Registration number:
Horizon Consulting Engineers Limited
for the Year Ended 30 September 2024
Horizon Consulting Engineers Limited
Contents
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Horizon Consulting Engineers Limited
(Registration number: 08219154)
Statement of Financial Position as at 30 September 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Work in progress |
4,809 |
12,045 |
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
150 |
150 |
|
|
Share premium reserve |
9,950 |
9,950 |
|
|
Profit and loss account |
43,875 |
23,274 |
|
|
Shareholders' funds |
53,975 |
33,374 |
Horizon Consulting Engineers Limited
(Registration number: 08219154)
Statement of Financial Position as at 30 September 2024 (continued)
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
|
|
|
|
|
Horizon Consulting Engineers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is provision of engineering consultancy services.
|
Accounting policies |
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Turnover
Turnover represents the total value of work, excluding value added tax, performed during the year.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Horizon Consulting Engineers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
|
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Asset class |
Depreciation method and rate |
|
Short leasehold property |
10% straight line |
|
Plant and machinery |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Work in progress is valued at net realisable value based on the percentage of completion at the period end.
Horizon Consulting Engineers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
|
2 |
Accounting policies (continued) |
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as an expense in the period the payment is made.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Horizon Consulting Engineers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
|
Tangible assets |
|
Short leasehold land and buildings |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||
|
At 1 October 2023 |
|
|
|
|
Additions |
- |
|
|
|
At 30 September 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 October 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 September 2024 |
|
|
|
|
Carrying amount |
|||
|
At 30 September 2024 |
- |
|
|
|
At 30 September 2023 |
|
|
|
Included within the net book value of land and buildings above is £Nil (2023 - £383) in respect of short leasehold land and buildings.
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
Horizon Consulting Engineers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
|
Related party transactions |
|
Transactions with directors |
|
2024 |
At 1 October 2023 |
Advances to director |
At 30 September 2024 |
|
Directors |
( |
|
|
|
2023 |
At 1 October 2022 |
Other payments made to company by director |
At 30 September 2023 |
|
Directors |
( |
(16,500) |
( |