2 2 W E Howden Ltd SC699018 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Pet Food retailer Digita Accounts Production Advanced 6.30.9574.0 true true SC699018 2023-06-01 2024-05-31 SC699018 2024-05-31 SC699018 bus:OrdinaryShareClass1 2024-05-31 SC699018 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC699018 core:ShareCapital 2024-05-31 SC699018 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 SC699018 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 SC699018 core:CurrentFinancialInstruments 2024-05-31 SC699018 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 SC699018 core:Non-currentFinancialInstruments 2024-05-31 SC699018 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 SC699018 core:LandBuildings 2024-05-31 SC699018 core:MotorVehicles 2024-05-31 SC699018 core:OtherPropertyPlantEquipment 2024-05-31 SC699018 bus:SmallEntities 2023-06-01 2024-05-31 SC699018 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC699018 bus:FilletedAccounts 2023-06-01 2024-05-31 SC699018 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC699018 bus:RegisteredOffice 2023-06-01 2024-05-31 SC699018 bus:Director1 2023-06-01 2024-05-31 SC699018 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC699018 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC699018 bus:Agent1 2023-06-01 2024-05-31 SC699018 core:LandBuildings 2023-06-01 2024-05-31 SC699018 core:MotorVehicles 2023-06-01 2024-05-31 SC699018 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC699018 core:PlantMachinery 2023-06-01 2024-05-31 SC699018 countries:Scotland 2023-06-01 2024-05-31 SC699018 2023-05-31 SC699018 core:LandBuildings 2023-05-31 SC699018 core:MotorVehicles 2023-05-31 SC699018 core:OtherPropertyPlantEquipment 2023-05-31 SC699018 2022-06-01 2023-05-31 SC699018 2023-05-31 SC699018 bus:OrdinaryShareClass1 2023-05-31 SC699018 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC699018 core:ShareCapital 2023-05-31 SC699018 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 SC699018 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 SC699018 core:CurrentFinancialInstruments 2023-05-31 SC699018 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC699018 core:Non-currentFinancialInstruments 2023-05-31 SC699018 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 SC699018 core:LandBuildings 2023-05-31 SC699018 core:MotorVehicles 2023-05-31 SC699018 core:OtherPropertyPlantEquipment 2023-05-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: SC699018

W E Howden Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

W E Howden Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

W E Howden Ltd

Company Information

Director

Christine Anne Grant

Registered office

27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

Accountants

Deans Accountants And Business Advisors Ltd 27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
W E Howden Ltd for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of W E Howden Ltd for the year ended 31 May 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of W E Howden Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of W E Howden Ltd and state those matters that we have agreed to state to the Board of Directors of W E Howden Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W E Howden Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that W E Howden Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of W E Howden Ltd. You consider that W E Howden Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of W E Howden Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

18 March 2025

 

W E Howden Ltd

(Registration number: SC699018)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

117,590

110,206

Current assets

 

Stocks

5

14,894

17,549

Debtors

6

347

685

Cash at bank and in hand

 

7,748

4,423

 

22,989

22,657

Creditors: Amounts falling due within one year

7

(17,303)

(4,196)

Net current assets

 

5,686

18,461

Total assets less current liabilities

 

123,276

128,667

Creditors: Amounts falling due after more than one year

7

(140,809)

(132,623)

Provisions for liabilities

(3,342)

(1,939)

Net liabilities

 

(20,875)

(5,895)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(20,975)

(5,995)

Shareholders' deficit

 

(20,875)

(5,895)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 March 2025
 

.........................................
Christine Anne Grant
Director

 

W E Howden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD
United Kingdom

The principal place of business is:
Eildane Braw
Wester Softlaw
Kelso
Roxburghshire
TD5 8DZ
Scotland

These financial statements were authorised for issue by the director on 18 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The accounts are presented in £GBP and are rounded to the nearest £1.

Going concern

The company has net liabilities of £20,875 as at 31 May 2024. The company relies on the continued support of the directors to finance the day to day working requirements.

The directors consider it appropriate to prepare the Financial Statements on a going concern basis. After consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.

If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

 

W E Howden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of Value-Added Tax, returns, rebates and discounts.

Sale of goods – Retail
Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.

The company does not operate any loyalty programmes.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

W E Howden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

W E Howden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.

 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.

 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

100,000

11,995

6,150

118,145

Additions

-

17,995

-

17,995

Disposals

-

(11,995)

-

(11,995)

At 31 May 2024

100,000

17,995

6,150

124,145

Depreciation

At 1 June 2023

-

5,248

2,691

7,939

Charge for the year

-

4,124

865

4,989

Eliminated on disposal

-

(6,373)

-

(6,373)

At 31 May 2024

-

2,999

3,556

6,555

Carrying amount

At 31 May 2024

100,000

14,996

2,594

117,590

At 31 May 2023

100,000

6,747

3,459

110,206

Included within the net book value of land and buildings above is £100,000 (2023 - £100,000) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stock

14,894

17,549

6

Debtors

 

W E Howden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Current

2024
£

2023
£

Trade debtors

347

582

Other debtors

-

103

 

347

685

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,348

-

Trade creditors

 

7,157

973

Taxation and social security

 

520

1,008

Accruals and deferred income

 

1,278

2,215

 

17,303

4,196

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

140,809

132,623

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

11,339

-

Other borrowings

129,470

132,623

140,809

132,623

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

3,319

-

Other borrowings

5,029

-

8,348

-

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £10 each

10

100

10

100

       

10

Related party transactions

 

W E Howden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Other transactions with the director

Mrs Christine Grant
During the year the Director advanced payments to the Company. The payments advanced are interest-free and no repayment dates or terms have been set. The amount payable to Mrs Christine Grant at the year-end date is £129,470 (2023 - £132,623).