James Horne (Wholesale) Ltd SC449626 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is wholesaler of solid fuel Digita Accounts Production Advanced 6.30.9574.0 true SC449626 2022-04-01 2023-03-31 SC449626 2023-03-31 SC449626 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC449626 core:ShareCapital 2023-03-31 SC449626 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC449626 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC449626 core:CurrentFinancialInstruments 2023-03-31 SC449626 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC449626 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC449626 core:MotorVehicles 2023-03-31 SC449626 core:OfficeEquipment 2023-03-31 SC449626 bus:SmallEntities 2022-04-01 2023-03-31 SC449626 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC449626 bus:FullAccounts 2022-04-01 2023-03-31 SC449626 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC449626 bus:RegisteredOffice 2022-04-01 2023-03-31 SC449626 bus:Director1 2022-04-01 2023-03-31 SC449626 bus:Director2 2022-04-01 2023-03-31 SC449626 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC449626 bus:Agent1 2022-04-01 2023-03-31 SC449626 core:MotorVehicles 2022-04-01 2023-03-31 SC449626 core:OfficeEquipment 2022-04-01 2023-03-31 SC449626 countries:Scotland 2022-04-01 2023-03-31 SC449626 2022-03-31 SC449626 core:MotorVehicles 2022-03-31 SC449626 core:OfficeEquipment 2022-03-31 SC449626 2021-04-01 2022-03-31 SC449626 2022-03-31 SC449626 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC449626 core:ShareCapital 2022-03-31 SC449626 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 SC449626 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 SC449626 core:CurrentFinancialInstruments 2022-03-31 SC449626 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC449626 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 SC449626 core:MotorVehicles 2022-03-31 SC449626 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC449626

James Horne (Wholesale) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

James Horne (Wholesale) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

James Horne (Wholesale) Ltd

Company Information

Directors

Mrs Jessie Wilson Horne

Mr Stephen Watson Horne

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

James Horne (Wholesale) Ltd

(Registration number: SC449626)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

56,341

9,856

Current assets

 

Debtors

5

956,881

923,927

Cash at bank and in hand

 

331,077

148,587

 

1,287,958

1,072,514

Creditors: Amounts falling due within one year

6

(936,976)

(778,387)

Net current assets

 

350,982

294,127

Total assets less current liabilities

 

407,323

303,983

Creditors: Amounts falling due after more than one year

6

(11,630)

-

Provisions for liabilities

(10,705)

-

Net assets

 

384,988

303,983

Capital and reserves

 

Called up share capital

100

100

Retained earnings

384,888

303,883

Shareholders' funds

 

384,988

303,983

For the financial year ending 31 March 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 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 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 Board on 18 October 2023 and signed on its behalf by:
 

.........................................
Mr Stephen Watson Horne
Director

 

James Horne (Wholesale) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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 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.

 

James Horne (Wholesale) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Motor vehicles

Reducing balance at 25%

Office Equipment

Cost at 33%

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 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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

 

James Horne (Wholesale) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

441

16,995

17,436

Additions

-

74,921

74,921

Disposals

-

(16,995)

(16,995)

At 31 March 2023

441

74,921

75,362

Depreciation

At 1 April 2022

145

7,435

7,580

Charge for the year

146

18,730

18,876

Eliminated on disposal

-

(7,435)

(7,435)

At 31 March 2023

291

18,730

19,021

Carrying amount

At 31 March 2023

150

56,191

56,341

At 31 March 2022

296

9,560

9,856

 

James Horne (Wholesale) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

952,504

923,927

Other debtors

4,377

-

 

956,881

923,927

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

13,956

-

Trade creditors

 

785,799

647,749

Amounts owed to associates

9

108,899

108,899

Taxation and social security

 

7,915

21,689

Other creditors

 

20,407

50

 

936,976

778,387

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

11,630

-

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

11,630

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

13,956

-

 

James Horne (Wholesale) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2023
 £

2022
 £

Within one year

-

3,936

-

3,936

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr S W Horne

270

50

 

270

50

The maximum balance outstanding during the year amounted to £270.

The directors current accounts are repayable on demand.

Loans to related parties
The directors Mr S W Horne and Mrs J W Horne, are also directors of James Horne of Limerigg Limited. Included in creditors is a loan from James Horne of Limerigg Limited amounting to £108,899 (2022:£108,899).

The above loan is repayable on demand

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
James Horne (Wholesale) Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of James Horne (Wholesale) Ltd for the year ended 31 March 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of James Horne (Wholesale) Ltd, 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 James Horne (Wholesale) Ltd and state those matters that we have agreed to state to the Board of Directors of James Horne (Wholesale) Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Horne (Wholesale) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that James Horne (Wholesale) Ltd 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 James Horne (Wholesale) Ltd. You consider that James Horne (Wholesale) Ltd 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 James Horne (Wholesale) Ltd. 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.

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

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

18 October 2023