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Registered number: 03985011 HORBURY JOINERY LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
HORBURY JOINERY LIMITED REGISTERED NUMBER:03985011
BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 4,031 |  | 5,014
Investments | 5 |  | 1,266,666 |  | 1,266,666
|  |  | 1,270,697 |  | 1,271,680
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 2,794,398 |  | 3,721,314 |
Cash at bank and in hand |  | 1,981,745 |  | 2,417,943 |
|  | 4,776,143 |  | 6,139,257 |
Creditors: amounts falling due within one year | 7 | (3,783,237) |  | (5,126,995) |
Net current assets |  |  | 992,906 |  | 1,012,262
Total assets less current liabilities |  |  | 2,263,603 |  | 2,283,942
Net assets |  |  | 2,263,603 |  | 2,283,942
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 53 |  | 53
Share premium account |  |  | 15,996 |  | 15,996
Capital redemption reserve |  |  | 51 |  | 51
Profit and loss account |  |  | 2,247,503 |  | 2,267,842
|  |  | 2,263,603 |  | 2,283,942
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2025.
T Wragg
Director
Page 1
HORBURY JOINERY LIMITED REGISTERED NUMBER:03985011
BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The notes on pages 4 to 10 form part of these financial statements. Page 2
HORBURY JOINERY LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 June 2024 | 53 | 15,996 | 51 | 2,267,842 | 2,283,942
Loss for the year | - | - | - | (20,339) | (20,339)
At 31 May 2025 | 53 | 15,996 | 51 | 2,247,503 | 2,263,603
| The notes on pages 4 to 10 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2024
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 June 2023 | 53 | 15,996 | 51 | 1,833,872 | 1,849,972
Profit for the year | - | - | - | 433,970 | 433,970
At 31 May 2024 | 53 | 15,996 | 51 | 2,267,842 | 2,283,942
| The notes on pages 4 to 10 form part of these financial statements.
Page 3
HORBURY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
Horbury Joinery Limited is a private company limited by shares, incorporated in England and Wales (registered number: 03985011). Its registered office is South Grove House, South Grove, Rotherham, South Yorkshire S60 2AF. The principal activity of the company throughout the year continued to be that of a specialist joinery contractor. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The company's functional and presentation currency is Pounds Sterling. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have performed an assessment of going concern at a group level including a review of financing, forecasts, covenant compliance, and having considered these factors, they are of the view that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least twelve months following the reporting date.
| 2.3 | Revenue
Turnover Turnover represents amounts receivable for goods and services net of VAT and trade discounts. In the case of long term contracts, turnover reflects the contract activity during the year and represents a proportion of the total contract value. This proportion is calculated as a percentage of total expected costs. Construction contracts The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project and is calculated as a percentage of total expected contract costs. Full provision is made for losses on all contracts in the year in which the loss is first foreseen. Trade debtors represent contract valuations and retentions certified up to one month after the year end. Amounts recoverable on contracts represent the balance of uncertified valuations.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 4
HORBURY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Current and deferred taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
| 2.7 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 5
HORBURY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. The depreciation rates used are:
|  |  |  | Leasehold land and buildings | - | straight line over the period of the lease
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures and fittings | - | 20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
3. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 718,574 | 686,506
| Social security costs | 124,177 | 134,879
| Cost of defined contribution scheme | 50,812 | 51,154
|  | 893,563 | 872,539
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Construction | 14 | 15
|  | Administration | 9 | 9
|  | Directors | 2 | 4
|  |  | 25 | 28
Page 6
HORBURY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
4. | Tangible fixed assets
|  | Leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 June 2024 | 17,137 | 44,554 | 61,691
| Additions | - | 1,869 | 1,869
| Disposals | (17,137) | (19,411) | (36,548)
| At 31 May 2025 | - | 27,012 | 27,012
| Depreciation |  |  |
| At 1 June 2024 | 17,137 | 39,540 | 56,677
| Charge for the year on owned assets | - | 2,852 | 2,852
| Disposals | (17,137) | (19,411) | (36,548)
| At 31 May 2025 | - | 22,981 | 22,981
| Net book value |  |  |
| At 31 May 2025 | - | 4,031 | 4,031
| At 31 May 2024 | - | 5,014 | 5,014
Page 7
HORBURY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 June 2024 | 1,266,666
| At 31 May 2025 | 1,266,666
| Net book value |
| At 31 May 2025 | 1,266,666
| At 31 May 2024 | 1,266,666
| Horbury Joinery Limited along with related parties, Titan Interior Solutions Limited and Horbury Support Services Limited each own 33.3% of the issued share capital of South Grove House Limited which provides managed office facilities to these companies. The directors are of the opinion that the carrying value of the investment is supported by the underlying assets held within South Grove House Limited.
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,063,377 | 585,813
| Gross amounts owed by contract customers | 1,489,908 | 1,750,884
| Amounts owed by group undertakings | 137,900 | 1,069,268
| Corporation tax recoverable | - | 21,907
| Other debtors | 43,104 | 259,922
| Prepayments and accrued income | 60,109 | 28,862
| Deferred taxation (Note 16) | - | 4,658
|  | 2,794,398 | 3,721,314
| Included in trade debtors is an amount of £115,122 (2024: £nil) which are debts that are due in over twelve months.
Page 8
HORBURY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,089,733 | 841,783
| Amounts owed to group undertakings | 2,144,752 | 3,448,668
| Other taxation and social security | 113,757 | 243,201
| Other creditors | 127,010 | 206,557
| Accruals and deferred income | 307,985 | 386,786
|  | 3,783,237 | 5,126,995
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 4,658
| Charged to profit or loss | (4,658)
| At end of year | -
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | - | 4,658
|  | - | 4,658
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 53 (2024 - 53) Ordinary shares of £1.00 each | 53 | 53
10. | Post balance sheet events
On 30th June 2025 A Willgoose resigned as a director of the company. Page 9
HORBURY JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
11. | Controlling party
The immediate and ultimate parent undertaking and controlling party is Horbury Group Limited, which prepares consolidated financial statements of which are available from the Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office of Horbury Group Limited is South Grove House, South Grove, Rotherham, South Yorkshire, S60 2AF.
12. | Auditors' information
The auditors' report on the financial statements for the year ended 31 May 2025 was unqualified. The audit report was signed on 22 September 2025 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts Chartered Accountants & Statutory Auditor.
Page 10