Howell & Co (Leicester) Ltd Company accounts

HOWELL & CO (LEICESTER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06509824

Howell & Co (Leicester) Ltd

Unaudited Financial Statements

31 March 2021

Howell & Co (Leicester) Ltd

Financial Statements

Period from 1 February 2020 to 31 March 2021

Contents	Page

Director's report	1

Statement of comprehensive income	2

Statement of financial position	3

Statement of changes in equity	5

Notes to the financial statements	6

The following pages do not form part of the financial statements

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	12

Howell & Co (Leicester) Ltd

Director's Report

Period from 1 February 2020 to 31 March 2021

The director presents his report and the unaudited financial statements of the company for the period ended 31 March 2021 .

Director

The director who served the company during the period was as follows:

Mr R J Howell

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 8 October 2021 and signed on behalf of the board by:

Mr R J Howell
Director

Registered office:

1 Bitteswell Road

Lutterworth

Leicestershire

LE17 4EL

Howell & Co (Leicester) Ltd

Statement of Comprehensive Income

Period from 1 February 2020 to 31 March 2021

	Period from
	1 Feb 20 to	Year to
	31 Mar 21	31 Jan 20
Note	£	£
Turnover	108,226	99,597

Cost of sales	5,710	9,985
	---------	--------
Gross profit	102,516	89,612

Distribution costs	–	25
Administrative expenses	83,230	57,901
Other operating income	10,000	–
	---------	--------
Operating profit	29,286	31,686

Other interest receivable and similar income		5	27
Interest payable and similar expenses		–	8
		---------	--------
Profit before taxation	5	29,291	31,705

Tax on profit	5,732	6,093
	--------	--------
Profit for the financial period and total comprehensive income	23,559	25,612
	--------	--------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the period as set out above.

Howell & Co (Leicester) Ltd

Statement of Financial Position

31 March 2021

	31 Mar 21		31 Jan 20
Note	£	£	£

Fixed assets

Tangible assets	6		60	938

Current assets

Debtors	7	16,418	19,409
Cash at bank and in hand		33,209	10,120
		--------	--------
		49,627	29,529

Creditors: amounts falling due within one year	8	24,590		16,627
		--------		--------
Net current assets			25,037	12,902
			--------	--------
Total assets less current liabilities			25,097	13,840

Creditors: amounts falling due after more than one year	9	24,899	–
		--------	--------
Net assets		198	13,840
		--------	--------

Capital and reserves

Called up share capital	100	101
Profit and loss account	98	13,739
	----	--------
Shareholders funds	198	13,840
	----	--------

These financial statements have been prepared 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'.

For the period ending 31 March 2021 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 period 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 .

Howell & Co (Leicester) Ltd

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 8 October 2021 , and are signed on behalf of the board by:

Mr R J Howell
Director

Company registration number: 06509824

Howell & Co (Leicester) Ltd

Statement of Changes in Equity

Period from 1 February 2020 to 31 March 2021

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 February 2019	101	18,127	18,228

Profit for the period		25,612	25,612
	----	--------	--------
Total comprehensive income for the period	–	25,612	25,612

Dividends paid and payable	–	( 30,000)	( 30,000)
	----	--------	--------
Total investments by and distributions to owners	–	( 30,000)	( 30,000)

At 31 January 2020	101	13,739	13,840

Profit for the period		23,559	23,559
	----	--------	--------
Total comprehensive income for the period	–	23,559	23,559

Dividends paid and payable	–	( 37,200)	( 37,200)
Redemption of shares	( 1)	–	( 1)
	----	--------	--------
Total investments by and distributions to owners	( 1)	( 37,200)	( 37,201)

	----	--------	--------
At 31 March 2021	100	98	198
	----	--------	--------

Howell & Co (Leicester) Ltd

Notes to the Financial Statements

Period from 1 February 2020 to 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Bitteswell Road, Lutterworth, Leicestershire, LE17 4EL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made by the directors in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

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:

Fixtures & fittings	-	25% reducing balance
Office equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 1 (2020: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	Period from
	1 Feb 20 to	Year to
	31 Mar 21	31 Jan 20
	£	£
Depreciation of tangible assets	609	287
	----	----

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 February 2020	100	2,018	2,118
Additions	–	882	882
Disposals	–	( 2,626)	( 2,626)
	----	-------	-------
At 31 March 2021	100	274	374
	----	-------	-------
Depreciation
At 1 February 2020	96	1,084	1,180
Charge for the period	1	608	609
Disposals	–	( 1,475)	( 1,475)
	----	-------	-------
At 31 March 2021	97	217	314
	----	-------	-------
Carrying amount
At 31 March 2021	3	57	60
	----	-------	-------
At 31 January 2020	4	934	938
	----	-------	-------

7. Debtors

	31 Mar 21	31 Jan 20
	£	£
Trade debtors	15,668	19,409
Other debtors	750	–
	--------	--------
	16,418	19,409
	--------	--------

8. Creditors: amounts falling due within one year

	31 Mar 21	31 Jan 20
	£	£
Trade creditors	1,213	1,122
Corporation tax	5,744	6,093
Social security and other taxes	9,924	9,402
Other creditors	7,709	10
	--------	--------
	24,590	16,627
	--------	--------

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

	31 Mar 21	31 Jan 20
	£	£
Bank loans and overdrafts	24,899	–
	--------	----

10. Director's advances, credits and guarantees

During the period the director entered into the following advances and credits with the company:

	31 Mar 21
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R J Howell	( 3)	27,534	( 35,200)	( 7,669)
	----	--------	--------	-------

	31 Jan 20
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R J Howell	( 2,033)	30,030	( 28,000)	( 3)
	-------	--------	--------	----

11. Related party transactions

The company was under the control of Mr Howell throughout the period. Mr Howell is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Howell & Co (Leicester) Ltd

Management Information

Period from 1 February 2020 to 31 March 2021

The following pages do not form part of the financial statements.

Howell & Co (Leicester) Ltd

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Howell & Co (Leicester) Ltd

Period from 1 February 2020 to 31 March 2021

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the period ended 31 March 2021, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

HOWELL & CO (LEICESTER) LTD Chartered Certified Accountants

1 Bitteswell Road Lutterworth Leics LE17 4EL

8 October 2021