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Registered number: 09725729
HORZEN ASSETS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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HORZEN ASSETS LIMITED
REGISTERED NUMBER: 09725729
BALANCE SHEET
AS AT 31 AUGUST 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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HORZEN ASSETS LIMITED
REGISTERED NUMBER: 09725729
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2017
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2018.
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Mr J M Williams
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The notes on pages 4 to 11 form part of these financial statements.
Page 2
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HORZEN ASSETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2017
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Comprehensive income for the period
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Transfer to/from profit and loss account
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Transfer to/from profit and loss account
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The notes on pages 4 to 11 form part of these financial statements.
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Page 3
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The Company's functional and presentational currency is Pound Sterling.
The following principal accounting policies have been applied:
Turnover is recognised by the Company to the extent that it obtains the right to consideration in exchange for its performance. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account.
Pitch Fees
Pitch fees are recognised on an accruals basis in the period to which they relate.
Sales of Mobile Homes
Sales of mobile homes are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Page 4
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
1.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises corporation and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Individual freehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Page 5
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
1.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of Income and Retained Earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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Stock and work in progress
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Stock and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured at fair value.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was 1 (2016 - 1).
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Page 6
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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Charge for the year on owned assets
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Stock and work in progress
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Amounts owed by group undertakings
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Page 7
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 8
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Deferred tax on revaluation of freehold property
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Allotted, called up and partly paid
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100 (2016 - 100) Ordinary shares of £1.00 each
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Page 9
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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Related party transactions
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During the period the company operated a loan account with the director Mr J Williams. The amount due to him at the period end was £293,652 (2016 - £142,867) and is included in other creditors.
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The immediate controlling party is Horzen Group Limited, which is a 100% subsidiary of Grosvenor Parks Limited (formerly 123456 Limited).
The ultimate controlling party is Mr J Williams by virtue of his 100% shareholding.
Page 10
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HORZEN ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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First time adoption of FRS 102
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The Company transitioned to FRS 102 from previously extant UK GAAP as at 10 August 2015. The impact of the transition to FRS 102 is as follows:
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Reconciliation of equity at 31 August 2016
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Equity at 31 August 2016 under previous UK GAAP
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Deferred tax on revaluation of freehold property
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Equity shareholders funds at 31 August 2016 under FRS 102
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Reconciliation of profit and loss account for the period ended 31 August 2016
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Profit for the year under previous UK GAAP
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Deferred tax on revaluation of freehold property
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Loss for the year ended 31 August 2016 under FRS 102
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The following were changes in accounting policies arising from the transition to FRS 102:
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Under previous UK GAAP no deferred tax was recognised on the revaluation of investment property. In accordance with FRS102, this is now provided for.
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Page 11
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