Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31trueNo description of principal activity2022-11-01false1817trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12531194 2022-11-01 2023-10-31 12531194 2021-11-01 2022-10-31 12531194 2023-10-31 12531194 2022-10-31 12531194 c:Director1 2022-11-01 2023-10-31 12531194 d:Buildings 2022-11-01 2023-10-31 12531194 d:Buildings 2023-10-31 12531194 d:Buildings 2022-10-31 12531194 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12531194 d:PlantMachinery 2022-11-01 2023-10-31 12531194 d:PlantMachinery 2023-10-31 12531194 d:PlantMachinery 2022-10-31 12531194 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12531194 d:MotorVehicles 2022-11-01 2023-10-31 12531194 d:MotorVehicles 2023-10-31 12531194 d:MotorVehicles 2022-10-31 12531194 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12531194 d:OfficeEquipment 2022-11-01 2023-10-31 12531194 d:OfficeEquipment 2023-10-31 12531194 d:OfficeEquipment 2022-10-31 12531194 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12531194 d:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 12531194 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12531194 d:Goodwill 2022-11-01 2023-10-31 12531194 d:Goodwill 2023-10-31 12531194 d:Goodwill 2022-10-31 12531194 d:FreeholdInvestmentProperty 2023-10-31 12531194 d:FreeholdInvestmentProperty 2022-10-31 12531194 d:FreeholdInvestmentProperty 2 2022-11-01 2023-10-31 12531194 d:CurrentFinancialInstruments 2023-10-31 12531194 d:CurrentFinancialInstruments 2022-10-31 12531194 d:Non-currentFinancialInstruments 2023-10-31 12531194 d:Non-currentFinancialInstruments 2022-10-31 12531194 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12531194 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12531194 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 12531194 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 12531194 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 12531194 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 12531194 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 12531194 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 12531194 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-10-31 12531194 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-10-31 12531194 d:ShareCapital 2023-10-31 12531194 d:ShareCapital 2022-10-31 12531194 d:RetainedEarningsAccumulatedLosses 2023-10-31 12531194 d:RetainedEarningsAccumulatedLosses 2022-10-31 12531194 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 12531194 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 12531194 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 12531194 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 12531194 c:FRS102 2022-11-01 2023-10-31 12531194 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12531194 c:FullAccounts 2022-11-01 2023-10-31 12531194 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12531194 2 2022-11-01 2023-10-31 12531194 6 2022-11-01 2023-10-31 12531194 d:Goodwill d:OwnedIntangibleAssets 2022-11-01 2023-10-31 12531194 f:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 12531194










HORNING PLEASURECRAFT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
HORNING PLEASURECRAFT LIMITED
REGISTERED NUMBER: 12531194

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
8,004
9,004

Tangible assets
 5 
4,436,949
4,026,802

Investments
 6 
4,500,000
4,500,000

Investment property
 7 
1,200,000
787,500

  
10,144,953
9,323,306

Current assets
  

Stocks
  
28,178
229,343

Debtors: amounts falling due within one year
 8 
208,520
201,024

Cash at bank and in hand
  
230,520
366,135

  
467,218
796,502

Creditors: amounts falling due within one year
 9 
(1,829,091)
(2,086,866)

Net current liabilities
  
 
 
(1,361,873)
 
 
(1,290,364)

Total assets less current liabilities
  
8,783,080
8,032,942

Creditors: amounts falling due after more than one year
 10 
(94,800)
(110,600)

Provisions for liabilities
  

Deferred tax
 12 
(224,959)
(58,547)

  
 
 
(224,959)
 
 
(58,547)

Net assets
  
8,463,321
7,863,795


Capital and reserves
  

Called up share capital 
  
7,500,000
7,500,000

Profit and loss account
  
963,321
363,795

  
8,463,321
7,863,795


Page 1

 
HORNING PLEASURECRAFT LIMITED
REGISTERED NUMBER: 12531194
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2024.




C J Richardson
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Horning Pleasurecraft Limited is a private company limited by shares and incorporated in England and Wales, registration number 12531194. The registered office is C/O Larking Gowen, 1st Floor Prospect House, Rouen Road, Norwich, Norfolk, NR1 1RE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
1%
straight-line
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
Office equipment
-
15%
straight-line
Hirecraft
-
20%
reducing balance

 
2.10

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 6

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 17).

Page 7

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 November 2022
10,005



At 31 October 2023

10,005



Amortisation


At 1 November 2022
1,001


Charge for the year on owned assets
1,000



At 31 October 2023

2,001



Net book value



At 31 October 2023
8,004



At 31 October 2022
9,004



Page 8

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
3,466,811
649,532
-
3,238
4,119,581


Additions
-
439,840
37,095
332
477,267


Disposals
-
(15,340)
-
-
(15,340)



At 31 October 2023

3,466,811
1,074,032
37,095
3,570
4,581,508



Depreciation


At 1 November 2022
33,771
58,198
-
810
92,779


Charge for the year on owned assets
15,589
34,581
2,485
516
53,171


Disposals
-
(1,391)
-
-
(1,391)



At 31 October 2023

49,360
91,388
2,485
1,326
144,559



Net book value



At 31 October 2023
3,417,451
982,644
34,610
2,244
4,436,949



At 31 October 2022
3,433,040
591,334
-
2,428
4,026,802


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 November 2022
4,500,000



At 31 October 2023
4,500,000




Page 9

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
787,500


Surplus on revaluation
412,500



At 31 October 2023
1,200,000

The 2023 valuations were made by the director, on an open market value for existing use basis.




Page 10

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Debtors

As restated
2023
2022
£
£


Trade debtors
155,932
162,845

Prepayments and accrued income
52,588
38,179

208,520
201,024



9.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
15,800
15,800

Trade creditors
62,979
51,694

Amounts owed to group undertakings
1,282,858
1,347,867

Other taxation and social security
41,554
55,342

Other creditors
114,567
324,382

Accruals and deferred income
311,333
291,781

1,829,091
2,086,866


Page 11

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
94,800
110,600

94,800
110,600


The following liabilities were secured:

2023
2022
£
£



Loans
110,600
126,400

110,600
126,400

Details of security provided:

The loans included above are secured with a fixed and floating charge on the assets of the company.

Page 12

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
15,800
15,800


15,800
15,800

Amounts falling due 1-2 years

Other loans
15,800
15,800


15,800
15,800

Amounts falling due 2-5 years

Other loans
47,400
47,400


47,400
47,400

Amounts falling due after more than 5 years

Other loans
31,600
47,400

31,600
47,400

110,600
126,400



12.


Deferred taxation




2023


£






At beginning of year
(58,547)


Charged to profit or loss
(166,412)



At end of year
(224,959)

Page 13

 
HORNING PLEASURECRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(316,247)
(97,384)

Tax losses carried forward
91,288
38,837

(224,959)
(58,547)


13.


Prior year adjustment

A prior year adjustment has been made to correctly account for the purchased freehold property Cove Marina in this company as per the legal title.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,001 (2022 - £5,949) . Contributions totalling £467 (2022 - £438) were payable to the fund at the reporting date and are included in creditors.


15.


Related party transactions

The company has taken advantage of the exemptions available in FRS102 not to disclose transactions with wholly owned group companies.


16.


Controlling party

The ultimate parent company is Broads Holiday Limited by virtue of its 100% shareholding. The registered office is C/O Larking Gowen, 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE. 
The parent company holds a loan which is secured as a fixed charge on the freehold assets of Horning Pleasurecraft Limited.

 
Page 14