Company registration number 11146067 (England and Wales)
HOWARD WARD ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
HOWARD WARD ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HOWARD WARD ASSOCIATES LTD
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
121,358
162,680
Tangible assets
4
58,071
37,733
179,429
200,413
Current assets
Debtors
5
547,169
500,691
Cash at bank and in hand
29,359
103,081
576,528
603,772
Creditors: amounts falling due within one year
6
(197,295)
(243,685)
Net current assets
379,233
360,087
Total assets less current liabilities
558,662
560,500
Creditors: amounts falling due after more than one year
7
(886)
(11,370)
Provisions for liabilities
(9,432)
(9,102)
Net assets
548,344
540,028
Capital and reserves
Called up share capital
4
4
Share premium account
450,000
450,000
Profit and loss reserves
98,340
90,024
Total equity
548,344
540,028
HOWARD WARD ASSOCIATES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
30 April 2025
- 2 -
For the financial Year ended 30 April 2025 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 23 July 2025 and are signed on its behalf by:
Mr D Bailey
Mr G R Ward
Director
Director
Company registration number 11146067 (England and Wales)
HOWARD WARD ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information
Howard Ward Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Brewery House, Walkers Yard, Radcliffe on Trent, Nottinghamshire, England, NG12 2FF.
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.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount acquired on incorporation of Howard Ward Associates LLP on 1 May 2018, is being amortised evenly over its estimated useful like of 10 years.
1.4
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.
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:
Development costs
10% on cost
1.5
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:
Leasehold improvements
10% on cost
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
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.
HOWARD WARD ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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.
1.7
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.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
HOWARD WARD ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2025
2024
Number
Number
Total
15
16
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 May 2024 and 30 April 2025
400,000
9,450
409,450
Amortisation and impairment
At 1 May 2024
240,000
6,770
246,770
Amortisation charged for the Year
40,000
1,322
41,322
At 30 April 2025
280,000
8,092
288,092
Carrying amount
At 30 April 2025
120,000
1,358
121,358
At 30 April 2024
160,000
2,680
162,680
HOWARD WARD ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2024
2,163
107,889
110,052
Additions
34,995
34,995
At 30 April 2025
2,163
142,884
145,047
Depreciation and impairment
At 1 May 2024
1,745
70,574
72,319
Depreciation charged in the Year
295
14,362
14,657
At 30 April 2025
2,040
84,936
86,976
Carrying amount
At 30 April 2025
123
57,948
58,071
At 30 April 2024
418
37,315
37,733
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
387,122
376,271
Amounts owed by group undertakings
127,659
92,440
Other debtors
32,388
31,980
547,169
500,691
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,484
10,225
Trade creditors
23,023
21,589
Corporation tax
36,410
46,093
Other taxation and social security
105,354
123,466
Other creditors
22,024
42,312
197,295
243,685
HOWARD WARD ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
886
11,370
8
Secured Debts
At the balance sheet date, HSBC Bank PLC held fixed and floating charges over the assets of the company.