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

REGISTERED NUMBER: 00959710 (England and Wales)

Financial Statements

For The Year Ended 31 December 2020

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

-

-

Tangible assets

5

256,091

346,863

256,091

346,863

CURRENT ASSETS

Stocks

806,221

1,007,214

Debtors

6

852,637

786,926

Cash at bank

1,062,546

195,408

2,721,404

1,989,548

CREDITORS

Amounts falling due within one year

7

1,235,993

508,291

NET CURRENT ASSETS

1,485,411

1,481,257

TOTAL ASSETS LESS CURRENT LIABILITIES

1,741,502

1,828,120

CREDITORS

Amounts falling due after more than one year

8

(82,825

)

(43,240

)

PROVISIONS FOR LIABILITIES

(41,320

)

(41,320

)

NET ASSETS

1,617,357

1,743,560

CAPITAL AND RESERVES

Called up share capital

11

6,000

6,000

Retained earnings

1,611,357

1,737,560

SHAREHOLDERS' FUNDS

1,617,357

1,743,560

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 and authorised for issue on 13 April 2021 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 has 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 debtors 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 creditors, bank loans, and loans from fellow group companies, 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 creditors 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 creditors 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 (2019 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

115,000

AMORTISATION

At 1 January 2020

and 31 December 2020

115,000

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

& office

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

1,005,950

4,735

40,490

21,401

1,072,576

Additions

139,478

-

20,990

2,287

162,755

Disposals

(13,712

)

-

-

-

(13,712

)

Impairments

(178,069

)

-

-

-

(178,069

)

At 31 December 2020

953,647

4,735

61,480

23,688

1,043,550

DEPRECIATION

At 1 January 2020

669,433

4,735

30,975

20,570

725,713

Charge for year

61,742

-

9,070

1,046

71,858

Eliminated on disposal

(10,112

)

-

-

-

(10,112

)

At 31 December 2020

721,063

4,735

40,045

21,616

787,459

NET BOOK VALUE

At 31 December 2020

232,584

-

21,435

2,072

256,091

At 31 December 2019

336,517

-

9,515

831

346,863

Impairment losses have arisen in the financial year which have been applied to the value of property improvements categorised within Plant & Machinery in the financial statements. This has been necessary where those assets have been identified to have reduced estimated useful life subsequent to the year end.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

812,481

735,163

Directors' current accounts

-

1,600

Taxation recoverable

400

5,150

Prepayments and accrued income

39,756

45,013

852,637

786,926

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

12,454

9,032

Hire purchase contracts (see note 9)

4,374

11,720

Trade creditors

236,213

262,255

Amounts owed to group undertakings

496,477

27,613

Corporation tax

112,462

29,420

Social security and other taxes

238,588

78,781

Other creditors

40,000

-

Accruals and deferred income

95,425

89,470

1,235,993

508,291

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 1-2 years

19,666

9,697

Bank loans - 2-5 years

48,691

29,450

Bank loans more 5 yr by instal

7,904

-

Hire purchase contracts (see note 9)

6,564

4,093

82,825

43,240

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

7,904

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.20

31.12.19

£

£

Net obligations repayable:

Within one year

4,374

11,720

Between one and five years

6,564

4,093

10,938

15,813

Non-cancellable

operating leases

31.12.20

31.12.19

£

£

Within one year

32,715

59,798

Between one and five years

20,642

53,357

53,357

113,155

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

88,715

48,179

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

5,400

Ordinary "A"

£1

5,400

5,400

600

Ordinary "B"

£1

600

600

6,000

6,000

12.	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

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

31.12.20

31.12.19

£

£

C Whitbread

Balance outstanding at start of year

1,600

7,600

Amounts repaid

(1,600

)

(6,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,600

14.	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.