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Registration number: 05792353

1ST Horizon Surveying & Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

1ST Horizon Surveying & Engineering Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

1ST Horizon Surveying & Engineering Ltd

Company Information

Director

Mr J E Garside

Company secretary

Mrs AJ Garside

Registered office

The Old Pop Factory 88-90 High Street
Dodworth
Barnsley
South Yorkshire
S75 3RQ

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

1ST Horizon Surveying & Engineering Ltd

(Registration number: 05792353)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

2,031,343

1,875,867

Current assets

 

Stocks

4

45,000

-

Debtors

5

3,338,212

2,735,492

Cash at bank and in hand

 

43,487

118,447

 

3,426,699

2,853,939

Creditors: Amounts falling due within one year

6

(1,478,908)

(1,120,020)

Net current assets

 

1,947,791

1,733,919

Total assets less current liabilities

 

3,979,134

3,609,786

Creditors: Amounts falling due after more than one year

6

(581,366)

(664,646)

Provisions for liabilities

(244,458)

(213,915)

Net assets

 

3,153,310

2,731,225

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

185,596

185,596

Retained earnings

2,967,614

2,545,529

Shareholders' funds

 

3,153,310

2,731,225

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.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 January 2025
 

 

1ST Horizon Surveying & Engineering Ltd

(Registration number: 05792353)
Balance Sheet as at 30 April 2024

.........................................
Mr J E Garside
Director

 

1ST Horizon Surveying & Engineering Ltd

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

1

Accounting policies

Statement of compliance

These 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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.

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:

 

1ST Horizon Surveying & Engineering Ltd

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

Asset class

Depreciation method and rate

Plant and machinery etc

20% reducing balance, 25% reducing balance and 25% straight Line

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.

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.

 

1ST Horizon Surveying & Engineering Ltd

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

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 33 (2023 - 38).

 

1ST Horizon Surveying & Engineering Ltd

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

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

750,000

269,407

442,007

1,171,202

2,632,616

Additions

-

7,620

21,666

410,980

440,266

Disposals

-

-

-

(17,418)

(17,418)

At 30 April 2024

750,000

277,027

463,673

1,564,764

3,055,464

Depreciation

At 1 May 2023

-

214,392

179,023

363,335

756,750

Charge for the year

-

15,425

66,555

196,209

278,189

Eliminated on disposal

-

-

-

(10,818)

(10,818)

At 30 April 2024

-

229,817

245,578

548,726

1,024,121

Carrying amount

At 30 April 2024

750,000

47,210

218,095

1,016,038

2,031,343

At 30 April 2023

750,000

55,015

262,984

807,868

1,875,867

Included within the net book value of land and buildings above is £750,000 (2023 - £750,000) in respect of freehold land and buildings.
 

4

Stocks

2024
£

2023
£

Work in progress

45,000

-

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

529,435

1,273,249

Amounts owed by related parties

1,781,986

850,000

Prepayments

 

206,907

35,029

Other debtors

 

819,884

577,214

   

3,338,212

2,735,492

 

1ST Horizon Surveying & Engineering Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

97,012

142,170

Trade creditors

 

642,574

145,386

Taxation and social security

 

63,272

165,181

Accruals and deferred income

 

32,072

118,548

Other creditors

 

428,663

323,340

HP and finance lease liabilities

 

215,315

225,395

 

1,478,908

1,120,020

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

466,116

546,167

Deferred income

 

115,250

118,479

 

581,366

664,646

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £0.10 each

669

67

669

67

Ordinary B of £0.10 each

330

33

330

33

Ordinary C of £0.10 each

1

-

1

-

1,000

100

1,000

100

 

1ST Horizon Surveying & Engineering Ltd

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

139,643

239,944

Hire purchase contracts

326,473

306,223

466,116

546,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

97,012

142,170

Hire purchase contracts

215,315

225,395

312,327

367,565