Company registration number NI674909 (Northern Ireland)
HORIZON DESIGN & CONSTRUCTION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
HORIZON DESIGN & CONSTRUCTION LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
HORIZON DESIGN & CONSTRUCTION LTD
COMPANY INFORMATION
- 1 -
Directors
Mr James Brian Adam
Mrs Jean Adam
Secretary
Mrs Gillian Bradley
Company number
NI674909
Registered office
5 Cranley Avenue
Bangor
Co Down
BT19 7BY
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
5 Cranley Avenue
Bangor
Co Down
BT19 7BY
Bankers
Ulster Bank
13 Springhill Shopping Centre
Bangor
Co Down
BT19 1ND
HORIZON DESIGN & CONSTRUCTION LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
142,682
142,682
Current assets
Cash at bank and in hand
5,647,215
5,648,328
Net current assets
5,647,215
5,648,328
Total assets less current liabilities
5,789,897
5,791,010
Creditors: amounts falling due after more than one year
4
-
0
(391,012)
Net assets
5,789,897
5,399,998
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss reserves
5,788,897
5,398,998
Total equity
5,789,897
5,399,998
The notes on pages 4 to 6 form part of these financial statements
Compiled without audit or independent verification
HORIZON DESIGN & CONSTRUCTION LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
Directors' statement in respect of the financial statements

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 accordance with section 476 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and Financial Reporting Standard FRS 102 1A - Small Entities.

The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr James Brian Adam
.........................................
Mr James Brian Adam
Director
Company Registration No. NI674909
The notes on pages 4 to 6 form part of these financial statements
Compiled without audit or independent verification
HORIZON DESIGN & CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Horizon Design & Construction Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 5 Cranley Avenue, Bangor, Co Down, BT19 7BY. The business address is 5 Cranley Avenue, Bangor, Co. Down, BT19 7BY.

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 represents the total invoice value of services rendered during the year and is shown net of value added tax and other sales related taxes. The company trades solely within Northern Ireland.

1.3
Tangible fixed assets

All tangible fixed assets are initially recorded at historical cost. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off cost or valuation, less estimated residual value, of each asset systematically over its expected useful life, as follows:

Land and buildings
Nil
1.4
Investment properties

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
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

HORIZON DESIGN & CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Shares are included in shareholders' funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
142,682

Investment property comprises land at Cranley Lodge, Bangor, Northern Ireland. The fair value of the investment property has been arrived at on the basis of the historic cost of the land and by reference to market evidence of transaction prices for similar sites.

HORIZON DESIGN & CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to related undertakings
-
0
391,012
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
6
Financial commitments, guarantees and contingent liabilities

The company had no financial commitments as at 31 March 2024 or 31 March 2023.

7
Capital commitments

The company had no capital commitments as at 31 March 2024 or 31 March 2023.

8
Control

The directors control the company.

9
Related party transactions

During the year there were transactions between the company and a related party. As at 31 March 2024 the balance owing to the related party amounted to £Nil (2023: £391,012) which is after loan forgiveness of £391,012. No interest was charged on this loan.

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