E & M Horsburgh Limited SC205341 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of private and contract hire coach services and registered stage carriage bus services. Digita Accounts Production Advanced 6.30.9574.0 true true true true SC205341 2023-05-01 2024-04-30 SC205341 2024-04-30 SC205341 bus:OrdinaryShareClass1 2024-04-30 SC205341 core:CurrentFinancialInstruments 2024-04-30 SC205341 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 SC205341 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 SC205341 core:LandBuildings 2024-04-30 SC205341 core:OtherPropertyPlantEquipment 2024-04-30 SC205341 bus:SmallEntities 2023-05-01 2024-04-30 SC205341 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC205341 bus:FilletedAccounts 2023-05-01 2024-04-30 SC205341 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC205341 bus:RegisteredOffice 2023-05-01 2024-04-30 SC205341 bus:Director1 2023-05-01 2024-04-30 SC205341 bus:Director2 2023-05-01 2024-04-30 SC205341 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC205341 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC205341 core:LandBuildings 2023-05-01 2024-04-30 SC205341 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC205341 core:PlantMachinery 2023-05-01 2024-04-30 SC205341 core:Vehicles 2023-05-01 2024-04-30 SC205341 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-01 2024-04-30 SC205341 countries:Scotland 2023-05-01 2024-04-30 SC205341 2023-04-30 SC205341 core:LandBuildings 2023-04-30 SC205341 core:OtherPropertyPlantEquipment 2023-04-30 SC205341 2022-05-01 2023-04-30 SC205341 2023-04-30 SC205341 bus:OrdinaryShareClass1 2023-04-30 SC205341 core:CurrentFinancialInstruments 2023-04-30 SC205341 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 SC205341 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 SC205341 core:LandBuildings 2023-04-30 SC205341 core:OtherPropertyPlantEquipment 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC205341

E & M Horsburgh Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

E & M Horsburgh Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

E & M Horsburgh Limited

Company Information

Directors

Mr E M Horsburgh

Mr M A Horsburgh

Registered office

180 Uphall Station Road
Pumpherston
Livingston
West Lothian
EH53 0PD

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

E & M Horsburgh Limited

(Registration number: SC205341)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

648,672

768,685

Current assets

 

Stocks

5

24,344

32,268

Debtors

6

306,422

326,329

Cash at bank and in hand

 

217,958

187,499

 

548,724

546,096

Prepayments and accrued income

 

60,658

103,247

Creditors: Amounts falling due within one year

(464,737)

(486,257)

Net current assets

 

144,645

163,086

Total assets less current liabilities

 

793,317

931,771

Creditors: Amounts falling due after more than one year

(65,852)

(215,204)

Provisions for liabilities

(132,629)

(155,477)

Accruals and deferred income

 

(21,300)

(25,670)

Net assets

 

573,536

535,420

Capital and reserves

 

Called up share capital

7

99,480

99,480

Retained earnings

474,056

435,940

Shareholders' funds

 

573,536

535,420

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

E & M Horsburgh Limited

(Registration number: SC205341)
Abridged Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 13 January 2025 and signed on its behalf by:
 

.........................................
Mr E M Horsburgh
Director

 

E & M Horsburgh Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
180 Uphall Station Road
Pumpherston
Livingston
West Lothian
EH53 0PD

These financial statements were authorised for issue by the Board on 13 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of private and contract hire coach services and registered stage carriage bus services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

E & M Horsburgh Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, Machinery & equipment

20% on cost

Motor Vehicles

20% on cost

Improvements to property

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

E & M Horsburgh Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase or finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a hire purchase or finance lease obligation.

Payments are apportioned between finance costs in the Profit and Loss Account and reduction of the obligation's so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

E & M Horsburgh Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 76 (2023 - 76).

 

E & M Horsburgh Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

62,505

3,634,760

3,697,265

Additions

-

45,000

45,000

Disposals

-

(32,285)

(32,285)

At 30 April 2024

62,505

3,647,475

3,709,980

Depreciation

At 1 May 2023

47,728

2,880,852

2,928,580

Charge for the year

3,283

159,151

162,434

Eliminated on disposal

-

(29,706)

(29,706)

At 30 April 2024

51,011

3,010,297

3,061,308

Carrying amount

At 30 April 2024

11,494

637,178

648,672

At 30 April 2023

14,777

753,908

768,685

Included within the net book value of land and buildings above is £11,493 (2023 - £14,777) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stock

24,344

32,268

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

99,480

99,480

99,480

99,480

       
 

E & M Horsburgh Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Summary of transactions with key management

The company operates a loan account with the directors, Mr E M Horsburgh and Mr M A Horsburgh.

During the year, the directors advanced loans totalling £704 to the company. At the year end, the balance due to the directors was £29,599 (2023 - £28,895). This loan is unsecured, interest free and has no fixed repayment terms.