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Horizon Roofing Limited

Annual Report and Financial Statements
Year Ended 31 March 2023

Registration number: 04173769

 

Horizon Roofing Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Horizon Roofing Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

843,614

833,919

Current assets

 

Stocks

5

365,573

326,391

Debtors

6

797,154

531,777

Cash at bank and in hand

 

500,740

708,109

 

1,663,467

1,566,277

Creditors: Amounts falling due within one year

7

(484,701)

(371,113)

Net current assets

 

1,178,766

1,195,164

Total assets less current liabilities

 

2,022,380

2,029,083

Provisions for liabilities

(35,159)

(33,535)

Net assets

 

1,987,221

1,995,548

Capital and reserves

 

Called up share capital

8

100,000

100,000

Profit and loss account

1,887,221

1,895,548

Shareholders' funds

 

1,987,221

1,995,548

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
Mr C R Rowe
Director

   
     

Company Registration Number: 04173769

 

Horizon Roofing Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Melville Building East
Unit 18, 23 Royal William Yard
PLYMOUTH
PL1 3GW

The principal place of business is:
12 Carn Brea Business Park
Wilson Way
Redruth
Cornwall
TR15 3RR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Horizon Roofing Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Tax

Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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

Freehold buildings

2%-10% straight line

Furniture, fixtures and equipment

20% straight line

Motor vehicles

20-33% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Horizon Roofing Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities.
 
Recognition and measurement
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest where material.

Financial liabilities
Basic financial liabilities, including trade and other payables and amounts due to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 35).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,051,067

59,818

195,485

1,306,370

Additions

-

4,790

45,876

50,666

Disposals

-

(450)

(10,795)

(11,245)

At 31 March 2023

1,051,067

64,158

230,566

1,345,791

Depreciation

At 1 April 2022

257,988

50,929

163,534

472,451

Charge for the year

18,011

6,990

15,970

40,971

Eliminated on disposal

-

(450)

(10,795)

(11,245)

At 31 March 2023

275,999

57,469

168,709

502,177

Carrying amount

At 31 March 2023

775,068

6,689

61,857

843,614

At 31 March 2022

793,079

8,889

31,951

833,919

Included within the net book value of land and buildings above is £775,068 (2022 - £789,891) in respect of freehold land and buildings.

 

Horizon Roofing Limited

Notes to the Financial Statements

Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

335,076

305,548

Work in progress

9,999

20,843

Other inventories

20,498

-

365,573

326,391

6

Debtors

2023
£

2022
£

Trade debtors

529,990

430,588

Prepayments

101,267

4,559

Other debtors

165,897

96,630

797,154

531,777

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

241,436

249,720

Social security and other taxes

 

19,566

17,402

Outstanding defined contribution pension costs

 

4,160

15,407

Other creditors

 

10,042

5,140

Accrued expenses

 

38,111

20,413

Corporation tax

53,575

62,531

Deferred income

 

117,811

500

 

484,701

371,113

 

Horizon Roofing Limited

Notes to the Financial Statements

Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,955 (2022 - £16,039). These are operating lease commitments for motor vehicles and they are secured against the assets to which they relate.

The total amount of contingencies not included in the balance sheet is £15,000 (2022 - £15,000).

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Duncan Leslie, who signed for and on behalf of PKF Francis Clark on 20 November 2023.

11

Parent and ultimate parent undertaking

The company's immediate parent is Horizon Roofing Holdings Limited, incorporated in England and Wales.

The address of Horizon Roofing Holdings Limited is:

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

The principal place of business of Horizon Roofing Holdings Limited is:

12 Carn Brea Business Park
Wilson Way
Redruth
Cornwall
TR15 3RR