James Horne of Limerigg Limited SC074300 false 2022-04-01 2023-05-31 2023-05-31 The principal activity of the company is coal merchants Digita Accounts Production Advanced 6.30.9574.0 true SC074300 2022-04-01 2023-05-31 SC074300 2023-05-31 SC074300 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC074300 core:ShareCapital 2023-05-31 SC074300 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-05-31 SC074300 core:CurrentFinancialInstruments 2023-05-31 SC074300 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC074300 core:Goodwill 2023-05-31 SC074300 core:MotorVehicles 2023-05-31 SC074300 core:OfficeEquipment 2023-05-31 SC074300 core:PlantMachinery 2023-05-31 SC074300 bus:SmallEntities 2022-04-01 2023-05-31 SC074300 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-05-31 SC074300 bus:FullAccounts 2022-04-01 2023-05-31 SC074300 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-05-31 SC074300 bus:RegisteredOffice 2022-04-01 2023-05-31 SC074300 bus:CompanySecretaryDirector2 2022-04-01 2023-05-31 SC074300 bus:Director2 2022-04-01 2023-05-31 SC074300 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-05-31 SC074300 bus:Agent1 2022-04-01 2023-05-31 SC074300 core:Goodwill 2022-04-01 2023-05-31 SC074300 core:MotorCars 2022-04-01 2023-05-31 SC074300 core:MotorVehicles 2022-04-01 2023-05-31 SC074300 core:OfficeEquipment 2022-04-01 2023-05-31 SC074300 core:PlantMachinery 2022-04-01 2023-05-31 SC074300 countries:Scotland 2022-04-01 2023-05-31 SC074300 2022-03-31 SC074300 core:Goodwill 2022-03-31 SC074300 core:MotorVehicles 2022-03-31 SC074300 core:OfficeEquipment 2022-03-31 SC074300 core:PlantMachinery 2022-03-31 SC074300 2021-04-01 2022-03-31 SC074300 2022-03-31 SC074300 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC074300 core:ShareCapital 2022-03-31 SC074300 core:CurrentFinancialInstruments 2022-03-31 SC074300 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC074300 core:MotorVehicles 2022-03-31 SC074300 core:OfficeEquipment 2022-03-31 SC074300 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC074300

James Horne of Limerigg Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2022 to 31 May 2023

 

James Horne of Limerigg Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

Accountants' Report

10

 

James Horne of Limerigg Limited

Company Information

Directors

Mrs Jessie Wilson Horne

Mr Stephen Watson Horne

Company secretary

Mrs Jessie Wilson Horne

Registered office

The Coalyard
Slamannan Road
Limerigg
Slamannan
FK1 3BN

Accountants

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

 

James Horne of Limerigg Limited

(Registration number: SC074300)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

-

38,111

Other financial assets

6

4,397

4,056

 

4,397

42,167

Current assets

 

Stocks

7

-

78,992

Debtors

8

140,988

189,416

Cash at bank and in hand

 

194,128

89,517

 

335,116

357,925

Creditors: Amounts falling due within one year

9

(119,460)

(203,744)

Net current assets

 

215,656

154,181

Total assets less current liabilities

 

220,053

196,348

Provisions for liabilities

-

(7,622)

Net assets

 

220,053

188,726

Capital and reserves

 

Called up share capital

200

200

Retained earnings

219,853

188,526

Shareholders' funds

 

220,053

188,726

For the financial period ending 31 May 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 period 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:
 

 

James Horne of Limerigg Limited

(Registration number: SC074300)
Balance Sheet as at 31 May 2023

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

 

James Horne of Limerigg Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 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 of Limerigg Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 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

Plant and machinery

Reducing balance at 20%

Motor vehicles

Reducing balance at 25%

Office equipment

Straight line at 33%

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.

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; 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.

 

James Horne of Limerigg Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

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.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the period, was 3 (2022 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

2,000

2,000

At 31 May 2023

2,000

2,000

Amortisation

At 1 April 2022

2,000

2,000

At 31 May 2023

2,000

2,000

Carrying amount

At 31 May 2023

-

-

 

James Horne of Limerigg Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

34,238

4,114

95,283

133,635

Additions

1,326

-

-

1,326

Disposals

(35,564)

(4,114)

(95,283)

(134,961)

At 31 May 2023

-

-

-

-

Depreciation

At 1 April 2022

30,185

3,978

61,361

95,524

Eliminated on disposal

(30,185)

(3,978)

(61,361)

(95,524)

At 31 May 2023

-

-

-

-

Carrying amount

At 31 May 2023

-

-

-

-

At 31 March 2022

4,053

136

33,922

38,111

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

4,056

4,056

Additions

341

341

At 31 May 2023

4,397

4,397

Impairment

Carrying amount

At 31 May 2023

4,397

4,397

7

Stocks

2023
£

2022
£

Other inventories

-

78,992

 

James Horne of Limerigg Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

29,966

71,679

Amounts owed by related parties

10

108,899

108,899

Prepayments

 

-

3,981

Other debtors

 

2,123

4,857

   

140,988

189,416

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

65

105,968

Taxation and social security

42,240

12,975

Other creditors

77,155

84,801

119,460

203,744

 

James Horne of Limerigg Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023

10

Related party transactions

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

1 April 2022 to 31 May 2023
 £

Year ended 31 March 2022
 £

Mr & Mrs S W Horne

77,155

84,801

 

77,155

84,801

The maximum balance outstanding during the year amounted to £84,801.

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 (Wholesale) Ltd. Included in debtors is a loan to James Horne (Wholesale) Ltd 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 of Limerigg Limited
for the Period Ended 31 May 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 of Limerigg Limited for the period ended 31 May 2023 as set out on pages 2 to 9 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 of Limerigg 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 accounts of James Horne of Limerigg Limited and state those matters that we have agreed to state to the Board of Directors of James Horne of Limerigg Limited, 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 of Limerigg Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that James Horne of Limerigg Limited 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 of Limerigg Limited. You consider that James Horne of Limerigg Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of James Horne of Limerigg 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 accounts.

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

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

18 October 2023