Company registration number 04187197 (England and Wales)
JAMES HOWARTH & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
JAMES HOWARTH & CO. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
JAMES HOWARTH & CO. LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,333
9,333
Tangible assets
5
2,608
3,734
Investment property
6
2,896,170
2,864,071
2,900,111
2,877,138
Current assets
Debtors
7
25,339
19,722
Cash at bank and in hand
143,450
63,743
168,789
83,465
Creditors: amounts falling due within one year
8
(210,502)
(106,322)
Net current liabilities
(41,713)
(22,857)
Total assets less current liabilities
2,858,398
2,854,281
Creditors: amounts falling due after more than one year
9
(1,007,250)
(1,055,097)
Provisions for liabilities
(88,344)
(81,735)
Net assets
1,762,804
1,717,449
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,762,802
1,717,447
Total equity
1,762,804
1,717,449
JAMES HOWARTH & CO. LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 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 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 Companies Act 2006 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.

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

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
James Howarth
Director
Company registration number 04187197 (England and Wales)
JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

James Howarth & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 162 Huntingdon Road, Cambridge, CB3 0LB.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Right to use asset
3 years straight line
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 is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5 years and 15 years straight line
Computers
33% straight line + 10% straight line

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.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
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.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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, 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.

1.9
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.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
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.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
4
Intangible fixed assets
Right to use asset
£
Cost
At 1 January 2024 and 31 December 2024
24,000
Amortisation and impairment
At 1 January 2024
14,667
Amortisation charged for the year
8,000
At 31 December 2024
22,667
Carrying amount
At 31 December 2024
1,333
At 31 December 2023
9,333
JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2024
11,517
1,597
13,114
Additions
-
0
499
499
At 31 December 2024
11,517
2,096
13,613
Depreciation and impairment
At 1 January 2024
8,623
757
9,380
Depreciation charged in the year
1,118
507
1,625
At 31 December 2024
9,741
1,264
11,005
Carrying amount
At 31 December 2024
1,776
832
2,608
At 31 December 2023
2,894
840
3,734
6
Investment property
2024
£
Fair value
At 1 January 2024
2,864,071
Revaluations
32,099
At 31 December 2024
2,896,170

Revaluations

The investment properties class of fixed assets were professionally re-valued on 12th December 2022 by Savills Chartered Surveyors of Cambridge. The next professional revaluation will be completed in a further 5 years time in December 2027. In the interim years the valuation for the balance sheet value will be calculated by way of reference to the Office for National Statistics for residential value, and CBRE for the Commercial Property valuation.

 

As stated the next full valuation by a qualified surveyor (due every 5 years) will be carried out December 2027.

 

 

 

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Investment property
(Continued)
- 9 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
2,024,284
2,024,284
Accumulated depreciation
-
-
Carrying amount
2,024,284
2,024,284
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,606
13,427
Other debtors
7,733
6,295
25,339
19,722
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
41,000
41,000
Trade creditors
4,633
1,921
Corporation tax
7,000
2,144
Other taxation and social security
5,855
4,635
Other creditors
152,014
56,622
210,502
106,322

The bank loans are secured by fixed charges over the investment properties and a debenture over the whole of the company's assets.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
707,250
748,250
Other creditors
300,000
306,847
1,007,250
1,055,097

The long-term Bank loans and overdrafts are secured by fixed charges over the Investment Properties and a debenture over the whole of the company's assets.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
543,250
584,250
10
Financial commitments, guarantees and contingent liabilities

A personal guarantee has been provided by the Director J I Howarth, up to £250.000 plus interest and costs in relation to the bank loans.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Buckingham & Stanley Ltd

(JI Howarth, the director resigned as a Director, and sold his Shares in Buckingham & Stanley Ltd 31st July 2024)

During the year the company leased one of the investment properties to Buckingham & Stanley Ltd on a commercial lease, at a rent of £48,000 (2023: £48,000)

 

 

 

 

 

 

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
12
Directors' transactions

During the year the company made the following transactions with the directors:

 

J I Howarth

(director)

Interest charged on loan balances was £14,717.50 (2023: £15,790). Following the transfer of all of the J I Howarth loans to his spouse LE Howarth effective 1st October 2024 at the balance sheet date, the amount due to J I Howarth was £nil (2023: £215,000)

 

L E Howarth

(director and spouse of JI Howarth and 50% shareholder)

During the year gross interest of £10,322.50 (2023: £8,527) was paid. Following the receipt of all of the J I Howarth loans effective 1st October 2024 at the balance sheet date, the amount due to L E Howarth was £306,000 (2023: £101,000)

 

E J Howarth

(director and spouse K M Howarth)

Effective 1st October 2024 a loan of £100,000 was made to the company with interest paid quarterly. During the year gross interest of £2,500 (2023: nil) was paid. At the balance sheet date, the amount due to EJ & K M Howarth was £100,000

 

 

Dentons SIPP J I Howarth

(director’s self invested pension plan)

During the year the company charged management fees to the SIPP totalling £5,645 (2023: £4,765) in respect of the management of the SIPP’s Commercial investment properties. Plus an operational charge (with regard to the management of the installed equipment) of £3,600 (2023: £3,000). At the balance sheet date, the amount due to Dentons SIPP J I Howarth was £nil (2023: £nil).

 

JHS Properties

(trading title of commercial property owned personally by the Director J I Howarth)

During the year the company charged management fees to JHS Properties totalling £4,800 (2023: £3,600) in respect of the investment properties of 8-12 High Street Histon owned personally by JI Howarth. At the balance sheet date, the amount due to JHS Properties was £nil (2023: £nil).

 

 

 

 

 

2024-12-312024-01-01falsefalsefalse27 January 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityJames HowarthLynda HowarthAmelia LangEdward Howarth041871972024-01-012024-12-31041871972024-12-31041871972023-12-3104187197core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-3104187197core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3104187197core:PlantMachinery2024-12-3104187197core:ComputerEquipment2024-12-3104187197core:PlantMachinery2023-12-3104187197core:ComputerEquipment2023-12-3104187197core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3104187197core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104187197core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3104187197core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3104187197core:CurrentFinancialInstruments2024-12-3104187197core:CurrentFinancialInstruments2023-12-3104187197core:Non-currentFinancialInstruments2024-12-3104187197core:Non-currentFinancialInstruments2023-12-3104187197core:ShareCapital2024-12-3104187197core:ShareCapital2023-12-3104187197core:RetainedEarningsAccumulatedLosses2024-12-3104187197core:RetainedEarningsAccumulatedLosses2023-12-3104187197bus:Director12024-01-012024-12-3104187197core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3104187197core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3104187197core:PlantMachinery2024-01-012024-12-3104187197core:ComputerEquipment2024-01-012024-12-31041871972023-01-012023-12-3104187197core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3104187197core:PlantMachinery2023-12-3104187197core:ComputerEquipment2023-12-31041871972023-12-3104187197core:WithinOneYear2024-12-3104187197core:WithinOneYear2023-12-3104187197bus:PrivateLimitedCompanyLtd2024-01-012024-12-3104187197bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3104187197bus:FRS1022024-01-012024-12-3104187197bus:AuditExemptWithAccountantsReport2024-01-012024-12-3104187197bus:Director22024-01-012024-12-3104187197bus:Director32024-01-012024-12-3104187197bus:Director42024-01-012024-12-3104187197bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP