HORAN CONSTRUCTION SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
Company Registration Number: 03437163
HORAN CONSTRUCTION SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
HORAN CONSTRUCTION SERVICES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023
DIRECTOR
C A Horan
SECRETARY
T Horan
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
03437163 England and Wales
HORAN CONSTRUCTION SERVICES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 20,190 30,697
CURRENT ASSETS
Stock 67,302 39,196
Debtors 6 55,224 62,250
Cash at bank and in hand 352,592 329,684
475,118 431,130
CREDITORS: Amounts falling due within one year 7 78,487 88,584
NET CURRENT ASSETS 396,631 342,546
TOTAL ASSETS LESS CURRENT LIABILITIES 416,821 373,243
Provisions for liabilities and charges 5,047 5,832
NET ASSETS 411,774 367,411
CAPITAL AND RESERVES
Called up share capital 2 2
Distributable profit and loss account 411,772 367,409
SHAREHOLDERS' FUNDS 411,774 367,411
HORAN CONSTRUCTION SERVICES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
C A Horan
Director
Date approved by the board: 23 October 2023
HORAN CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
1 GENERAL INFORMATION
Horan Construction Services Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
4 Witan Way
Witney
Oxon
OX28 6FF
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover represents the provision of general construction and civil engineering services, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Straight line basis at 20% per annum
Motor vehicles Straight line basis at 25% per annum
Office equipment Straight line basis at 33.33% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
HORAN CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
HORAN CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2023 2022
Average number of employees 7 5
HORAN CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
5 TANGIBLE ASSETS
Plant and machinery Motor vehicles Office equipment Total
£ £ £ £
Cost
At 1 February 2022 15,734 55,435 5,353 76,522
Additions - - 1,382 1,382
Disposals (2,791) - - (2,791)
At 31 January 2023 12,943 55,435 6,735 75,113
Accumulated depreciation and impairments
At 1 February 2022 9,430 32,842 3,553 45,825
Charge for year 1,680 9,675 501 11,856
Disposals (2,758) - - (2,758)
At 31 January 2023 8,352 42,517 4,054 54,923
Net book value
At 1 February 2022 6,304 22,593 1,800 30,697
At 31 January 2023 4,591 12,918 2,681 20,190
6 DEBTORS
2023 2022
£ £
Trade debtors 41,480 55,735
Prepayments and accrued income 10,971 3,468
Other debtors 2,773 3,047
55,224 62,250
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 31,100 45,520
Taxation and social security 41,929 35,044
Accruals and deferred income 4,380 4,381
Other creditors 1,078 3,639
78,487 88,584
HORAN CONSTRUCTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
8 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 February 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 January 2023
£ £ £ £ £
C A Horan - 79,683 79,683 - -
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
9 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
C A Horan
Director 2023 2022
£ £
Advances from director The director made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 540 1,394
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