Larsen Howie Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09887741 (England and Wales)

Financial Statements for the Year Ended 31 January 2020

for

Larsen Howie Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A G M Stevens

J D R Twining

M A Castellucci

G McKernan

REGISTERED OFFICE:

9 Miller Court

Severn Drive

Tewkesbury Business Park

Tewkesbury

Gloucestershire

GL20 8DN

REGISTERED NUMBER:

09887741 (England and Wales)

SENIOR STATUTORY AUDITOR:

Charles Hinitt FCCA

AUDITORS:

Charles Hinitt & Associates Limited

Chartered Certified Accountants &

Statutory Auditors

48 Belle Vue Terrace

Malvern

Worcestershire

WR14 4QG

FIXED ASSETS

Intangible assets

4

27,702

-

Tangible assets

5

20,693

35,858

48,395

35,858

CURRENT ASSETS

Debtors

46,715

5,247

Cash at bank

52,937

22,464

99,652

27,711

CREDITORS

Amounts falling due within one year

54,904

232,357

NET CURRENT ASSETS/(LIABILITIES)

44,748

(204,646

)

TOTAL ASSETS LESS CURRENT LIABILITIES

93,143

(168,788

)

CAPITAL AND RESERVES

Called up share capital

866,500

76,500

Retained earnings

(773,357

)

(245,288

)

93,143

(168,788

)

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 6 October 2020 and were signed on its behalf by:

J D R Twining - Director

1.	STATUTORY INFORMATION

Larsen Howie 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

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

-

33% on cost and 20% on cost

Taxation

Taxation for the year 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The Directors are required to prepare the statutory financial statements on the going concern basis unless it is

inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the

Directors have also considered the Company’s ability to meet its liabilities as they fall due.

The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated

impact on the Company.

The Directors have therefore reviewed the current and future financial position of the Company, its cash flows,

and its liquidity position, specifically in respect of the above and the potential disruption to the business arising

from a prolonged period of economic downturn, and any impact that this may have on the future of the industry

both on the markets specifically targeted by the company and the industry as a whole.

Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of

approval of the financial statements, the Directors were confident that the existing reserves and support from

within the Kingsbridge Group together with external facilities will provide sufficient headroom to meet the

forecast cash requirements that may arise from a downturn in activity as a result of the COVID-19 pandemic.

As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern

basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

19,992

Reclassification/transfer

42,168

At 31 January 2020

62,160

AMORTISATION

Amortisation for year

13,509

Reclassification/transfer

20,949

At 31 January 2020

34,458

NET BOOK VALUE

At 31 January 2020

27,702

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2019

64,626

Additions

12,248

Reclassification/transfer

(42,168

)

At 31 January 2020

34,706

DEPRECIATION

At 1 February 2019

28,768

Charge for year

6,194

Reclassification/transfer

(20,949

)

At 31 January 2020

14,013

NET BOOK VALUE

At 31 January 2020

20,693

At 31 January 2019

35,858

6.	SECURED DEBTS

NatWest Markets plc held a fixed and floating charge over the assets of the company. The charge was satisfied

on 16 April 2020.

Royal Bank of Scotland also holds a fixed and floating charge over the assets of the company together with

certain intellectual property and trademarks owned by the Kingsbridge Group. The charge was satisfied on 16

April 2020.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles Hinitt FCCA (Senior Statutory Auditor)

for and on behalf of Charles Hinitt & Associates Limited

8.	RELATED PARTY DISCLOSURES

Intercompany - Larsen Howie Group Limited

The immediate parent company owning 100% of Larsen Howie Limited.

At the balance sheet date Larsen Howie Limited owed £19,852 to Larsen Howie Group Limited (2019 :

£215,501) which was included in Amounts Owed to Group Undertakings under the heading Creditors Due

Within One Year.

The loan carried no liability to interest and is repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Larsen Howie Group Limited.

The ultimate controlling party is Kingsbridge Group Limited.