Registration number:
James Horne of Limerigg Limited
for the Period from 1 April 2022 to 31 May 2023
James Horne of Limerigg Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
James Horne of Limerigg Limited
Company Information
Directors |
Mrs Jessie Wilson Horne Mr Stephen Watson Horne |
Company secretary |
Mrs Jessie Wilson Horne |
Registered office |
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Accountants |
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James Horne of Limerigg Limited
(Registration number: SC074300)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
- |
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Other financial assets |
4,397 |
4,056 |
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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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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
James Horne of Limerigg Limited
(Registration number: SC074300)
Balance Sheet as at 31 May 2023
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James Horne of Limerigg Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
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
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.
Employees and Directors |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 May 2023 |
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Amortisation |
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At 1 April 2022 |
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At 31 May 2023 |
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Carrying amount |
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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
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
- |
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Disposals |
( |
( |
( |
( |
At 31 May 2023 |
- |
- |
- |
- |
Depreciation |
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At 1 April 2022 |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 May 2023 |
- |
- |
- |
- |
Carrying amount |
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At 31 May 2023 |
- |
- |
- |
- |
At 31 March 2022 |
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Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2022 |
4,056 |
4,056 |
Additions |
341 |
341 |
At 31 May 2023 |
4,397 |
4,397 |
Impairment |
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Carrying amount |
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At 31 May 2023 |
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4,397 |
Stocks |
2023 |
2022 |
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Other inventories |
- |
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James Horne of Limerigg Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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James Horne of Limerigg Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 May 2023
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 |
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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.
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Beancross Road
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