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Registration number: 05928981

Horizon Mobility Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Horizon Mobility Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Horizon Mobility Ltd

Company Information

Directors

Mr M J Billcliffe

Mr G S Billcliffe

Registered office

Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW

Accountants

GW & Co. Limited
Chartered Certified Accountants
Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW

 

Horizon Mobility Ltd

(Registration number: 05928981)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

17,501

21,001

Tangible assets

5

1,964,220

1,813,560

 

1,981,721

1,834,561

Current assets

 

Stocks

6

13,966

14,407

Debtors

7

152,973

97,841

Cash at bank and in hand

 

91,765

62,027

 

258,704

174,275

Creditors: Amounts falling due within one year

8

(506,792)

(396,429)

Net current liabilities

 

(248,088)

(222,154)

Total assets less current liabilities

 

1,733,633

1,612,407

Creditors: Amounts falling due after more than one year

8

(381,790)

(423,257)

Net assets

 

1,351,843

1,189,150

Capital and reserves

 

Called up share capital

9

75,240

75,190

Retained earnings

1,276,603

1,113,960

Shareholders' funds

 

1,351,843

1,189,150

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Horizon Mobility Ltd

(Registration number: 05928981)
Balance Sheet as at 31 December 2023

.........................................
Mr M J Billcliffe
Director

.........................................
Mr G S Billcliffe
Director

 
     
 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW
England

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

Written off over 20 years

Plant & machinery

20% reducing balance

Fixtures & fittings

20% reducing balance

Motor vehicles

20% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents & licenses

Written off over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2022 - 32).

 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

59,520

59,520

At 31 December 2023

59,520

59,520

Amortisation

At 1 January 2023

38,519

38,519

Amortisation charge

3,500

3,500

At 31 December 2023

42,019

42,019

Carrying amount

At 31 December 2023

17,501

17,501

At 31 December 2022

21,001

21,001

5

Tangible assets

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

135,126

220,348

2,811,866

561,498

Additions

-

18,535

418,542

257,377

Disposals

-

-

-

(109,419)

At 31 December 2023

135,126

238,883

3,230,408

709,456

Depreciation

At 1 January 2023

51,087

143,876

1,411,336

308,978

Charge for the year

6,756

19,001

363,814

88,918

Eliminated on disposal

-

-

-

(44,113)

At 31 December 2023

57,843

162,877

1,775,150

353,783

Carrying amount

At 31 December 2023

77,283

76,006

1,455,258

355,673

At 31 December 2022

84,039

76,472

1,400,530

252,519

 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

3,728,838

Additions

694,454

Disposals

(109,419)

At 31 December 2023

4,313,873

Depreciation

At 1 January 2023

1,915,277

Charge for the year

478,489

Eliminated on disposal

(44,113)

At 31 December 2023

2,349,653

Carrying amount

At 31 December 2023

1,964,220

At 31 December 2022

1,813,560

 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

13,966

14,407

7

Debtors

Current

2023
£

2022
£

Trade debtors

107,208

52,182

Prepayments

36,378

29,296

Other debtors

9,387

16,363

 

152,973

97,841

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

249,635

104,741

Trade creditors

 

104,822

102,343

Taxation and social security

 

118,980

97,012

Accruals and deferred income

 

3,750

7,117

Other creditors

 

29,605

85,216

 

506,792

396,429

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

381,790

423,257

9

Share capital

Allotted, called up and fully paid shares

 

Horizon Mobility Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

75,000

75,000

75,000

75,000

Ordinary B shares of £1 each

190

190

190

190

 

75,190

75,190

75,190

75,190

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

158,798

157,577

Hire purchase contracts

187,689

192,332

Other borrowings

35,303

73,348

381,790

423,257

2023
£

2022
£

Current loans and borrowings

Bank borrowings

86,405

75,146

Hire purchase contracts

127,928

-

Other borrowings

35,302

29,595

249,635

104,741

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £790.00) per ordinary share

 

275,000

 

150,000