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REGISTERED NUMBER: 00245358 (England and Wales)















HOROBIN LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2023






HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOROBIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 DECEMBER 2023







DIRECTORS: R F Sanders
H R J Sanders
Mrs H E Sanders





SECRETARY: Mrs H E Sanders





REGISTERED OFFICE: Midacre
Willenhall Trading Estate
Willenhall
West Midlands
WV13 2JW





REGISTERED NUMBER: 00245358 (England and Wales)

HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

BALANCE SHEET
29 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 63,999 11,922

CURRENT ASSETS
Stocks 5 724,454 578,645
Debtors 6 1,411,021 1,341,416
Cash at bank and in hand 95,222 219,275
2,230,697 2,139,336
CREDITORS
Amounts falling due within one year 7 (664,709 ) (610,312 )
NET CURRENT ASSETS 1,565,988 1,529,024
TOTAL ASSETS LESS CURRENT LIABILITIES 1,629,987 1,540,946

CREDITORS
Amounts falling due after more than one
year

8

(214,750

)

(273,407

)

PROVISIONS FOR LIABILITIES (15,663 ) (2,569 )
NET ASSETS 1,399,574 1,264,970

CAPITAL AND RESERVES
Called up share capital 9 160,000 160,000
Capital redemption reserve 2,633 2,633
Retained earnings 1,236,941 1,102,337
SHAREHOLDERS' FUNDS 1,399,574 1,264,970

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

BALANCE SHEET - continued
29 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2024 and were signed on its behalf by:





H R J Sanders - Director


HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023


1. STATUTORY INFORMATION

Horobin Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Computer equipment - 33.3% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 30 December 2022 29,222 16,794 46,016
Additions 60,000 1,612 61,612
At 29 December 2023 89,222 18,406 107,628
DEPRECIATION
At 30 December 2022 19,759 14,335 34,094
Charge for year 7,515 2,020 9,535
At 29 December 2023 27,274 16,355 43,629
NET BOOK VALUE
At 29 December 2023 61,948 2,051 63,999
At 29 December 2022 9,463 2,459 11,922

5. STOCKS
2023 2022
£    £   
Stocks 724,454 578,645

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 991,370 917,968
Amounts owed by group undertakings 392,337 339,364
Other debtors 6,000 -
Directors' current accounts 974 55,636
VAT 1,801 -
Prepayments and accrued income 18,539 28,448
1,411,021 1,341,416

HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 58,844 54,776
Trade creditors 320,737 290,484
Tax 212,886 180,919
Social security and other taxes 28,803 29,344
Wages 6,058 5,069
VAT - 11,411
Other creditors 3,123 3,461
Directors' current accounts 21,006 -
Accruals and deferred income 13,252 34,848
664,709 610,312

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 62,833 58,656
Bank loans - 2-5 years 151,917 202,245
Bank loans more than 5 years
by instalments - 12,506
214,750 273,407

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments - 12,506
- 12,506

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
160,000 Ordinary 1 160,000 160,000

HOROBIN LIMITED (REGISTERED NUMBER: 00245358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 DECEMBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 29 December 2023 and the period ended 29 December 2022:

2023 2022
£    £   
H R J Sanders
Balance outstanding at start of year 55,636 -
Amounts advanced 6,002 65,636
Amounts repaid (60,665 ) (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 973 55,636

The directors' loan has been provided at an interest rate of 2% up to 05 April 2023 and a rate of 2.25% thereafter. It is repayable on demand.

11. RELATED PARTY DISCLOSURES

The company made a loan for the first time this year to a member of its key management personnel. £6,000 was advanced during the year, of which the whole balance remained outstanding at the year end.

12. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £57,420 (2022 £117,794)

13. PARENT COMPANY

The parent company with a controlling interest is Sanders Holdings Limited. Registered office and principal place of business, The Croft, School Road, Trysull, Wolverhampton, West Midlands, WV5 7HR.