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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
COMPANY INFORMATION
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HOWARTH WINTERBROOK LIMITED
CONTENTS
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HOWARTH WINTERBROOK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The director presents the Strategic Report for the year ended 31 January 2025. The principal activities of the business are the manufacturing and trading of grain and animal feed ingredients.
The main objectives of Howarth Winterbrook Limited are to grow the scope of the trading operation in a profitable manner and to upscale the operations to continue to meet current and future customers' demands.
The company’s strategy is to work effectively with customers and suppliers to ensure the availability of existing product lines, and to introduce new product lines to existing customers and to attract new customers with reliable service, quality, value, and innovation. The business model currently in place is not expected to change, with sales and purchase negotiation and office administration carried out in Suffolk and dedicated milling, material cleaning and feed and grain storage throughout the UK. The company has added additional experience to the core team and believes it is well positioned to meet the growth plan of the business.
Contract and Foreign Exchange exposure – The business makes some purchases of product in foreign currency and buys currency using forward contracts to mitigate currency risks. The company monitors forward contract exposure and exposure to foreign currency movements.
Interest rate risk – The business main banking facilities are provided on a variable interest rate basis, which is linked to the Bank of England base rate. The business stress tests rates at varying levels to ensure that it can withstand increases in rates. Market and Price risk – The business uses its experience of the trade, IT tracking systems and senior management personnel to maintain an awareness of its financial position. Quality – The business subscribes to various forms of accreditation that help manage feed safety risks and complies with audits by the accreditors on a regular basis. Credit risk – Customers who trade on credit terms are subject to verification procedures and receivable balances are continually monitored, and provision is made for doubtful debt where necessary.
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HOWARTH WINTERBROOK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
The director of the business considers the Key Performance Indicators of the Company to consist of Turnover, Gross Profit, Profit Before Tax and the Net Assets of the company.
Turnover over the last 12 months increased by £4.12m to £42.51m reflecting the growth in sales the business has generated from supporting the existing customer base and attracting new customers to the business. Turnover is calculated as the net amount invoiced to customers less any deductions, excluding value added tax and the sale of any fixed assets. Gross profit is calculated by deducting the cost of goods sold from the turnover, this represents the earnings the company has generated from trading its products. This has remained consistent year on year. Profit Before Tax over the last 12 months increased by £0.04m to £2.43m reflecting the benefit of higher sales to customers, less the additional costs of servicing the sales generated and investing to scale the business operations to support current and future customer needs. Profit Before Tax measures the total profit of the business from all operations before any taxation due and is calculated by deducting from the turnover and any other operating income, the cost of goods sold, administrative expenses, and any interest payable or receivable. Net Assets over the last 12 months increased to £5.99m from £4.52m reflecting a positive trading year. Net Assets is calculated by deducting the total liabilities of the business from the total assets of the business.
Volume (Metric Tonnes) – is measured by aggregating all the volume in metric tonnes sold to its customers.
This report was approved by the board on 29 October 2025 and signed on its behalf.
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HOWARTH WINTERBROOK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The director presents his report and the financial statements for the year ended 31 January 2025.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,778,785 (2024 - £1,806,563).
Dividends of £310,792 (2024: £262,318) were proposed and paid in the year.
The directors who served during the year were:
Management is focussed on delivering its growth plan for the business and is maintaining good relationships with its customers, suppliers, and financial stakeholders.
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HOWARTH WINTERBROOK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
Post balance sheet events, there is a non-adjusting event, the business was approached to sell shares in the business to another organisation and has entered exclusive discussions with the party for a period of 120 days.
The auditors, FLB Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HOWARTH WINTERBROOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOWARTH WINTERBROOK LIMITED
We have audited the financial statements of Howarth Winterbrook Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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HOWARTH WINTERBROOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOWARTH WINTERBROOK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.
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HOWARTH WINTERBROOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOWARTH WINTERBROOK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• enquiring of management concerning actual and potential litigation and claims; • performing analytical procedures to identify any unusual results that may indicate risks of material misstatement due to fraud; • reading minutes of meetings, enquiring from management and reviewing legal expenses for any indication of breaches of law & regulations; • assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates fo indications of potential bias; • sample testing revenue across the period to supporting documentation; • evaluating any transactions that are unusual or outside the normal course of business; and • maintaining alert to any fraud risks throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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HOWARTH WINTERBROOK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOWARTH WINTERBROOK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants and Statutory Auditors
1010 Eskdale Road
Winnersh
Wokingham
RG41 5TS
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HOWARTH WINTERBROOK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
REGISTERED NUMBER: 07285063
BALANCE SHEET
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 35 form part of these financial statements.
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HOWARTH WINTERBROOK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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HOWARTH WINTERBROOK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Howarth Winterbrook Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 07285063. The registered office and trading address for Howarth Winterbrook Limited is The Key Building, Eastlands Industrial Estate, Leiston, Suffolk, United Kingdom, IP16 4LL.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
During the year the company made a profit before tax of £2,426,559 and is in a net asset position. In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the director has assessed the potential cash generation of the company for the foreseeable future (being twelve months from the date of approving these financial statements).
The director therefore believes there is sufficient evidence to support the going concern assumption.
Functional and presentation currency
Transactions and balances
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below: • Making judgements based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required. • The director uses judgement to provide against bad debts using knowledge of customers and experience.
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Analysis of turnover by country of destination:
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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HOWARTH WINTERBROOK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Page 28
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