Horizonscan Limited - Accounts to registrar (filleted) - small 18.2
Horizonscan Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
FOR |
HORIZONSCAN LIMITED |
HORIZONSCAN LIMITED (REGISTERED NUMBER: 08062540) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HORIZONSCAN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 The Links |
HERNE BAY |
Kent |
CT6 7GQ |
HORIZONSCAN LIMITED (REGISTERED NUMBER: 08062540) |
ABRIDGED BALANCE SHEET |
31 MAY 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 and authorised for issue on |
HORIZONSCAN LIMITED (REGISTERED NUMBER: 08062540) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
1. | STATUTORY INFORMATION |
Horizonscan Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HORIZONSCAN LIMITED (REGISTERED NUMBER: 08062540) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2019 |
Additions |
Disposals | ( |
) |
At 31 May 2020 |
DEPRECIATION |
At 1 June 2019 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2020 |
NET BOOK VALUE |
At 31 May 2020 |
At 31 May 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2020 | 2019 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 10,510 | - |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is R J Timpson. |
9. | COMPANY RESILIENCE AND GOING CONCERN |
2019/20 was a difficult year for Horizonscan with profit in the first 9 months of the year significantly reduced by the last quarter losses related to COVID-19. Horizonscan has a strong balance sheet going into the next financial year, including positive ratios of current assets to current liabilities. There are operational issues around Deferred Income and Work in Progress that need to be addressed, but a plan is in place to ensure that client revenue is realized early in the new company financial year. Our resilience plan shows that we have the resources to trade through the next accounting year. |
10. | IMPACT OF COVID-19 |
COVID-19 has led to several of Horizonscan's clients pushing work back to when domestic and international travel is possible without restrictions. This has led to a decline in sales revenue during March, April and May 2020. The full impact of this was mitigated by the majority of Horizonscan staff being furloughed, but significant losses were still made. This situation is already changing with new clients signed up for contracts that started in June 2020 and July 2020, respectively. |