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Registered number: 04563805
Horizontal Boring Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
MAR Kilshaw Limited
99 Stanley Road
Bootle
Liverpool
L20 7DA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04563805
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 253,201 233,239
253,202 233,240
CURRENT ASSETS
Stocks 6 32,150 23,457
Debtors 7 506,949 597,620
Cash at bank and in hand 75,942 31,807
615,041 652,884
Creditors: Amounts Falling Due Within One Year 8 (387,878 ) (455,836 )
NET CURRENT ASSETS (LIABILITIES) 227,163 197,048
TOTAL ASSETS LESS CURRENT LIABILITIES 480,365 430,288
NET ASSETS 480,365 430,288
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 480,363 430,286
SHAREHOLDERS' FUNDS 480,365 430,288
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Page 2
For the year ending 31 December 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P Blackledge
Director
2 April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Horizontal Boring Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04563805 . The registered office is Unit 1 Leopold Street, Pemberton, Wigan, Lancashire, WN5 8EG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Reducing balance
Plant & Machinery 20% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2022: 20)
20 20
4. Intangible Assets
Website
£
Cost
As at 1 January 2023 7,882
As at 31 December 2023 7,882
Amortisation
As at 1 January 2023 7,881
As at 31 December 2023 7,881
Net Book Value
As at 31 December 2023 1
As at 1 January 2023 1
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2023 147,866 1,589,101 43,420 80,255 1,860,642
Additions - 54,350 - - 54,350
As at 31 December 2023 147,866 1,643,451 43,420 80,255 1,914,992
...CONTINUED
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Depreciation
As at 1 January 2023 14,544 1,510,544 26,082 76,233 1,627,403
Provided during the period 2,666 26,382 4,335 1,005 34,388
As at 31 December 2023 17,210 1,536,926 30,417 77,238 1,661,791
Net Book Value
As at 31 December 2023 130,656 106,525 13,003 3,017 253,201
As at 1 January 2023 133,322 78,557 17,338 4,022 233,239
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 11,146 14,861
11,146 14,861
6. Stocks
2023 2022
£ £
Stock 32,150 23,457
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 506,949 597,620
506,949 597,620
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 11,201 14,390
Trade creditors 93,922 166,510
Other creditors 226,152 205,527
Taxation and social security 56,603 69,409
387,878 455,836
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,201 14,390
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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