HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 JANUARY 2024 | |||||||||||
Company Registration Number: 03437163 | |||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2024 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 8 | ||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2024 | |||||||||||
DIRECTOR | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
03437163 England and Wales | |||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 JANUARY 2024 | |||||||||||
Notes | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Tangible assets | 5 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT ASSETS | |||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 JANUARY 2024 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board | |||||||||||
C A Horan | |||||||||||
Director | |||||||||||
Date approved by the board: |
|||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2024 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Horan Construction Services Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: | |||||||||||
4 Witan Way | |||||||||||
Witney | |||||||||||
Oxon | |||||||||||
OX28 6FF | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Revenue recognition | |||||||||||
Turnover represents the provision of general construction and civil engineering services, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Plant and machinery | |||||||||||
Motor vehicles | |||||||||||
Office equipment | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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 amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and 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 of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its 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 the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Work in progress | |||||||||||
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction. | |||||||||||
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
Employee benefits | |||||||||||
Short term employee benefits are recognised as an expense in the period in which they are incurred. | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including the director) during the year was: | |||||||||||
2024 | 2023 | ||||||||||
Average number of employees | |||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2024 | |||||||||||
5 | TANGIBLE ASSETS | ||||||||||
Plant and machinery | Motor vehicles | Office equipment | Total | ||||||||
£ | £ | £ | £ | ||||||||
Cost | |||||||||||
At 1 February 2023 | |||||||||||
Additions | |||||||||||
Disposals | ( |
( |
( |
( |
|||||||
At 31 January 2024 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 February 2023 | |||||||||||
Charge for year | |||||||||||
Disposals | ( |
( |
( |
( |
|||||||
At 31 January 2024 | |||||||||||
Net book value | |||||||||||
At 1 February 2023 | |||||||||||
At 31 January 2024 | |||||||||||
6 | DEBTORS | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
20,169 | 55,224 | ||||||||||
7 | CREDITORS: Amounts falling due within one year | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
100,037 | 78,487 | ||||||||||
HORAN CONSTRUCTION SERVICES LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 JANUARY 2024 | |||||||||||
8 | RELATED PARTY TRANSACTIONS | ||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
Advances from director | |||||||||||