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Company Registration Number: 03111872 (England and Wales)

J.F. Horton & Sons (Electrical Contractors) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

J.F. Horton & Sons (Electrical Contractors) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 9

 

J.F. Horton & Sons (Electrical Contractors) Limited

Company Information

Directors

Mr Dale Roy Horton

Mr John Fred Horton

Registered office

24 Fergusson Road
Banbury
Oxfordshire
OX16 3HQ

Accountants

Henson ReesRussell 4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J.F. Horton & Sons (Electrical Contractors) Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J.F. Horton & Sons (Electrical Contractors) Limited for the year ended 31 December 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J.F. Horton & Sons (Electrical Contractors) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J.F. Horton & Sons (Electrical Contractors) Limited and state those matters that we have agreed to state to the Board of Directors of J.F. Horton & Sons (Electrical Contractors) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.F. Horton & Sons (Electrical Contractors) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J.F. Horton & Sons (Electrical Contractors) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of J.F. Horton & Sons (Electrical Contractors) Limited. You consider that J.F. Horton & Sons (Electrical Contractors) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J.F. Horton & Sons (Electrical Contractors) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Henson ReesRussell
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

8 May 2025

 

J.F. Horton & Sons (Electrical Contractors) Limited

(Registration number: 03111872)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,399

22,528

Current assets

 

Stocks

5

3,150

3,150

Debtors

6

21,980

20,185

Cash at bank and in hand

 

2,106

726

 

27,236

24,061

Creditors: Amounts falling due within one year

7

(144,359)

(131,107)

Net current liabilities

 

(117,123)

(107,046)

Total assets less current liabilities

 

(88,724)

(84,518)

Creditors: Amounts falling due after more than one year

7

(33,477)

(33,265)

Net liabilities

 

(122,201)

(117,783)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(122,203)

(117,785)

Shareholders' deficit

 

(122,201)

(117,783)

 

J.F. Horton & Sons (Electrical Contractors) Limited

(Registration number: 03111872)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 

.........................................
Mr Dale Roy Horton
Director

 

J.F. Horton & Sons (Electrical Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principle place of business is:
24 Fergusson Road
Banbury
Oxfordshire
OX16 3HQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

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.

 

J.F. Horton & Sons (Electrical Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

J.F. Horton & Sons (Electrical Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

J.F. Horton & Sons (Electrical Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,438

34,152

16,241

51,831

Additions

-

24,995

-

24,995

Disposals

-

(12,995)

-

(12,995)

At 31 December 2023

1,438

46,152

16,241

63,831

Depreciation

At 1 January 2023

1,003

12,505

15,795

29,303

Charge for the year

87

9,224

67

9,378

Eliminated on disposal

-

(3,249)

-

(3,249)

At 31 December 2023

1,090

18,480

15,862

35,432

Carrying amount

At 31 December 2023

348

27,672

379

28,399

At 31 December 2022

435

21,647

446

22,528

5

Stocks

2023
£

2022
£

Other inventories

3,150

3,150

6

Debtors

Current

2023
£

2022
£

Trade debtors

10,751

17,484

Other debtors

11,229

2,701

 

21,980

20,185

 

J.F. Horton & Sons (Electrical Contractors) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

15,472

17,756

Trade creditors

 

16,564

11,432

Taxation and social security

 

25,109

26,489

Accruals and deferred income

 

18,500

15,380

Other creditors

 

68,714

60,050

 

144,359

131,107

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

33,477

33,265

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Allotted, called up and fully paid of £1 each

2

2

2

2