Horizon Global Digital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sixth Avenue, Deeside Industrial Park, Deeside, CH5 2LB.
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
The investment in Reckless Digital Group Holdings Ltd had been impaired to nil following an assessment by management that this was no longer recoverable during 2020. However, given that the company has now been dissolved, the investment cost and provision for impairment have been written off.
On 12th September 2017 the company received funding of £660,000 from Cequent Nederlands Holdings B.V. (the immediate parent company) via a capital contribution to the company's equity. This has been accounted for as a capital contribution received as a direct contribution to the company's equity from it's immediate parent.
On 30 December 2022, the ultimate parent company, Horizon Global Company LLC, entered into an Agreement and Plan of Merger to be acquired by First Brands Group LLC, a company registered in the United States of America. The acquisition closed 8 February 2023, on which date the ultimate parent company became First Brands Group, LLC. Also effective on 8 February 2023, First Brands Group LLC became the parent undertaking both the smallest and largest group to consolidate the financial statements of the Company, which will begin in 2023.
The registered office of First Brands Group LLC is Key Tower, 127 Public Square, Suite 5110, Cleveland, OH, 44114.
At 31 December 2022, Cequent Nederlands Holdings B.V. (incorporated in The Netherlands) was the intermediate parent of the Company by virtue of its interest in the equity share of the Company. At 31 December 2022, Horizon Global Company LLC (incorporated in the United States of America) was the ultimate parent company of the Company and the ultimate controlling party was considered by the Directors to be Horizon Global Corporation 47912 Halyard Drive, Suite 100, Plymouth, Michigan 48170.
On 30 December 2022, the ultimate parent company, Horizon Global Company LLC, entered into an Agreement and Plan of Merger to be acquired by First Brands Group, LLC, a company registered in the United States of America. The acquisition closed 8 February 2023, on which date the ultimate parent company became First Brands Group, LLC. Also effective on 8 February 2023, First Brands Group LLC became the parent undertaking both the smallest and largest group to consolidate the financial statements of the Company, which will begin in 2023.