Company Registration No. 06639321 (England and Wales)
Horan Power Engineering Limited
Unaudited accounts
for the year ended 31 July 2023
Horan Power Engineering Limited
Unaudited accounts
Contents
Horan Power Engineering Limited
Company Information
for the year ended 31 July 2023
Company Number
06639321 (England and Wales)
Registered Office
Honeycomb West
Chester Business Park
Chester
CH4 9QH
Accountants
Townley & Co Limited
Warrington Business Centre
67 Bewsey Street
Warrington
WA2 7JQ
Horan Power Engineering Limited
Statement of financial position
as at 31 July 2023
Tangible assets
273,833
235,979
Cash at bank and in hand
62,526
99,636
Creditors: amounts falling due within one year
(710,243)
(540,509)
Net current (liabilities)/assets
(206,908)
36,650
Called up share capital
1
1
Profit and loss account
66,924
272,628
Shareholders' funds
66,925
272,629
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 November 2023 and were signed on its behalf by
Richard Horan
Director
Company Registration No. 06639321
Horan Power Engineering Limited
Notes to the Accounts
for the year ended 31 July 2023
Horan Power Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 06639321. The registered office is Honeycomb West, Chester Business Park, Chester, CH4 9QH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services 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.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Horan Power Engineering Limited
Notes to the Accounts
for the year ended 31 July 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance basis
Motor vehicles
25% Reducing balance basis
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 August 2022
314,621
155,988
470,609
Additions
21,797
107,499
129,296
Disposals
-
(43,621)
(43,621)
At 31 July 2023
336,418
219,866
556,284
At 1 August 2022
155,751
78,879
234,630
Charge for the year
53,949
30,655
84,604
On disposals
-
(36,783)
(36,783)
At 31 July 2023
209,700
72,751
282,451
At 31 July 2023
126,718
147,115
273,833
At 31 July 2022
158,870
77,109
235,979
Amounts falling due within one year
Trade debtors
435,179
475,643
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
70,686
80,817
Obligations under finance leases and hire purchase contracts
81,250
48,740
Trade creditors
191,328
260,616
Taxes and social security
144,367
105,294
Other creditors
21,762
20,030
Loans from directors
8,847
98
7
Average number of employees
During the year the average number of employees was 25 (2022: 23).