Horizon Specialist Contracting Limited - Period Ending 2020-11-30

Horizon Specialist Contracting Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Horizon Specialist Contracting Limited

Company Information

Directors

J K Burns L Holford

Company secretary

N W Crosby

Registered office

Unit 7 Burma Road Blidworth Nottinghamshire NG21 0RT

Bankers

Barclays Bank PLC 23 Market Place Mansfield Nottingham NG18 1HT

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Horizon Specialist Contracting Limited
for the Year Ended 30 November 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Horizon Specialist Contracting Limited for the year ended 30 November 2020 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Horizon Specialist Contracting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Horizon Specialist Contracting Limited and state those matters that we have agreed to state to the Board of Directors of Horizon Specialist Contracting Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horizon Specialist Contracting Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Horizon Specialist Contracting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Horizon Specialist Contracting Limited. You consider that Horizon Specialist Contracting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Horizon Specialist Contracting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

............................................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

1 March 2021

Horizon Specialist Contracting Limited

(Registration number: 02827337)
Balance Sheet as at 30 November 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	413,000	423,125
Investments	5	2	2
		413,002	423,127
Current assets
Debtors	6	1,502,910	1,530,458
Cash at bank and in hand		389,398	179,202
		1,892,308	1,709,660
Creditors: Amounts falling due within one year	7	(1,049,007)	(1,105,722)
Net current assets		843,301	603,938
Total assets less current liabilities		1,256,303	1,027,065
Creditors: Amounts falling due after more than one year	7	(287,441)	(90,360)
Provisions for liabilities		(73,542)	(73,372)
Net assets		895,320	863,333
Capital and reserves
Called up share capital		10,000	10,000
Profit and loss account		885,320	853,333
Total equity		895,320	863,333

Horizon Specialist Contracting Limited

(Registration number: 02827337)
Balance Sheet as at 30 November 2020

For the financial year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 February 2021 and signed on its behalf by:
 

.........................................

L Holford
Director

Horizon Specialist Contracting Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Group accounts not prepared

For the year ended 30 November 2020 the company was entitled to exemption from preparing group accounts under section 399 of the Companies Act 2006.

Going concern

The global pandemic known as Covid-19 is causing uncertainty throughout the UK economy. The Directors have assessed a potential range of impacts that this pandemic may have on the Company. Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company.

Financial performance and budgets continue to be monitored, and the Company has made use of the Government support schemes. Having assessed all available information at the date of approving the accounts, the Directors are confident that the business is well placed to manage the situation and to continue trading as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Horizon Specialist Contracting Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

Government grants

Government grants are recognised in the profit and loss account as income when such grants do not impose specified future performance-related conditions, in accordance with the performance model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line basis
Fixtures, fittings and equipment	20% or 33.33% straight line basis
Motor vehicles	25% straight line basis

Horizon Specialist Contracting Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 59 (2019 - 55).

Horizon Specialist Contracting Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

4	Tangible assets

	Fixtures, fittings and equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 December 2019	96,093	489,818	93,863	679,774
Additions	38,190	123,785	15,038	177,013
Disposals	(6,775)	(50,439)	-	(57,214)
At 30 November 2020	127,508	563,164	108,901	799,573
Depreciation
At 1 December 2019	67,276	136,487	52,886	256,649
Charge for the year	20,368	129,530	15,161	165,059
Eliminated on disposal	(6,775)	(28,360)	-	(35,135)
At 30 November 2020	80,869	237,657	68,047	386,573
Carrying amount
At 30 November 2020	46,639	325,507	40,854	413,000
At 30 November 2019	28,817	353,331	40,977	423,125

5	Investments

	2020 £	2019 £
Investments in subsidiaries	2	2

Subsidiaries	£
Cost or valuation
At 1 December 2019	2
Carrying amount
At 30 November 2020	2
At 30 November 2019	2

Horizon Specialist Contracting Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

6

Debtors

	2020 £	2019 £
Trade debtors	931,033	910,759
Other debtors	76,488	161,407
Amounts recoverable on long term contracts	495,389	458,292
	1,502,910	1,530,458

7

Creditors

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	8	134,170	153,906
Trade creditors		288,919	310,552
Amounts due to related parties		75,000	21,916
Taxation and social security		248,936	256,893
Other creditors		301,982	362,455
		1,049,007	1,105,722
Due after one year
Loans and borrowings	8	287,441	90,360

Creditors due within one year include finance lease and hire purchase contracts which are secured against the assets they relate to of £121,670 (2019 - £153,906).

Creditors due after one year include finance lease and hire purchase contracts which are secured against the assets they relate to of £49,941 (2019 - £90,360).

During the year, the company received a Coronavirus Business Interruption Loan Scheme Loan of £250,000. Repayments of the loan are due to start in September 2021, therefore the total loan of £250,000 is owing at the year end.

Horizon Specialist Contracting Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

8	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	237,500	-
HP and finance lease liabilities	49,941	90,360
	287,441	90,360

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	12,500	-
HP and finance lease liabilities	121,670	153,906
	134,170	153,906

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	10,000	10,000	10,000	10,000

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £58,771 (2019 - £54,330).

11	Related party transactions

Transactions with directors

2020	At 1 December 2019 £	Advances to directors £	At 30 November 2020 £
Interest free loan payable on demand	-	230	230

Horizon Specialist Contracting Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

12	Parent and ultimate parent undertaking

The company's immediate parent is Roeburn Holdings Limited, incorporated in England.

 

13 Prior year adjustment

There has been a reanalysis of the 2019 costs which has resulted in some costs moving from administrative costs to cost of sales. This is just a reallocation and does not change the profit in the year.