Horrocks Limited
Registered number: 04926355
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 6,160 7,447
6,161 7,448
Current assets
Stocks 9,500 8,500
Debtors 5 22,972 19,762
Cash at bank and in hand 11,736 13,392
44,208 41,654
Creditors: amounts falling due within one year 6 (38,671) (27,172)
Net current assets 5,537 14,482
Total assets less current liabilities 11,698 21,930
Creditors: amounts falling due after more than one year 7 (11,667) (21,667)
Net assets 31 263
Capital and reserves
Called up share capital 3 3
Profit and loss account 28 260
Shareholder's funds 31 263
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Mastronardi
Director
Approved by the board on 11 March 2025
Horrocks Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 20% straight line
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,000
At 31 March 2024 30,000
Amortisation
At 1 April 2023 29,999
At 31 March 2024 29,999
Net book value
At 31 March 2024 1
At 31 March 2023 1
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 3,500 22,735 16,866 43,101
At 31 March 2024 3,500 22,735 16,866 43,101
Depreciation
At 1 April 2023 3,500 16,977 15,177 35,654
Charge for the year - 865 422 1,287
At 31 March 2024 3,500 17,842 15,599 36,941
Net book value
At 31 March 2024 - 4,893 1,267 6,160
At 31 March 2023 - 5,758 1,689 7,447
5 Debtors 2024 2023
£ £
Trade debtors 882 3,752
Other debtors 22,090 16,010
22,972 19,762
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,317 10,000
Trade creditors 17,441 13,112
Taxation and social security costs 1,581 771
Other creditors 3,332 3,289
38,671 27,172
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,667
8 Other information
Horrocks Limited is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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