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REGISTERED NUMBER: 04677168 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

NEW HORIZON LOGISTICS LIMITED

NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NEW HORIZON LOGISTICS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2022







DIRECTORS: Mr K F G Stockman
Mr P S Massey
Mr C Hutchings





SECRETARY: Mr P S Massey





REGISTERED OFFICE: St Georges House
Cape Road
The Cape
Warwick
CV34 5DJ





REGISTERED NUMBER: 04677168 (England and Wales)





ACCOUNTANTS: Pentlands Accountants and advisors Ltd
Chartered Certified Accountants
and Registered Auditors
3 & 4 Pegasus House
Pegasus Court
Olympus Avenue
Warwick
Warwickshire
CV34 6LW

NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

BALANCE SHEET
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,729 61,390

CURRENT ASSETS
Debtors 5 355,352 273,944
Cash at bank and in hand 107,424 144,821
462,776 418,765
CREDITORS
Amounts falling due within one year 6 351,923 332,292
NET CURRENT ASSETS 110,853 86,473
TOTAL ASSETS LESS CURRENT
LIABILITIES

161,582

147,863

CREDITORS
Amounts falling due after more than one
year

7

(92,500

)

(130,000

)

PROVISIONS FOR LIABILITIES (9,671 ) (11,664 )
NET ASSETS 59,411 6,199

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 59,407 6,195
SHAREHOLDERS' FUNDS 59,411 6,199

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

BALANCE SHEET - continued
31 March 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 13 September 2022 and were signed on its behalf by:





Mr K F G Stockman - Director


NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2022


1. STATUTORY INFORMATION

New Horizon Logistics 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.

Government grant
Government grants are in relation to the Coronavirus Job Retention Scheme (CJRS) whilst there was uncertainty as to what impact the pandemic would have on the business. The grant has been
recognised under accrual model and recorded under separate heading in the profit and loss as other operating income.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 16 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2021 68,106 57,272 67,553 24,233 217,164
Additions - 1,590 - 3,594 5,184
At 31 March 2022 68,106 58,862 67,553 27,827 222,348
DEPRECIATION
At 1 April 2021 34,464 53,006 45,077 23,227 155,774
Charge for year 6,591 1,442 5,618 2,194 15,845
At 31 March 2022 41,055 54,448 50,695 25,421 171,619
NET BOOK VALUE
At 31 March 2022 27,051 4,414 16,858 2,406 50,729
At 31 March 2021 33,642 4,266 22,476 1,006 61,390

NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2021
and 31 March 2022 58,370
DEPRECIATION
At 1 April 2021 37,120
Charge for year 5,312
At 31 March 2022 42,432
NET BOOK VALUE
At 31 March 2022 15,938
At 31 March 2021 21,250

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 316,839 240,271
Other debtors 38,513 33,673
355,352 273,944

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 30,000 20,000
Hire purchase contracts - 5,499
Trade creditors 33,957 27,388
Taxation and social security 116,240 144,314
Other creditors 171,726 135,091
351,923 332,292

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 92,500 130,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 10,000

NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022


8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Hire purchase contracts - 5,499
Invoice Financing balance 168,519 124,504
168,519 130,003

RBS Invoice Finance Limited have a fixed and floating debenture charge over the assets of the company in respect of the invoice discounting facility.

The directors have provided a joint and several guarantee to secure the bank facilities.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
Mr P A C Callan
Balance outstanding at start of year 160 19,660
Amounts repaid - (19,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 160 160

Mr C Hutchings
Balance outstanding at start of year 6,160 19,660
Amounts repaid - (13,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,160 6,160

Mr P S Massey
Balance outstanding at start of year 6,160 19,660
Amounts repaid - (13,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,160 6,160

Mr K F G Stockman
Balance outstanding at start of year 6,160 19,660
Amounts repaid - (13,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,160 6,160

NEW HORIZON LOGISTICS LIMITED (REGISTERED NUMBER: 04677168)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022


10. CONTROLLING PARTY

The directors who have equal shareholding have equal control of the company.