Horsfield-Smith Limited - Period Ending 2022-10-31
Horsfield-Smith Limited - Period Ending 2022-10-31
Registration number:
Unaudited Financial Statements
Horsfield-Smith Limited
Balance Sheet
31 October 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
840 |
840 |
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Retained earnings |
147,403 |
29,409 |
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Shareholders' funds |
148,243 |
30,249 |
For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Horsfield-Smith Limited
Balance Sheet
31 October 2022
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Company Registration Number: 06728053
Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
General information |
The address of its registered office is:
United Kingdom
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.
Going concern
The financial statements have been prepared on a going concern basis.
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 sales/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.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Office Equipment |
20% straight line |
Computer Equipment |
20% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Trade debtors also includes amounts due under contracts where the individual amount exceeds £500. These amounts are included at expected selling value less a provision for irrecoverability where appropriate.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Work in progress comprises direct labour costs and those overheads that have been incurred in bringing the work in progress to its present condition. Individual amounts of unbilled work up to £500 are included in workiin progress. At each reporting date, work in progress is assessed for impairment. If stocks are impaired, the carrying amount is reduced its value. The impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 November 2021 |
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At 31 October 2022 |
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Amortisation |
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At 1 November 2021 |
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At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
- |
- |
Tangible assets |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 November 2021 |
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Additions |
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At 31 October 2022 |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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At 31 October 2021 |
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Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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- |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 October 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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England |
Ordinary |
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Subsidiary undertakings |
Broadthunder Accounting Limited The principal activity of Broadthunder Accounting Limited is |
Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
Stocks |
2022 |
2021 |
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Work in progress |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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- |
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Prepayments |
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Other debtors |
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Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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- |
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839,629 |
205,557 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Horsfield-Smith Limited
Notes to the Financial Statements
Year Ended 31 October 2022
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
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Hire purchase contracts |
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Related party transactions |
Directors' remuneration
The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.
Summary of transactions with all subsidiaries
Dividends received amounted to £159,068 (2021: £Nil).
Summary of transactions with other related parties