Hotline-Horizont Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00959710 (England and Wales)

Financial Statements

For The Year Ended 31 December 2018

for

Hotline-Horizont Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C Whitbread

D Cowell

R Mueller

SECRETARY:

G J Brooks

REGISTERED OFFICE:

Wharf Road

Newton Abbot

Devon

TQ12 2DA

REGISTERED NUMBER:

00959710 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

Natwest Bank Plc

Exeter Branch

59 High Street

Exeter

EX4 3DL

FIXED ASSETS

Intangible assets

4

344

38,672

Tangible assets

5

258,823

169,559

259,167

208,231

CURRENT ASSETS

Stocks

1,061,312

934,165

Debtors

6

1,038,408

1,001,338

Cash at bank

170,521

130,367

2,270,241

2,065,870

CREDITORS

Amounts falling due within one year

7

787,128

627,700

NET CURRENT ASSETS

1,483,113

1,438,170

TOTAL ASSETS LESS CURRENT LIABILITIES

1,742,280

1,646,401

CREDITORS

Amounts falling due after more than one year

8

(15,932

)

-

PROVISIONS FOR LIABILITIES

(48,100

)

(30,530

)

NET ASSETS

1,678,248

1,615,871

CAPITAL AND RESERVES

Called up share capital

6,000

6,000

Retained earnings

1,672,248

1,609,871

SHAREHOLDERS' FUNDS

1,678,248

1,615,871

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 9 April 2019 and were signed on its behalf by:

D Cowell - Director

1.	STATUTORY INFORMATION

Hotline-Horizont Ltd 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Hotline-Horizont Ltd as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial

statements as it and its subsidiary undertakings are included by full consolidation in the consolidated

financial statements of its parent, Horizont Group GMBH, registered in Germany.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods

and services provided in the normal course of business, and is shown net of VAT and other

sales related taxes. The fair value of consideration takes into account trade discounts,

settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant risks and rewards of

ownership of the goods have passed to the buyer (usually on dispatch of the goods), the

amount of turnover can be measured reliably, it is probable that the economic benefits

associated with the transaction will flow to the entity and the costs incurred or to be incurred

in respect of the transaction can be measured reliably.

Goodwill

Goodwill was purchased on the acquisition of the trade of the Company's fellow subsidiary Horizont UK

Limited. The Goodwill is being amortised over the estimated useful life of 3 years.

Tangible fixed assets

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

Plant and machinery

-

10% on cost and Straight line over 7 years

Fixtures, fittings & office equipment

-

Straight line over 7 years

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments'

and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial

instruments.

Financial instruments are recognised in the company's statement of financial position when the

company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements, when there is a legally enforceable right to set off the recognised amounts and

there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances,

are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost using the effective interest method

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or

more events that occurred after the initial recognition of the financial asset, the estimated

future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the

asset expire, or when it transfers the financial asset and substantially all the risks and rewards

of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow

group companies and preference shares that are classified as debt, 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.

Trade payables are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Accounts payable are classified as current liabilities

if payment is due within one year or less. If not, they are presented as non-current liabilities.

Trade payables are recognised initially at transaction price and subsequently measured at

amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are

discharged, cancelled, or they expire.

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.

Warranty provision

The company provides for the estimated level of rectification costs on manufacturing defects on

products sold to customers up to the year end. Costs are based on the levels of defect experienced to

date and include handling as well as repair or replacement costs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2017 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

115,000

AMORTISATION

At 1 January 2018

76,328

Amortisation for year

38,328

At 31 December 2018

114,656

NET BOOK VALUE

At 31 December 2018

344

At 31 December 2017

38,672

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

& office

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

739,101

16,423

58,435

19,405

833,364

Additions

126,473

-

16,990

1,996

145,459

Disposals

-

-

(28,935

)

-

(28,935

)

At 31 December 2018

865,574

16,423

46,490

21,401

949,888

DEPRECIATION

At 1 January 2018

586,522

15,234

42,914

19,135

663,805

Charge for year

37,393

643

7,343

770

46,149

Eliminated on disposal

-

-

(18,889

)

-

(18,889

)

At 31 December 2018

623,915

15,877

31,368

19,905

691,065

NET BOOK VALUE

At 31 December 2018

241,659

546

15,122

1,496

258,823

At 31 December 2017

152,579

1,189

15,521

270

169,559

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

as

restated

£

£

Trade debtors

968,239

938,376

Directors' current accounts

7,600

13,400

Taxation recoverable

14,750

5,150

Prepayments and accrued income

47,819

44,412

1,038,408

1,001,338

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

as

restated

£

£

Hire purchase contracts (see note 9)

32,725

-

Trade creditors

398,640

294,738

Amounts owed to group undertakings

179,867

111,136

Corporation tax

3,186

37,307

Social security and other taxes

34,905

98,037

Accruals and deferred income

137,805

86,482

787,128

627,700

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

as

restated

£

£

Hire purchase contracts (see note 9)

15,932

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.18

31.12.17

as

restated

£

£

Net obligations repayable:

Within one year

32,725

-

Between one and five years

15,932

-

48,657

-

Non-cancellable

operating leases

31.12.18

31.12.17

as

restated

£

£

Within one year

88,102

110,532

Between one and five years

27,083

115,185

115,185

225,717

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Morgan (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited

11.	CAPITAL COMMITMENTS

31.12.18

31.12.17

as

restated

£

£

Contracted but not provided for in the

financial statements

-

77,827

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018

and 31 December 2017:

31.12.18

31.12.17

as

restated

£

£

C Whitbread

Balance outstanding at start of year

13,400

17,000

Amounts repaid

(5,800

)

(3,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,600

13,400

13.	RELATED PARTY DISCLOSURES

RELATED COMPANIES INCLUDING GROUP COMPANIES

The following companies are deemed to be related by virtue of common control and ownership or as

part of the Horizont Group GMBH :-

Horizont Group GMBH

Horizont UK Limited

Horizont Rolos Sp.z.o.o.

Horizont France SAS

Horizont Clair d.o.o.

Horizont Adria d.o.o

ADIC International SAS

The following transactions were undertaken during the year with related companies:-

31.12.18

31.12.17

£

£

Sale of goods

464,872

489,515

Purchase of goods for resale

1,333,310

1,340,541

The net amounts owing at the year end by / (to) related companies were as follows:-

31.12.18

31.12.17

£

£

Net amounts owed to related companies

(179,868

)

(111,136

)

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is Horizont Group GMBH.

15.	CONSOLIDATED GROUP ACCOUNTS

The company's ultimate parent company produces consolidated financial statements.

Information regarding the consolidated accounts of Horizont Group GMBH can be obtained from its

registered office based in Korbach, Germany.