Registered number
09037650
Horizon Decorators Limited
Filleted Accounts for the year ended
31 May 2023
Horizon Decorators Limited
Registered number: 09037650
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Current assets
Stocks and work in progress - 4,460
Debtors 4 22,000 13,500
Cash at bank and in hand 2,273 2,866
24,273 20,826
Creditors: amounts falling due within one year 5 (19,695) (16,426)
Net current assets 4,578 4,400
Net assets 4,578 4,400
Capital and reserves
Called up share capital 1 1
Profit and loss account 4,577 4,399
Shareholder's funds 4,578 4,400
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S O'Sullivan
Director
Approved by the board on 13 February 2024
Horizon Decorators Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services which is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 2,885
At 31 May 2023 2,885
Depreciation
At 1 June 2022 2,885
At 31 May 2023 2,885
Net book value
At 31 May 2023 -
4 Debtors 2023 2022
£ £
Trade debtors 22,000 13,500
5 Creditors: amounts falling due within one year 2023 2022
£ £
Due to associated companies 2,000 2,000
Taxation and social security costs 42 503
Directors loan 17,053 13,323
Other creditors 600 600
19,695 16,426
6 Related party transactions
As at 31 May 2023 the company owed £2,000 (2022: £2,000) to Horizon Builders Ltd, a company in which the director, Stuart O'Sullivan, holds a controlling interest. This was made on an interest free basis and has no set repayment date. This is included in creditors.
7 Transactions with the director
As at 31 May 2023 the company owed £17,053 (2022: £13,323) to the director, S O'Sullivan,. This was made on an interest free basis and has no set repayment date. This is included in creditors.
8 Controlling party
The ultimate controlling party is Stuart O'Sullivan who holds 100% of the share capital.
9 Other information
Horizon Decorators Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Old Court Mews
311 Chase Road
London
N14 6JS
Horizon Decorators Limited 09037650 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts April 2022 S O'Sullivan No description of principal activity 09037650 2021-06-01 2022-05-31 09037650 core:WithinOneYear 2022-05-31 09037650 core:ShareCapital 2022-05-31 09037650 core:RetainedEarningsAccumulatedLosses 2022-05-31 09037650 2022-06-01 2023-05-31 09037650 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09037650 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 09037650 bus:Director40 2022-06-01 2023-05-31 09037650 1 2022-06-01 2023-05-31 09037650 2 2022-06-01 2023-05-31 09037650 countries:England 2022-06-01 2023-05-31 09037650 bus:FRS102 2022-06-01 2023-05-31 09037650 bus:FullAccounts 2022-06-01 2023-05-31 09037650 2023-05-31 09037650 core:WithinOneYear 2023-05-31 09037650 core:ShareCapital 2023-05-31 09037650 core:RetainedEarningsAccumulatedLosses 2023-05-31 09037650 core:PlantMachinery 2023-05-31 09037650 2022-05-31 09037650 core:PlantMachinery 2022-05-31 iso4217:GBP xbrli:pure