REGISTERED NUMBER: 01405750

Howards (Ebbw Vale) Limited

Unaudited Financial Statements for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr G H Bosson

Mrs S A Bosson

Registered office:

21-23 James Street

Ebbw Vale

NP23 6JG

Registered number:

01405750

Accountants:

Haines Watts Wales LLP

7 Neptune Court

Vanguard Way

Cardiff

CF24 5PJ

Bankers:

Lloyds TSB

1 Armoury Terrace

Ebbw Vale

Blaenau Gwent

NP23 6BD

Fixed assets

Tangible assets

4

-

260,052

Investments

5

5,088

5,088

Investment property

6

260,052

-

265,140

265,140

Current assets

Stocks

-

72,908

Debtors

7

37,767

117,978

Cash at bank

45,627

72,194

83,394

263,080

Creditors

Amounts falling due within one year

8

(3,172

)

(133,482

)

Net current assets

80,222

129,598

Total assets less current liabilities

345,362

394,738

Capital and reserves

Called up share capital

9

3,000

3,000

Retained earnings

10

342,362

391,738

Shareholders' funds

345,362

394,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 17 December 2018 and were signed on its behalf by:

Mr G H Bosson - Director

1.	Statutory information

Howards (Ebbw Vale) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

For the first three months of the year turnover represented amounts chargeable, net of value added tax, in

respect of the sale of household furniture and floor covering to customers.

For the remaining nine months of the year turnover represented rental income received.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Land and Buildings were transferred from Tangible Fixed Assets to Investment Property during the year

following cessation of trade on the 30th June 2017.

Stocks

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

slow moving items.

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.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over

the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership

of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are

depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations

under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is

charged to the profit and loss account over the period of the lease on a straight line basis. Assets held under

hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the

lease term and their useful lives. The capital element of future finance payments is included within creditors.

Finance charges are allocated to accounting periods over the length of the contract on a straight line basis.

Going concern

On the 30th June 2017 the trade and assets of the business were sold. The company ceased trading activities

and continued with the rental income.

3.	Employees and directors

The average number of employees during the year was 4 (2017 - 8 ) .

4.	Tangible fixed assets

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 April 2017

353,888

10,428

20,752

385,068

Disposals

(353,888

)

(10,428

)

(20,752

)

(385,068

)

At 31 March 2018

-

-

-

-

Depreciation

At 1 April 2017

93,836

10,428

20,752

125,016

Eliminated on disposal

(93,836

)

(10,428

)

(20,752

)

(125,016

)

At 31 March 2018

-

-

-

-

Net book value

At 31 March 2018

-

-

-

-

At 31 March 2017

260,052

-

-

260,052

5.	Fixed asset investments

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

6.	Investment property

Total

£

Fair value

Additions

260,052

At 31 March 2018

260,052

Net book value

At 31 March 2018

260,052

7.

Debtors: amounts falling due within one year

2018

2017

£

£

Other debtors

8,111

8,111

Directors' current accounts

29,656

109,796

Prepayments

-

71

37,767

117,978

8.

Creditors: amounts falling due within one year

2018

2017

£

£

Bank loans and overdrafts

243

2,498

Trade creditors

1

38,701

Tax

146

35,731

Social security and other taxes

-

2,129

VAT

-

10,627

Other creditors

-

8,111

Directors' current accounts

32

32

Accrued expenses

2,750

35,653

3,172

133,482

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

3,000

Ordinary

1

3,000

3,000

10.

Reserves

Retained

earnings

£

At 1 April 2017

391,738

Profit for the year

624

Dividends

(50,000

)

At 31 March 2018

342,362

11.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

Mr G H Bosson

Balance outstanding at start of year

109,796

59,026

Amounts advanced

59,860

98,853

Amounts repaid

(140,000

)

(48,083

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29,656

109,796

Mrs S A Bosson

Balance outstanding at start of year

(32

)

(32

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(32

)

(32

)

There is no interest charged in respect of these directors loan accounts.

12.	Ultimate controlling party

The company is controlled by Mr G H Bosson who owns 99.97% of the called up share capital.