Howells Property Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04918393

Howells Property Limited

Filleted Unaudited Financial Statements

31 March 2025

Howells Property Limited

Financial Statements

Year ended 31 March 2025

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Howells Property Limited

Officers and Professional Advisers

Director	Mr K G Howells

Company secretary	Holly Howells (appointed 16 October 2024)

Registered office	Lavender Lodge
	Dunvant Road
	Killay
	Swansea
	SA2 7NN

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Howells Property Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

FIXED ASSETS

Tangible assets	5	470,000	470,000
Investments	6	50,000	50,000
		---------	---------
		520,000	520,000

CURRENT ASSETS

Debtors	7	232,223	232,973
Cash at bank and in hand		202,466	3,767
		---------	---------
		434,689	236,740

CREDITORS: amounts falling due within one year	8	579,471	378,329
		---------	---------
NET CURRENT LIABILITIES		144,782	141,589
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		375,218	378,411

CREDITORS: amounts falling due after more than one year	9	73,627	73,627

PROVISIONS

Taxation including deferred tax	42,119	42,119
	---------	---------
NET ASSETS	259,472	262,665
	---------	---------

CAPITAL AND RESERVES

Called up share capital	10	10	10
Revaluation reserve	11	223,100	223,100
Profit and loss account	11	36,362	39,555
		---------	---------
SHAREHOLDERS FUNDS		259,472	262,665
		---------	---------

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 income statement has not been delivered.

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Howells Property Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 17 November 2025 , and are signed on behalf of the board by:

Mr K G Howells

Kenneth Grant Howells

Director

Company registration number: 04918393

Howells Property Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. GENERAL INFORMATION

Howells Property Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are property development and rental.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2025. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Going concern

The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.

Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The methods and significant assumptions used to ascertain the fair value and the fair value movement included in the profit and loss for the year are as follows:

The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.

Rental leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the fixed asset note for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the debtors note for the net carrying amount of the debtors and associated impairment provision. (iii) Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. (iv) Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.

Revenue recognition

Turnover is measured at the fair value of the consideration received. The policies adopted for the recognition of turnover are as follows: Rent Receivable Income from rentals is recognised in accordance with the terms of the relevant lease. Management Charges Management charges are received for managing property that is not owed by the company.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Plant & Machinery	-	20% per annum of cost

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. TANGIBLE ASSETS

	Investment properties	Plant and machinery	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	470,000	901	470,901
	---------	----	---------
Depreciation
At 1 April 2024 and 31 March 2025	–	901	901
	---------	----	---------
Carrying amount
At 31 March 2025	470,000	–	470,000
	---------	----	---------
At 31 March 2024	470,000	–	470,000
	---------	----	---------

Cost or valuation at 31 March 2025 is represented by:

		2025
		£
	Valuation	265,220
	Cost	204,780
		---------
	Net Book Value	470,000
		---------

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

6. INVESTMENTS

	Shares in participating interests
	£
Cost
At 1 April 2024 and 31 March 2025	50,000
	--------
Impairment
At 1 April 2024 and 31 March 2025	–
	--------

Carrying amount
At 31 March 2025	50,000
	--------
At 31 March 2024	50,000
	--------

7. DEBTORS

	2025	2024
	£	£
Other debtors	232,223	232,973
	---------	---------

8. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	9,494	9,493
Other creditors	569,977	368,836
	---------	---------
	579,471	378,329
	---------	---------

The bank loans and overdraft are secured by way of a fixed charge against the properties.

9. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	73,627	73,627
	--------	--------

Included within creditors: amounts falling due after more than one year is an amount of £35,654 (2024: £35,654) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 0.01 each	772	8	782	8
Ordinary A shares of £ 0.01 each	114	1	109	1
Ordinary B shares of £ 0.01 each	114	1	109	1
	------	----	------	----
	1,000	10	1,000	10
	------	----	------	----

On 17th October 2024, there was a reclassification of shares of 10 Ordinary shares to be reclassified as 5 A Ordinary and 5 B Ordinary shares.

11. RESERVES

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

12. RELATED PARTY TRANSACTIONS

The company had the following transactions with related parties during the year: Other Related Parties

	2025	2024
	£	£
Amounts due (to) related companies	(565,333)	(363,714)
Amounts due from related parties	228,700	228,900
	---------	---------
	(336,633)	(134,814)
	---------	---------

Key Management Personnel

	2025	2024
	£	£
Balance due (to) Key Management Personnel	(1,024)	(1,018)

No interest has been charged in relation to these balances.