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 2020

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:

Warren House Accountants Limited

4 The Courtyard

Holmsted Farm

Staplefield Road

Haywards Heath

RH17 5JF

FIXED ASSETS

Tangible assets

4

52,910

31,432

CURRENT ASSETS

Stocks

13,278

13,278

Debtors

5

548,290

282,648

Cash at bank and in hand

316,830

316,130

878,398

612,056

CREDITORS

Amounts falling due within one year

6

346,807

273,553

NET CURRENT ASSETS

531,591

338,503

TOTAL ASSETS LESS CURRENT LIABILITIES

584,501

369,935

CREDITORS

Amounts falling due after more than one year

7

(235,500

)

(107,650

)

PROVISIONS FOR LIABILITIES

9

(6,992

)

(2,003

)

NET ASSETS

342,009

260,282

CAPITAL AND RESERVES

Called up share capital

10,354

10,354

Share premium

621

621

Retained earnings

331,034

249,307

SHAREHOLDERS' FUNDS

342,009

260,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2021 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%

Government grants

The government grants received have been recognised under the performance model. A BIP grant was received to support the company in response to the COVID-19 pandemic and an amount was received under the job retention scheme, there are no unfulfilled conditions or other conditions.

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 Statement of Income and Retained Earnings, 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 14 (2019 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2020

23,942

225,913

124,192

374,047

Additions

-

27,570

2,981

30,551

At 31 December 2020

23,942

253,483

127,173

404,598

DEPRECIATION

At 1 January 2020

23,942

195,145

123,528

342,615

Charge for year

-

8,849

224

9,073

At 31 December 2020

23,942

203,994

123,752

351,688

NET BOOK VALUE

At 31 December 2020

-

49,489

3,421

52,910

At 31 December 2019

-

30,768

664

31,432

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

429,897

138,232

Amounts owed by group undertakings

5,000

10,000

Other debtors

113,393

134,416

548,290

282,648

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

62,733

180,469

Amounts owed to group undertakings

-

12,000

Taxation and social security

108,705

30,166

Other creditors

175,369

50,918

346,807

273,553

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Other creditors

235,500

107,650

8.	LEASING AGREEMENTS

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

31.12.20

31.12.19

£

£

Within one year

56,796

44,037

Between one and five years

66,920

56,250

In more than five years

3,250

16,250

126,966

116,537

9.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

6,992

2,003

Deferred

tax

£

Balance at 1 January 2020

2,003

Provided during year

4,989

Balance at 31 December 2020

6,992

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the statement of financial position date, the company owed the director, N J Holman, £2,912 (2019: £9,000) 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.