Company registration number 05382362 (England and Wales)
EXPANDING HORIZONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
EXPANDING HORIZONS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
EXPANDING HORIZONS LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,377,568
1,318,408
Investment property
5
225,000
225,000
Investments
6
251,250
251,250
1,853,818
1,794,658
Current assets
Debtors
7
857,913
705,562
Cash at bank and in hand
156,960
88,987
1,014,873
794,549
Creditors: amounts falling due within one year
8
(268,430)
(197,034)
Net current assets
746,443
597,515
Total assets less current liabilities
2,600,261
2,392,173
Creditors: amounts falling due after more than one year
9
(809,039)
(926,061)
Provisions for liabilities
(40,551)
(79,317)
Net assets
1,750,671
1,386,795
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
369,830
415,874
Profit and loss reserves
1,380,741
970,821
Total equity
1,750,671
1,386,795
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
Mr T J P Jenkins
Director
Company Registration No. 05382362
EXPANDING HORIZONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
100
415,874
660,280
1,076,254
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
310,541
310,541
Balance at 31 March 2022
100
415,874
970,821
1,386,795
Year ended 31 March 2023:
Profit
-
-
366,168
366,168
Other comprehensive income:
Tax relating to other comprehensive income
-
(35,170)
46,044
10,874
Total comprehensive income
-
(35,170)
412,212
377,042
Dividends
-
-
(2,292)
(2,292)
Other movements
-
(10,874)
-
(10,874)
Balance at 31 March 2023
100
369,830
1,380,741
1,750,671
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Expanding Horizons Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Raglan House, Llantarnum Business Park, Cwmbran, Torfaen, NP44 3AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
15% Reducing balance
Computers
15% Reducing balance
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
97
75
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
510,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
510,000
Carrying amount
At 31 March 2023
At 31 March 2022
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 April 2022
1,305,948
3,967
12,345
1,322,260
Additions
48,919
8,188
4,977
62,084
At 31 March 2023
1,354,867
12,155
17,322
1,384,344
Depreciation and impairment
At 1 April 2022
385
3,467
3,852
Depreciation charged in the year
1,261
1,663
2,924
At 31 March 2023
1,646
5,130
6,776
Carrying amount
At 31 March 2023
1,354,867
10,509
12,192
1,377,568
At 31 March 2022
1,305,948
3,582
8,878
1,318,408
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
225,000
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
251,250
251,250
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
143,569
24,030
Other debtors
714,344
681,532
857,913
705,562
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
90,000
62,920
Trade creditors
718
Corporation tax
73,003
72,036
Other taxation and social security
53,839
26,788
Other creditors
50,870
35,290
268,430
197,034
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
809,039
926,061
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Directors' transactions
Dividends totalling £2,292 (2022 - £0) were paid in the year in respect of shares held by the company's directors.