Company registration number 03630048 (England and Wales)
C HORRELL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
C HORRELL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
C HORRELL LTD
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
14,196
14,196
Tangible assets
5
5,271,802
5,320,643
Investments
6
1
1
5,285,999
5,334,840
Current assets
Stocks
441,252
558,119
Debtors
7
144,824
103,720
Cash at bank and in hand
20,530
184
606,606
662,023
Creditors: amounts falling due within one year
8
(593,711)
(654,990)
Net current assets
12,895
7,033
Total assets less current liabilities
5,298,894
5,341,873
Creditors: amounts falling due after more than one year
9
(635,872)
(735,753)
Net assets
4,663,022
4,606,120
Capital and reserves
Called up share capital
10
329
329
Share premium account
2,407,264
2,407,264
Profit and loss reserves
2,255,429
2,198,527
Total equity
4,663,022
4,606,120

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 January 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.

C HORRELL LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
S Horrell
Director
Company registration number 03630048 (England and Wales)
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

C Horrell Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pode Hole Farm, The Causeway, Thorney, Peterborough, PE6 0QH.

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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently 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:

Land and buildings freehold
No depreciation/2% of cost/10% of cost
Plant and machinery
10% of written down value
Office equipment
15% of written down value
Motor vehicles
25% of written down value
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to 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.

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stock is valued at the lower of cost and net realisable value.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

Basic financial assets and liabilities

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.

 

Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate.

1.10
Equity instruments

Equity instruments being the share capital issued by the company.

1.11
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.

C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.12
Employee benefits

The costs of short-term employee costs 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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
4
Intangible fixed assets
Quotas
£
Cost
At 1 February 2023 and 31 January 2024
14,196
Amortisation and impairment
At 1 February 2023 and 31 January 2024
-
0
Carrying amount
At 31 January 2024
14,196
At 31 January 2023
14,196
5
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
4,768,309
1,344,193
29,586
56,040
6,198,128
Additions
11,971
120,958
5,674
-
0
138,603
Disposals
-
0
(24,650)
(7,500)
(5,546)
(37,696)
At 31 January 2024
4,780,280
1,440,501
27,760
50,494
6,299,035
Depreciation and impairment
At 1 February 2023
157,012
662,738
16,405
41,330
877,485
Depreciation charged in the year
26,686
146,442
2,386
3,258
178,772
Eliminated in respect of disposals
-
0
(17,655)
(7,500)
(3,869)
(29,024)
At 31 January 2024
183,698
791,525
11,291
40,719
1,027,233
Carrying amount
At 31 January 2024
4,596,582
648,976
16,469
9,775
5,271,802
At 31 January 2023
4,611,297
681,455
13,181
14,710
5,320,643
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
86,793
33,099
Other debtors
12,472
37,159
Prepayments and accrued income
45,559
33,462
144,824
103,720
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
43,936
104,342
Obligations under finance leases
63,811
89,216
Trade creditors
113,741
79,255
Corporation tax
13,308
-
0
Other taxation and social security
2,486
4,622
Other creditors
206,474
324,462
Accruals and deferred income
149,955
53,093
593,711
654,990
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
526,610
552,911
Obligations under finance leases
62,146
125,957
Deferred income
47,116
56,885
635,872
735,753

Bank loans and overdrafts are secured on land and buildings owned by the company.

 

Net obligations under hire purchase contracts are secured on the related assets.

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
223,618
234,060
C HORRELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
32,918
32,918
329
329
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