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REGISTERED NUMBER: NI068311 (Northern Ireland)












New Horizons Global Limited

Unaudited Financial Statements for the Year Ended 31st January 2024






New Horizons Global Limited (Registered number: NI068311)






Contents of the Financial Statements
for the year ended 31st January 2024




Page

Statement of financial position 1

Notes to the financial statements 3


New Horizons Global Limited (Registered number: NI068311)

Statement of Financial Position
31st January 2024

2024 2023
Notes £    £   
Fixed assets
Intangible assets 4 200,000 200,000

Current assets
Debtors 5 - 3,546
Cash at bank 22,280 35,808
22,280 39,354
Creditors
Amounts falling due within one year 6 (83,027 ) (83,335 )
Net current liabilities (60,747 ) (43,981 )
Total assets less current liabilities 139,253 156,019

Creditors
Amounts falling due after more than one
year

7

(1,149,851

)

(1,159,544

)
Net liabilities (1,010,598 ) (1,003,525 )

Capital and reserves
Called up share capital 9 350,651 350,651
Share premium 10 6,817,765 6,817,765
Retained earnings 10 (8,179,014 ) (8,171,941 )
Shareholders' funds (1,010,598 ) (1,003,525 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 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 Horizons Global Limited (Registered number: NI068311)

Statement of Financial Position - continued
31st January 2024


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 25th October 2024 and were signed on its behalf by:





Mr. S W Chestnutt - Director


New Horizons Global Limited (Registered number: NI068311)

Notes to the Financial Statements
for the year ended 31st January 2024

1. Statutory information

New Horizons Global Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI068311

Registered office: Oakmont House
2 Queens Road
Lisburn
BT27 4TZ

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

New Horizons Global Limited (Registered number: NI068311)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

2. Accounting policies - 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 FRS102 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 legal 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, 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 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.

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, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

New Horizons Global Limited (Registered number: NI068311)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

2. Accounting policies - continued

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.

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.

Going Concern
The accounts have been prepared on a going concern basis, however there is aggressive competitor in the market and several large customers have stalled development plans due to Covid-19. If there is no progression with these customers there may be significant doubt upon New Horizons Global Limited's ability to continue as a going concern. The Companies Liabilities exceeded its assets at the Balance sheet date. However included within liabilities is a debt due to W4 investments of £1,132,876 that is only payable on sales of produces derived form assets purchases from W4. Should the Company cease to trade this debt will not be due and all liabilities would likely be paid in full.

3. Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

New Horizons Global Limited (Registered number: NI068311)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

4. Intangible fixed assets
Intellectual
Property
£   
Cost
At 1st February 2023
and 31st January 2024 200,000
Net book value
At 31st January 2024 200,000
At 31st January 2023 200,000

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Prepayments - 3,546

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 10,648 10,648
Trade creditors 33,280 33,254
VAT 17,599 17,933
Other creditors 20,000 20,000
Accrued expenses 1,500 1,500
83,027 83,335

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans (see note 8) 16,975 26,668
Other loans (see note 8) 1,132,876 1,132,876
1,149,851 1,159,544

The Other Loans figure due after 1 year relates solely to an amount due to W4 Investments Ltd. This liability is only due at a rate of 10% of all invoiced and paid sales of products produced or derived from the Assets purchased from W4 Investments Ltd on 30th August 2012.

8. Loans

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648

New Horizons Global Limited (Registered number: NI068311)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

8. Loans - continued
2024 2023
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,648 10,648
Other loans - 1-2 years 1,132,876 1,132,876
1,143,524 1,143,524

Amounts falling due between two and five years:
Bank loans - 2-5 years 6,327 16,020

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
350,651 Ordinary 1 350,651 350,651

10. Reserves
Retained Share
earnings premium Totals
£    £    £   

At 1st February 2023 (8,171,941 ) 6,817,765 (1,354,176 )
Deficit for the year (7,073 ) (7,073 )
At 31st January 2024 (8,179,014 ) 6,817,765 (1,361,249 )

11. Related party transactions

The director of the company is also a director of Algal Omega 3 Limited which acquired certain assets and intellectual property of the company during the year ended 31 January 2016.

Included in trade creditors at the year end is an amount owed to Algal Omega 3 Limited of £402.