Group Horizon Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06591612 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

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 Part Ground Floor & 1st Floor

The Avenues, Eleventh Avenue

North Team Valley Trading Estate

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 2023 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

29 August 2023

FIXED ASSETS

Intangible assets

4

45,538

60,718

Tangible assets

5

13,003

13,396

58,541

74,114

CURRENT ASSETS

Debtors

6

375,410

495,916

Investments

7

10

10

Cash at bank and in hand

3,949

588

379,369

496,514

CREDITORS

Amounts falling due within one year

8

117,076

244,372

NET CURRENT ASSETS

262,293

252,142

TOTAL ASSETS LESS CURRENT LIABILITIES

320,834

326,256

CREDITORS

Amounts falling due after more than one year

9

139,796

164,509

NET ASSETS

181,038

161,747

CAPITAL AND RESERVES

Called up share capital

37,142

37,142

Retained earnings

143,896

124,605

SHAREHOLDERS' FUNDS

181,038

161,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 29 August 2023 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 12 (2022 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 April 2022

and 31 March 2023

304,735

AMORTISATION

At 1 April 2022

244,017

Charge for year

15,180

At 31 March 2023

259,197

NET BOOK VALUE

At 31 March 2023

45,538

At 31 March 2022

60,718

Cost or valuation at 31 March 2023 is represented by:

Other

intangible

assets

£

Valuation in 2018

228,837

Valuation in 2021

75,898

304,735

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2022

31,698

84,804

116,502

Additions

-

2,260

2,260

At 31 March 2023

31,698

87,064

118,762

DEPRECIATION

At 1 April 2022

24,143

78,963

103,106

Charge for year

1,132

1,521

2,653

At 31 March 2023

25,275

80,484

105,759

NET BOOK VALUE

At 31 March 2023

6,423

6,580

13,003

At 31 March 2022

7,555

5,841

13,396

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

190,252

221,597

Amounts owed by group undertakings

135,057

143,753

Other debtors

114

-

Corporation Tax

-

30,923

VAT

9,151

1,262

Prepayments and accrued income

40,836

98,381

375,410

495,916

7.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Investments in subsidiary

undertakings

10

10

10

10

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

5,882

15,982

Other loans

31,680

31,680

Trade creditors

40,899

77,549

Social security and other taxes

29,749

58,240

Other creditors

-

42

Wages and salaries control

893

739

Factoring account

175

50,342

Directors' current accounts

2,281

7,781

Accrued expenses

5,517

2,017

117,076

244,372

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

36,275

42,157

Other loans - 2-5 years

103,521

122,352

139,796

164,509

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdraft

-

10,100

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