Horizon Environment Services Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 02705606 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

FOR

HORIZON ENVIRONMENT SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Clements

Mr C Eccles

SECRETARY:

Miss W Clements

REGISTERED OFFICE:

Graveoak

East Lancashire Road

Leigh

Lancashire

WN7 3SE

REGISTERED NUMBER:

02705606 (England and Wales)

ACCOUNTANTS:

M. S. Twist & Co. Limited

Chartered Certified Accountants

205A Ashley Road

Hale

Altrincham

Cheshire

WA15 9SQ

FIXED ASSETS

Intangible assets

4

25,369

83,632

Tangible assets

5

90,620

75,985

Investments

6

70,150

20,000

186,139

179,617

CURRENT ASSETS

Stocks

7

13,348

12,109

Debtors: amounts falling due within one year

8

1,652,499

1,381,249

Investments

9

-

36,373

Cash at bank and in hand

211,341

291,342

1,877,188

1,721,073

CREDITORS

Amounts falling due within one year

10

(941,492

)

(827,607

)

NET CURRENT ASSETS

935,696

893,466

TOTAL ASSETS LESS CURRENT LIABILITIES

1,121,835

1,073,083

CREDITORS

Amounts falling due after more than one year

11

(20,353

)

(12,960

)

PROVISIONS FOR LIABILITIES

(15,871

)

(17,472

)

NET ASSETS

1,085,611

1,042,651

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,085,511

1,042,551

SHAREHOLDERS' FUNDS

1,085,611

1,042,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 31 August 2016 and were signed on its behalf by:

Mr D Clements - Director

1.	STATUTORY INFORMATION

Horizon Environment Services 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

In compliance with FRS102 the policy for the amortisation of goodwill has been reduced from 20 years to 5

years.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount

receivable for goods supplied and services rendered, net of returns, discounts and rebates allowed by the

company and value added taxes.

Revenue from the sale of goods is recognised when the goods are delivered and legal title has passed. Revenue

from the sale of services is recognised on completion of the service rendered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of five years.

The company has adopted the maximum period of write off as the acquisition of the business is expected to

generate income on an ongoing basis from the existing business and new business generated from the acquisition.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Costs, which comprise the product cost plus the cost to bring the product to its current location are on a first in

first out basis. Net realisable value is based on the estimated selling price.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the

related revenue is recognised.The amount of any write down of stocks to net realisable value and all losses of

stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any

reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an

expense in the period in which the reversal occurs.

Deferred tax

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

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Leasing & hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets

acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets

acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where

substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance element of

the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on

the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the

benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line

basis.

Significant judgements and estimates

Preparation of the financial statements requires managements to make significant judgements and estimates. The

items in the financial statements where these judgements and estimates have been made include:

A. Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives

and residual values of the assets. The useful lives and residual values are re-assessed annually. They are amended

when necessary to reflect current estimates, based on technological advancement, future investments, economic

utilisation and the physical condition of the assets.

B. Stock provisioning

The company product is of a highly technical nature and is subject to changing consumer demands. As a result it

is necessary to consider the recoverability of the cost of stock and associated provisioning is required. When

calculating the stock provision, management considers the nature and condition of the inventory, as well as

applying assumptions around anticipated saleability of goods for resale.

C. Impairment of debtors

The company makes an estimate of the recoverability value of trade and other debtors. When assessing

impairment of trade and other debtors, management considers factors including the current credit rating of the

debtor, ageing profile and historical experience.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 196 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2015

and 30 April 2016

291,314

AMORTISATION

At 1 May 2015

207,682

Amortisation for year

58,263

At 30 April 2016

265,945

NET BOOK VALUE

At 30 April 2016

25,369

At 30 April 2015

83,632

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2015

24,367

111,239

15,315

189,480

340,401

Additions

-

31,489

-

490

31,979

At 30 April 2016

24,367

142,728

15,315

189,970

372,380

DEPRECIATION

At 1 May 2015

24,367

72,992

3,829

163,228

264,416

Charge for year

-

10,460

2,872

4,012

17,344

At 30 April 2016

24,367

83,452

6,701

167,240

281,760

NET BOOK VALUE

At 30 April 2016

-

59,276

8,614

22,730

90,620

At 30 April 2015

-

38,247

11,486

26,252

75,985

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2015

8,037

15,315

23,352

Additions

23,476

-

23,476

At 30 April 2016

31,513

15,315

46,828

DEPRECIATION

At 1 May 2015

1,159

3,829

4,988

Charge for year

4,506

2,872

7,378

At 30 April 2016

5,665

6,701

12,366

NET BOOK VALUE

At 30 April 2016

25,848

8,614

34,462

At 30 April 2015

6,878

11,486

18,364

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2015

20,000

Additions

50,150

At 30 April 2016

70,150

NET BOOK VALUE

At 30 April 2016

70,150

At 30 April 2015

20,000

7.

STOCKS

30.4.16

30.4.15

£

£

Raw materials

13,348

12,109

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.16

30.4.15

£

£

Trade debtors

1,648,977

1,379,125

Other debtors

3,522

2,124

1,652,499

1,381,249

9.	CURRENT ASSET INVESTMENTS

30.4.16

30.4.15

£

£

Listed investments

-

36,373

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.16

30.4.15

£

£

Hire purchase contracts

11,816

5,760

Trade creditors

408,666

369,739

Corporation tax

35,398

37,044

Social security and other taxes

75,285

73,149

Pension contribution creditor

3,294

2,884

VAT

284,957

219,521

Other creditors

6,262

6,729

Directors' current accounts

42,003

40,129

Accrued expenses

73,811

72,652

941,492

827,607

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.16

30.4.15

£

£

Hire purchase contracts

20,353

12,960

12.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.16

30.4.15

£

£

Hire purchase contracts

32,169

18,720

The hire purchase creditor is secured on the assets concerned.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director's loan of £40,129 (2014: £579), included in creditors, remained in credit throughout the year. The

company repaid £450 and took a further advance of £40,000 during the year. The director has not charged the

company any interest on the loan during the year. The loan remains repayable on demand.

Dividends totalling £81,000 (2014: £28,980) were paid to the director during the year.

14.	RELATED PARTY DISCLOSURES

During previous years the company provided a loan to Heat & Go Limited, a company owned by Horizon

Environmental Services Limited.The company was repaid £120,400 during the year. At the year end the amount

owing to the company was £nil (2014: £20,400) and is included in debtors.

Heat & Go Limited provided services and equipment to the company totalling £4,013. The amount outstanding

at year end was £646 (2014: £nil) and this has been included as a loan in creditors at year end.

No interest has been charged on the loans.

15.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director, Mr Clements who has a beneficial interest in 100% of the share

capital.