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

REGISTERED NUMBER: 00959710 (England and Wales)

Financial Statements

For The Year Ended 31 December 2019

for

Hotline-Horizont Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C Whitbread

D Cowell

S 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

Tangible assets

5

346,863

258,823

346,863

259,167

CURRENT ASSETS

Stocks

1,007,214

1,061,312

Debtors

6

786,926

1,038,408

Cash at bank

195,408

170,521

1,989,548

2,270,241

CREDITORS

Amounts falling due within one year

7

508,291

787,128

NET CURRENT ASSETS

1,481,257

1,483,113

TOTAL ASSETS LESS CURRENT LIABILITIES

1,828,120

1,742,280

CREDITORS

Amounts falling due after more than one year

8

(43,240

)

(15,932

)

PROVISIONS FOR LIABILITIES

(41,320

)

(48,100

)

NET ASSETS

1,743,560

1,678,248

CAPITAL AND RESERVES

Called up share capital

6,000

6,000

Retained earnings

1,737,560

1,672,248

SHAREHOLDERS' FUNDS

1,743,560

1,678,248

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 16 March 2020 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2018 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

115,000

AMORTISATION

At 1 January 2019

114,656

Amortisation for year

344

At 31 December 2019

115,000

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

344

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

& office

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

865,574

16,423

57,485

21,401

960,883

Additions

140,376

-

-

-

140,376

Disposals

-

(11,688

)

(16,995

)

-

(28,683

)

At 31 December 2019

1,005,950

4,735

40,490

21,401

1,072,576

DEPRECIATION

At 1 January 2019

623,915

15,877

42,363

19,905

702,060

Charge for year

45,518

546

5,607

665

52,336

Eliminated on disposal

-

(11,688

)

(16,995

)

-

(28,683

)

At 31 December 2019

669,433

4,735

30,975

20,570

725,713

NET BOOK VALUE

At 31 December 2019

336,517

-

9,515

831

346,863

At 31 December 2018

241,659

546

15,122

1,496

258,823

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

735,163

968,239

Directors' current accounts

1,600

7,600

Taxation recoverable

5,150

14,750

Prepayments and accrued income

45,013

47,819

786,926

1,038,408

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

9,032

-

Hire purchase contracts (see note 9)

11,720

32,725

Trade creditors

262,255

398,640

Amounts owed to group undertakings

27,613

179,867

Corporation tax

29,420

3,186

Social security and other taxes

78,781

34,905

Accruals and deferred income

89,470

137,805

508,291

787,128

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans - 1-2 years

9,697

-

Bank loans - 2-5 years

29,450

-

Hire purchase contracts (see note 9)

4,093

15,932

43,240

15,932

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.19

31.12.18

£

£

Net obligations repayable:

Within one year

11,720

32,725

Between one and five years

4,093

15,932

15,813

48,657

Non-cancellable

operating leases

31.12.19

31.12.18

£

£

Within one year

59,798

88,102

Between one and five years

53,357

27,083

113,155

115,185

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank loans

48,179

-

11.	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

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019

and 31 December 2018:

31.12.19

31.12.18

£

£

C Whitbread

Balance outstanding at start of year

7,600

13,400

Amounts repaid

(6,000

)

(5,800

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,600

7,600

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

Mueller Verkehrstechnik GmbH

Klemmfix (Schweiz) AG

UKAL Elevange SAS

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

31.12.19

31.12.18

£

£

Sale of goods

361,822

464,872

Purchase of goods for resale

1,150,841

1,333,310

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

31.12.19

31.12.1

8

£

£

Net amounts owed to related companies

(27,614

)

(179,868

)

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.