Howe London Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08421912 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

FOR

HOWE LONDON LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered accountants' report

8

DIRECTOR:

C P Howe

REGISTERED OFFICE:

Ibex House

162-164 Arthur Road

London

SW19 8AQ

REGISTERED NUMBER:

08421912 (England and Wales)

ACCOUNTANTS:

Z group

Ibex House

162-164 Arthur Road

Wimbledon Park

London

SW19 8AQ

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

561,363

593,070

561,364

593,071

CURRENT ASSETS

Stocks

1,022,616

1,059,689

Debtors

6

425,914

402,686

Cash at bank

283,699

22,760

1,732,229

1,485,135

CREDITORS

Amounts falling due within one year

7

958,351

984,100

NET CURRENT ASSETS

773,878

501,035

TOTAL ASSETS LESS CURRENT LIABILITIES

1,335,242

1,094,106

CREDITORS

Amounts falling due after more than one year

8

(275,729

)

(309,288

)

PROVISIONS FOR LIABILITIES

(106,659

)

(112,683

)

NET ASSETS

952,854

672,135

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

952,853

672,134

SHAREHOLDERS' FUNDS

952,854

672,135

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 29 April 2021 and were signed by:

C P Howe - Director

1.	STATUTORY INFORMATION

Howe London 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.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. it is initially recorgnised as an assets at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have finite useful life and is amortised on a systematic basis over its expected life, which is five years

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.

TANGIBLE FIXED ASSETS

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

Land and buildings

-

20% on cost

Plant and machinery etc

-

20% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS

Basic financial assets and financial liabilities that have no stated interest rate and are classified as payable or receivable within one year are measured at transaction price including transaction costs minus repayments of the principal and in the case of a financial asset minus any reduction for impairment and uncollectability.

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.

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 year 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.

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.

LEASES

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefit from the lease asset are consumed

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

34,908

AMORTISATION

At 1 August 2019

and 31 July 2020

34,907

NET BOOK VALUE

At 31 July 2020

1

At 31 July 2019

1

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2019

494,529

196,809

691,338

Additions

-

5,868

5,868

At 31 July 2020

494,529

202,677

697,206

DEPRECIATION

At 1 August 2019

1,489

96,779

98,268

Charge for year

66

37,509

37,575

At 31 July 2020

1,555

134,288

135,843

NET BOOK VALUE

At 31 July 2020

492,974

68,389

561,363

At 31 July 2019

493,040

100,030

593,070

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

319,731

237,752

Other debtors

106,183

164,934

425,914

402,686

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans and overdrafts

42,662

66,889

Trade creditors

125,048

249,880

Taxation and social security

120,386

39,198

Other creditors

670,255

628,133

958,351

984,100

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans

275,729

309,288

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.7.20

31.7.19

£

£

Within one year

117,776

117,776

Between one and five years

93,891

145,391

211,667

263,167

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Director's report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Howe London Limited for the year ended 31 July 2020 which comprise the Income statement, Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Howe London Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Howe London Limited and state those matters that we have agreed to state to the director of Howe London Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Howe London Limited and its director for our work or for this report.

It is your duty to ensure that Howe London Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Howe London Limited. You consider that Howe London Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Howe London Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Z group

Ibex House

162-164 Arthur Road

Wimbledon Park

London

SW19 8AQ

Date: .............................................