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HORIZON FIFE LTD

Registered Number
SC638179
(Scotland)

Unaudited Financial Statements for the Year ended
31 August 2024

HORIZON FIFE LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

John Pithie Grieve
James Ewens Park

Registered Address

1 Reid Street
Lochgelly
KY5 9DL

Registered Number

SC638179 (Scotland)
HORIZON FIFE LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets332,42443,233
32,42443,233
Current assets
Stocks16,0002,500
Debtors43,8083,215
Cash at bank and on hand12,14828,414
31,95634,129
Creditors amounts falling due within one year5(66,360)(64,710)
Net current assets (liabilities)(34,404)(30,581)
Total assets less current liabilities(1,980)12,652
Creditors amounts falling due after one year6(32,844)(41,372)
Provisions for liabilities(6,161)(8,214)
Net assets(40,985)(36,934)
Capital and reserves
Called up share capital44
Profit and loss account(40,989)(36,938)
Shareholders' funds(40,985)(36,934)
The financial statements were approved and authorised for issue by the Board of Directors on 3 February 2025, and are signed on its behalf by:
John Pithie Grieve
Director
Registered Company No. SC638179
HORIZON FIFE LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The financial statements have been prepared on the going concern basis. The directors find it appropriate for the financial statements to be prepared on this basis despite the net liability position of the company. The company is reliant upon the continued support of the directors who have confirmed they will not withdraw their directors loan account to the detriment of other creditors.
Turnover policy
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.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged to profit or loss in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Vehicles25-
Office Equipment253
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 September 2322,24049,3941,69273,326
At 31 August 2422,24049,3941,69273,326
Depreciation and impairment
At 01 September 239,45120,22242030,093
Charge for year3,1977,29331910,809
At 31 August 2412,64827,51573940,902
Net book value
At 31 August 249,59221,87995332,424
At 31 August 2312,78929,1721,27243,233
4.Debtors: amounts due within one year

2024

2023

££
Other debtors331-
Prepayments and accrued income3,4773,215
Total3,8083,215
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9,78712,072
Bank borrowings and overdrafts5,0005,000
Taxation and social security1,5532,518
Finance lease and HP contracts2,9722,610
Other creditors45,52840,939
Accrued liabilities and deferred income1,5201,571
Total66,36064,710
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts26,94532,500
Other creditors5,8998,872
Total32,84441,372
Bank of Scotland has a floating charge in place related to the Bounce Back Loan.