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COMPANY REGISTRATION NUMBER: SC175538
Simon Horne Ltd
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Simon Horne Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Simon Horne Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
568,152
584,555
Current assets
Stocks
537,799
427,614
Debtors
6
285,950
319,372
Cash at bank and in hand
6,632
68
---------
---------
830,381
747,054
Creditors: amounts falling due within one year
7
435,822
362,588
---------
---------
Net current assets
394,559
384,466
---------
---------
Total assets less current liabilities
962,711
969,021
Creditors: amounts falling due after more than one year
8
99,063
157,117
Provisions
Taxation including deferred tax
5,078
5,675
---------
---------
Net assets
858,570
806,229
---------
---------
Simon Horne Ltd
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
9
15,000
15,000
Capital redemption reserve
15,000
15,000
Profit and loss account
828,570
776,229
---------
---------
Shareholders funds
858,570
806,229
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Mr S Horne
Director
Company registration number: SC175538
Simon Horne Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Ruthvenfield Road, Inveralmond Industrial Estate, Perth, Perth & Kinross, PH1 3XA, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Revenue comprises the fair value of the sale and hire of vehicles net of Value Added Tax and discounts. Revenue is recognised as follows: Sale/Hire of vehicles Sales of vehicles are recognised when the company has delivered the vehicle to the customer, the customer has accepted the vehicle, and collectability of the related receivable is fairly assured. Hire revenue is allocated to the relevant accounting period covered by the hire.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property
-
2% straight line
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
5% reducing balance
Motor Vehicles
-
15% straight line
Office Equipment
-
15% reducing balance
(f) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(i) Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, cash at bank, trade creditors, bank loans and directors' loans. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice amount. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit and loss. Cash at bank is measured at the undiscounted amount held by a bank. Bank loans are measured at the undiscounted amount expected to be paid to the lenders net of finance charges when market rate of interest charged. Directors' loans have no fixed terms for repayment and are measured at the undiscounted cash expected to be received.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
675,979
46,393
19,958
6,750
23,488
772,568
Additions
1,208
1,915
3,123
---------
--------
--------
-------
--------
---------
At 30 Apr 2024
675,979
47,601
19,958
6,750
25,403
775,691
---------
--------
--------
-------
--------
---------
Depreciation
At 1 May 2023
121,068
33,585
6,900
6,750
19,710
188,013
Charge for the year
13,485
4,536
653
852
19,526
---------
--------
--------
-------
--------
---------
At 30 Apr 2024
134,553
38,121
7,553
6,750
20,562
207,539
---------
--------
--------
-------
--------
---------
Carrying amount
At 30 Apr 2024
541,426
9,480
12,405
4,841
568,152
---------
--------
--------
-------
--------
---------
At 30 Apr 2023
554,911
12,808
13,058
3,778
584,555
---------
--------
--------
-------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
46,736
50,382
Other debtors
239,214
268,990
---------
---------
285,950
319,372
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
274,752
251,359
Trade creditors
57,704
21,871
Social security and other taxes
87,181
76,031
Other creditors
5,798
3,127
Other creditors - deposits
4,614
4,614
Other creditors
5,773
5,586
---------
---------
435,822
362,588
---------
---------
Bank loans due within one year totalling £248,751 (2023 - £210,121) are secured by the company.
On 1 March 2012 a standard security over the property at Ruthvenfield Road, Inveralmond Industrial Estate, Perth and a floating charge over all the assets and undertakings of the company was granted to the Bank of Scotland in support of the term loan. A personal guarantee of £100,000 was also provided by Mr and Mrs S Horne over the loan on this date. A further personal guarantee of £101,000 was provided by Mr and Mrs Horne on 23 April 2015 in support of the variable rate loans drawn on that date.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
99,063
157,117
--------
---------
Bank loans due after more than one year totalling £66,562 (2023 - £98,616) are secured by the company.
9. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000,000
1,000,000
1,000,000
1,000,000
------------
------------
------------
------------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
15,000
15,000
15,000
15,000
--------
--------
--------
--------
10. Director's advances, credits and guarantees
Mr Horne has given a personal guarantee for £40,000 (2023 - £40,000) to the company's bankers. In addition, on 1 March 2012 a personal guarantee by Mr and Mrs S Horne for £100,000 was provided to the Bank of Scotland in support of the term loan. A further personal guarantee of £101,000 was provided by Mr and Mrs Horne on 23 April 2015 in support of the variable rate loans drawn on that date. During the year, the director was advanced a total of £58,676 (2023 - £54,307) with total amounts repaid amounting to £64,932 (2023 - £56,834). Interest was charged on the outstanding balance of the loan at 30 April 2024 at the official HMRC rate amounting to £3,559 (2023 - £1,875). At 30 April 2024, the director owed the company £155,068 (2023 - £161,324).