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COMPANY REGISTRATION NUMBER: 05963539
ID & GC Howard Limited
Filleted Unaudited Abridged Financial Statements
31 July 2024
ID & GC Howard Limited
Abridged Financial Statements
Year Ended 31 July 2024
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 6
ID & GC Howard Limited
Abridged Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
529,075
517,337
Current assets
Stocks
3,640
3,640
Debtors
20,875
20,740
Cash at bank and in hand
15,326
--------
--------
24,515
39,706
Creditors: amounts falling due within one year
( 224,116)
( 243,920)
---------
---------
Net current liabilities
( 199,601)
( 204,214)
---------
---------
Total assets less current liabilities
329,474
313,123
Creditors: amounts falling due after more than one year
( 120,114)
( 141,503)
Provisions
( 109,954)
( 104,969)
---------
---------
Net assets
99,406
66,651
---------
---------
Capital and reserves
Called up share capital
700
700
Profit and loss account
98,706
65,951
--------
--------
Shareholders funds
99,406
66,651
--------
--------
These abridged financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.
ID & GC Howard Limited
Abridged Statement of Financial Position (continued)
31 July 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
„„„„„„„„„„„„„
I D Howard Director
Company registration number: 05963539
ID & GC Howard Limited
Notes to the Abridged Financial Statements
Year Ended 31 July 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 88 High Street, Ramsey, Huntingdon, Cambridgeshire, PE26 1BS.
2. Statement of compliance
These abridged 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
3.1 Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
3.2 Revenue recognition
Turnover comprises the invoice value of goods and services supplied by the company during the year, net of Value Added Tax and trade discounts.
3.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3.4 Tangible assets
Tangible fixed assets are stated at cost less depreciation.
3.5 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:
Plant & Machinery
-
25% reducing balance
Equipment
-
10% reducing balance
3.6 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.
3.7 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
3.8 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
3.9 Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
£
Cost
At 1 August 2023
1,093,559
Additions
95,570
Disposals
( 35,500)
------------
At 31 July 2024
1,153,629
------------
Depreciation
At 1 August 2023
576,222
Charge for the year
72,395
Disposals
( 24,063)
------------
At 31 July 2024
624,554
------------
Carrying amount
At 31 July 2024
529,075
------------
At 31 July 2023
517,337
------------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Two directors
( 93,912)
22,997
( 70,915)
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Two directors
( 30,689)
( 63,223)
( 93,912)
--------
--------
--------
7. Related party transactions
The director Mr I D Howard is also a director of Howard Developments (Cambs) Ltd. During the year Howard Developments (Cambs) Ltd made payments to and on behalf of ID & GC Howard Ltd totalling £21,940 (2023 - £nil). ID & GC Howard Ltd paid £23,156 (2023 - £nil) to Howard Developments (Cambs) Ltd. At the balance sheet date included in debtors is £1,216.54 (2023 - £nil) owed to ID & GC Howard Ltd by Howard Developments (Cambs) Ltd.