Company registration number 05382362 (England and Wales)
EXPANDING HORIZONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
EXPANDING HORIZONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
EXPANDING HORIZONS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,578,083
1,377,568
Investment property
5
225,000
225,000
Investments
6
384,486
251,250
2,187,569
1,853,818
Current assets
Debtors
7
1,007,204
857,913
Cash at bank and in hand
172,246
156,960
1,179,450
1,014,873
Creditors: amounts falling due within one year
8
(393,328)
(268,430)
Net current assets
786,122
746,443
Total assets less current liabilities
2,973,691
2,600,261
Creditors: amounts falling due after more than one year
9
(839,661)
(809,039)
Provisions for liabilities
(85,705)
(40,551)
Net assets
2,048,325
1,750,671
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
369,830
369,830
Profit and loss reserves
1,678,395
1,380,741
Total equity
2,048,325
1,750,671
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Mr T J P Jenkins
Director
Company Registration No. 05382362
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Expanding Horizons Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Raglan House, Llantarnum Business Park, Cwmbran, Torfaen, NP44 3AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
15% Reducing balance
Computers
15% Reducing balance
Motor vehicles
15% Reducing balance
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
93
97
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
510,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
510,000
Carrying amount
At 31 March 2024
At 31 March 2023
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,354,867
12,155
17,322
1,384,344
Additions
27,221
10,369
169,522
207,112
At 31 March 2024
1,382,088
22,524
17,322
169,522
1,591,456
Depreciation and impairment
At 1 April 2023
1,646
5,130
6,776
Depreciation charged in the year
2,649
1,829
2,119
6,597
At 31 March 2024
4,295
6,959
2,119
13,373
Carrying amount
At 31 March 2024
1,382,088
18,229
10,363
167,403
1,578,083
At 31 March 2023
1,354,867
10,509
12,192
1,377,568
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
225,000
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
384,486
251,250
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
251,250
Additions
496,398
Return on Investment
(363,162)
At 31 March 2024
384,486
Carrying amount
At 31 March 2024
384,486
At 31 March 2023
251,250
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
226,329
143,569
Other debtors
780,875
714,344
1,007,204
857,913
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
90,000
90,000
Trade creditors
718
Corporation tax
67,127
73,003
Other taxation and social security
61,837
53,839
Other creditors
174,364
50,870
393,328
268,430
Included in other creditors falling due within one year are obligations under finance leases totalling £30,011 (2023 - £Nil), secured against the assets they have financed.
EXPANDING HORIZONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
709,650
809,039
Other creditors
130,011
839,661
809,039
Included in other creditors falling due after more than one year are obligations under finance leases totaling £130,011 (2023 - £Nil), secured against the assets they have financed.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in the amounts owed from other debtors is an amount of £698,506 (2023 - £702,476) which is owed from Tai Gorwel Limited, a company which shares a common director. This is included in debtors: amounts falling due within one year.
Included in the amounts owed from other debtors is an amount of £32,806 (2023 - creditor of £22,486) which is owed from Ridgeway House (Bristol) Limited, a subsidiary company. This is included in debtors: amounts falling due within one year.
Included in the amounts owed to other creditors is an amount of £10,882 (2023 - £10,882) which is owed to Saykin Holdings Limited, a company which shares a common director. This is included in creditors; amounts falling due within one year.
12
Directors' transactions
Dividends totalling £30,050 (2023 - £2,292) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
-
48,189
(37,269)
10,920
Director
-
-
80,218
(60,000)
20,218
-
128,407
(97,269)
31,138