Horn Imports Limited - Accounts to registrar - small 17.2

Horn Imports Limited - Accounts to registrar - small 17.2

HORN IMPORTS LIMITED - Company Information

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REGISTERED NUMBER: SC155389 (Scotland)




















Horn Imports Limited

Unaudited Financial Statements

for the Year Ended 31 January 2017






Horn Imports Limited (Registered number: SC155389)






Contents of the Financial Statements
for the Year Ended 31 January 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Horn Imports Limited

Company Information
for the Year Ended 31 January 2017







DIRECTOR: Mr 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 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 894 106

CURRENT ASSETS
Stocks 11,257 10,086
Cash at bank 99,168 94,895
110,425 104,981
CREDITORS
Amounts falling due within one year 4 13,340 7,244
NET CURRENT ASSETS 97,085 97,737
TOTAL ASSETS LESS CURRENT
LIABILITIES
97,979
97,843

PROVISIONS FOR LIABILITIES 170 21
NET ASSETS 97,809 97,822

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 97,808 97,821
SHAREHOLDERS' FUNDS 97,809 97,822

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 2017


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 director on 16 June 2017 and were signed by:





Mr 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 2017

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 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.

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

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 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.

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2017

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2016 3,402
Additions 1,117
At 31 January 2017 4,519
DEPRECIATION
At 1 February 2016 3,296
Charge for year 329
At 31 January 2017 3,625
NET BOOK VALUE
At 31 January 2017 894
At 31 January 2016 106

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Taxation and social security 11,299 4,987
Other creditors 2,041 2,257
13,340 7,244

5. FIRST YEAR ADOPTION

In preparing the accounts, the director has considered whether in applying the accounting policies
required by FRS 102 a restatement of comparative items was needed. No restatements were
required. Accordingly, no reconciliation of opening balances or net income/(expenditure) for the
period has been prepared.


Page 5