Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30true9112023-05-01falseHorizontal drillingtruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03462707 2023-05-01 2024-04-30 03462707 2022-05-01 2023-04-30 03462707 2024-04-30 03462707 2023-04-30 03462707 c:CompanySecretary1 2023-05-01 2024-04-30 03462707 c:Director1 2023-05-01 2024-04-30 03462707 c:Director4 2023-05-01 2024-04-30 03462707 c:Director5 2023-05-01 2024-04-30 03462707 c:Director6 2023-05-01 2024-04-30 03462707 c:Director7 2023-05-01 2024-04-30 03462707 c:Director7 2024-04-30 03462707 c:RegisteredOffice 2023-05-01 2024-04-30 03462707 d:PlantMachinery 2023-05-01 2024-04-30 03462707 d:PlantMachinery 2024-04-30 03462707 d:PlantMachinery 2023-04-30 03462707 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03462707 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-01 2024-04-30 03462707 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 03462707 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 03462707 d:CurrentFinancialInstruments 2024-04-30 03462707 d:CurrentFinancialInstruments 2023-04-30 03462707 d:Non-currentFinancialInstruments 2024-04-30 03462707 d:Non-currentFinancialInstruments 2023-04-30 03462707 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03462707 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03462707 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 03462707 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03462707 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 03462707 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 03462707 d:ShareCapital 2024-04-30 03462707 d:ShareCapital 2023-04-30 03462707 d:RetainedEarningsAccumulatedLosses 2024-04-30 03462707 d:RetainedEarningsAccumulatedLosses 2023-04-30 03462707 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-30 03462707 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 03462707 c:FRS102 2023-05-01 2024-04-30 03462707 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03462707 c:FullAccounts 2023-05-01 2024-04-30 03462707 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03462707 2 2023-05-01 2024-04-30 03462707 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 03462707 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 03462707 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 03462707 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 iso4217:GBP xbrli:pure
Registered number: 03462707













PRIME HORIZONTAL LIMITED






UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024

 
 PRIME HORIZONTAL LIMITED
 

COMPANY INFORMATION


Directors
J D Teer 
J R Baxter 
S A Kench 
D J Pellerin 
N Dekker (appointed 30 June 2024)




Company secretary
Burnett & Reid LLP



Registered number
03462707



Registered office
Maritime House Harbour Walk
The Marina

Hartlepool

TS24 0UX





 
 PRIME HORIZONTAL LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 15


 
 PRIME HORIZONTAL LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1
 

 
 PRIME HORIZONTAL LIMITED

REGISTERED NUMBER:03462707

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,000
26,000

Tangible assets
 5 
592,671
471,386

  
597,671
497,386

Current assets
  

Stocks
 6 
130,202
93,018

Debtors: amounts falling due within one year
 7 
1,257,817
1,645,313

Cash at bank and in hand
 8 
74,557
190,447

  
1,462,576
1,928,778

Creditors: amounts falling due within one year
 9 
(560,088)
(989,850)

Net current assets
  
 
 
902,488
 
 
938,928

Total assets less current liabilities
  
1,500,159
1,436,314

Creditors: amounts falling due after more than one year
 10 
-
(13,890)

  

Net assets
  
1,500,159
1,422,424


Capital and reserves
  

Called up share capital 
  
200,000
200,000

Profit and loss account
  
1,300,159
1,222,424

  
1,500,159
1,422,424


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2
 

 
 PRIME HORIZONTAL LIMITED

REGISTERED NUMBER:03462707

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J R Baxter
Director

Date: 29 April 2025

The notes on pages 4 to 15 form part of these financial statements.

Page 3
 

 
 PRIME HORIZONTAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Prime Horizontal Limited is a limited liability company incorporated in England. The registered office is Maritime House Harbour Walk, The Marina, Hartlepool, TS24 0UK . The principal activity of the company is the provision of engineering equipment and software to the civil engineering and trenchless technology market.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 
 
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 4
 

 
 PRIME HORIZONTAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5
 

 
 PRIME HORIZONTAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
4-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6
 

 
 PRIME HORIZONTAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7
 

 
 PRIME HORIZONTAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 8
 

 
 PRIME HORIZONTAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.17

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.18

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9
 

 
 PRIME HORIZONTAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
9
11


4.


Intangible assets




Development expenditure

£



Cost


At 1 May 2023
26,000


Disposals
(21,000)



At 30 April 2024

5,000






Net book value



At 30 April 2024
5,000



At 30 April 2023
26,000



Page 10
 

 
 PRIME HORIZONTAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant & machinery

£



Cost or valuation


At 1 May 2023
1,499,880


Additions
313,327


Disposals
(271,091)



At 30 April 2024

1,542,116



Depreciation


At 1 May 2023
1,028,494


Charge for the year on owned assets
124,966


Disposals
(204,015)



At 30 April 2024

949,445



Net book value



At 30 April 2024
592,671



At 30 April 2023
471,386

Page 11
 

 
 PRIME HORIZONTAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Stocks

2024
2023
£
£

Stock
130,202
93,018

130,202
93,018



7.


Debtors

2024
2023
£
£


Trade debtors
99,555
175,955

Amounts owed by group undertakings
985,984
1,108,661

Other debtors
11,720
301,629

Prepayments and accrued income
119,169
17,679

Deferred taxation
41,389
41,389

1,257,817
1,645,313



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
74,557
190,447

Less: bank overdrafts
(63,258)
(182,813)

11,299
7,634


Page 12
 

 
 PRIME HORIZONTAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
63,258
182,813

Bank loans
13,889
83,332

Trade creditors
319,190
496,007

Amounts owed to group undertakings
113,254
113,254

Other taxation and social security
-
34,226

Other creditors
22,154
52,601

Accruals and deferred income
28,343
27,617

560,088
989,850


The bank borrowings are secured by a mortgage debenture over all the assets of the company.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
13,890

-
13,890



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
13,889
83,332


13,889
83,332

Amounts falling due 1-2 years

Bank loans
-
13,890


-
13,890



13,889
97,222


Page 13
 

 
 PRIME HORIZONTAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
74,557
190,447




Financial assets measured at fair value through profit or loss comprise cash at bank.


13.


Deferred taxation




2024


£






At beginning of year
41,389



At end of year
41,389

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(15,675)
(15,675)

Tax losses carried forward
57,064
57,064

41,389
41,389

Page 14
 

 
 PRIME HORIZONTAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Related party transactions

Control
During the year the company was controlled by the Directors.
Transactions
During the year the company entered into the following transactions with related parties:
The company had sales of £409,484 and purchases of £97,626 with a fellow subsidiary during the year.  The year end balance with this subsidiary is £150,333.
The company had sales of £2,001,144 and purchases of £598,681 with a fellow subsidiary during the year. The year end balance with this subsidiary is £475,257. 
The company had sales of £1,515,594 and purchases of £26,976 with a fellow subsidiary during the year. The year end balance with this subsidiary is £161,170.
The company had sales of £nil and purchases of £nil with a fellow subsidiary during the year. The year end balance owed to this subsidiary is £113,254.
 The company had purchases of £339,618 with its parent during the year. The year end balance with this company is £199,224.
The company had consultancy fees of £70,380 with an entity which JR Baxter is a partner during the year.  


15.


Ultimate parent undertaking

The company is controlled by the parent company, Prime Horizontal Companies Inc, a company registered in the United States of America.


Page 15