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COMPANY REGISTRATION NUMBER: 04684795
Hortons Portable Buildings Limited
Filleted Unaudited Financial Statements
31 March 2023
Hortons Portable Buildings Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
185,041
186,114
Current assets
Stocks
14,954
20,605
Debtors
6
238,493
224,856
Investments
7
209,040
255,434
Cash at bank and in hand
633,095
713,863
------------
------------
1,095,582
1,214,758
Creditors: amounts falling due within one year
8
( 111,320)
( 307,679)
------------
------------
Net current assets
984,262
907,079
------------
------------
Total assets less current liabilities
1,169,303
1,093,193
------------
------------
Net assets
1,169,303
1,093,193
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,169,302
1,093,192
------------
------------
Shareholders funds
1,169,303
1,093,193
------------
------------
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 .
Hortons Portable Buildings Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
K Lynch
Director
Company registration number: 04684795
Hortons Portable Buildings 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 The Showground, Handcross Road, Plummers Plain, Lower Beeding, West Sussex, RH13 6NX.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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:
Equipment
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Market Value
At 1 April 2022
180,000
9,236
189,236
Additions
969
969
---------
--------
---------
At 31 March 2023
180,000
10,205
190,205
---------
--------
---------
Depreciation
At 1 April 2022
3,122
3,122
Charge for the year
2,042
2,042
---------
--------
---------
At 31 March 2023
5,164
5,164
---------
--------
---------
Carrying amount
At 31 March 2023
180,000
5,041
185,041
---------
--------
---------
At 31 March 2022
180,000
6,114
186,114
---------
--------
---------
Included within the above is investment property as follows:
£
---------
At 1 April 2022 and 31 March 2023
180,000
---------
6. Debtors
2023
2022
£
£
Trade debtors
238,493
207,557
Other debtors
17,299
---------
---------
238,493
224,856
---------
---------
7. Investments
2023
2022
£
£
Share portfolio
209,040
255,434
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,599
18,947
Corporation tax
41,547
35,819
Social security and other taxes
61,712
88,323
Other creditors
1,462
164,590
---------
---------
111,320
307,679
---------
---------
9. Controlling party
The company is controlled by K Lynch and D E Lynch who are directors and equal shareholders.