Horizon Construction (London) Limited 30/09/2023 iXBRL

Horizon Construction (London) Limited 30/09/2023 iXBRL

HORIZON CONSTRUCTION (LONDON) LTD - Company Information

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Company registration number: 10518009
(England and Wales)
Horizon Construction (London) Limited
Unaudited filleted financial statements
for the year ended
30 September 2023
Horizon Construction (London) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Horizon Construction (London) Limited
Directors and other information
Directors Mr M Fletcher
Mr S Tilley
Mr P Holding
Mr R Bates
Secretary Mr M Fletcher
Company number 10518009
Registered office Mulberry House, Stephenson Road
Severalls Industrial Park
Colchester
Essex
CO4 9QR
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Horizon Construction (London) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Horizon Construction (London) Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horizon Construction (London) Limited for the year ended 30 September 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Horizon Construction (London) 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 financial statements of Horizon Construction (London) Limited and state those matters that we have agreed to state to the board of directors of Horizon Construction (London) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horizon Construction (London) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Horizon Construction (London) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Horizon Construction (London) Limited. You consider that Horizon Construction (London) 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 financial statements of Horizon Construction (London) 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 financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
22 January 2024
Horizon Construction (London) Limited
Statement of financial position
30 September 2023
30/09/23 30/09/22
Note £ £ £ £
Fixed assets
Tangible assets 5 80,249 17,004
_______ _______
80,249 17,004
Current assets
Debtors 6 2,919,870 2,002,999
Cash at bank and in hand 1,481,652 328,379
_______ _______
4,401,522 2,331,378
Creditors: amounts falling due
within one year 7 ( 4,113,920) ( 2,320,984)
_______ _______
Net current assets 287,602 10,394
_______ _______
Total assets less current liabilities 367,851 27,398
Provisions for liabilities ( 13,273) -
_______ _______
Net assets 354,578 27,398
_______ _______
Capital and reserves
Called up share capital 8 80 80
Profit and loss account 354,498 27,318
_______ _______
Shareholders funds 354,578 27,398
_______ _______
For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 January 2024 , and are signed on behalf of the board by:
Mr S Tilley Mr R Bates
Director Director
Company registration number: 10518009
Horizon Construction (London) Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mulberry House, Stephenson Road, Severalls Industrial Park, Colchester, Essex, CO4 9QR.
The principal activity of the company continues to be that of general building and construction services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The comparatives in these financial statements are for an 18-month accounting period. Therefore, not all disclosures are fairly comparable and should be considered when reviewing income statement financials.
Going concern
At the time of approving the financial statements, the directors believe the company has adequate resources to continue in operational existence for the next 12 months, therefore they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for construction services provided in the normal course of business, and is shown net of Value Added Tax and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Where the outcome of a construction contract can be reliably estimated, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be reliably estimated, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented in stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 10 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 October 2022 - 10,119 17,846 27,965
Additions 50,439 969 33,874 85,282
Disposals - - ( 4,713) ( 4,713)
_______ _______ _______ _______
At 30 September 2023 50,439 11,088 47,007 108,534
_______ _______ _______ _______
Depreciation
At 1 October 2022 - 843 10,118 10,961
Charge for the year 10,088 2,218 9,398 21,704
Disposals - - ( 4,380) ( 4,380)
_______ _______ _______ _______
At 30 September 2023 10,088 3,061 15,136 28,285
_______ _______ _______ _______
Carrying amount
At 30 September 2023 40,351 8,027 31,871 80,249
_______ _______ _______ _______
At 30 September 2022 - 9,276 7,728 17,004
_______ _______ _______ _______
6. Debtors
30/09/23 30/09/22
£ £
Trade debtors 2,801,444 1,772,743
Other debtors 118,426 230,256
_______ _______
2,919,870 2,002,999
_______ _______
7. Creditors: amounts falling due within one year
30/09/23 30/09/22
£ £
Trade creditors 1,402,818 952,074
Amounts owed to group undertakings and undertakings in which the company has a participating interest 59,706 55,544
Taxation and social security 370,041 33,069
Other creditors 2,281,355 1,280,297
_______ _______
4,113,920 2,320,984
_______ _______
8. Called up share capital
Issued, called up and fully paid
30/09/23 30/09/22
No £ No £
Ordinary shares of £ 1.00 each - - 80 80
A Ordinary shares of £ 1.00 each 40 40 - -
B Ordinary shares of £ 1.00 each 40 40 - -
_______ _______ _______ _______
80 80 80 80
_______ _______ _______ _______
On 13 February 2023 it was agreed the existing issued share capital of 80 Ordinary £1 shares would be reclassified into 40 'A' Ordinary £1 shares and 40 'B' Ordinary £1 shares. The new share classes created hold exactly the same rights as the original Ordinary shares.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 50,000 18,000
Later than 1 year and not later than 5 years 75,000 -
_______ _______
125,000 18,000
_______ _______