Howard Butler Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00255259 (England and Wales)

Unaudited Financial Statements

for the period

1st October 2018 to 31st March 2019

for

HOWARD BUTLER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Collins

P M Collins

H J C Taylor

SECRETARY:

Mrs A C Collins

REGISTERED OFFICE:

Crown Works

Lincoln Road

Walsall

West Midlands

WS1 2EB

REGISTERED NUMBER:

00255259 (England and Wales)

ACCOUNTANTS:

Bakers

(The practising name of

Baker (Midlands) Limited)

Arbor House

Broadway North

Walsall

WS1 2AN

FIXED ASSETS

Tangible assets

4

139,967

129,155

Investments

5

859,056

93,218

999,023

222,373

CURRENT ASSETS

Stocks

876,558

807,050

Debtors

6

2,407,946

2,274,226

Investments

7

37,367

38,030

Cash at bank and in hand

285,087

526,728

3,606,958

3,646,034

CREDITORS

Amounts falling due within one year

8

1,560,279

876,485

NET CURRENT ASSETS

2,046,679

2,769,549

TOTAL ASSETS LESS CURRENT LIABILITIES

3,045,702

2,991,922

PROVISIONS FOR LIABILITIES

20,000

12,300

NET ASSETS

3,025,702

2,979,622

CAPITAL AND RESERVES

Called up share capital

9

76,460

76,460

Revaluation reserve

10

-

375

Capital redemption reserve

23,250

23,250

Retained earnings

2,925,992

2,879,537

SHAREHOLDERS' FUNDS

3,025,702

2,979,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 16th December 2019 and were signed on its behalf by:

M Collins - Director

P M Collins - Director

1.	STATUTORY INFORMATION

Howard Butler Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded

to the nearest £1.

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.

Preparation of consolidated financial statements

The financial statements contain information about Howard Butler Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the

amounts reported for revenues and expenses during the year. However the nature of estimation means that

actual outcomes could differ from those estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts.The policy adopted for the recognition of turnover is as follows:

Sale of Goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods

have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the

economic benefits associated with the transaction will flow to the company and the costs incurred or to be

incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 10% - 25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing

the asset to the location and condition necessary for it to be capable of operating in the manner intended by

management.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries and associates

Investments in subsidiary undertakings are initially recognised at fair value which is normally the transaction

price.

At each balance sheet date the investments are reviewed for any indication of impairment. If such indication

exists then where the carrying amount exceeds its estimated recoverable amount, an impairment loss is

recognised in the profit & loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are

recognised as an expense in the period in which the related turnover is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and

duties and transport and handling directly attributable to bringing the stock to its present location and

condition. The cost of finished goods and work in progress includes raw materials, direct labour and other

direct costs and related production overheads (based on normal operating capacity).

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the

identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is

recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment

charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss

account.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the period end and that are expected to apply to the

reversal of the timing difference.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements and defined

contribution pension plans.

i. Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an

expense in the period in which the service is received.

ii. Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

plan under which the company pays fixed contributions into a separate entity. Once the contributions have

been paid the company has no further payment obligations. The contributions are recognised as an expense

when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are

held separately from the company in independently administered funds.

Short term debtors and creditors

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.

Cash and cash equivalents

Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments

that mature in no more than three months from the date of acquisition and that are readily convertible to

known amounts of cash with an insignificant risk of change in value

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.

Impairment

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.

Current asset investments

All current asset investments are shares held in listed companies which are traded on a regular basis.

Investments are recognised initially at cost which is normally the transaction price excluding transaction costs.

Subsequently, they are measured at fair value with changes recognised in the revaluation reserve or profit and

loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 139 (2018 - 131 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st October 2018

1,720,956

Additions

41,144

Disposals

(10,117

)

At 31st March 2019

1,751,983

DEPRECIATION

At 1st October 2018

1,591,801

Charge for period

29,446

Eliminated on disposal

(9,231

)

At 31st March 2019

1,612,016

NET BOOK VALUE

At 31st March 2019

139,967

At 30th September 2018

129,155

5.	FIXED ASSET INVESTMENTS

Interest

Shares in

in

group

associate

undertakings

undertaking

Totals

£

£

£

COST OR VALUATION

At 1st October 2018

67,717

25,501

93,218

Additions

3,865,838

-

3,865,838

Permanent diminution in value

(3,100,000

)

-

(3,100,000

)

At 31st March 2019

833,555

25,501

859,056

NET BOOK VALUE

At 31st March 2019

833,555

25,501

859,056

At 30th September 2018

67,717

25,501

93,218

Cost or valuation at 31st March 2019 is represented by:

Interest

Shares in

in

group

associate

undertakings

undertaking

Totals

£

£

£

Valuation in 2019

828,555

-

828,555

Cost

5,000

25,501

30,501

833,555

25,501

859,056

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,091,054

1,857,375

Amounts owed by group undertakings

183,378

253,851

Other debtors

133,514

163,000

2,407,946

2,274,226

Included in other debtors are prepayments of £49,595 (2018: £30,210)

7.	CURRENT ASSET INVESTMENTS

2019

2018

£

£

Listed investments

37,367

38,030

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

790,569

591,157

Amounts owed to group undertakings

534,431

5,000

Taxation and social security

89,321

173,305

Other creditors

145,958

107,023

1,560,279

876,485

Other creditors relate to accruals.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

76,460

Ordinary

£1

76,460

76,460

10.

RESERVES

Revaluation

reserve

£

At 1st October 2018

375

Current asset revaluation

(375

)

At 31st March 2019

-