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Company Registration No. 06639321 (England and Wales)
Horan Power Engineering Limited Unaudited accounts for the year ended 31 July 2024
Horan Power Engineering Limited Unaudited accounts Contents
Page
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Horan Power Engineering Limited Company Information for the year ended 31 July 2024
Director
Richard Horan
Company Number
06639321 (England and Wales)
Registered Office
Honeycomb West Chester Business Park Chester CH4 9QH
Accountants
Townley & Co Limited Warrington Business Centre 67 Bewsey Street Warrington WA2 7JQ
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Horan Power Engineering Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
263,199 
273,833 
Current assets
Debtors
394,394 
440,809 
Cash at bank and in hand
55,879 
62,526 
450,273 
503,335 
Creditors: amounts falling due within one year
(618,347)
(710,243)
Net current liabilities
(168,074)
(206,908)
Net assets
95,125 
66,925 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
95,124 
66,924 
Shareholders' funds
95,125 
66,925 
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 February 2025 and were signed on its behalf by
Richard Horan Director Company Registration No. 06639321
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Horan Power Engineering Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Horan Power Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 06639321. The registered office is Honeycomb West, Chester Business Park, Chester, CH4 9QH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Horan Power Engineering Limited Notes to the Accounts for the year ended 31 July 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance basis
Motor vehicles
25% Reducing balance basis
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2023
336,418 
219,866 
556,284 
Additions
7,199 
50,626 
57,825 
At 31 July 2024
343,617 
270,492 
614,109 
Depreciation
At 1 August 2023
209,700 
72,751 
282,451 
Charge for the year
31,680 
36,779 
68,459 
At 31 July 2024
241,380 
109,530 
350,910 
Net book value
At 31 July 2024
102,237 
160,962 
263,199 
At 31 July 2023
126,718 
147,115 
273,833 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
358,764 
435,179 
Accrued income and prepayments
30,000 
- 
Other debtors
5,630 
5,630 
394,394 
440,809 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
44,975 
70,686 
VAT
172,611 
191,643 
Obligations under finance leases and hire purchase contracts
110,022 
81,250 
Trade creditors
176,732 
191,328 
Taxes and social security
83,835 
144,367 
Other creditors
28,680 
21,762 
Loans from directors
1,132 
8,847 
Accruals
360 
360 
618,347 
710,243 
7
Average number of employees
During the year the average number of employees was 25 (2023: 25).
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