Registration number: 09946544

Horner Foundations Ltd

(Registration number: 09946544)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	61,642	59,202
Current assets
Stocks	5	5,000	5,000
Debtors	6	30,122	31,198
Cash at bank and in hand		41,150	38,385
		76,272	74,583
Creditors: Amounts falling due within one year	7	(115,031)	(113,838)
Net current liabilities		(38,759)	(39,255)
Total assets less current liabilities		22,883	19,947
Creditors: Amounts falling due after more than one year	7	(30,294)	(36,535)
Provisions for liabilities		(3,028)	(10,610)
Net liabilities		(10,439)	(27,198)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(10,440)	(27,199)
Shareholders' deficit		(10,439)	(27,198)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Horner Foundations Ltd

(Registration number: 09946544)
Statement of Financial Position as at 31 December 2024

These financial statements have been 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 10 September 2025
 

......................................... A J Horner Director

Horner Foundations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

Tax

The tax expense for the period comprises 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.

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.

Horner Foundations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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
Motor Vechicles	25% - reducing balance
Plant and Machinery	25% - reducing balance
Office Equipment	25% - reducing balance

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 debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Horner Foundations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments 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 and loans to related parties.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 8).

Horner Foundations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	95,048	1,000	69,457	165,505
Additions	4,732	-	34,000	38,732
Disposals	-	-	(29,135)	(29,135)
At 31 December 2024	99,780	1,000	74,322	175,102
Depreciation
At 1 January 2024	70,715	900	34,688	106,303
Charge for the year	6,784	25	13,095	19,904
Eliminated on disposal	-	-	(12,747)	(12,747)
At 31 December 2024	77,499	925	35,036	113,460
Carrying amount
At 31 December 2024	22,281	75	39,286	61,642
At 31 December 2023	24,333	100	34,769	59,202

5

Stocks

	2024 £	2023 £
Other inventories	5,000	5,000

6

Debtors

	2024 £	2023 £
Trade debtors	13,302	22,465
Other debtors	8,312	5,655
Prepayments	1,512	3,078
Accrued income	6,996	-
	30,122	31,198

Horner Foundations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Bank loans and overdrafts	8	21,175	19,228
Trade creditors		30,627	19,339
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	47,291	68,124
Taxation and social security		7,455	5,112
Accruals and deferred income		1,500	1,500
Other creditors		6,983	535
		115,031	113,838

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £11,062 (2023 - £8,246).

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Loans and borrowings	8	30,294	36,535

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £25,407 (2023 - £22,504).

Horner Foundations Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,887	14,031
Finance lease liabilities	25,407	22,504
	30,294	36,535

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,113	10,982
Finance lease liabilities	11,062	8,246
	21,175	19,228

9	Related party transactions

Summary of transactions with parent

Horner Foundations Limited is a company wholly owned by Horner Foundations Holdings Limited. At the year end, creditors includes an amount of £47,291 - (2023: £68,124) owed to Horner Foundations Holdings Limited. This loan is unsecured and is repayable on demand.
 

10	Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the director.