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REGISTERED NUMBER: SC016062















HORNE ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,899,628 1,024,352
1,899,628 1,024,352

CURRENT ASSETS
Stocks 2,750,113 2,287,149
Debtors 6 1,020,197 679,703
Cash at bank and in hand 2,158,495 3,096,539
5,928,805 6,063,391
CREDITORS
Amounts falling due within one year 7 806,728 631,053
NET CURRENT ASSETS 5,122,077 5,432,338
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,021,705

6,456,690

PROVISIONS FOR LIABILITIES 110,109 40,831
NET ASSETS 6,911,596 6,415,859

CAPITAL AND RESERVES
Called up share capital 3,808 3,808
Non-distributable reserve 161,517 161,517
Capital redemption reserve 1,192 1,192
Retained earnings 6,745,079 6,249,342
SHAREHOLDERS' FUNDS 6,911,596 6,415,859

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)

BALANCE SHEET - continued
31 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 19 September 2024 and were signed on its behalf by:





A W D Horne - Director


HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Horne Engineering Limited is a private company, limited by shares, registered in Scotland. The registered office is Lancefield Works, Rankine Street, Johnstone, Renfrewshire, PA5 8BD.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover represents the invoice value of goods supplied and services rendered, exclusive of value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Intangible assets
Intangible assets represent patents costs capitalised during the year. These costs are amortised in full during the year in which they are incurred.

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.
Land and buildings - 4% straight line
Plant and machinery etc - 25% on cost and 15% on reducing balance

Plant and machinery are included in the financial statements at cost less accumulated depreciation and accumulated impairment losses.

Land and buildings are stated at cost (including deemed cost, being the fair value at the date of transition to FRS102) less accumulated depreciation and accumulated impairment losses. Land included within heritable property is not depreciated. If the estimated residual value at the balance sheet date is considered to be equivalent to the cost, no depreciation will be charged.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stock has been valued at the lower of cost and estimated selling price less cost to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand and cash held at banks.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Research and development
Expenditure on research and development is recognised in the profit and loss account in the year in which it is incurred.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 36 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 57,503
AMORTISATION
At 1 January 2023
and 31 December 2023 57,503
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 777,685 1,343,002 2,120,687
Additions 583,067 428,421 1,011,488
Disposals - (77,589 ) (77,589 )
At 31 December 2023 1,360,752 1,693,834 3,054,586
DEPRECIATION
At 1 January 2023 - 1,096,335 1,096,335
Charge for year - 121,369 121,369
Eliminated on disposal - (62,746 ) (62,746 )
At 31 December 2023 - 1,154,958 1,154,958
NET BOOK VALUE
At 31 December 2023 1,360,752 538,876 1,899,628
At 31 December 2022 777,685 246,667 1,024,352

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 1976 (6,300 ) - (6,300 )
Valuation in 1990 20,000 - 20,000
Valuation in 1996 55,000 - 55,000
Valuation in 2001 55,000 - 55,000
Valuation in 2006 65,000 - 65,000
Cost 1,172,052 1,693,834 2,865,886
1,360,752 1,693,834 3,054,586

If heritable property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,172,052 588,985

Included above is £nil (2022: £10,091) carrying value of assets for which the company has pledged as security.

HORNE ENGINEERING LIMITED (REGISTERED NUMBER: SC016062)

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 776,964 580,756
Other debtors 243,233 98,947
1,020,197 679,703

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 2,981
Trade creditors 133,158 225,614
Taxation and social security 326,119 208,207
Other creditors 347,451 194,251
806,728 631,053

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 2,981

Hire purchase contracts are secured against the assets to which they relate.

9. CAPITAL COMMITMENTS

At 31 December 2023, the company had capital commitments contracted for but not provided for in these financial statements of £nil (2022: £625,519).

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
A D Horne
Balance outstanding at start of year 14,213 -
Amounts advanced 98,586 14,213
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 112,799 14,213

Interest is charged at market rate on the amounts due. There are no fixed terms of repayment.