Company registration number 04187197 (England and Wales)
JAMES HOWARTH & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
JAMES HOWARTH & CO. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
JAMES HOWARTH & CO. LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
1,333
Tangible assets
5
1,704
2,608
Investment property
6
2,897,974
2,896,170
2,899,678
2,900,111
Current assets
Debtors
7
30,430
25,339
Cash at bank and in hand
58,577
143,450
89,007
168,789
Creditors: amounts falling due within one year
8
(180,020)
(210,502)
Net current liabilities
(91,013)
(41,713)
Total assets less current liabilities
2,808,665
2,858,398
Creditors: amounts falling due after more than one year
9
(961,250)
(1,007,250)
Provisions for liabilities
(89,140)
(88,344)
Net assets
1,758,275
1,762,804
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,758,273
1,762,802
Total equity
1,758,275
1,762,804
JAMES HOWARTH & CO. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 1 May 2026 and are signed on its behalf by:
James Howarth
Director
Company registration number 04187197 (England and Wales)
JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

James Howarth & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 162 Huntingdon Road, Cambridge, CB3 0LB.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.3
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.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Right to use asset
3 years straight line
1.4
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:

Plant and equipment
5 years and 15 years straight line
Computers
33% straight line + 10% straight line
JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
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.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -

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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

As lessor

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

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.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
4
Intangible fixed assets
Right to use asset
£
Cost
At 1 January 2025 and 31 December 2025
24,000
Amortisation and impairment
At 1 January 2025
22,667
Amortisation charged for the year
1,333
At 31 December 2025
24,000
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
1,333
JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
5
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2025
11,517
2,096
13,613
Additions
-
0
917
917
Disposals
-
0
(1,224)
(1,224)
At 31 December 2025
11,517
1,789
13,306
Depreciation and impairment
At 1 January 2025
9,741
1,264
11,005
Depreciation charged in the year
1,119
339
1,458
Eliminated in respect of disposals
-
0
(861)
(861)
At 31 December 2025
10,860
742
11,602
Carrying amount
At 31 December 2025
657
1,047
1,704
At 31 December 2024
1,776
832
2,608
6
Investment property
2025
£
Fair value
At 1 January 2025
2,896,170
Revaluations
1,804
At 31 December 2025
2,897,974

Revaluations

The investment properties class of fixed assets were professionally re-valued on 12 th December 2022 by Savills Chartered Surveyors of Cambridge. The next professional revaluation will be completed in a further 5 year time: December 2027. In the interim years the valuation for the balance sheet value will be calculated by way of reference to the Office for National Statistics for residential value, and CBRE for the Commercial Property valuation. For the purposes of this year 2025 balance sheet, this class of assets therefore has a current value of £2,8 97,974 (2024: £2,8 96,170) and a carrying amount at historical cost of £2,006,789 (2024: £2,006,789). The depreciation on this historical cost is £nil (2024: £nil)

JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Investment property
(Continued)
- 9 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
2,024,284
2,024,284
Accumulated depreciation
-
-
Carrying amount
2,024,284
2,024,284
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
11,373
17,606
Other debtors
19,057
7,733
30,430
25,339
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
41,000
41,000
Trade creditors
1,489
4,633
Corporation tax
-
0
7,000
Other taxation and social security
250
5,855
Other creditors
137,281
152,014
180,020
210,502

The bank loans are secured by fixed charges over the investment properties and a debenture over the whole of the company's assets.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
666,250
707,250
Other creditors
295,000
300,000
961,250
1,007,250
Creditors which fall due after five years are payable as follows:
Payable by instalments
502,250
543,250
JAMES HOWARTH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Creditors: amounts falling due after more than one year
(Continued)
- 10 -

The long-term Bank loans and overdrafts are secured by fixed charges over the Investment Properties and a debenture over the whole of the company's assets.

10
Contingent liabilities

Following the refinancing of the company with Handelsbanken 16 th January 2023 to facilitate the acquisition of the commercial properties known as 14-16 High Street Histon, the company and its shareholders entered in to the following first legal charges, debenture, personal guarantee, and deeds of postponement and subordination:

1. A first legal charge over 59-61 High Street, Harston, Cambridge CB22 7PZ

2. A first legal charge over 22-24 Cambridge Road Impington, Cambridge CB24 9NU

3. A first legal charge over 14-16 High Street, Histon, Cambridge CB24 9JD

4. A first legal charge over 158 Shelford Road Trumpington, Cambridge CB2 9NE

5. A debenture over the company’s whole assets and undertaking

6. A personal guarantee by the Director JI Howarth limited to £250.000 plus interest and costs

7. A deed of postponement and subordination in respect of £195.000, of the £215,000 (at the balance sheet date), owed by the company to James Ian Howarth personally

8. A deed of postponement and subordination in respect of £101.000, of the £101,000 (at the balance sheet date) owed by the company to Lynda Elizabeth Howarth personally

In return for which Handelsbanken provided a commercial repayment mortgage of £820,000 with a 20-year term (capital repayments of £10,250 per quarter), starting 16 th January 2023, with an initial 5-year term secured at 3.25% over UK Bank base rate. At the end of the first 5-year term the final payment due on 17 th January 2028 will be £638,500.16 (capital of £615,000, plus the last quarter’s projected interest). As at the balance sheet date the outstanding mortgage balance stood at £707,250 (2024: £748,250)

12
Directors' transactions

During the year the company made the following transactions with the directors:

During the year interest was paid to the Directors of £21,990 (2024: £27,540).

Amounts due to the Directors at the year end were £395,000 (2024: £400,000)

During the year the company charged management fees to a SIPP of a Director totalling £4,800 (2024: £5,645) in respect of the management of the SIPP’s Commercial investment properties. Plus an operational charge (regarding the management of the installed equipment) of £3,000 (2024: £3,000).

During the year the company charged management fees to a Director totalling £4,800 (2024: £4,800) in respect of the management of investment properties held by the Director.

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