IRIS Accounts Production v24.3.0.553 SC053010 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0530102023-03-31SC0530102024-03-31SC0530102023-04-012024-03-31SC0530102022-03-31SC0530102022-04-012023-03-31SC0530102023-03-31SC053010ns15:Scotland2023-04-012024-03-31SC053010ns14:PoundSterling2023-04-012024-03-31SC053010ns10:Director12023-04-012024-03-31SC053010ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC053010ns10:SmallEntities2023-04-012024-03-31SC053010ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31SC053010ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC053010ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC053010ns10:FullAccounts2023-04-012024-03-31SC053010ns5:CurrentFinancialInstruments2024-03-31SC053010ns5:CurrentFinancialInstruments2023-03-31SC053010ns5:Non-currentFinancialInstruments2024-03-31SC053010ns5:Non-currentFinancialInstruments2023-03-31SC053010ns5:ShareCapital2024-03-31SC053010ns5:ShareCapital2023-03-31SC053010ns5:RetainedEarningsAccumulatedLosses2024-03-31SC053010ns5:RetainedEarningsAccumulatedLosses2023-03-31SC053010ns5:LandBuildings2023-04-012024-03-31SC053010ns5:PlantMachinery2023-04-012024-03-31SC053010ns5:LandBuildings2023-03-31SC053010ns5:PlantMachinery2023-03-31SC053010ns5:LandBuildings2024-03-31SC053010ns5:PlantMachinery2024-03-31SC053010ns5:LandBuildings2023-03-31SC053010ns5:PlantMachinery2023-03-31SC053010ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-31SC053010ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-31SC053010ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-31SC053010ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-31SC053010ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC053010ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: SC053010 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Horizon (Reinforcing & Crane Hire)
Company Limited

Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,019,105 6,383,718
Investment property 5 1,456,018 1,456,018
8,475,123 7,839,736

CURRENT ASSETS
Stocks 72,000 60,000
Debtors 6 2,516,867 1,168,366
Cash at bank 106,800 362,712
2,695,667 1,591,078
CREDITORS
Amounts falling due within one year 7 (836,680 ) (957,967 )
NET CURRENT ASSETS 1,858,987 633,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,334,110

8,472,847

CREDITORS
Amounts falling due after more than one
year

8

(997,786

)

(730,423

)

PROVISIONS FOR LIABILITIES (1,684,230 ) (1,523,645 )
NET ASSETS 7,652,094 6,218,779

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Retained earnings 7,627,094 6,193,779
SHAREHOLDERS' FUNDS 7,652,094 6,218,779

Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)

Statement of Financial Position - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





Mr Stewart Malcolm Dougall - Director


Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Horizon (Reinforcing & Crane Hire) Company Limited is a private company, limited by shares, domiciled in Scotland, registration number SC053010 . The registered office is Unit 1, Dollar Industrial Estate, Falkirk, FK2 7YS.

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 net invoiced sales of goods and services in respect of the installation and supply of steel and the hire of cranes during the year, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all
tangible fixed assets are depreciated to nil value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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 statement of financial position date.


Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

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 as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 22 ) .

Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 388,975 9,927,123 10,316,098
Additions - 1,581,481 1,581,481
Disposals - (452,429 ) (452,429 )
At 31 March 2024 388,975 11,056,175 11,445,150
DEPRECIATION
At 1 April 2023 111,327 3,821,053 3,932,380
Charge for year 6,264 740,421 746,685
Eliminated on disposal - (253,020 ) (253,020 )
At 31 March 2024 117,591 4,308,454 4,426,045
NET BOOK VALUE
At 31 March 2024 271,384 6,747,721 7,019,105
At 31 March 2023 277,648 6,106,070 6,383,718

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 1,534,769
Additions 1,479,117
Transfer to ownership (235,000 )
At 31 March 2024 2,778,886
DEPRECIATION
At 1 April 2023 148,867
Charge for year 269,814
Transfer to ownership (79,457 )
At 31 March 2024 339,224
NET BOOK VALUE
At 31 March 2024 2,439,662
At 31 March 2023 1,385,902

Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,456,018
NET BOOK VALUE
At 31 March 2024 1,456,018
At 31 March 2023 1,456,018

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 674,534 526,323
Amounts owed by related parties 1,833,810 410,096
Other debtors 8,523 231,947
2,516,867 1,168,366

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 323,678 612,410
Trade creditors 94,869 59,405
Taxation and social security 418,133 179,564
Other creditors - 106,588
836,680 957,967

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 997,786 716,516
Other creditors - 13,907
997,786 730,423

Horizon (Reinforcing & Crane Hire)
Company Limited (Registered number: SC053010)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 1,321,464 1,328,926

In respect of the bank overdraft, The Royal Bank of Scotland hold a standard security in relation to the premises at Bleachfield Road, Dollar in addition to a bond and floating charge over the whole assets of the company.

Balances due on the factoring account are secured on the trade debt to which it relates.

Balances outstanding in relation to hire purchase contracts are secured on the assets to which the hire purchase agreements relate to.

10. RELATED PARTY DISCLOSURES

Entities under common control
At the year end, the company was due £1,833,810 from related parties (2023: £410,096).