2023-01-01 17 July 2024 Elizabeth Needham ACA CTA (VAT) Kendall Wadley LLP 14127062 2023-12-31 14127062 2023-01-01 2023-12-31 14127062 2022-12-31 14127062 2022-05-24 2022-12-31 14127062 uk-core:WithinOneYear 2022-12-31 14127062 uk-core:WithinOneYear 2023-12-31 14127062 uk-core:AfterOneYear 2022-12-31 14127062 uk-core:AfterOneYear 2023-12-31 14127062 uk-core:ShareCapital 2023-12-31 14127062 uk-core:ShareCapital 2022-12-31 14127062 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 14127062 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 14127062 uk-bus:Director1 2023-01-01 2023-12-31 14127062 uk-core:PlantMachinery 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure 14127062 uk-bus:Audited 2023-01-01 2023-12-31 14127062 uk-bus:FRS102 2023-01-01 2023-12-31 14127062 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 14127062 uk-bus:FilletedAccounts 2023-01-01 2023-12-31 14127062 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Horen Plastics Uk Ltd
Registered Number:14127062
For the year ended 31 December 2023
England and Wales
Audited Financial Statements
2
For the year ended 31 December 2023
Horen Plastics Uk Ltd
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Registered Number :
14127062
As at 31 December 2023
Horen Plastics Uk Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
165,240
168,912
2
165,240
168,912
Current assets
Inventories
93,778
92,430
3
Trade and other receivables
-
212,631
4
563,006
Cash and cash equivalents
1,002,238
1,307,299
656,784
Trade and other payables: amounts falling due within one
year
(572,001)
(786,610)
5
84,783
520,689
Net current assets
Total assets less current liabilities
685,929
253,695
Trade and other payables: amounts falling due after more
than one year
(253,071)
(639,969)
6
-
(4,310)
Provisions for liabilities
45,960
Net assets/liabilities
(3,686)
Capital and reserves
Called up share capital
100
100
Retained earnings
45,860
(3,786)
45,960
(3,686)
Shareholders' funds
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Martin Thornhill Director
These financial statements were approved and authorised for issue by the Board on 17 July 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 December 2023
Horen Plastics Uk Ltd
Notes to the Financial Statements
Statutory Information
Horen Plastics Uk Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration
number 14127062.
Principal place of business:
20 Perrins Field
Upton-Upon-Severn
Worcester
England
WR8 0ER
Registered address:
28-29 New Road
Kidderminster
England
DY10 1AF
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest £.
Significant judgements and estimates
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 apparentfrom 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 accountingestimates are recognised in the period in which the estimate is revised where the revision affects only thatperiod, or in the period of the revision and future periods where the revision affects both current and futureperiods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
33% Straight line
Inventories
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costcomprises direct materials and, where applicable, direct labour costs and those overheads that have beenincurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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5
For the year ended 31 December 2023
Horen Plastics Uk Ltd
Notes to the Financial Statements Continued
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the
asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of
an impairment loss is recognised immediately in profit or loss.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the profit and loss account because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The company's
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment
of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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6
For the year ended 31 December 2023
Horen Plastics Uk Ltd
Notes to the Financial Statements Continued
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other
Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liability simultaneously.
Basic financial assets
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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at
transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
2. Property, plant and equipment
Plant and
Machinery
£
Cost or
valuation
At 01 January 2023
178,323
59,329
Additions
At 31 December 2023
237,652
Provision for depreciation and impairment
At 01 January 2023
9,411
Charge for year
63,001
At 31 December 2023
72,412
At 31 December 2023
Net book value
165,240
At 31 December 2022
168,912
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For the year ended 31 December 2023
Horen Plastics Uk Ltd
Notes to the Financial Statements Continued
3. Inventories
2022
2023
£
£
Stocks
92,430
93,778
4. Trade and other receivables
2022
2023
£
£
Trade debtors
200,855
-
Other debtors
11,776
-
-
212,631
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Trade creditors
656,479
95,306
Taxation and social security
118,131
89,425
Other creditors
12,000
387,270
786,610
572,001
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Amounts owed to group undertaking and undertaking in which the
company has a participating interest
639,969
253,071
7. Average number of persons employed
During the year the average number of employees was 1 (2022 : 1)
8. Parent-subsidiary relationship
The ultimate controlling party is Horen Cortp Co., Ltd. The company's parent company is Horen Cortp Co., Ltd, of 28th Floor, Building A, Caohejing Center, 1520 Gumei Road, Xuhui District, Shanghai. The company is incorporated in China.
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For the year ended 31 December 2023
Horen Plastics Uk Ltd
Notes to the Financial Statements Continued
9. Disclosure under section 444(5B) of the Companies Act 2006
The Report of the Independent Auditor is unqualified.
Elizabeth Needham ACA CTA (VAT) (Senior Statutory Auditor)
Kendall Wadley LLP
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