Registered number
08378244
Horizon World Cargo Limited
Filleted Accounts
29 February 2024
Horizon World Cargo Limited
Registered number: 08378244
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,458 16,118
Current assets
Debtors 4 22,940 93,229
Cash at bank and in hand 47,071 95,350
70,011 188,579
Creditors: amounts falling due within one year 5 (34,564) (162,882)
Net current assets 35,447 25,697
Net assets 52,905 41,815
Capital and reserves
Called up share capital 100 100
Profit and loss account 52,805 41,715
Shareholder's funds 52,905 41,815
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Abdirasid Mohamud
Director
Approved by the board on 27 November 2024
Horizon World Cargo Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor Vehicle 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 22,325 6,343 28,668
Additions 5,706 - 5,706
At 29 February 2024 28,031 6,343 34,374
Depreciation
At 1 March 2023 7,269 5,281 12,550
Charge for the year 4,153 213 4,366
At 29 February 2024 11,422 5,494 16,916
Net book value
At 29 February 2024 16,609 849 17,458
At 28 February 2023 15,056 1,062 16,118
4 Debtors 2024 2023
£ £
Trade debtors 19,687 29,945
Other debtors 3,253 63,284
22,940 93,229
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 25,410 147,993
Taxation and social security costs 1,685 2,383
Other creditors 7,469 12,506
34,564 162,882
6 Other information
Horizon World Cargo Limited is a private company limited by shares and incorporated in England. Its registered office is:
42
Trinity House
Heather park Drive
Wembley
HA0 1SU
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