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Registration number: 02069277

Howard's Of Carmarthen Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Howard's Of Carmarthen Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Howard's Of Carmarthen Limited

Company Information

Directors

Mr Howard John

Mrs L D Dillon

Mr W J Dillon

Company secretary

Mrs L D Dillon

Registered office

Station Approach
Carmarthen
SA31 2BE

 

Howard's Of Carmarthen Limited

(Registration number: 02069277)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

672,497

690,773

Investment property

6

245,271

245,271

 

917,768

936,044

Current assets

 

Stocks

7

937,275

815,260

Debtors

8

189,308

198,170

Cash at bank and in hand

 

541

491

 

1,127,124

1,013,921

Creditors: Amounts falling due within one year

9

(1,489,998)

(1,178,098)

Net current liabilities

 

(362,874)

(164,177)

Total assets less current liabilities

 

554,894

771,867

Creditors: Amounts falling due after more than one year

9

(6,667)

(16,667)

Net assets

 

548,227

755,200

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

507,797

507,797

Profit and loss account

30,430

237,403

Total equity

 

548,227

755,200

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

The directors acknowledge 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Howard's Of Carmarthen Limited

(Registration number: 02069277)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 23 July 2025 and signed on its behalf by:
 

.........................................
Mrs L D Dillon
Company secretary and director

   
     
 

Howard's Of Carmarthen Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Station Approach
Carmarthen
SA31 2BE

These financial statements were authorised for issue by the Board on 23 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Howard's Of Carmarthen Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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

Freehold buildings

over 50 years

Leasehold land and buildings

over the lease term

Plant and machinery

over 5 years

Fixtures, fittings and computer equipment

over 4 years

Vehicles

over 5 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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.

 

Howard's Of Carmarthen Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 14).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

24,472

27,992

 

Howard's Of Carmarthen Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

1,041,998

289,477

1,331,475

Additions

-

4,180

4,180

At 31 October 2024

1,041,998

293,657

1,335,655

Depreciation

At 1 November 2023

365,937

274,766

640,703

Charge for the year

16,252

6,203

22,455

At 31 October 2024

382,189

280,969

663,158

Carrying amount

At 31 October 2024

659,809

12,688

672,497

At 31 October 2023

676,061

14,712

690,773

Included within the net book value of land and buildings above is £659,809 (2023 - £676,061) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

At 1 November

245,271

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other inventories

937,275

815,260

8

Debtors

2024
£

2023
£

Trade debtors

8,685

11,846

Prepayments

7,052

18,543

Other debtors

173,571

167,781

189,308

198,170

 

Howard's Of Carmarthen Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

373,887

374,590

Trade creditors

 

792,021

522,511

Taxation and social security

 

44,370

8,452

Amounts owed to group undertakings and undertakings in which the company has a participating interest

269,620

269,620

Other creditors

 

10,100

2,925

 

1,489,998

1,178,098

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

6,667

16,667

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

6,667

16,667

 

Howard's Of Carmarthen Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

363,887

364,590

373,887

374,590

12

Contingent liabilities

The company is party to cross guarantees and debentures dated 2 November, 2000 and 5th July, 2004 with Howard's of Llanelli Limited, parent company, in favour of its banker. The amount of indebtedness under the cross guarantees at the year end was £Nil.

13

Controlling party

The controlling party is the director Mr A H John, together with members of his close family, by virtue of a controlling interest (directly or indirectly) in 100% of the issued ordinary share capital of the company and of the parent company, Howard's of Llanelli Limited.