Horn Imports Limited - Accounts to registrar (filleted) - small 18.2

Horn Imports Limited - Accounts to registrar (filleted) - small 18.2

HORN IMPORTS LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v21.3.0.583 SC155389 director 1.2.20 31.1.21 31.1.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC1553892020-01-31SC1553892021-01-31SC1553892020-02-012021-01-31SC1553892019-01-31SC1553892019-02-012020-01-31SC1553892020-01-31SC155389ns16:Scotland2020-02-012021-01-31SC155389ns15:PoundSterling2020-02-012021-01-31SC155389ns11:Director12020-02-012021-01-31SC155389ns11:PrivateLimitedCompanyLtd2020-02-012021-01-31SC155389ns11:SmallEntities2020-02-012021-01-31SC155389ns11:AuditExemptWithAccountantsReport2020-02-012021-01-31SC155389ns11:SmallCompaniesRegimeForDirectorsReport2020-02-012021-01-31SC155389ns11:SmallCompaniesRegimeForAccounts2020-02-012021-01-31SC155389ns11:FullAccounts2020-02-012021-01-31SC155389ns11:CompanySecretary12020-02-012021-01-31SC155389ns11:RegisteredOffice2020-02-012021-01-31SC155389ns6:CurrentFinancialInstruments2021-01-31SC155389ns6:CurrentFinancialInstruments2020-01-31SC155389ns6:Non-currentFinancialInstruments2021-01-31SC155389ns6:Non-currentFinancialInstruments2020-01-31SC155389ns6:ShareCapital2021-01-31SC155389ns6:ShareCapital2020-01-31SC155389ns6:RetainedEarningsAccumulatedLosses2021-01-31SC155389ns6:RetainedEarningsAccumulatedLosses2020-01-31SC155389ns6:PlantMachinery2020-02-012021-01-31SC155389ns6:PlantMachinery2020-01-31SC155389ns6:PlantMachinery2021-01-31SC155389ns6:PlantMachinery2020-01-31SC155389ns6:CurrentFinancialInstruments2020-02-012021-01-31
REGISTERED NUMBER: SC155389 (Scotland)




















Horn Imports Limited

Unaudited Financial Statements

for the Year Ended 31 January 2021





Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT








Horn Imports Limited (Registered number: SC155389)






Contents of the Financial Statements
for the Year Ended 31 January 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

Horn Imports Limited

Company Information
for the Year Ended 31 January 2021







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
Page 1
Horn Imports Limited (Registered number: SC155389)

Balance Sheet
31 January 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 234 431

CURRENT ASSETS
Stocks 10,309 24,216
Cash at bank 210,467 165,484
220,776 189,700
CREDITORS
Amounts falling due within one year 5 15,018 16,680
NET CURRENT ASSETS 205,758 173,020
TOTAL ASSETS LESS CURRENT
LIABILITIES
205,992
173,451

CREDITORS
Amounts falling due after more than
one year
6
(23,043
)
-

PROVISIONS FOR LIABILITIES (44 ) (82 )
NET ASSETS 182,905 173,369

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 182,904 173,368
SHAREHOLDERS' FUNDS 182,905 173,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 notes form part of these financial statements

Page 2 continued...
Horn Imports Limited (Registered number: SC155389)

Balance Sheet - continued
31 January 2021


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 28 October 2021 and were signed by:





J K Farquharson - Director


The notes form part of these financial statements

Page 3
Horn Imports Limited (Registered number: SC155389)

Notes to the Financial Statements
for the Year Ended 31 January 2021

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.


Page 4 continued...
Horn Imports Limited (Registered number: SC155389)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2021

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2020 4,981
Additions 149
At 31 January 2021 5,130
DEPRECIATION
At 1 February 2020 4,550
Charge for year 346
At 31 January 2021 4,896
NET BOOK VALUE
At 31 January 2021 234
At 31 January 2020 431

Page 5 continued...
Horn Imports Limited (Registered number: SC155389)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2021

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 2,560 -
Taxation and social security 5,951 11,394
Other creditors 6,507 5,286
15,018 16,680

Included within creditors there is a loan from the director. The director's loan account is unsecured, interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 23,043 -

Page 6
Horn Imports Limited

Report of the Accountants to the Director of
Horn Imports Limited

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 2021 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


28 October 2021

This page does not form part of the statutory financial statements

Page 7