Horizon Software Solutions Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05750041 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

HORIZON SOFTWARE SOLUTIONS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

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

4

620,000

595,000

Tangible assets

5

1,191

1,619

Investments

6

511,085

511,085

1,132,276

1,107,704

CURRENT ASSETS

Stocks

87,122

62,122

Debtors

4,891

4,076

Cash at bank

8,108

2,632

100,121

68,830

CREDITORS

Amounts falling due within one year

158,102

103,128

NET CURRENT LIABILITIES

(57,981

)

(34,298

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,074,295

1,073,406

PROVISIONS FOR LIABILITIES

95,977

101,028

NET ASSETS

978,318

972,378

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

7

409,163

404,112

Retained earnings

569,055

568,166

SHAREHOLDERS' FUNDS

978,318

972,378

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 29 March 2018 and were signed on its behalf by:

V I Vassilev - Director

1.	STATUTORY INFORMATION

Horizon Software Solutions 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 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

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

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

-

33% on reducing balance and 20% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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.

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 profit or loss on a straight line basis over the

period of the lease.

Fixed asset investments

Fixed asset investments are include at cost or valuation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

595,000

Additions

25,000

At 30 June 2017

620,000

NET BOOK VALUE

At 30 June 2017

620,000

At 30 June 2016

595,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

and 30 June 2017

30,663

DEPRECIATION

At 1 July 2016

29,044

Charge for year

428

At 30 June 2017

29,472

NET BOOK VALUE

At 30 June 2017

1,191

At 30 June 2016

1,619

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 July 2016

and 30 June 2017

511,085

NET BOOK VALUE

At 30 June 2017

511,085

At 30 June 2016

511,085

7.

RESERVES

Fair

value

reserve

£

At 1 July 2016

404,112

Deferred tax change of rate

5,051

At 30 June 2017

409,163