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COMPANY REGISTRATION NUMBER: 00701904
M B R Howells Limited
Unaudited Financial Statements
31 March 2024
M B R Howells Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
M B R Howells Limited
Director's Report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
M.D. Howells
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 January 2025 and signed on behalf of the board by:
M.D. Howells
Director
M B R Howells Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
47,600
47,022
Cost of sales
1,250
--------
--------
Gross profit
47,600
45,772
Administrative expenses
112,057
56,033
---------
--------
Operating loss
( 64,457)
( 10,261)
Interest payable and similar expenses
69,256
---------
--------
Loss before taxation
5
( 64,457)
( 79,517)
Tax on loss
--------
--------
Loss for the financial year and total comprehensive income
( 64,457)
( 79,517)
--------
--------
Retained losses at the start of the year
( 886,787)
( 807,270)
---------
---------
Retained losses at the end of the year
( 951,244)
( 886,787)
---------
---------
All the activities of the company are from continuing operations.
M B R Howells Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
813,331
831,400
Current assets
Debtors
7
198
43,631
Cash at bank and in hand
6,088
18,780
-------
--------
6,286
62,411
Creditors: amounts falling due within one year
8
524,952
534,689
---------
---------
Net current liabilities
518,666
472,278
---------
---------
Total assets less current liabilities
294,665
359,122
Creditors: amounts falling due after more than one year
9
507,474
507,474
---------
---------
Net liabilities
( 212,809)
( 148,352)
---------
---------
Capital and reserves
Called up share capital
9,900
9,900
Revaluation reserve
728,535
728,535
Profit and loss account
( 951,244)
( 886,787)
---------
---------
Shareholders deficit
( 212,809)
( 148,352)
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M B R Howells Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
M.D. Howells
Director
Company registration number: 00701904
M B R Howells Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park , Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has adopted the going concern basis of accounting as he will continue to support the company until such time a decision is made by the shareholders on the future of the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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 recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
2% straight line
Fixtures, fittings and equipment
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
18,069
17,656
--------
--------
6. Tangible assets
Freehold property
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
860,000
7,744
867,744
---------
-------
---------
Depreciation
At 1 April 2023
34,397
1,947
36,344
Charge for the year
17,200
869
18,069
---------
-------
---------
At 31 March 2024
51,597
2,816
54,413
---------
-------
---------
Carrying amount
At 31 March 2024
808,403
4,928
813,331
---------
-------
---------
At 31 March 2023
825,603
5,797
831,400
---------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
43,084
Other debtors
198
547
----
--------
198
43,631
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,408
6,989
Other creditors
521,544
527,700
---------
---------
524,952
534,689
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
507,474
507,474
---------
---------
10. Other matters
The Company is the subject of a shareholder dispute and therefore the accounts have been approved by the director, but not agreed by all shareholders.
On 28th September 2021, an independent valuation was carried out which valued the company property at an investment value of £850,000. This excludes freehold land shown at cost of £10,000.
On 14th December 2021, a determination was concluded in respect of the shareholders dispute however, despite this, a resolution to the dispute has not been arrived at.
At the time of approval of the accounts the company is still feeling the impact of the pandemic as many of the tenants have not fully recovered financially. The director continues to work with tenants to arrive at agreeable settlements although a number of arrears were written off in this financial year.
11. Director's advances, credits and guarantees
M D Howells had a loan of £520,044 owing to him as at 31 March 2024 (2023: £525,300). Interest has been accrued on the loan within the accounts.