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Registered number: 12451244
Horsleys Of Stafford Limited
Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12451244
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 450,000 525,000
Tangible Assets 5 252,507 195,107
702,507 720,107
CURRENT ASSETS
Stocks 6 6,652 1,000
Debtors 7 129,167 70,667
Cash at bank and in hand 437,419 618,449
573,238 690,116
Creditors: Amounts Falling Due Within One Year 8 (459,440 ) (540,827 )
NET CURRENT ASSETS (LIABILITIES) 113,798 149,289
TOTAL ASSETS LESS CURRENT LIABILITIES 816,305 869,396
Creditors: Amounts Falling Due After More Than One Year 9 (337,500 ) (393,750 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (59,500 ) (44,919 )
NET ASSETS 419,305 430,727
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 419,304 430,726
SHAREHOLDERS' FUNDS 419,305 430,727
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For the year ending 31 October 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N Horsley
Director
Mr D Carver
Director
8 May 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Horsleys Of Stafford Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12451244 . The registered office is Unit 2 Paton Close, Tollgate Park, Stafford, Staffordshire, ST16 3EG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on a reducing balance basis
Motor Vehicles 25% on a reducing balance basis
Fixtures & Fittings 15% on a reducing balance basis
Computer Equipment 33% on a reducing balance basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 21)
22 21
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 750,000
As at 31 October 2024 750,000
Amortisation
As at 1 November 2023 225,000
Provided during the period 75,000
As at 31 October 2024 300,000
Net Book Value
As at 31 October 2024 450,000
As at 1 November 2023 525,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 2,115 302,547 41,486 3,469 349,617
Additions 12,567 85,115 21,869 2,289 121,840
As at 31 October 2024 14,682 387,662 63,355 5,758 471,457
Depreciation
As at 1 November 2023 1,223 136,043 15,626 1,618 154,510
Provided during the period 2,594 55,311 5,409 1,126 64,440
As at 31 October 2024 3,817 191,354 21,035 2,744 218,950
Net Book Value
As at 31 October 2024 10,865 196,308 42,320 3,014 252,507
As at 1 November 2023 892 166,504 25,860 1,851 195,107
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6. Stocks
2024 2023
£ £
Stock 6,652 1,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 68,305 43,804
Prepayments and accrued income 51,774 25,791
Other debtors 9,088 1,072
129,167 70,667
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 24,148 23,066
Bank loans and overdrafts - 58,309
Other loans 56,250 56,250
Corporation tax 4,652 73,718
Other taxes and social security 143,204 128,740
Other creditors 29,802 27,587
Accruals and deferred income 68,412 21,435
Directors' loan accounts 132,972 151,722
459,440 540,827
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 337,500 393,750
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 125,000 125,000
Later than one year and not later than five years 500,000 500,000
Later than five years 490,255 615,255
1,115,255 1,240,255
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12. Related Party Transactions
During the year, the company received a loan from the directors. At the balance sheet date £132,972 (2023: £151,722) is outstanding and is included within creditors. The amount is unsecured and subject to an interest bearing. £13,240 of interest was charged during the year.
During 2023 the company received a loan of £450,000 from Double Blue Holdings Limited, a company in which Mr D Carver, a director of the company, has the controlling interest. At the balance sheet date £393,750 (2023: £450,000) is outstanding and is included within creditors. The loan is unsecured and subject to an interest bearing. £36,923 of interest was charged during the year.
During the year the company paid rent of £125,000 (2023: £9,745) to Double Blue Holdings Limited, a company in which Mr D Carver, a director of the company, has the controlling interest. The rent was paid for the lease of freehold property by the company which is owned by Double Blue Holdings Limited, the lease is under formal contract terms.
13. Parent Undertaking and Controlling Party
The company's parent undertaking is Horsleys Of Stafford Holdings Limited . Horsleys Of Stafford Holdings Limited was incorporated in England. The controlling party is Double Blue Holdings Limited who controls 75% of the shares of Horsleys Of Stafford Limited .
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