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REGISTERED NUMBER: 03927388 (England and Wales)















HORIZONS AGRICULTURE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022






HORIZONS AGRICULTURE LIMITED (REGISTERED NUMBER: 03927388)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


HORIZONS AGRICULTURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2022







DIRECTORS: Mrs S J Needham
A P Needham



REGISTERED OFFICE: Chestnut Court
Stubton Road
Brandon
Grantham
Lincolnshire
NG32 2AX



REGISTERED NUMBER: 03927388 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: Barclays Bank
Leicester
Leicestershire
LE87 2BB

HORIZONS AGRICULTURE LIMITED (REGISTERED NUMBER: 03927388)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 622,066 613,492
Investments 5 177,066 170,347
Investment property 6 720,000 590,000
1,519,132 1,373,839

CURRENT ASSETS
Stocks 1,612,316 1,304,377
Debtors 7 417,253 689,267
Cash at bank 1,548,618 1,483,095
3,578,187 3,476,739
CREDITORS
Amounts falling due within one year 8 894,734 1,148,275
NET CURRENT ASSETS 2,683,453 2,328,464
TOTAL ASSETS LESS CURRENT LIABILITIES 4,202,585 3,702,303

PROVISIONS FOR LIABILITIES 113,936 75,534
NET ASSETS 4,088,649 3,626,769

CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 11 373,224 279,651
Retained earnings 3,715,423 3,347,116
SHAREHOLDERS' FUNDS 4,088,649 3,626,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

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.

HORIZONS AGRICULTURE LIMITED (REGISTERED NUMBER: 03927388)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2022


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 Board of Directors and authorised for issue on 25 August 2022 and were signed on its behalf by:





Mrs S J Needham - Director


HORIZONS AGRICULTURE LIMITED (REGISTERED NUMBER: 03927388)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

1. STATUTORY INFORMATION

Horizons Agriculture 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.

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.

Turnover
Turnover represents the fair value of consideration received for net invoiced sales of chemicals, secretarial fees and contracting services, excluding value added tax, as well as rents received from the company's investment properties.

Sales of chemicals are recognised on despatch and revenue from secretarial fees and contracting services are recognised on the day the work is undertaken. Revenue from rents is recognised in the period receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Improvements to property - Nil
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 20% on reducing balance

Freehold property is held at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. All other tangible fixed assets are held at cost less accumulated depreciation.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

HORIZONS AGRICULTURE LIMITED (REGISTERED NUMBER: 03927388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022

2. ACCOUNTING POLICIES - continued

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 6 (2021 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2021 390,000 358,912 748,912
Additions 33,800 15,973 49,773
At 31 January 2022 423,800 374,885 798,685
DEPRECIATION
At 1 February 2021 - 135,420 135,420
Charge for year - 41,199 41,199
At 31 January 2022 - 176,619 176,619
NET BOOK VALUE
At 31 January 2022 423,800 198,266 622,066
At 31 January 2021 390,000 223,492 613,492

Cost or valuation at 31 January 2022 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 53,437 - 53,437
Cost 370,363 374,885 745,248
423,800 374,885 798,685

HORIZONS AGRICULTURE LIMITED (REGISTERED NUMBER: 03927388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 February 2021 170,347
Revaluations 6,719
At 31 January 2022 177,066
NET BOOK VALUE
At 31 January 2022 177,066
At 31 January 2021 170,347

Cost or valuation at 31 January 2022 is represented by:

Other
investments
£   
Valuation in 2022 77,066
Cost 100,000
177,066

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2021 590,000
Revaluations 130,000
At 31 January 2022 720,000
NET BOOK VALUE
At 31 January 2022 720,000
At 31 January 2021 590,000

Fair value at 31 January 2022 is represented by:
£   
Valuation in 2022 393,589
Cost 326,411
720,000

The investment properties were valued by the directors at 31 January 2022 by considering cost and the fair values of recent, comparable property sales in the local area.

HORIZONS AGRICULTURE LIMITED (REGISTERED NUMBER: 03927388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 366,662 595,434
Other debtors 49,836 93,620
Prepayments and accrued income 755 213
417,253 689,267

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 508,551 863,112
Taxation and social security 140,185 102,990
Other creditors 245,998 182,173
894,734 1,148,275

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 22,329 9,805
Between one and five years 3,480 1,399
25,809 11,204

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary 1 2 2

11. RESERVES
Revaluation
reserve
£   
At 1 February 2021 279,651
Reserves transfer 93,573

At 31 January 2022 373,224

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

12. POST BALANCE SHEET EVENTS

Subsequent to the year end, the company approved dividends of £150,000.