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Registered number: 05942131









HORIZON INTERNATIONAL HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
A D Melgaard 
H Christensen 
C N Holst 
L Syberg 




Registered number
05942131



Registered office
Unit A2 Calder Way
Colnbrook

Slough

England

SL3 0BQ




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22


 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors presents their Strategic report for the year ended 31 December 2023.

Principal activities and business review
 
The principal activity of the Company during the year ended 31 December 2023 was that of a holding company.
The company’s trading subsidiaries' principal activities are the international movement of freight and the provision of logistics services.
During the prior year, the company ceased its operations following a group restructure exercise. Management intends to liquidate the company in the near future.

Principal risks and uncertainties
 
The directors do not believe the Company is exposed to significant financial risk given the nature of the business.

Stakeholder engagement
 
As the Board of Horizon International Holdings Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders.
The directors of the company consider that they have acted in good faith in ways that would most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
 
The directors have considered the reputation of the company with customers, employees and suppliers in their everyday decision making.
The directors has taken into account the financial returns of company future projects and the best interests of the company when making strategic decisions.
 
The directors carefully consider the consequences of all projects, ensuring they are fully planned and costed, taking account of the potential financial returns as well as the wider impacts on the business and the environment. In addition, the company's operations continually strive for the minimum environmental impact.

Financial key performance indicators
 
Due to the nature of the business, key performance indicators are not applicable.


This report was approved by the board on 6 August 2024 and signed on its behalf.



C N Holst
Director

Page 1

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £19,285,299 (2022 - £396,826).

No equity dividends were declared or paid during the year or prior year.

Directors

The directors who served during the year were:

N M Davies (resigned 31 March 2023)
A D Melgaard 
C B Pedersen (resigned 15 August 2023)
H Christensen (appointed 31 August 2023)
C N Holst (appointed 31 August 2023)
L Syberg (appointed 31 August 2023)

Matters covered in the Strategic report

The company has chosen in accordance with section 414C of Companies Act 2006, to set out the following information which would otherwise be required to be contained in the Directors' report within the Strategic report: financial risk management objectives and policies, and future developments in the business of the company.

Page 2

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 August 2024 and signed on its behalf.
 





C N Holst
Director

Page 3

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORIZON INTERNATIONAL HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Horizon International Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to note 2.4 in the financial statements, which indicates the accounts have not been prepared on a going concern basis and that the directors do not believe any adjustment is required to the accounts in respect of that decision as it would not materially alter a user's view of the financial statements. Our opinion is not modified in respect of this matter.

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORIZON INTERNATIONAL HOLDINGS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORIZON INTERNATIONAL HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
° Companies Act 2006.
° FRS102.
° Tax legislation
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit.
Page 6

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORIZON INTERNATIONAL HOLDINGS LIMITED (CONTINUED)


 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
 
The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORIZON INTERNATIONAL HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Elliot S J Arwas (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

6 August 2024
Page 8

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
-
262

Gross profit
  
-
262

Administrative expenses
  
(543,928)
411,214

Operating (loss)/profit
 5 
(543,928)
411,476

Income from fixed assets investments
  
18,827,301
-

Interest receivable and similar income
 9 
1,162,367
80,980

Interest payable and similar expenses
 10 
(4,082)
(9,434)

Profit before tax
  
19,441,658
483,022

Tax on profit
 11 
(156,359)
(86,196)

Profit for the financial year
  
19,285,299
396,826

Total comprehensive income for the year
  
19,285,299
396,826

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 05942131

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Investments
 12 
74,437
838,583

  
74,437
838,583

Current assets
  

Debtors: amounts falling due within one year
 13 
32,130,343
11,655,010

Cash at bank and in hand
 14 
148,868
477,057

  
32,279,211
12,132,067

Creditors: amounts falling due within one year
 15 
(161,851)
(64,152)

Net current assets
  
 
 
32,117,360
 
 
12,067,915

Total assets less current liabilities
  
32,191,797
12,906,498

  

Net assets
  
32,191,797
12,906,498


Capital and reserves
  

Called up share capital 
 17 
150
150

Profit and loss account
 18 
32,191,647
12,906,348

  
32,191,797
12,906,498


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2024.




C N Holst
Director

The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
150
12,906,348
12,906,498


Comprehensive income for the year

Profit for the year
-
19,285,299
19,285,299
Total comprehensive income for the year
-
19,285,299
19,285,299


At 31 December 2023
150
32,191,647
32,191,797



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
150
12,509,522
12,509,672


Comprehensive income for the year

Profit for the year
-
396,826
396,826
Total comprehensive income for the year
-
396,826
396,826


At 31 December 2022
150
12,906,348
12,906,498


The notes on pages 12 to 22 form part of these financial statements.

Page 11

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Horizon International Holdings Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit A2 Calder Way, Colnbrook, Slough, England, SL3 0BQ.
The principal activity of the company is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Cashflow

The company has taken exemption from producing a cashflow statement as it is included in the parent's consolidated financial statements. The consolidated financial statements can be obtained from the registered office of the ultimate parent undertaking, SGLT Holding I LP, c/o Maples Corporate Services Limited, PO Box 309, Ugland House, South Church Street, George Tower, KY 1-1104, Cayman Islands.
 
 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.4

Going concern

The financial statements have been prepared on a non-going concern basis. Management have plans to liquidate the company in the near future, therefore the accounts have not been prepared on a going concern basis. The directors believe that no adjustments are required to the accounts as a result of adopting the non-going concern basis.

Page 12

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 13

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.9

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

Tax is recognised in the Statement of comprehensive income 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 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.11

Tangible fixed assets

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.

Page 14

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 - 5 years

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 comprehensive income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.16

Provisions for liabilities

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 comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of financial position.

Page 15

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors included expectation of future events that are believed to be reasonable under the circumstances.
Key accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Investment valuations and impairment
The company makes an estimate of the recoverable amount of the Company and compares this against the carrying amount of assets in the company to ensure no impairment of the asset. Any impairment would be booked in the year that it is indicated.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
-
262

-
262



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Exchange differences
483,524
(395,771)


6.


Auditors' remuneration



The auditors are remunerated through trading group companies.




Page 16

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
-
(16,295)

Social security costs
-
905

-
(15,390)


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Operations and administration
4
4


8.


Directors' remuneration

During the year, no director received any emoluments (2022 - £Nil).






9.


Interest receivable

2023
2022
£
£


Other interest receivable
1,162,367
80,980

1,162,367
80,980


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
2

Other loan interest payable
-
9,189

Other interest payable
4,082
243

4,082
9,434

Page 17

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
156,359
111,523

Adjustments in respect of previous years
-
1,011


156,359
112,534


Total current tax
156,359
112,534

Deferred tax


Origination and reversal of timing differences
-
(26,338)

Total deferred tax
-
(26,338)


Tax on profit
156,359
86,196

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
19,441,658
483,022


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
4,568,790
91,774

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,850
-

Capital allowances for year in excess of depreciation
-
19,749

Deferred tax
-
(26,338)

Prior year differences
-
1,011

Non-taxable income
(4,424,416)
-

Difference in tax rate
135
-

Total tax charge for the year
156,359
86,196

Page 18

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

In the March 2021 Budget it was announced that the UK corporation tax rate would increase to 25% from 1 April 2023 for profits over £250,000. There are no other significant factors that may affect future tax charges.


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 January 2023
838,583


Additions
100


Disposals
(764,246)



At 31 December 2023
74,437




Details of the principal subsidiaries can be found in note 22.


13.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
32,130,343
11,655,010

32,130,343
11,655,010



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
148,868
477,057

148,868
477,057


Page 19

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
5,493
-

Corporation tax
156,358
64,152

161,851
64,152



16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
32,130,343
11,655,010


Financial liabilities


Financial liabilities measured at amortised cost
5,493
-


Financial assets that are debt instruments measured at amortised cost comprise amounts owed by group undertakings.
Financial liabilities measured at amortised cost comprise amounts owed to group undertakings.


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,000 Ordinary shares of £0.05 each
150
150



18.


Reserves

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.

Page 20

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Related party transactions

The company has taken advantage allowed by Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group.
Total remuneration of key management during the year was £Nil
 (2022 - £Nil).


20.


Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.


21.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is Scan Global Logistics A/S, a company incorporated in Denmark with registered office Kirstinehoj 7, DK-2770 Kastrup, Denmark. The ultimate parent undertaking is SGLT Holding I LP, a company incorporated in the Cayman Islands with registered office c/o Maples Corporate Services Limited, PO Box 309, Ugland House, South Church Street, George Tower, KY 1-1104, Cayman Islands.
The smallest and the largest group in which these accounts are consolidated is SGLT Holding I LP. The consolidated financial statements can be obtained from its registered office c/o Maples Corporate Services Limited, PO Box 309, Ugland House, South Church Street, George Tower, KY 1-1104, Cayman Islands.
The ultimate owner with controlling interest is SGLT Holding I LP.

Page 21

 
HORIZON INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Subsidiary undertakings

The following were subsidiary undertakings of the Company at the reporting date:
Name       Registered office                         Country of incorporation
   
Horizon International     Shannonweg 39, 1118 LA Schiphol Airport       Netherlands
Cargo B.V.      
Horizon International       Unit C 2F, 2313-4 Iwayama, Shibayama-machi, Japan
Cargo JP                 Sanbu-gun, Chiba-ken 289-1608                                           
Scan Global Logistics      Unit 6 & 7, Blackthorne Crescent,                     England
(UK) Limited             Blackthorne Road, Colnbrook, Slough, SL3 0QR                           
Horizon International      308 Northwest Business Park, Ballycoolin,        Ireland 
Cargo Ireland Limited       Dublin  D15                                       
Horizon International 
Cargo IE
Horizon International Holdings Limited owns 100% of the Ordinary share capital of the above subsidiaries.
The principal activity of the above subsidiaries is that of freight forwarding.
During the year, investments in Horizon International Cargo SL (Spain) and Horizon International Cargo Inc. were disposed.
The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended for the subsidiary undertakings were as follows:
Name       Aggregate of share            Profit / (Loss)
             capital and reserves 
                           £          £
Scan Global Logistics                                    19,252,965                                        3,582,619  
(UK) Limited
Horizon International                                       2,725,353                                             773,725
Cargo B.V.
Horizon International                                       1,371,656                                             (261,264)
Cargo JP
Horizon International                                          373                                          255             
Cargo Ireland Limited

 
Page 22