REGISTERED NUMBER: |
Horan Construction Limited |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Horan Construction Limited |
Financial Statements for the Year Ended 31 December 2023 |
Horan Construction Limited (Registered number: 01275400) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Horan Construction Limited |
Company Information |
for the Year Ended 31 December 2023 |
Director: |
Registered office: |
Registered number: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Bankers: |
56 Queen Street |
Cardiff |
CF10 2PX |
Horan Construction Limited (Registered number: 01275400) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Horan Construction Limited (Registered number: 01275400) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Horan Construction Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of civil engineering and road surfacing services to customers. |
Turnover from the rendering of services is recognised by reference to surveys of work performed and completed. |
Stock |
Stock is recognised at the lower of cost and estimated selling price less costs to complete and sell after making allowances for any slow moving and obsolete stock. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
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. |
Horan Construction Limited (Registered number: 01275400) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial instruments are recognised in the companys balance sheet when the company becomes party to the contractual provision of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at the market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery | - 25% on reducing balance |
Fixtures and fittings | - 10% on cost |
Motor vehicles | - 25% on reducing balance |
Office equipment | - 25% on cost |
Going concern |
The directors believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. They have considered a period of twelve months from the date of approval of the financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
Horan Construction Limited (Registered number: 01275400) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
Horan Construction Limited (Registered number: 01275400) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 439,897 | 541,786 |
Other creditors |
Directors' current accounts | - | 400 |
Accrued expenses |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 48,693 | 48,148 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
Horan Construction Limited (Registered number: 01275400) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | Financial commitments, guarantees and contingent liabilities |
A fixed charged dated 9 November 2022 has been placed upon Horan Construction Limited by HSBC Bank Plc against a cash deposit of up to a maximum of £114,935. |
13. | Director's advances, credits and guarantees |
The following balance was owed from/(to) the Director at the year ended 31 December 2023: |
2023 | 2022 |
£ | £ |
Mr T M M O'Donovan |
Balance outstanding at the start of the year | (400) | (569,087) |
Amounts advanced to/(by) the director | - | (400) |
Amounts repaid to the director | 400 | 569,087 |
Balance outstanding at the end of the year | - | (400) |
14. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year, a total of key management personnel compensation of £574,241 (2022 - £527,638) was paid. |
During the year the company paid rent of £32,400 (2022: £28,800) on the property which it occupies. The property is owned by the director. |
Included within creditors amounts falling due within 1 years is an amount due to a company of £2,687 (2022: £2,687) which the director has a controlling interest in. |
15. | Ultimate controlling party |
The controlling party is Horan Construction Holdings Limited. |
The financial statements for Horan Construction Holdings Limited are available from its registered address Horan House, Seawall Road, Cardiff, United Kingdom, CF24 5TH. |
All class of shares rank pari passu in all respects. There is no ultimate controlling party. |