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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
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Horan Power Engineering Limited Company Information for the year ended 31 July 2023
Director
Richard Horan
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
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Horan Power Engineering Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
273,833 
235,979 
Current assets
Debtors
440,809 
477,523 
Cash at bank and in hand
62,526 
99,636 
503,335 
577,159 
Creditors: amounts falling due within one year
(710,243)
(540,509)
Net current (liabilities)/assets
(206,908)
36,650 
Net assets
66,925 
272,629 
Capital and reserves
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
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Horan Power Engineering Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
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
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.
Leased assets
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.
Pension costs
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.
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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 
Depreciation
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 
Net book value
At 31 July 2023
126,718 
147,115 
273,833 
At 31 July 2022
158,870 
77,109 
235,979 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
435,179 
475,643 
Other debtors
5,630 
1,880 
440,809 
477,523 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
70,686 
80,817 
VAT
191,643 
24,554 
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 
Accruals
360 
360 
710,243 
540,509 
7
Average number of employees
During the year the average number of employees was 25 (2022: 23).
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