HOWARD'S_DISTRIBUTION_LTD - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Howard's Distribution Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West Hay, Stamford Road, Kings Cliffe, Peterborough, PE8 6XX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of P C Howard (Holdings) Ltd. These consolidated financial statements are available from its registered office, West Hay, Stamford Road, King's Cliffe, Peterborough, Cambridgeshire, PE8 6XX.

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

Turnover represents amounts receivable for services net of VAT provided in the normal course of business and is recognised at the point when the service is provided.

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

Equity instruments, being the share capital, issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

The company operates an auto enrolment compliant scheme for the benefit of all its employees. The scheme is a defined contribution scheme, and the contributions are charged to the profit and loss account in the year they are payable.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives at the rates detailed in note 1.4. Further detail of the amounts provided at the beginning and end of the period, together with the charge for the year is shown in Note 5.

Management charges payable are estimated based upon the level of management involvement in the running of the business. The amount paid in the year was £180,000 (2022: £Nil).

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

On 6 November 2014, a debenture and guarantee was created for all indebtedness due now or in the future, owed to Barclays Bank plc by any group company member by way of fixed and floating charges over the company's assets.

Amounts contracted for but not provided in the financial statements:

The company has taken advantage of the exemptions under FRS102 Section 1A-small entities not to disclose the transactions between the company and its parent and fellow subsidiaries on the basis that the company is a wholly owned subsidiary.

The immediate parent of the company is P C Howard Limited, a private company limited by shares incorporated in England & Wales on 23 December 2021.

The ultimate parent company is P C Howard (Holdings) Limited, a private company limited by shares incorporated in England & Wales

The registered office of the immediate and ultimate parent companies is West Hay, Stamford Road, King's Cliffe, Peterborough, Cambridgeshire, PE8 6XX.

The ultimate parent group financial statements that consolidate this company is P C Howard (Holdings) Limited. Group accounts are available from the registered office.

No one individual has overall control of the ultimate parent company.

Included within fixed assets are assets with a net book value of £1,882,558 (2022 : £Nil). that are held under hire purchase agreements. The remaining liability for the hire purchase agreements of £1,444,141 (2022 : £Nil) is included within the financial statements of the ultimate parent company P C Howard (Holdings) Ltd.