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Registered number: 10509128










HORBURY PROPERTY SERVICES LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
HORBURY PROPERTY SERVICES LIMITED
REGISTERED NUMBER: 10509128

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,563
13,209

Current assets
  

Stocks
 5 
21,345
-

Debtors: amounts falling due within one year
 6 
1,129,125
496,787

Cash at bank and in hand
  
254,520
294,276

  
1,404,990
791,063

Creditors: amounts falling due within one year
 7 
(2,274,627)
(1,701,383)

Net current liabilities
  
 
 
(869,637)
 
 
(910,320)

Total assets less current liabilities
  
(860,074)
(897,111)

  

Net liabilities
  
(860,074)
(897,111)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(860,174)
(897,211)

  
(860,074)
(897,111)


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 statement of income and retained earnings 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 17 September 2024.




T Wragg
Director

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 
HORBURY PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Horbury Property Services Limited is a private company limited by shares, incorporated in England and Wales (registered number: 10509128). Its registered office is South Grove House, South Grove, Rotherham, South Yorkshire S60 2AF. The principal activity of the company throughout the year continued to be that of property repairs and maintenance.

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 company's functional and presentation currency is Pounds Sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is part of the Horbury group and receives funding from group companies as or if required. If the company did not have sufficient resources to pay its debts, funding from other group companies would be sought.
In the year, the company reported a profit of £36,340 (2023: loss of £778,345), but had net liabilities of £860,074 (2023: £897,111). Included within creditors are group balances totalling £1,945,600 (2023: £1,304,533) which the directors have confirmed will remain in place as such time as the company can repay these.
The directors have performed an assessment of going concern at a group level including a revew of financing, forecasts and covenant compliance, and having considered these factors, they are of the view that there is a reasonable expectation the the group has adequate resources to continue in operational existence for a period of at least twelve months following the reporting date.

 
2.3

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

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

Page 2

 
HORBURY PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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 balance sheet 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 balance sheet 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.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

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.

Page 3

 
HORBURY PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 21).

Page 4

 
HORBURY PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 June 2023
32,670


Additions
1,015



At 31 May 2024

33,685



Depreciation


At 1 June 2023
19,461


Charge for the year on owned assets
4,661



At 31 May 2024

24,122



Net book value



At 31 May 2024
9,563



At 31 May 2023
13,209
Page 5

 
HORBURY PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Stocks

2024
2023
£
£

Finished goods
21,345
-



6.


Debtors

2024
2023
£
£


Trade debtors
183,830
330,732

Amounts owed by group undertakings
657,389
-

Other debtors
-
569

Prepayments and accrued income
7,737
12,730

Gross amounts owed by contract customers
270,972
144,256

Deferred taxation (Note 10)
9,197
8,500

1,129,125
496,787


Included in trade debtors are amounts totalling £1,912 (2023 £21,104) which are due in over one year.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
255,309
182,093

Amounts owed to group undertakings
1,945,600
1,304,533

Other taxation and social security
26,628
118,160

Other creditors
47,090
96,597

2,274,627
1,701,383


Page 6

 
HORBURY PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Deferred taxation




2024


£






At beginning of year
8,500


Charged to profit or loss
697



At end of year
9,197

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
9,197
8,500


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Contingent liabilities

The Company's bankers hold an unlimited Composite Company Limited Multilateral Guarantee and debenture between the following group companies: Horbury Group Limited, Horbury Joinery Limited, Tubular Scaffolding Services Limited, Titan Interior Solutions Limited, T.I.S. Services Limited, South Grove House Limited, Millstone Building Limited, Magna Plant and Tool Hire Limited, Horbury Support Services Limited (formerly known as G.B.W. (Tool Hire) Limited), Horbury Property Services Limited, Horbury Building Systems Limited, Titan Flooring Limited and Environ Safety Management Limited.

Page 7

 
HORBURY PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A from the provisions of section 33 of FRS 102. Related party disclosures, from disclosing transaction with wholly owned subsidiary undertakings. 
Transactions during the year and balances at the year end with related parties are shown below:


2024
2023
£
£

Management services paid to subsidiaries
(66,347)
-
Rent payable to fellow subsidiaries
(60,000)
(84,000)
Balances owed to group undertakings
(1,945,600)
(1,304,533)
Balances due from group undertakings
657,389
-


12.


Controlling party

The immediate and ultimate parent undertaking and controlling party is Horbury Group Limited, which
prepares group financial statements.
The registered office of Horbury Group Limited is South Grove House, South Grove, Rotherham, South
Yorkshire, S60 2AF.

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 17 September 2024 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts Chatered Accountants.

 
Page 8