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 2019

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

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

31,432

19,255

CURRENT ASSETS

Stocks

13,278

6,000

Debtors

5

282,648

361,612

Cash at bank and in hand

316,130

223,795

612,056

591,407

CREDITORS

Amounts falling due within one year

6

273,553

316,057

NET CURRENT ASSETS

338,503

275,350

TOTAL ASSETS LESS CURRENT LIABILITIES

369,935

294,605

CREDITORS

Amounts falling due after more than one year

7

(107,650

)

(55,350

)

PROVISIONS FOR LIABILITIES

9

(2,003

)

-

NET ASSETS

260,282

239,255

CAPITAL AND RESERVES

Called up share capital

10,354

10,354

Share premium

621

621

Retained earnings

249,307

228,280

SHAREHOLDERS' FUNDS

260,282

239,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 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 11 March 2020 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%

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 13 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2019

23,942

207,230

124,192

355,364

Additions

-

18,683

-

18,683

At 31 December 2019

23,942

225,913

124,192

374,047

DEPRECIATION

At 1 January 2019

23,942

188,857

123,310

336,109

Charge for year

-

6,288

218

6,506

At 31 December 2019

23,942

195,145

123,528

342,615

NET BOOK VALUE

At 31 December 2019

-

30,768

664

31,432

At 31 December 2018

-

18,373

882

19,255

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

138,232

185,887

Amounts owed by group undertakings

10,000

-

Other debtors

134,416

175,725

282,648

361,612

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

180,469

83,030

Amounts owed to group undertakings

12,000

12,000

Taxation and social security

30,166

73,222

Other creditors

50,918

147,805

273,553

316,057

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

107,650

55,350

8.	LEASING AGREEMENTS

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

2019

2018

£

£

Within one year

44,037

50,624

Between one and five years

56,250

93,137

In more than five years

16,250

29,250

116,537

173,011

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

2,003

-

Deferred

tax

£

Charge to Income Statement during year

2,003

Balance at 31 December 2019

2,003

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the statement of financial position date, the company owed the director, N J Holman, £9,000 (2018: £nil) The

loan is unsecured, interest free and not subject to any specific repayment terms.

11.	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.

12.	ULTIMATE CONTROLLING PARTY

The Alchemy Automation Group Limited is the ultimate parent company.