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REGISTERED NUMBER: 04897556 (England and Wales)












HOWGILL HOLDINGS LIMITED

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


HOWGILL HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







Directors: Mr J B Capper
Mr P A Cornthwaite
Mr M Bergerud
Mr R J Cockayne



Registered office: Units 3-7 Tebay Business Park
Old Tebay
PENRITH
CA10 3SS



Business address: Units 3-7
Tebay Business Park
Old Tebay
PENRITH
CA10 3SS



Registered number: 04897556 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: National Westminster Bank plc
55 Main Street
Kirkby Lonsdale
CARNFORTH
LA6 2WY



Accountants: Xeinadin
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

Review of business
Trading remains complex and uncertainty in the UK and Global economy continues to create pressures on business. Conflict between Russia and the Ukraine give rise for concern. Further conflicts in the Middle East starting in October 2023 are also unsettling.

Oil prices have been falling from 2022 and have continued to do so through 2023 and the start of 2024. However, inflation is running at a high level which many of us have never seen in our lifetime coupled with high interest rates causing consumers to be cautious.

Turnover has taken a slight dip on the previous year and profits are reduced due to increased operating costs. The outdoor industry still finds trading conditions difficult on the high street especially in the cycle market. The brands Petzl and La Sportiva are performing well in their respective markets and our online sales continue to grow. Lyon manufactured Work at Height products are increasingly in demand and our training and product sales to the Work at Height and Emergency Services Industries remain strong.

Since leaving the EU the Government introduced the UKCA mark to replace the CE mark with a plan to cease recognition of the CE mark in December 2024. The Government has made a significant shift in the implementation of the mandatory UKCA mark as its start date has been postponed indefinitely. Some pundits said that "this was an unexpected turn of events from the Government." I would suggest that this is exactly what we have come to expect from Government whoever is in power! A shambolic shower of incompetents who claim that all this is about cutting burdens for business and creating certainty for firms. I think not. Uncertainty and significant cost to business and the consumer is the outcome of these changes!

In February 2024, we suffered a malicious cyber-attack. Fortunately, we have robust IT security in place and the threat actors did not manage to extract any data from us. They did however manage to encrypt our data. Our systems shut down so quickly that they only managed to leave the start of a ransom note! We have Cyber Insurance in place which was deployed to recover our systems. My message to all businesses out there is that you are not immune from cyber-attacks. Get the best advice possible on Cyber-crime protection, it will only get worse and it is imperative that suitable insurance is in place.

Our Employee Ownership Status continues to evolve with more staff thinking like owners. Regular comments from around the business like "if it was my money I would..." signify the positive changes Employee Ownership is making at Lyon.

On behalf of the board:





Mr J B Capper - Director


29 January 2025

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

Principal activity
The principal activity of the group in the year under review was that of the distribution of outdoor sport, recreation and vertical access equipment. Secondary activities include the manufacture of some of the items distributed and safety and access training for workers at height and rescue. There are also third party logistic operations.

Dividends
No dividends will be distributed for the year ended 30 April 2024.

Directors
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr J B Capper
Mr P A Cornthwaite
Mr M Bergerud
Mr R J Cockayne

Financial instruments
Objectives and policies
The company aims to achieve steady growth and maintain a good profit margin.

This is achieved by all means possible, including realistic pricing, strict cost controls and efficient stock management.

Foreign exchange currency fluctuations could have a direct impact upon margins and profitability, however, foreign currency is forward bought where appropriate to minimise this particular risk.

The company also looks to adopt pro-active policies to meet the changes required by their distributor brands as when they are required.

Price risk, credit risk, liquidity risk and cash flow risk
Due to realistic pricing, sensible credit limits along with good credit controls and efficient stock management these risks have been minimised by the company.

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024


Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr J B Capper - Director


29 January 2025

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
HOWGILL HOLDINGS LIMITED


Opinion
We have audited the financial statements of Howgill Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
HOWGILL HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.
· audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.
· third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
HOWGILL HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stuart Hinnigan F.C.A. C.T.A. (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

29 January 2025

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

Turnover 3 16,504,524 17,163,019

Cost of sales 11,114,982 11,541,032
Gross profit 5,389,542 5,621,987

Distribution costs 1,703,987 1,543,316
Administrative expenses 3,255,146 3,030,162
4,959,133 4,573,478
430,409 1,048,509

Other operating income 60,732 50,999
Operating profit 5 491,141 1,099,508

Interest receivable and similar income 19,789 9,191
Profit before taxation 510,930 1,108,699

Tax on profit 7 57,900 181,293
Profit for the financial year 453,030 927,406

Other comprehensive income
Lyon Equipment Trustees Limited (508,105 ) (2,787,585 )
Income tax relating to other comprehensive
income

-

-
Other comprehensive income for the year,
net of income tax

(508,105

)

(2,787,585

)
Total comprehensive income for the year (55,075 ) (1,860,179 )

Profit attributable to:
Owners of the parent 453,030 927,406

Total comprehensive income attributable to:
Owners of the parent (55,075 ) (1,860,179 )

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 9 195,577 240,336
Tangible assets 10 2,992,283 3,065,056
Investments 11 - -
3,187,860 3,305,392

Current assets
Stocks 12 6,609,261 6,380,674
Debtors 13 2,086,279 2,615,940
Cash at bank and in hand 1,367,415 1,300,555
10,062,955 10,297,169
Creditors
Amounts falling due within one year 14 1,271,212 1,461,564
Net current assets 8,791,743 8,835,605
Total assets less current liabilities 11,979,603 12,140,997

Provisions for liabilities 15 259,564 365,883
Net assets 11,720,039 11,775,114

Capital and reserves
Called up share capital 16 500,000 500,000
Retained earnings 17 11,220,039 11,275,114
Shareholders' funds 11,720,039 11,775,114

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mr J B Capper - Director


HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 2,400,000 2,400,000
2,400,000 2,400,000

Creditors
Amounts falling due within one year 14 4,050 3,950
Net current liabilities (4,050 ) (3,950 )
Total assets less current liabilities 2,395,950 2,396,050

Capital and reserves
Called up share capital 16 500,000 500,000
Retained earnings 17 1,895,950 1,896,050
Shareholders' funds 2,395,950 2,396,050

Company's loss for the financial year (100 ) (100 )

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mr J B Capper - Director


HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 500,000 13,135,293 13,635,293

Changes in equity
Profit for the year - 927,406 927,406
Other comprehensive income - (2,787,585 ) (2,787,585 )
Total comprehensive income - (1,860,179 ) (1,860,179 )
Balance at 30 April 2023 500,000 11,275,114 11,775,114

Changes in equity
Profit for the year - 453,030 453,030
Other comprehensive income - (508,105 ) (508,105 )
Total comprehensive income - (55,075 ) (55,075 )
Balance at 30 April 2024 500,000 11,220,039 11,720,039

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 500,000 1,896,150 2,396,150

Changes in equity
Deficit for the year - (100 ) (100 )
Total comprehensive income - (100 ) (100 )
Balance at 30 April 2023 500,000 1,896,050 2,396,050

Changes in equity
Deficit for the year - (100 ) (100 )
Total comprehensive income - (100 ) (100 )
Balance at 30 April 2024 500,000 1,895,950 2,395,950

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 925,589 (1,004,470 )
Tax paid (206,085 ) (298,676 )
Net cash from operating activities 719,504 (1,303,146 )

Cash flows from investing activities
Purchase of tangible fixed assets (173,828 ) (192,970 )
Sale of tangible fixed assets 9,500 20,069
Interest received 19,789 9,191
Net cash from investing activities (144,539 ) (163,710 )

Cash flows from financing activities
Amount introduced by directors - 45,000
Lyon Equipment Trustees Limited (508,105 ) (2,787,586 )
Net cash from financing activities (508,105 ) (2,742,586 )

Increase/(decrease) in cash and cash equivalents 66,860 (4,209,442 )
Cash and cash equivalents at beginning of
year

2

1,300,555

5,509,997

Cash and cash equivalents at end of year 2 1,367,415 1,300,555

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£    £   
Profit before taxation 510,930 1,108,699
Depreciation charges 291,360 278,531
(Profit)/loss on disposal of fixed assets (9,500 ) 5,254
Finance income (19,789 ) (9,191 )
773,001 1,383,293
Increase in stocks (228,587 ) (1,751,007 )
Decrease/(increase) in trade and other debtors 529,661 (58,995 )
Decrease in trade and other creditors (148,486 ) (577,761 )
Cash generated from operations 925,589 (1,004,470 )

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 1,367,415 1,300,555
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 1,300,555 5,509,997


3. Analysis of changes in net funds

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 1,300,555 66,860 1,367,415
1,300,555 66,860 1,367,415
Total 1,300,555 66,860 1,367,415

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. Statutory information

Howgill Holdings 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover 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 2017, is being amortised evenly over its estimated useful life of ten 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% Straight line
Short leasehold - Over the life of the lease
Plant and machinery - 15% Reducing balance
Fixtures and fittings - 10% Reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, 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 Consolidated Statement of Comprehensive Income, 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.


HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. Accounting policies - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 16,207,669 16,907,557
Europe 233,364 183,363
Rest of world 63,491 72,099
16,504,524 17,163,019

4. Employees and directors
2024 2023
£    £   
Wages and salaries 3,041,699 2,796,300
Social security costs 304,831 277,796
Other pension costs 207,525 198,386
3,554,055 3,272,482

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. Employees and directors - continued

The average number of employees during the year was as follows:
2024 2023

Administration 15 15
Distribution 8 8
Sales and marketing 38 36
Production 16 15
Reprocessing 2 2
Training 8 8
Work and rescue 7 6
94 90

2024 2023
£    £   
Directors' remuneration 264,000 273,187
Directors' pension contributions to money purchase schemes 32,786 35,327

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes 4 7

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 77,000 70,001

5. Operating profit

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 4,995 5,359
Depreciation - owned assets 246,601 233,771
(Profit)/loss on disposal of fixed assets (9,500 ) 5,254
Goodwill amortisation 44,759 44,759
Foreign exchange differences 49,258 (11,928 )

6. Auditors' remuneration
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,650

15,050

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 164,219 204,930

Deferred tax (106,319 ) (23,637 )
Tax on profit 57,900 181,293

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 510,930 1,108,699
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

127,733

277,175

Effects of:
Expenses not deductible for tax purposes 12,277 10,568
Capital allowances in excess of depreciation (101,696 ) (25,267 )
Adjustments to tax charge in respect of previous periods 19,586 -
Research and development tax credit - (19,591 )
Change in Corporation tax rate - (61,592 )
Total tax charge 57,900 181,293

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Lyon Equipment Trustees Limited (508,105 ) - (508,105 )

2023
Gross Tax Net
£    £    £   
Lyon Equipment Trustees Limited (2,787,585 ) - (2,787,585 )

8. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. Intangible fixed assets

Group
Goodwill
£   
Cost
At 1 May 2023
and 30 April 2024 545,180
Amortisation
At 1 May 2023 304,844
Amortisation for year 44,759
At 30 April 2024 349,603
Net book value
At 30 April 2024 195,577
At 30 April 2023 240,336

10. Tangible fixed assets

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
Cost
At 1 May 2023 3,397,144 115,274 760,941
Additions - - 94,314
Disposals - - -
At 30 April 2024 3,397,144 115,274 855,255
Depreciation
At 1 May 2023 1,045,894 115,274 573,497
Charge for year 61,875 - 42,266
Eliminated on disposal - - -
At 30 April 2024 1,107,769 115,274 615,763
Net book value
At 30 April 2024 2,289,375 - 239,492
At 30 April 2023 2,351,250 - 187,444

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. Tangible fixed assets - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 May 2023 679,898 620,515 430,090 6,003,862
Additions 21,227 34,650 23,637 173,828
Disposals - (25,490 ) - (25,490 )
At 30 April 2024 701,125 629,675 453,727 6,152,200
Depreciation
At 1 May 2023 464,567 360,252 379,322 2,938,806
Charge for year 23,671 87,888 30,901 246,601
Eliminated on disposal - (25,490 ) - (25,490 )
At 30 April 2024 488,238 422,650 410,223 3,159,917
Net book value
At 30 April 2024 212,887 207,025 43,504 2,992,283
At 30 April 2023 215,331 260,263 50,768 3,065,056

11. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 May 2023
and 30 April 2024 2,400,000
Net book value
At 30 April 2024 2,400,000
At 30 April 2023 2,400,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Lyon Equipment Limited
Registered office: Units 3-7, Tebay Business Park, Old Tebay, Penrith, Cumbria, CA10 3SS
Nature of business: Distribution of sports equipment
%
Class of shares: holding
Ordinary 100.00

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. Fixed asset investments - continued


12. Stocks

Group
2024 2023
£    £   
Stocks 6,108,349 5,806,523
Raw materials 500,912 574,151
6,609,261 6,380,674

13. Debtors: amounts falling due within one year

Group
2024 2023
£    £   
Trade debtors 1,972,550 2,567,969
Provision for doubtful debts (423 ) (9,358 )
Other debtors 23,511 1,021
Prepayments 90,641 56,308
2,086,279 2,615,940

14. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 536,140 651,076 - -
Tax 164,219 206,085 - -
Social security and other taxes 92,526 85,387 - -
VAT 423,593 471,491 - -
Accruals 54,734 47,525 4,050 3,950
1,271,212 1,461,564 4,050 3,950

15. Provisions for liabilities

Group
2024 2023
£    £   
Deferred tax 259,564 365,883

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. Provisions for liabilities - continued

Group
Deferred
tax
£   
Balance at 1 May 2023 365,883
Credit to Statement of Comprehensive Income during year (106,319 )
Balance at 30 April 2024 259,564

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500,000 Ordinary 1 500,000 500,000

Ordinary shares have the following rights, preferences and restrictions:

Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

17. Reserves

Group
Retained
earnings
£   

At 1 May 2023 11,275,114
Profit for the year 453,030
Lyon Equipment Trustees Limited (508,105 )
At 30 April 2024 11,220,039

Company
Retained
earnings
£   

At 1 May 2023 1,896,050
Deficit for the year (100 )
At 30 April 2024 1,895,950


18. Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £207,525 (2023 - £198,386).

HOWGILL HOLDINGS LIMITED (REGISTERED NUMBER: 04897556)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


19. Contingent asset

Due to the short-term effects of the cyber attack in February 2024, Lyon Equipment Limited is in the process of making an insurance claim for the lost revenue during this time. Whilst future economic benefit is probable, there is currently no reliable estimate of the value of the economic benefit that will be received.

20. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mr J B Capper
Balance outstanding at start of year - 45,000
Amounts repaid - (45,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The outstanding balance owed by the director was repaid on 13 May 2022.

21. Related party disclosures

On the 4 May 2022, the entirety of the shares of Howgill Holdings Limited (the parent company of Lyon Equipment Limited) were purchased by Lyon Equipment Trustees Limited, acting as a Trustee of the Lyon Equipment Employee Ownership Trust. The value of this transaction was £10,464,850.

The amount of £10,464,850 is being paid by the Howgill Holdings Limited Group, along with interest. The payments of capital and interest made in the year to 30 April 2024 were £508,105 (2023 - £2,787,585).