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Simon Horne Ltd
SC175538
693 9841 71
2016-04-30
460771
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490771
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15000
15000
15000
490771
473819
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332821
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Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Revenue comprises the fair value of the sale and hire of vehicles net of Value Added Tax and discounts.
Revenue is recognised as follows:
Sale/Hire of vehicles
Sales of vehicles are recognised when the company has delivered the vehicle to the customer, the customer has accepted the vehicle, and collectability of the related receivable is fairly assured.
Hire revenue is allocated to the relevant accounting period covered by the hire.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Land & Buildings
straight line
0.0200
Plant & Machinery
straight line
0.1500
Fixtures & Fittings
reducing balance
0.0500
Motor Vehicles
straight line
0.1500
Equipment
reducing balance
0.1500
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606180
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85060
74523
16274
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606180
11384
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332821
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170452
194647
Ordinary
1000000
1
1000000
1000000
Ordinary
1
15000
15000
15000
Mr & Mrs Horne are reimbursed for business use of their privately owned motor vehicles using the
HMRC Authorised Mileage Rates.
Mr Horne has given a personal guarantee for £40,000 (2015 - £40,000) to the company's bankers. In
addition, on 1 March 2012 a personal guarantee by Mr and Mrs S Horne for £100,000 was provided to
the Bank of Scotland in support of the term loan. A further personal guarantee of £101,000 was
provided by Mr and Mrs Horne on 23 April 2015 in support of the variable rate loans drawn on that
date.
During the year, the director was advanced a total of £82,139 (2015 - £73,050) with total amounts repaid amounting to £116,550 (2015 - £34,949). Interest was charged on the outstanding balance of the loan at 30 April 2016 at the official HMRC rate of 3% amounting to £4,438. At 30 April 2016, the director owed the company £135,176 (2015 - £165,149).
2017-01-30
Mr S Horne
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
Simon Horne Ltd
2015-05-01
2016-04-30
Simon Horne Ltd
2014-05-01
2015-04-30
Simon Horne Ltd
2014-04-30
Simon Horne Ltd
2015-04-30
Simon Horne Ltd
2015-04-30
Simon Horne Ltd
2016-04-30
2017-01-31