Group Horizon Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06591612 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Group Horizon Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

P Behan

REGISTERED OFFICE:

Unit G24 The Avenues

Eleventh Avenue North Team Valley Tradin

Gateshead

Tyne and Wear

NE11 0NJ

REGISTERED NUMBER:

06591612 (England and Wales)

ACCOUNTANTS:

Peter Weldon & Co. Ltd

87 Station Road

Ashington

Northumberland

NE63 8RS

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Group Horizon Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Group Horizon Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Group Horizon Limited and state those matters that we have agreed to state to the director of Group Horizon Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Group Horizon Limited and its director for our work or for this report.

It is your duty to ensure that Group Horizon Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Group Horizon Limited. You consider that Group Horizon Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Group Horizon Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Peter Weldon & Co. Ltd

87 Station Road

Ashington

Northumberland

NE63 8RS

21 September 2021

FIXED ASSETS

Intangible assets

4

77,333

12,635

Tangible assets

5

16,326

18,314

93,659

30,949

CURRENT ASSETS

Debtors

6

356,289

433,799

Investments

7

10

10

Cash at bank and in hand

30,313

589

386,612

434,398

CREDITORS

Amounts falling due within one year

8

139,378

345,051

NET CURRENT ASSETS

247,234

89,347

TOTAL ASSETS LESS CURRENT LIABILITIES

340,893

120,296

CREDITORS

Amounts falling due after more than one year

9

183,812

-

NET ASSETS

157,081

120,296

CAPITAL AND RESERVES

Called up share capital

37,142

37,142

Revaluation reserve

11

-

11,200

Retained earnings

119,939

71,954

SHAREHOLDERS' FUNDS

157,081

120,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 21 September 2021 and were signed by:

P Behan - Director

1.	STATUTORY INFORMATION

Group Horizon 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared under the going concern basis. Directors have reviewed cashflow forecasts for the forthcoming year and determine the company can meet its liabilities when they fall due. The use of going concern basis is underpinned by the strong current asset position of the company at the balance sheet date.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised once the training service has been provided.

Intangible assets - patents & licences

Patents & Licences are initially measured at cost. After intial recognition, Patents & Licences are measured at cost less any accumulated amortisation and any impairment losses.

Patents & Licences are being amortised evenly over their estimated useful life of 5 years

Intangible assets - software costs

Software costs are initially measured at cost. After initial recognition, Software costs are measured at cost less any accumulated amortisation and any impairment losses.

Software Costs are being amortised evenly over their estimated useful life of 5 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

-

15% on reducing balance per annum

Fixtures and fittings

-

25% on reducing balance per annum

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.

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.

Trade and other debtors

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently amortised cost, net of impairment.

Trade and other creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised costs using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2020 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 April 2020

228,837

Additions

75,898

At 31 March 2021

304,735

AMORTISATION

At 1 April 2020

216,202

Charge for year

11,200

At 31 March 2021

227,402

NET BOOK VALUE

At 31 March 2021

77,333

At 31 March 2020

12,635

Cost or valuation at 31 March 2021 is represented by:

Other

intangible

assets

£

Valuation in 2018

228,837

Cost

75,898

304,735

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2020

31,698

82,785

114,483

Additions

-

1,730

1,730

At 31 March 2021

31,698

84,515

116,213

DEPRECIATION

At 1 April 2020

21,240

74,929

96,169

Charge for year

1,569

2,149

3,718

At 31 March 2021

22,809

77,078

99,887

NET BOOK VALUE

At 31 March 2021

8,889

7,437

16,326

At 31 March 2020

10,458

7,856

18,314

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

185,130

205,510

Amounts owed by group undertakings

145,946

148,062

Prepayments and accrued income

25,213

80,227

356,289

433,799

7.	CURRENT ASSET INVESTMENTS

2021

2020

£

£

Investments in subsidiary

undertakings

10

10

10

10

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

14,798

Other loans

31,680

-

Trade creditors

48,264

111,490

Social security and other taxes

45,862

43,738

VAT

4,822

687

Other creditors

386

4,362

Wages and salaries control

-

34,990

Factoring account

31

127,141

Directors' current accounts

855

7,355

Accrued expenses

7,478

490

139,378

345,051

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

50,000

-

Other loans - 2-5 years

133,812

-

183,812

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

-

14,798

Bank overdraft is secured by a fixed charge over the assets of the company.

11.

RESERVES

Revaluation

reserve

£

At 1 April 2020

11,200

Revaluation w/off in Year

(11,200

)

At 31 March 2021

-