 frs-core:RevaluationReserve 2023-03-01 2024-02-29 11803904 frs-core:RevaluationReserve 2024-02-29 11803904 frs-core:ShareCapital 2024-02-29 11803904 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 11803904 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11803904 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 11803904 frs-bus:SmallEntities 2023-03-01 2024-02-29 11803904 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11803904 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11803904 frs-core:DeferredTaxation 2023-03-01 2024-02-29 11803904 frs-core:DeferredTaxation 2023-02-28 11803904 frs-core:DeferredTaxation 2024-02-29 11803904 frs-bus:Director1 2023-03-01 2024-02-29 11803904 frs-bus:Director1 2023-02-28 11803904 frs-bus:Director1 2024-02-29 11803904 frs-bus:Director2 2023-03-01 2024-02-29 11803904 frs-bus:Director2 2023-02-28 11803904 frs-bus:Director2 2024-02-29 11803904 frs-core:Non-currentFinancialInstruments 1 2024-02-29 11803904 frs-core:Non-currentFinancialInstruments 2 2024-02-29 11803904 frs-countries:EnglandWales 2023-03-01 2024-02-29 11803904 2022-02-28 11803904 2023-02-28 11803904 2022-03-01 2023-02-28 11803904 frs-core:CurrentFinancialInstruments 2023-02-28 11803904 frs-core:Non-currentFinancialInstruments 2023-02-28 11803904 frs-core:RevaluationReserve 2023-02-28 11803904 frs-core:ShareCapital 2023-02-28 11803904 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 11803904 frs-core:Non-currentFinancialInstruments 1 2023-02-28 11803904 frs-core:Non-currentFinancialInstruments 2 2023-02-28
Registered number: 11803904
Howarth Property Ltd
Financial Statements
For The Year Ended 29 February 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11803904
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,457 7,276
Investment Properties 5 1,937,836 1,516,358
1,943,293 1,523,634
CURRENT ASSETS
Cash at bank and in hand 105,866 13,895
105,866 13,895
Creditors: Amounts Falling Due Within One Year 6 (254,295 ) (204,451 )
NET CURRENT ASSETS (LIABILITIES) (148,429 ) (190,556 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,794,864 1,333,078
Creditors: Amounts Falling Due After More Than One Year 7 (1,488,409 ) (1,409,295 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,037 ) (1,382 )
NET ASSETS/(LIABILITIES) 305,418 (77,599 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 11 403,642 -
Profit and Loss Account (98,324 ) (77,699 )
SHAREHOLDERS' FUNDS 305,418 (77,599)
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Dominique Croft
Director
28/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Howarth Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11803904 . The registered office is Bluebell Manor Marish Lane, Denham, Uxbridge, UB9 5DL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% RBM
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred Tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 March 2023 13,738
As at 29 February 2024 13,738
Depreciation
As at 1 March 2023 6,462
Provided during the period 1,819
As at 29 February 2024 8,281
Net Book Value
As at 29 February 2024 5,457
As at 1 March 2023 7,276
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 1,516,358
Additions 10,000
Revaluations 411,478
As at 29 February 2024 1,937,836
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 90 67
Bank loans and overdrafts 10,000 10,000
Directors' loan accounts 244,205 194,384
254,295 204,451
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
BBL > 1yrs 10,000 10,000
BBL > 2 ys 9,964 15,833
Mortgage 1,245,345 1,168,362
Intercompany-Howarth Design & Fabrication Ltd 117,000 117,000
Intercompany-Elk & Bloom Ltd 106,100 98,100
1,488,409 1,409,295
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Page 5
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2023 1,382 1,382
Reversals (345 ) (345)
Balance at 29 February 2024 1,037 1,037
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Miss Dominique Croft (36,927 ) 3,281 (12,191 ) - 45,837
Mr William Howarth (157,458 ) 3,281 (44,191 ) - 198,368
11. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve 403,642
As at 29 February 2024 403,642
12. Related Party Transactions
At the year end the compnay owed the following
Elk & Bloom Ltd- £106,100 (2023-£98,100)
Howarth Design & Fabrications Ltd- £117,000 (2023-£117,000)
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