Howen Investment Company Limited - Period Ending 2015-04-05

Registration number: 00622994

Howen Investment Company Limited

Unaudited Abbreviated Accounts

for the Year Ended 5 April 2015
 

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Howen Investment Company Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Howen Investment Company Limited
(Registration number: 00622994)
Abbreviated Balance Sheet at 5 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					-			28
Investments					518,529			553,498
					518,529			553,526
Current assets
Debtors					1,570			4,801
Cash at bank and in hand					8,021			54,899
					9,591			59,700
Creditors: Amounts falling due within one year					(6,170)			(3,916)
Net current assets					3,421			55,784
Net assets					521,950			609,310
Capital and reserves
Called up share capital		3			140			140
Profit and loss account					521,810			609,170
Shareholders' funds					521,950			609,310

For the year ending 5 April 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 29 September 2015 and signed on its behalf by:

Mrs A E Hildred
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Howen Investment Company Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents the grossed up investment income received during the year as well as the rental income, excluding value added tax, received from its investment properties.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	10% and 20% straight line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), as follows: The company's properties are included in the Balance Sheet at their open market values, as determined by the company's directors. The surplus or deficit on annual revaluation of such properties is transferred to the investment property revaluation reserve. Depreciation is not provided in respect of freehold investment properties. This treatment as regards the company’s investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Hire purchase and leasing

Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Page 2

Howen Investment Company Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 6 April 2014		3,952			553,498			557,450
Additions		-			2,640			2,640
Disposals		-			(37,609)			(37,609)
At 5 April 2015		3,952			518,529			522,481
Depreciation
At 6 April 2014		3,924			-			3,924
Charge for the year		28			-			28
At 5 April 2015		3,952			-			3,952
Net book value
At 5 April 2015		-			518,529			518,529
At 5 April 2014		28			553,498			553,526

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		140			140			140			140

Page 3

Howen Investment Company Limited
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mrs A E Hildred
Interest free loan	-	2,850	3,870	1,020

Page 4