Libby Howie Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03801670

Libby Howie Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2024

Libby Howie Limited

Statement of Financial Position

31 October 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	6		10,118		12,603

Current assets

Stocks		141,850	148,950
Debtors	7	1,401,261	1,642,075
Cash at bank and in hand		1,547,562	1,412,618
		------------	------------
		3,090,673	3,203,643

Creditors: amounts falling due within one year	8	137,042		315,022
		------------		------------
Net current assets			2,953,631		2,888,621
			------------		------------
Total assets less current liabilities			2,963,749		2,901,224

Provisions	2,529	3,151
	------------	------------
Net assets	2,961,220	2,898,073
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	2,961,218	2,898,071
	------------	------------
Shareholders funds	2,961,220	2,898,073
	------------	------------

These 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 statement of income and retained earnings has not been delivered.

For the 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 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 financial statements .

Libby Howie Limited

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 25 October 2025 , and are signed on behalf of the board by:

Ms C M E Howie

Director

Company registration number: 03801670

Libby Howie Limited

Notes to the Financial Statements

Year ended 31 October 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 Rectory Farm House, Rectory Farm Lane, Orwell, Hertfordshire, SG8 5RB.

2. Statement of compliance

These 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

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over the useful economic life of 4 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to nil (2023: nil).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2023 and 31 October 2024	20,000
	--------
Amortisation
At 1 November 2023 and 31 October 2024	20,000
	--------
Carrying amount
At 31 October 2024	–
	--------
At 31 October 2023	–
	--------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 November 2023	85,958	6,480	92,438
Additions	–	666	666
	--------	-------	--------
At 31 October 2024	85,958	7,146	93,104
	--------	-------	--------
Depreciation
At 1 November 2023	73,958	5,877	79,835
Charge for the year	3,000	151	3,151
	--------	-------	--------
At 31 October 2024	76,958	6,028	82,986
	--------	-------	--------
Carrying amount
At 31 October 2024	9,000	1,118	10,118
	--------	-------	--------
At 31 October 2023	12,000	603	12,603
	--------	-------	--------

7. Debtors

	2024	2023
	£	£
Trade debtors	23,387	36,000
Other debtors	1,377,874	1,606,075
	------------	------------
	1,401,261	1,642,075
	------------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	9,665	4,769
Social security and other taxes	113,023	297,149
Other creditors	14,354	13,104
	---------	---------
	137,042	315,022
	---------	---------

9. Directors' advances, credits and guarantees

During the current and previous year the company made advances to and received repayments from a director. Interest has been charged at the official HMRC rate on any overdrawn loan account balances over £10,000, there are no repayment terms.

	2024	2023
	£	£
Advances	153,768	219,100
Repayments	80,348	84,116
Amounts due to the company	1,047,006	973,586