Horn Imports Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC155389 (Scotland)

Horn Imports Limited

Unaudited Financial Statements

for the Year Ended 31 January 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTOR:

J K Farquharson

SECRETARY:

R J Strathie

REGISTERED OFFICE:

Burnside of Monorgan

Longforgan

Dundee

DD2 5HT

REGISTERED NUMBER:

SC155389 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

The Direct Business Bank

PO BOX 17235

Edinburgh

EH11 1YH

FIXED ASSETS

Tangible assets

4

605

234

CURRENT ASSETS

Stocks

8,450

10,309

Cash at bank

236,922

210,467

245,372

220,776

CREDITORS

Amounts falling due within one year

5

24,814

15,018

NET CURRENT ASSETS

220,558

205,758

TOTAL ASSETS LESS CURRENT LIABILITIES

221,163

205,992

CREDITORS

Amounts falling due after more than one year

6

(17,922

)

(23,043

)

PROVISIONS FOR LIABILITIES

(115

)

(44

)

NET ASSETS

203,126

182,905

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

203,125

182,904

SHAREHOLDERS' FUNDS

203,126

182,905

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 26 October 2022 and were signed by:

J K Farquharson - Director

1.	STATUTORY INFORMATION

Horn Imports Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover and revenue recognition

Turnover represents net invoiced sales of life size animal models, excluding value added tax. Turnover is recognised when the goods are delivered to the customer.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 20% on cost

Inventories

Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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 balance sheet date.

Deferred tax

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

Going concern

The accounts are prepared on a going concern basis. The director's going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2021

5,130

Additions

616

At 31 January 2022

5,746

DEPRECIATION

At 1 February 2021

4,896

Charge for year

245

At 31 January 2022

5,141

NET BOOK VALUE

At 31 January 2022

605

At 31 January 2021

234

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

5,121

2,560

Taxation and social security

11,359

5,951

Other creditors

8,334

6,507

24,814

15,018

Included within other creditors is a loan from the director. The loan is unsecured, interest-free and repayable on demand.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

17,922

23,043

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2022 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

26 October 2022