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COMPANY REGISTRATION NUMBER: 05410310
HORIZON RESIDENTIAL CARE LIMITED
Filleted Unaudited Financial Statements
31 March 2023
HORIZON RESIDENTIAL CARE LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
18,000
27,000
Tangible assets
6
120,472
150,464
---------
---------
138,472
177,464
Current assets
Debtors
7
248,991
146,509
Cash at bank and in hand
14,691
10,430
---------
---------
263,682
156,939
Creditors: amounts falling due within one year
8
72,233
56,586
---------
---------
Net current assets
191,449
100,353
---------
---------
Total assets less current liabilities
329,921
277,817
Provisions
Taxation including deferred tax
7,098
6,682
---------
---------
Net assets
322,823
271,135
---------
---------
HORIZON RESIDENTIAL CARE LIMITED
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
322,723
271,035
---------
---------
Shareholders funds
322,823
271,135
---------
---------
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.
For the 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 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 were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Ms M J Chaudhary
Director
Company registration number: 05410310
HORIZON RESIDENTIAL CARE LIMITED
Notes to the Financial Statements
Year ended 31 March 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 46 The Ridgeway, North Harrow, Middlesex, HA2 7QN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% reducing balance
Building Improvement
-
10% straight line
Financial instruments
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
180,000
---------
Amortisation
At 1 April 2022
153,000
Charge for the year
9,000
---------
At 31 March 2023
162,000
---------
Carrying amount
At 31 March 2023
18,000
---------
At 31 March 2022
27,000
---------
6. Tangible assets
Fixtures and fittings
Building Improvement
Total
£
£
£
Cost
At 1 April 2022
139,768
231,333
371,101
Additions
2,735
2,735
---------
---------
---------
At 31 March 2023
142,503
231,333
373,836
---------
---------
---------
Depreciation
At 1 April 2022
104,127
116,510
220,637
Charge for the year
9,594
23,133
32,727
---------
---------
---------
At 31 March 2023
113,721
139,643
253,364
---------
---------
---------
Carrying amount
At 31 March 2023
28,782
91,690
120,472
---------
---------
---------
At 31 March 2022
35,641
114,823
150,464
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
139,583
23,512
Other debtors
109,408
122,997
---------
---------
248,991
146,509
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
43,645
39,837
Social security and other taxes
1,553
3,043
Other creditors
27,035
13,706
--------
--------
72,233
56,586
--------
--------
9. Related party transactions
The company paid dividends of £ 62,040 to Ms M J Chaudhary and £31,960 to Mr A K Malik, the directors. Bank loans to Ms M J Chaudhary and Mr A K Malik for the properties used by the company and Invoice financing advances are secured by fixed and floating charges over the company's assets and negative pledge.