4 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,089,506 56,470 1,145,976 1,145,976 1,089,506 xbrli:pure xbrli:shares iso4217:GBP SC491595 2024-01-01 2024-12-31 SC491595 2024-12-31 SC491595 2023-12-31 SC491595 2023-01-01 2023-12-31 SC491595 2023-12-31 SC491595 2022-12-31 SC491595 core:MotorVehicles 2024-01-01 2024-12-31 SC491595 bus:Director8 2024-01-01 2024-12-31 SC491595 core:WithinOneYear 2024-12-31 SC491595 core:WithinOneYear 2023-12-31 SC491595 core:MotorVehicles 2023-12-31 SC491595 core:MotorVehicles 2024-12-31 SC491595 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 SC491595 core:ShareCapital 2024-12-31 SC491595 core:ShareCapital 2023-12-31 SC491595 core:SharePremium 2024-12-31 SC491595 core:SharePremium 2023-12-31 SC491595 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC491595 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC491595 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 SC491595 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 SC491595 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 SC491595 bus:SmallEntities 2024-01-01 2024-12-31 SC491595 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC491595 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC491595 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC491595 bus:FullAccounts 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: SC491595
Horizon Proteins Limited
Filleted Unaudited Financial Statements
31 December 2024
Horizon Proteins Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
1,145,976
1,089,506
Tangible assets
6
73
505
------------
------------
1,146,049
1,090,011
Current Assets
Debtors
7
569,543
317,049
Cash at bank and in hand
379,583
695,531
---------
------------
949,126
1,012,580
Creditors: amounts falling due within one year
8
500,026
400,353
---------
------------
Net Current Assets
449,100
612,227
------------
------------
Total Assets Less Current Liabilities
1,595,149
1,702,238
------------
------------
Net Assets
1,595,149
1,702,238
------------
------------
Capital and Reserves
Called up share capital
6,542
6,542
Share premium account
2,756,912
2,756,912
Profit and loss account
( 1,168,305)
( 1,061,216)
------------
------------
Shareholders Funds
1,595,149
1,702,238
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Horizon Proteins Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Mr I M Lochhead
Director
Company registration number: SC491595
Horizon Proteins Limited
Notes to the Financial Statements
Year Ended 31 December 2024
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Suite 2, Ground Floor, Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS, United Kingdom.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The company has made a loss for the year of £107,089 (2023 - £112,089), and has net assets of £1,595,149 (2023 - £1,702,238) as at the period end. In making their going concern assessment, the Directors have considered budgets, forecasts and expected investor support for the business and believe that the company can continue trading for a period of at least 12 months from the date of signing these financial statements.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Intangible Assets
Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is then charged when the products has reached a stage where it can achieve a sales value.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Intangible Assets
Development costs
£
Cost
At 1 January 2024
1,089,506
Additions
56,470
------------
At 31 December 2024
1,145,976
------------
Amortisation
At 1 January 2024 and 31 December 2024
------------
Carrying amount
At 31 December 2024
1,145,976
------------
At 31 December 2023
1,089,506
------------
6. Tangible Assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
20,798
7,597
28,395
--------
-------
--------
Depreciation
At 1 January 2024
20,798
7,092
27,890
Charge for the year
432
432
--------
-------
--------
At 31 December 2024
20,798
7,524
28,322
--------
-------
--------
Carrying amount
At 31 December 2024
73
73
--------
-------
--------
At 31 December 2023
505
505
--------
-------
--------
7. Debtors
2024
2023
£
£
Other debtors
569,543
317,049
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
261,101
158,649
Accruals and deferred income
135,183
137,882
Social security and other taxes
3,742
3,822
Other creditors
100,000
100,000
---------
---------
500,026
400,353
---------
---------
9. Related Party Transactions
Their was no controlling party in the company throughout the year. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.