Horsepower Luxury Services Limited

(Registration number: 10426351) (England and Wales)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	367,694	411,861
Current assets
Debtors	5	14,154	103,994
Cash at bank and in hand		33,658	35,258
		47,812	139,252
Creditors: Amounts falling due within one year	6	(12,415)	(7,515)
Net current assets		35,397	131,737
Total assets less current liabilities		403,091	543,598
Creditors: Amounts falling due after more than one year	6	(491,794)	(555,653)
Net liabilities		(88,703)	(12,055)
Capital and reserves
Called up share capital	8	100	100
Retained earnings		(88,803)	(12,155)
Shareholders' deficit		(88,703)	(12,055)

For the financial year ending 31 October 2025 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 financial statements 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 financial statements.

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.

The financial statements were approved and authorised for issue by the director on 21 July 2026
 

......................................... Mr James Oliver Downham Director

Horsepower Luxury Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

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:
15 Grosvenor Street
London
W1K 4QZ
United Kingdom

These financial statements were authorised for issue by the director on 21 July 2026.

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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the director is confident that the company has adequate resources to continue in operational existence for the foreseeable future and is willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.

Horsepower Luxury Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for 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.

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 vehicle	straight line over 10 years

Horsepower Luxury Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

Financial instruments

(i) Financial assets
Basic financial assets, including trade, other debtors, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method, unless they are receivable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received.

At the end of each reporting period financial assets are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Horsepower Luxury Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, borrowings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, unless they are payable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid.

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 or 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. 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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.

3	Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 2 (2024: 2).

Horsepower Luxury Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

4	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2024	441,667	441,667
At 31 October 2025	441,667	441,667
Depreciation
At 1 November 2024	29,806	29,806
Charge for the year	44,167	44,167
At 31 October 2025	73,973	73,973
Carrying amount
At 31 October 2025	367,694	367,694
At 31 October 2024	411,861	411,861

5

Debtors

	2025 £	2024 £
Trade debtors	5,500	11,100
Other debtors	3,795	88,332
Prepayments	4,859	4,562
	14,154	103,994

Horsepower Luxury Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	9,915	4,065
Accruals and deferred income	2,500	3,450
	12,415	7,515

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	491,794	555,653

7	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Loans and borrowings	491,794	555,653

Other borrowings

Other borrowings availed from Serum Life Sciences Ltd is denominated in GBP with a nominal interest rate of 7%, and the final instalment is due on 28 February 2027. The carrying amount at year end is £491,794 (2024 - £555,653).

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Horsepower Luxury Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

9	Related party transactions

Transactions with the Director.

Consultancy fees of £48,000 (2024: £18,000) were charged by Mr James Downham, who is a director and majority shareholder of the company, and £8,000 (2024: £4,000) of these fees are included in trade creditors.