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REGISTERED NUMBER: 08724981 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2023

for

New Horizons (NW) Ltd

New Horizons (NW) Ltd (Registered number: 08724981)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Profit and Loss Account 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


New Horizons (NW) Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Ms J L Mahon
Ms A K Rosenblatt
Ms T Sucksmith
Ms N J Waterhouse





REGISTERED OFFICE: Unit 17 & 18 Navigation Business Park
Navigation Way
Ashton-On-Ribble
Preston
PR2 2YP





REGISTERED NUMBER: 08724981 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

New Horizons (NW) Ltd (Registered number: 08724981)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
New Horizons continues to concentrate on the core business of supplying services for vulnerable children across the North West.

Performance for the year saw an increase in turnover of 21.5%, increasing to £8.4m from £6.9m in 2022.

The increase in turnover can be attributed to a growth of available bed due to the acquisition of new properties and improved occupancy throughout the homes. Uplifts have also had an impact

Gross profit margin decreased during the period from 95.5% in 2022 to 94.8% in 2023. Predominantly this is due to the increased expenses of our YP. We took our YP abroad for their summer holiday for first time as well as increasing the budget for our annual fun day activities at both summer and Easter.

It is a fundamental objective to maintain a sustainable growth plan, and the company took the time during the year to focus on a wider spread of market sectors.

KEY PERFORMANCE INDICATORS
The key performance indicator detailed above is recognised as an integral part of monitoring the business, along with gross margin and net margin.

2023 2022

Turnover growth 21.5% 20.0%
Gross profit 94.8% 95.5%
Net profit 22.0% 27.7%

It is the responsibility of the commercial team to regularly monitor and review these figures and report the results and any corrective actions to the board.

The directors are happy with the company's performance against those indicators, especially during the challenges presented during the height of the pandemic.

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risks, which could materially and adversely impact the company's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact company profitability.

FINANCIAL INSTRUMENTS
The company uses various financial instruments; these include cash and various items, such as trade debtors and trade creditors, that arise directly from its operations.

The existence of these financial instruments exposes the company to several financial risks which are described in more detail below.

The main risks arising from the company's financial instruments are categorised as market risk, credit risk, liquidity risk and COVID-19 risk. The directors review and agree policies for managing these risks and they are summarised below.

CREDIT RISK
To counteract the risk of bad debts the business has increased the use of credit checking and monitoring facilities to assess the risk to the company. If a significant risk is identified then a further review is made and where appropriate protective actions are undertaken.

LIQUIDITY RISK
The business has a very strong relationship with its bank. The company has the facilities available to meet its needs on an ongoing basis. These facilities are reviewed on a regular basis, by both the bank and the management, and are in accordance with the needs of the company.


New Horizons (NW) Ltd (Registered number: 08724981)

Strategic Report
for the Year Ended 31 October 2023

FUTURE DEVELOPMENTS
The directors are keen to expand the core business, through organic sustainable growth, supply chain partnerships, and through strategic acquisition opportunities.

The business has a continued re-investment programme replacing production equipment with newer technology to enable the company to compete in increasingly competitive markets, which is constantly reviewed in line with business opportunities.

Since the year end, the company has purchased a further 2 properties and an offer has been accepted on another property. This will significant boost income and profitability once the homes are in use.

ON BEHALF OF THE BOARD:





Ms N J Waterhouse - Director


11 October 2024

New Horizons (NW) Ltd (Registered number: 08724981)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31st October 2023 will be £515,556 (2022: £411,379).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Ms J L Mahon
Ms A K Rosenblatt
Ms T Sucksmith
Ms N J Waterhouse

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms N J Waterhouse - Director


11 October 2024

Report of the Independent Auditors to the Members of
New Horizons (NW) Ltd

Opinion
We have audited the financial statements of New Horizons (NW) Ltd (the 'company') for the year ended 31 October 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
New Horizons (NW) Ltd


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
New Horizons (NW) Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the care services sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
New Horizons (NW) Ltd

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

11 October 2024

New Horizons (NW) Ltd (Registered number: 08724981)

Profit and Loss Account
for the Year Ended 31 October 2023

2023 2022
as restated
Notes £    £   

TURNOVER 3 8,359,152 6,879,773

Cost of sales 438,123 309,694
GROSS PROFIT 7,921,029 6,570,079

Administrative expenses 5,832,268 4,584,740
OPERATING PROFIT 5 2,088,761 1,985,339

Interest receivable and similar income 18,381 2,584
2,107,142 1,987,923

Interest payable and similar expenses 6 267,853 83,921
PROFIT BEFORE TAXATION 1,839,289 1,904,002

Tax on profit 7 414,798 475,104
PROFIT FOR THE FINANCIAL YEAR 1,424,491 1,428,898

New Horizons (NW) Ltd (Registered number: 08724981)

Other Comprehensive Income
for the Year Ended 31 October 2023

2023 2022
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,424,491 1,428,898


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,424,491 1,428,898
Note
Prior year adjustment 9 (900,877 )
TOTAL COMPREHENSIVE INCOME SINCE LAST
ANNUAL REPORT

523,614

New Horizons (NW) Ltd (Registered number: 08724981)

Balance Sheet
31 October 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,454,871 2,801,137

CURRENT ASSETS
Debtors 11 1,501,930 1,156,349
Cash at bank and in hand 1,239,350 1,258,113
2,741,280 2,414,462
CREDITORS
Amounts falling due within one year 12 1,073,891 953,267
NET CURRENT ASSETS 1,667,389 1,461,195
TOTAL ASSETS LESS CURRENT LIABILITIES 5,122,260 4,262,332

CREDITORS
Amounts falling due after more than one year 13 (1,571,293 ) (1,611,760 )

PROVISIONS FOR LIABILITIES 17 (127,775 ) (136,315 )
NET ASSETS 3,423,192 2,514,257

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 3,423,092 2,514,157
SHAREHOLDERS' FUNDS 3,423,192 2,514,257

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by:





Ms N J Waterhouse - Director


New Horizons (NW) Ltd (Registered number: 08724981)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 100 1,496,638 1,496,738

Changes in equity
Dividends - (411,379 ) (411,379 )
Total comprehensive income - 2,329,775 2,329,775
Balance at 31 October 2022 100 3,415,034 3,415,134
Prior year adjustment - (900,877 ) (900,877 )
As restated 100 2,514,157 2,514,257

Changes in equity
Dividends - (515,556 ) (515,556 )
Total comprehensive income - 1,424,491 1,424,491
Balance at 31 October 2023 100 3,423,092 3,423,192

New Horizons (NW) Ltd (Registered number: 08724981)

Cash Flow Statement
for the Year Ended 31 October 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,007,214 1,610,893
Interest paid (267,851 ) (83,924 )
Tax paid (354,565 ) -
Net cash from operating activities 1,384,798 1,526,969

Cash flows from investing activities
Purchase of tangible fixed assets (265,645 ) (600,231 )
Sale of tangible fixed assets 550 -
Interest received 18,381 2,584
Net cash from investing activities (246,714 ) (597,647 )

Cash flows from financing activities
Loan repayments in year (641,291 ) (215,229 )
Equity dividends paid (515,556 ) (411,379 )
Net cash from financing activities (1,156,847 ) (626,608 )

(Decrease)/increase in cash and cash equivalents (18,763 ) 302,714
Cash and cash equivalents at beginning of year 2 1,258,113 955,399

Cash and cash equivalents at end of year 2 1,239,350 1,258,113

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
as restated
£    £   
Profit before taxation 1,839,289 1,904,002
Depreciation charges 197,386 147,912
Loss on disposal of fixed assets 6,671 -
Finance costs 267,853 83,921
Finance income (18,381 ) (2,584 )
2,292,818 2,133,251
Increase in trade and other debtors (345,581 ) (489,044 )
Increase/(decrease) in trade and other creditors 59,977 (33,314 )
Cash generated from operations 2,007,214 1,610,893

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,239,350 1,258,113
Year ended 31 October 2022
31.10.22 1.11.21
as restated
£    £   
Cash and cash equivalents 1,258,113 955,399


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.11.22 Cash flow changes At 31.10.23
£    £    £    £   
Net cash
Cash at bank
and in hand 1,258,113 (18,763 ) 1,239,350
1,258,113 (18,763 ) 1,239,350
Debt
Debts falling due
within 1 year (113,362 ) 7,433 - (105,929 )
Debts falling due
after 1 year (1,611,760 ) (633,858 ) 593,391 (1,571,293 )
(1,725,122 ) (626,425 ) 593,391 (1,677,222 )
Total (467,009 ) (645,188 ) 593,391 (437,872 )

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

New Horizons (NW) Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The critical judgments that the directors have made in the process of applying the company's accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Key judgements

Determining residual values of tangible assets
Judgement is applied by management when determining the residual values for fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Recoverability of trade debtors
The company establishes a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the trade debtors, past experience of recoverability and the credit profile of individual or groups of customers.

Estimated useful life of tangible assets
The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents gross invoiced sales of services. Revenue is recognised as the company becomes entitled to consideration for the services supplied.

All turnover is derived in the UK.

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on buildings
Long leasehold - 2% on buildings
Improvements to property - 20% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
as restated
£    £   
Contractual service work 8,058,649 6,741,130
Non-contractual service work 300,503 138,643
8,359,152 6,879,773

4. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 3,974,651 3,330,356
Social security costs 367,275 323,511
Other pension costs 91,160 77,388
4,433,086 3,731,255

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022
as restated

Directors 4 4
Administration staff 7 7
Care staff 136 122
147 133

2023 2022
as restated
£    £   
Directors' remuneration 199,032 199,029
Directors' pension contributions to money purchase schemes 5,947 5,947

The highest paid director received emoluments totalling £100,000 and pension contributions of £2,978 (2022 - £100,000 & £2,978).

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
as restated
£    £   
Other operating leases 75,136 83,681
Depreciation - owned assets 197,385 147,898
Loss on disposal of fixed assets 6,671 -
Auditors' remuneration 15,600 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank loan interest 222,483 83,921
Interest payable 45,370 -
267,853 83,921

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax 417,592 338,789
Prior year overprovision 5,746 -
Total current tax 423,338 338,789

Deferred tax (8,540 ) 136,315
Tax on profit 414,798 475,104

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£    £   
Profit before tax 1,839,289 1,904,002
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 -
19%)

349,465

361,760

Effects of:
Expenses not deductible for tax purposes 10,911 -
Capital allowances in excess of depreciation (16,562 ) -
Depreciation in excess of capital allowances - 123,570
Adjustments to tax charge in respect of previous periods 5,746 -
Other tax differences (Change in tax rate) 74,200 -
Capital allowances (change in tax rate) (8,962 ) -
Other tax differences - (10,226 )
Total tax charge 414,798 475,104

8. DIVIDENDS
2023 2022
as restated
£    £   
Ordinary shares of 1 each
Interim 515,556 411,379

9. PRIOR YEAR ADJUSTMENT

Material errors have been identified in the prior year's financial statements, for which prior year adjustments are required.
It was identified that depreciation had not been previously charged on freehold property. Therefore, depreciation of £45,669 has been retrospectively adjusted in the year ended 31st October 2022, leading to a decrease in profit after tax and decrease in the net book value of tangible assets in the prior year. Prior year adjustments have been made as far back as 2019, with further depreciation adjustments of £74,086 affecting the net book value of freehold property and retained earnings.
Depreciation of leasehold property had also not been provided in previous years. Therefore, depreciation of £5,283 has been retrospectively adjusted in the year ended 31st October 2022, leading to a decrease in profit after tax and decrease in the net book value of tangible assets in that year. Prior year adjustments have been made as far back as 2019, with further depreciation adjustments of £15,848 affecting the opening position being made.
In the prior year, it was identified that deferred tax in respect of accelerated capital allowances had not been provided. Therefore, a prior year adjustment of £136,315 has been adjusted resulting in a reduction in profit after tax and increase in provision for liabilities of that amount.
Errors were identified in relation to the provision of the corporation tax liability in prior years. Therefore, a £338,540 increase in the corporation tax provision for the financial year ended 31st October 2022 and a £285,136 increase in the 2021 financial year end have been posted. This has resulted in a decrease in profit after tax and an increase in the corporation tax liability at each of the year ends.
The accumulated affect of these errors have resulted in a reduction of net assets by £900,877 in 2022.

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. TANGIBLE FIXED ASSETS


Freehold
property
Long leasehold
property
Improvements
to property
£££
Cost
At 1 November 20222,283,445264,13935,571
Additions574,548--
Disposals---
At 31 October 20232,857,993264,13935,571
Depreciation
At 1 November 2022 - As restated119,75521,13116,683
Charge for year57,1595,2833,777
Eliminated on disposal---
At 31 October 2023176,91426,41420,460
NET BOOK VALUE
At 31 October 20232,681,079237,72515,111
At 31 October 20222,163,690243,00818,888



Plant and
machinery
Fixtures and
fittings
Motor
vehicles

Totals
££££
Cost
At 1 November 202246,995506,78646,1453,183,081
Additions-247,45236,340858,340
Disposals-(17,429)(5,500)(22,929)
At 31 October 202346,995736,80976,9854,018,492

Depreciation
At 1 November 2022 - As restated16,918192,08015,377381,944
Charge for the year6,016112,29812,852197,385
Eliminated on disposal-(13,041)(2,667)(15,708)
At October 202322,934291,33725,562563,621

NET BOOK VALUE
At 31 October 202324,061445,47251,4233,454,871
At 31 October 202230,077314,70630,7682,801,137

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 1,113,384 850,507
Other debtors 165,881 200,097
Prepayments and accrued income 222,665 105,745
1,501,930 1,156,349

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts (see note 14) 105,929 113,362
Trade creditors 95,653 52,012
Tax 691,756 623,676
Social security and other taxes 104,790 73,257
Other creditors 54,029 62,267
Accrued expenses 21,734 28,693
1,073,891 953,267

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans (see note 14) 1,571,293 1,611,760

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 105,929 113,362

Amounts falling due between two and five years:
Bank loans - 2-5 years 191,993 247,302

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,379,300 1,364,458

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 146,354 110,381
Between one and five years 279,234 241,249
425,588 351,630

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 1,649,723 1,687,622

Bank loans are secured by a first legal charge on the company's freehold land and buildings.

The company maintains a factoring account with eCapital Commercial Finance (North) Limited, which holds a first fixed and floating charge over all company assets. At both the current and prior year end, there were no amounts owed to the factoring provider.

17. PROVISIONS FOR LIABILITIES

20232022
££
Deferred tax
Accelerated capital allowances127,775136,315


Deferred tax
£
Balance at 1 November 2022 - As restated136,315
Provided for during the year(8,540)
Balance at 31 October 2023127,775

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
100 Ordinary 1 100 100

19. RESERVES
Retained
earnings
£   

At 1 November 2022 3,415,034
Prior year adjustment (900,877 )
2,514,157
Profit for the year 1,424,491
Dividends (515,556 )
At 31 October 2023 3,423,092

20. RELATED PARTY DISCLOSURES

During the financial year, the company made payments of £142,000 to a company which is controlled by the shareholders of this company. The loan has been repaid in full since the year end.

Related party loans are repayable on demand and are charged at a nominal rate of interest below market value.

New Horizons (NW) Ltd (Registered number: 08724981)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

21. POST BALANCE SHEET EVENTS

After the year end, the company purchased in cash for a further two properties for a purchase price of £418,762. The company has also had an offer accepted on a third property for £380,000 on 13th September 2024.

22. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, who are the majority shareholders.