Horizon Instruments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01822950 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

HORIZON INSTRUMENTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D G Bolton

N J Holman

S J Hilliard

T J Nixon

J P Weibel

REGISTERED OFFICE:

Unit 12

Ghyll Road Industrial Estate

Heathfield

East Sussex

TN21 8AW

REGISTERED NUMBER:

01822950 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

44 Springfield Road

Horsham

West Sussex

RH12 2PD

FIXED ASSETS

Tangible assets

4

19,255

14,072

CURRENT ASSETS

Stocks

6,000

6,000

Debtors

5

361,612

286,846

Cash at bank and in hand

223,795

455,209

591,407

748,055

CREDITORS

Amounts falling due within one year

6

316,057

498,890

NET CURRENT ASSETS

275,350

249,165

TOTAL ASSETS LESS CURRENT LIABILITIES

294,605

263,237

CREDITORS

Amounts falling due after more than one year

7

55,350

116,667

NET ASSETS

239,255

146,570

CAPITAL AND RESERVES

Called up share capital

10,354

10,354

Share premium

621

621

Retained earnings

228,280

135,595

SHAREHOLDERS' FUNDS

239,255

146,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 June 2019 and were signed on its behalf by:

N J Holman - Director

S J Hilliard - Director

1.	STATUTORY INFORMATION

Horizon Instruments Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed."

Revenue from the rendering of services reference to the stage of completion. Stage of completion is measured by

reference to labour hours incurred to date as a percentage of total estimated labour hours for each contract.

Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the

expenses recognised that are recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & Machinery - 10%, 15% and 25%

Fixtures & Fittings - 15%

Motor Vehicles - 20%

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2018

23,942

198,936

123,404

346,282

Additions

-

8,294

788

9,082

At 31 December 2018

23,942

207,230

124,192

355,364

DEPRECIATION

At 1 January 2018

23,942

185,138

123,130

332,210

Charge for year

-

3,719

180

3,899

At 31 December 2018

23,942

188,857

123,310

336,109

NET BOOK VALUE

At 31 December 2018

-

18,373

882

19,255

At 31 December 2017

-

13,798

274

14,072

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

185,887

231,059

Amounts owed by group undertakings

-

29,950

Other debtors

175,725

25,837

361,612

286,846

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

83,030

194,477

Amounts owed to group undertakings

12,000

-

Taxation and social security

73,222

62,236

Other creditors

147,805

242,177

316,057

498,890

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

55,350

116,667

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

50,624

53,825

Between one and five years

93,137

123,046

In more than five years

29,250

39,000

173,011

215,871

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the statement of financial position date, the company owed the director N J Holman £Nil (2017: £19,000) and

the director D Bolton £Nil (2017: £22,950) . The loans are unsecured, interest free and not subject to any specific

repayment terms.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

The Alchemy Automation Group Limited is the ultimate parent company.