Company registration number 05917148 (England and Wales)
HORIZON CARE (SOUTH WEST) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HORIZON CARE (SOUTH WEST) LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HORIZON CARE (SOUTH WEST) LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HORIZON CARE (SOUTH WEST) LTD FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horizon Care (South West) Ltd for the period ended 29 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Horizon Care (South West) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Horizon Care (South West) Ltd and state those matters that we have agreed to state to the board of directors of Horizon Care (South West) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horizon Care (South West) Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Horizon Care (South West) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Horizon Care (South West) Ltd. You consider that Horizon Care (South West) Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Horizon Care (South West) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
27 February 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
HORIZON CARE (SOUTH WEST) LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
29 February 2024
31 August 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
42,792
65,613
Current assets
Debtors
5
235,830
265,493
Cash at bank and in hand
190,674
332,137
426,504
597,630
Creditors: amounts falling due within one year
6
(306,892)
(241,910)
Net current assets
119,612
355,720
Total assets less current liabilities
162,404
421,333
Creditors: amounts falling due after more than one year
7
(372,608)
(139,201)
Provisions for liabilities
-
0
(8,698)
Net (liabilities)/assets
(210,204)
273,434
Capital and reserves
Called up share capital
8
314
314
Share premium account
29,344
29,344
Profit and loss reserves
(239,862)
243,776
Total equity
(210,204)
273,434

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HORIZON CARE (SOUTH WEST) LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mrs S P Eaton
Director
Company registration number 05917148 (England and Wales)
HORIZON CARE (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Horizon Care (South West) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kensington Court, Pynes Hill, Exeter, EX2 5TY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true

At the balance sheet date the company is in a net liabilities position. The company is reliant on the ongoing support of its directors and lenders and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Reporting period

The financial year end was extended by 6 months to a total of 18 months. The comparative amounts presented represent a year, as a result, the comparative period amounts presented in these financial statements will not be entirely comparable.

1.4
Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HORIZON CARE (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements (Discovery House)
10% per annum on a straight line basis
Leasehold improvements (Rosemoor Court)
20% per annum on a straight line basis
Fixtures, fittings and equipment
20% per annum on a straight line basis
Computer equipment
33.33% per annum on a straight line basis
Motor vehicles
20% per annum on a diminishing balance basis
Electric bicycles
33.33% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

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.

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

HORIZON CARE (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 130 (2022 - 137).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 29 February 2024
10,000
Amortisation and impairment
At 1 September 2022 and 29 February 2024
10,000
Carrying amount
At 29 February 2024
-
0
At 31 August 2022
-
0
HORIZON CARE (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements (Discovery House)
Leasehold improvements (Rosemoor Court)
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Electric bicycles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2022
41,228
13,753
25,316
34,914
12,190
5,077
132,478
Additions
-
0
-
0
26,463
3,143
59,090
-
0
88,696
Disposals
-
0
-
0
-
0
-
0
(41,735)
-
0
(41,735)
Transfers
(41,228)
-
0
(31,311)
(7,113)
-
0
-
0
(79,652)
At 29 February 2024
-
0
13,753
20,468
30,944
29,545
5,077
99,787
Depreciation and impairment
At 1 September 2022
28,860
11,004
6,939
14,782
203
5,077
66,865
Depreciation charged in the period
2,405
2,749
6,779
15,611
8,864
-
0
36,408
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(203)
-
0
(203)
Transfers
(31,265)
-
0
(9,807)
(5,003)
-
0
-
0
(46,075)
At 29 February 2024
-
0
13,753
3,911
25,390
8,864
5,077
56,995
Carrying amount
At 29 February 2024
-
0
-
0
16,557
5,554
20,681
-
0
42,792
At 31 August 2022
12,368
2,749
18,377
20,132
11,987
-
0
65,613
HORIZON CARE (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 8 -
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,448
Other debtors
235,830
264,045
235,830
265,493
6
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
2,310
7,020
Taxation and social security
63,153
101,717
Other creditors
241,429
133,173
306,892
241,910

Included within other creditors is £165,235 (2022 - £62,898) relating to long-term loans, secured over the assets of the company. Also included within other creditors is £11,797 (2022: £Nil) in relation to hire purchase contracts secured over the underlying assets.

7
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
372,608
139,201

Included within other creditors is £352,843 (2022 - £139,201) relating to long-term loans, secured over the assets of the company. Also included within other creditors is £19,765 (2022: £Nil) in relation to hire purchase contracts secured over the underlying assets.

8
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
18,750
18,750
187
187
Ordinary shares held in treasury of 1p each
12,650
12,650
127
127
31,400
31,400
314
314

 

HORIZON CARE (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 9 -
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2022
£
£
29,843
186,884
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Secretary loan
2.25
187,148
111,391
4,594
(194,266)
108,867
Director loan
-
2,456
500
-
-
2,956
Director loan
-
(2,800)
25,000
-
(20,000)
2,200
186,804
136,891
4,594
(214,266)
114,023
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