Horizon Software Solutions Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05750041 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

FOR

HORIZON SOFTWARE SOLUTIONS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P Mandov

V A Chorbadzhiev

V I Vassilev

SECRETARY:

M G Foote

REGISTERED OFFICE:

Booth Street Chambers

Ashton-under-Lyne

Lancashire

OL6 7LQ

REGISTERED NUMBER:

05750041 (England and Wales)

ACCOUNTANTS:

Moss & Williamson Limited

Chartered Accountants

Booth Street Chambers

Ashton-under-Lyne

Lancashire

OL6 7LQ

FIXED ASSETS

Intangible assets

2

595,000

575,000

Tangible assets

3

1,619

2,219

Investments

4

511,085

1,107,704

1,088,304

CURRENT ASSETS

Stocks

62,122

67,372

Debtors

4,076

9,494

Cash at bank

2,632

44,372

68,830

121,238

CREDITORS

Amounts falling due within one year

103,128

137,419

NET CURRENT LIABILITIES

(34,298

)

(16,181

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,073,406

1,072,123

CAPITAL AND RESERVES

Called up share capital

5

100

Revaluation reserve

505,140

Profit and loss account

568,166

566,883

SHAREHOLDERS' FUNDS

1,073,406

1,072,123

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 November 2016 and were signed on
its behalf by:

V I Vassilev - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

the balance sheet date.

Research and development

Development expenditure is capitalised as an intangible fixed asset once the outcome of the project

has been assessed and is reasonably certain of the ultimate commercial viability of the project. The

development costs are amortised over a period of ten years.

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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Fixed asset investments

Fixed asset investments are include at cost or valuation.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

575,000

Additions

20,000

At 30 June 2016

595,000

NET BOOK VALUE

At 30 June 2016

595,000

At 30 June 2015

575,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

30,663

DEPRECIATION

At 1 July 2015

28,444

Charge for year

600

At 30 June 2016

29,044

NET BOOK VALUE

At 30 June 2016

1,619

At 30 June 2015

2,219

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST OR VALUATION

At 1 July 2015

and 30 June 2016

511,085

NET BOOK VALUE

At 30 June 2016

511,085

At 30 June 2015

511,085

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

ordinary

1

100