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REGISTERED NUMBER: 01275400 (England and Wales)















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: T M M O'Donovan



Registered office: Drysdale House
Seawall Road
CARDIFF
CF24 5TH



Registered number: 01275400 (England and Wales)



Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ



Bankers: HSBC
56 Queen Street
Cardiff
CF10 2PX

Horan Construction Limited (Registered number: 01275400)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 370,485 318,801

Current assets
Stocks 5 15,253 15,253
Debtors 6 2,057,729 1,932,932
Cash at bank and in hand 2,645,777 2,802,712
4,718,759 4,750,897
Creditors
Amounts falling due within one year 7 (1,656,426 ) (1,650,106 )
Net current assets 3,062,333 3,100,791
Total assets less current liabilities 3,432,818 3,419,592

Provisions for liabilities 9 (48,693 ) (48,148 )
Net assets 3,384,125 3,371,444

Capital and reserves
Called up share capital 10 10,000 10,000
Retained earnings 3,374,125 3,361,444
Shareholders' funds 3,384,125 3,371,444

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 May 2024 and were signed by:





T M M O'Donovan - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

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

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 44 (2022 - 42 ) .

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 8,100 1,246,463 24,792
Additions - - -
Disposals - - -
At 31 December 2023 8,100 1,246,463 24,792
Depreciation
At 1 January 2023 8,100 1,106,157 24,792
Charge for year - 35,077 -
Eliminated on disposal - - -
At 31 December 2023 8,100 1,141,234 24,792
Net book value
At 31 December 2023 - 105,229 -
At 31 December 2022 - 140,306 -

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 January 2023 868,564 19,255 2,167,174
Additions 148,040 442 148,482
Disposals (35,346 ) - (35,346 )
At 31 December 2023 981,258 19,697 2,280,310
Depreciation
At 1 January 2023 695,899 13,425 1,848,373
Charge for year 60,218 1,503 96,798
Eliminated on disposal (35,346 ) - (35,346 )
At 31 December 2023 720,771 14,928 1,909,825
Net book value
At 31 December 2023 260,487 4,769 370,485
At 31 December 2022 172,665 5,830 318,801

5. Stocks
2023 2022
£    £   
Stocks 15,253 15,253

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 1,026,787 1,149,775
Amounts recoverable on contract 976,940 706,093
Other debtors 38,665 36,665
Prepayments 15,337 40,399
2,057,729 1,932,932

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 530,322 538,031
Tax 496,239 397,666
Social security and other taxes 73,332 60,658
VAT 439,897 541,786
Other creditors 5,106 2,880
Directors' current accounts - 400
Accrued expenses 111,530 108,685
1,656,426 1,650,106

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 20,000 6,000
Between one and five years 65,000 -
85,000 6,000

9. Provisions for liabilities
2023 2022
£    £   
Deferred tax 48,693 48,148

Deferred
tax
£   
Balance at 1 January 2023 48,148
Charge to Income Statement during year 545
Balance at 31 December 2023 48,693

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 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.

Victoria Carter (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

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:

20232022
££
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 director400569,087
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.