Company Registration No. 08185186 (England and Wales)
KATE HOWE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
KATE HOWE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
KATE HOWE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,562
39,784
Current assets
Debtors
4
17,114
25,513
Cash at bank and in hand
41,476
58,615
58,590
84,128
Creditors: amounts falling due within one year
5
(66,974)
(75,026)
Net current (liabilities)/assets
(8,384)
9,102
Total assets less current liabilities
23,178
48,886
Creditors: amounts falling due after more than one year
6
(1,666)
(8,333)
Provisions for liabilities
-
(364)
Net assets
21,512
40,189
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
21,412
40,089
Total equity
21,512
40,189
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KATE HOWE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2020 and are signed on its behalf by:
Mrs KE Howe
Director
Company Registration No. 08185186
KATE HOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Kate Howe Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Badger House, Salisbury Road, Blandford Forum, Dorset, DT11 7QD.
1.1
Accounting convention
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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:
Leasehold improvements
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
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
.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KATE HOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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
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 income statement, 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.
1.5
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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 benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
7
8
KATE HOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019 and 31 March 2020
3,928
58,875
62,803
Depreciation and impairment
At 1 April 2019
2,384
20,635
23,019
Depreciation charged in the year
232
7,990
8,222
At 31 March 2020
2,616
28,625
31,241
Carrying amount
At 31 March 2020
1,312
30,250
31,562
At 31 March 2019
1,544
38,240
39,784
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
17,114
25,513
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
-
8,249
Corporation tax
10,966
13,851
Other taxation and social security
11,471
12,302
Other creditors
44,537
40,624
66,974
75,026
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,666
8,333
KATE HOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
58,443
134,860
8
Directors' transactions
Dividends totalling £53,850 (2019 - £58,100) were paid in the year in respect of shares held by the company's directors.
The loans to the directors are interest free and fully repaid within 9 months of the financial year end.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs KE Howe
-
4,710
5,196
(4,750)
5,156
Mr RJ Higgins
-
16,797
7,985
(16,850)
7,932
21,507
13,181
(21,600)
13,088