Howard Smith& Co Limited - Period Ending 2019-02-28
Howard Smith& Co Limited - Period Ending 2019-02-28
Registration number:
Howard Smith& Co Limited
trading as
for the Year Ended 28 February 2019
1 & 2 Hillbrow House
Linden Drive
Liss
Hampshire
GU33 7RJ
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Company Information
Director |
Mr J Stimpson |
Company secretary |
Mrs L G Stimpson |
Registered office |
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Accountants |
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Page 1 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
(Registration number: 04659953)
Balance Sheet as at 28 February 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
(Registration number: 04659953)
Balance Sheet as at 28 February 2019
For the financial year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
Approved and authorised by the
.........................................
Director
Page 3 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
General information |
The company is a private company limited by share capital, incorporated in Other.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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 and deferred 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.
Page 4 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Fixtures and fittings |
25% on reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
over 10 years |
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.
Page 5 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 March 2018 |
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At 28 February 2019 |
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Amortisation |
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At 1 March 2018 |
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At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2018 |
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Additions |
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Disposals |
( |
( |
At 28 February 2019 |
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Depreciation |
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At 1 March 2018 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Page 7 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Stocks |
2019 |
2018 |
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Work in progress |
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Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Page 8 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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1,500 |
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1,500 |
Page 9 |
Howard Smith& Co Limited
trading as Howard Smith & Co. Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Dividends |
2019 |
2018 |
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£ |
£ |
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Interim dividend of £ |
60,000 |
36,000 |
Related party transactions |
Directors' remuneration
The director's remuneration for the year was as follows:
2019 |
2018 |
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Remuneration |
- |
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Page 10 |