Company No: SC345629 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Investments	3	1,980		1,980
		1,980		1,980
Current assets
Debtors
- due within one year	4	1,746,386		1,815,010
- due after more than one year	4	1,403,293		1,329,229
Cash at bank and in hand	5	5,859		45,739
		3,155,538		3,189,978
Creditors
Amounts falling due within one year	6	( 57,522)		( 91,962)
Net current assets		3,098,016		3,098,016
Total assets less current liabilities		3,099,996		3,099,996
Net assets		3,099,996		3,099,996
Capital and reserves
Called-up share capital	7	59,687		59,687
Share premium account		3,090,313		3,090,313
Profit and loss account		( 50,004 )		( 50,004 )
Total shareholders' funds		3,099,996		3,099,996

For the financial year ending 29 July 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Horizons Clinic Africa Limited (registered number: SC345629) were approved and authorised for issue by the Director on 27 July 2022. They were signed on its behalf by:

Professor James N'Dow Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Horizons Clinic Africa Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 13 Queen's Road, Aberdeen, AB15 4YL, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Fixed asset investments

Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 30 July 2020	1,980
At 29 July 2021	1,980
Carrying value at 29 July 2021	1,980
Carrying value at 29 July 2020	1,980

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 29.07.2021	Ownership 29.07.2020
The Horizons Clinic (Gambia) Limited	Gambia	Provision of hospital and medical facilities	Ordinary	99.00%	99.00%

4. Debtors

	2021		2020
	£		£
Debtors: amounts falling due within one year
Other debtors	1,746,386		1,815,010
Debtors: amounts falling due after more than one year
Amounts owed by connected companies	1,403,293		1,329,229

5. Cash and cash equivalents

	2021		2020
	£		£
Cash at bank and in hand	5,859		45,739

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	0		10,131
Other creditors	57,522		81,831
	57,522		91,962

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
312,500 Ordinary A shares of £ 0.01 each	3,125		3,125
4,687,500 Ordinary B shares of £ 0.01 each	46,875		46,875
	50,000		50,000
Allotted, called-up and not yet paid
968,750 Ordinary C shares of £ 0.01 each	9,687		9,687

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2021		2020
	£		£
Payments settled on behalf of the subsidiary	73,994		40,734
Amount owed by subsidiary	1,403,293		1,329,299