10 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10525469 2023-01-01 2023-12-31 10525469 2023-12-31 10525469 2022-12-31 10525469 2022-01-01 2022-12-31 10525469 2022-12-31 10525469 2021-12-31 10525469 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 10525469 bus:RegisteredOffice 2023-01-01 2023-12-31 10525469 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 10525469 bus:Director1 2023-01-01 2023-12-31 10525469 core:FurnitureFittingsToolsEquipment 2022-12-31 10525469 core:FurnitureFittingsToolsEquipment 2023-12-31 10525469 core:WithinOneYear 2023-12-31 10525469 core:WithinOneYear 2022-12-31 10525469 core:AfterOneYear 2023-12-31 10525469 core:AfterOneYear 2022-12-31 10525469 core:ShareCapital 2023-12-31 10525469 core:ShareCapital 2022-12-31 10525469 core:RetainedEarningsAccumulatedLosses 2023-12-31 10525469 core:RetainedEarningsAccumulatedLosses 2022-12-31 10525469 core:FurnitureFittingsToolsEquipment 2022-12-31 10525469 bus:SmallEntities 2023-01-01 2023-12-31 10525469 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10525469 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10525469 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10525469 bus:FullAccounts 2023-01-01 2023-12-31
Company registration number: 10525469
Horwitz Associates Limited
Unaudited filleted financial statements
31 December 2023
Horwitz Associates Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Horwitz Associates Limited
Directors and other information
Director R H Horwitz
Company number 10525469
Registered office 57a Broadway
Leigh on Sea
Essex
SS9 1PE
Business address 135/137 New London Road
Chelmsford
Essex
CM2 0QT
Accountants Buckley Watson Limited
57a Broadway
Leigh on Sea
Essex
SS9 1PE
Horwitz Associates Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Horwitz Associates Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horwitz Associates Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Horwitz Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Horwitz Associates Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horwitz Associates Limited and its director as a body for our work or for this report.
It is your duty to ensure that Horwitz Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Horwitz Associates Limited. You consider that Horwitz Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Horwitz Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Buckley Watson Limited
Chartered Accountants & Statutory Auditors
57a Broadway
Leigh on Sea
Essex
SS9 1PE
18 September 2024
Horwitz Associates Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,766 2,601
_______ _______
2,766 2,601
Current assets
Debtors 6 159,190 124,752
Cash at bank and in hand 22,363 67,115
_______ _______
181,553 191,867
Creditors: amounts falling due
within one year 7 ( 161,356) ( 99,734)
_______ _______
Net current assets 20,197 92,133
_______ _______
Total assets less current liabilities 22,963 94,734
Creditors: amounts falling due
after more than one year 8 ( 15,700) ( 25,760)
_______ _______
Net assets 7,263 68,974
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,163 68,874
_______ _______
Shareholders funds 7,263 68,974
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
R H Horwitz
Director
Company registration number: 10525469
Horwitz Associates Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 57a Broadway, Leigh on Sea, Essex, SS9 1PE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 7,891 7,891
Additions 1,087 1,087
_______ _______
At 31 December 2023 8,978 8,978
_______ _______
Depreciation
At 1 January 2023 5,290 5,290
Charge for the year 922 922
_______ _______
At 31 December 2023 6,212 6,212
_______ _______
Carrying amount
At 31 December 2023 2,766 2,766
_______ _______
At 31 December 2022 2,601 2,601
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 158,690 124,252
Other debtors 500 500
_______ _______
159,190 124,752
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,037 9,890
Trade creditors 17,100 31,145
Corporation tax 1,891 -
Social security and other taxes 125,934 52,085
Other creditors 6,394 6,614
_______ _______
161,356 99,734
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,700 25,760
_______ _______