Horizon Specialist Contracting Limited - Period Ending 2014-05-31

Registration number: 02827337

Horizon Specialist Contracting Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2014
 

Horizon Specialist Contracting Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Horizon Specialist Contracting Limited
(Registration number: 02827337)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			181,178			186,777
Investments		2			2			2
					181,180			186,779
Current assets
Stocks					-			2,200
Debtors					618,622			518,536
Cash at bank and in hand					312,303			222,696
					930,925			743,432
Creditors: Amounts falling due within one year		3			(471,061)			(334,818)
Net current assets					459,864			408,614
Total assets less current liabilities					641,044			595,393
Creditors: Amounts falling due after more than one year		3			(21,507)			(16,833)
Provisions for liabilities					(29,273)			(15,920)
Net assets					590,264			562,640
Capital and reserves
Called up share capital		4			10,000			10,000
Profit and loss account					580,264			552,640
Shareholders' funds					590,264			562,640

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Horizon Specialist Contracting Limited
(Registration number: 02827337)
Abbreviated Balance Sheet at 31 May 2014
......... continued

For the year ending 31 May 2014 the company was entitled to exemption 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 director acknowledges his 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.

Approved by the director on 5 August 2014

.........................................
J K Burns
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Horizon Specialist Contracting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... 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).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Income is recognised based on the date goods are despatched and the level of completion of services.

Depreciation

Tangible fixed assets are initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life 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

Fixed asset investments

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

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Horizon Specialist Contracting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

Hire purchase and leasing

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 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 and represent a constant proportion of the balance of capital repayments outstanding. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease of the term.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 June 2013		490,387			2			490,389
Additions		134,682			-			134,682
Disposals		(167,138)			-			(167,138)
At 31 May 2014		457,931			2			457,933
Depreciation
At 1 June 2013		303,610			-			303,610
Charge for the year		73,415			-			73,415
Eliminated on disposals		(100,272)			-			(100,272)
At 31 May 2014		276,753			-			276,753
Net book value
At 31 May 2014		181,178			2			181,180
At 31 May 2013		186,777			2			186,779

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Horizon Coatings Limited	Ordinary	100%	Dormant
Hy-safe Systems Limited	Ordinary	100%	Dormant

Page 4

Horizon Specialist Contracting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		37,519			36,718
Amounts falling due after more than one year		21,507			16,833
Total secured creditors		59,026			53,551

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £ 1 each		10,000			10,000			10,000			10,000

5

Control

The company is controlled by Roeburn Holdings Limited, the parent company, and the ultimate controlling party is J K Burns.

Page 5