Silverfin false false 29/07/2024 30/07/2023 29/07/2024 Wayne Keathley 05/08/2013 Professor James N'Dow 03/09/2008 Dr Otegbola Ojo 23/04/2014 Andrea Pizziconi 17/05/2013 28 May 2025 The principal activity of the Company during the financial year was holding an investment in a subsidiary undertaking which will provide hospital and medical facilities in Gambia. SC345629 2024-07-29 SC345629 bus:Director1 2024-07-29 SC345629 bus:Director2 2024-07-29 SC345629 bus:Director3 2024-07-29 SC345629 bus:Director4 2024-07-29 SC345629 2023-07-29 SC345629 core:CurrentFinancialInstruments 2024-07-29 SC345629 core:CurrentFinancialInstruments 2023-07-29 SC345629 core:ShareCapital 2024-07-29 SC345629 core:ShareCapital 2023-07-29 SC345629 core:SharePremium 2024-07-29 SC345629 core:SharePremium 2023-07-29 SC345629 core:RetainedEarningsAccumulatedLosses 2024-07-29 SC345629 core:RetainedEarningsAccumulatedLosses 2023-07-29 SC345629 core:CostValuation 2023-07-29 SC345629 core:AdditionsToInvestments 2024-07-29 SC345629 core:CostValuation 2024-07-29 SC345629 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-07-29 SC345629 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-07-29 SC345629 bus:OrdinaryShareClass1 2024-07-29 SC345629 bus:OrdinaryShareClass2 2024-07-29 SC345629 bus:OrdinaryShareClass3 2024-07-29 SC345629 2023-07-30 2024-07-29 SC345629 bus:FilletedAccounts 2023-07-30 2024-07-29 SC345629 bus:SmallEntities 2023-07-30 2024-07-29 SC345629 bus:AuditExemptWithAccountantsReport 2023-07-30 2024-07-29 SC345629 bus:PrivateLimitedCompanyLtd 2023-07-30 2024-07-29 SC345629 bus:Director1 2023-07-30 2024-07-29 SC345629 bus:Director2 2023-07-30 2024-07-29 SC345629 bus:Director3 2023-07-30 2024-07-29 SC345629 bus:Director4 2023-07-30 2024-07-29 SC345629 2022-07-30 2023-07-29 SC345629 core:Subsidiary1 2023-07-30 2024-07-29 SC345629 core:Subsidiary1 1 2023-07-30 2024-07-29 SC345629 core:Subsidiary1 1 2022-07-30 2023-07-29 SC345629 bus:OrdinaryShareClass1 2023-07-30 2024-07-29 SC345629 bus:OrdinaryShareClass1 2022-07-30 2023-07-29 SC345629 bus:OrdinaryShareClass2 2023-07-30 2024-07-29 SC345629 bus:OrdinaryShareClass2 2022-07-30 2023-07-29 SC345629 bus:OrdinaryShareClass3 2023-07-30 2024-07-29 SC345629 bus:OrdinaryShareClass3 2022-07-30 2023-07-29 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: SC345629 (Scotland)

THE HORIZONS CLINIC AFRICA LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

THE HORIZONS CLINIC AFRICA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 JULY 2024

Contents

THE HORIZONS CLINIC AFRICA LIMITED

BALANCE SHEET

AS AT 29 JULY 2024
THE HORIZONS CLINIC AFRICA LIMITED

BALANCE SHEET (continued)

AS AT 29 JULY 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 1,734,891 1,980
1,734,891 1,980
Current assets
Debtors 4 1,434,943 3,153,024
Cash at bank and in hand 5 432 10,686
1,435,375 3,163,710
Creditors: amounts falling due within one year 6 ( 70,270) ( 65,694)
Net current assets 1,365,105 3,098,016
Total assets less current liabilities 3,099,996 3,099,996
Net assets 3,099,996 3,099,996
Capital and reserves
Called-up share capital 7 59,687 59,687
Share premium account 3,090,313 3,090,313
Profit and loss account ( 50,004 ) ( 50,004 )
Total shareholders' funds 3,099,996 3,099,996

For the financial year ending 29 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Horizons Clinic Africa Limited (registered number: SC345629) were approved and authorised for issue by the Board of Directors on 28 May 2025. They were signed on its behalf by:

Professor James N'Dow
Director
THE HORIZONS CLINIC AFRICA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 JULY 2024
THE HORIZONS CLINIC AFRICA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 JULY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Horizons Clinic Africa Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 13 Queen's Road, Aberdeen, AB15 4YL, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Fixed asset investments

Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 30 July 2023 1,980
Additions 1,732,911
At 29 July 2024 1,734,891
Carrying value at 29 July 2024 1,734,891
Carrying value at 29 July 2023 1,980

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
29.07.2024
Ownership
29.07.2023
The Horizons Clinic (Gambia) Limited Gambia Provision of hospital and medical facilities Ordinary 75.08% 99.00%

The capital and reserves and the profit of the subsidiary undertaking was as follows:

Capital and
reserves
at 31 December 2024
Profit for
the year ended
31 December 2024
£ £
The Horizons Clinic (Gambia) Limited 11,490,410 0

On 3 July 2023 it was agreed that the Company would subscribe for shares in The Horizons Clinic (Gambia) Limited in satisfaction of the existing loan. The Company now holds 75.08% of the equity shares in The Horizons Clinic (Gambia) Limited, which gives it significant influence over the financial and operating policies of the subsidiary. The capital and reserves and profit figures disclosed above have been obtained per the latest draft accounts for the year ended 31 December 2024 and have been translated at the rate of exchange at 31 December 2024.

4. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 14,830 1,732,911
Other debtors 1,420,113 1,420,113
1,434,943 3,153,024

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 432 10,686

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,170 7,392
Other creditors 66,100 58,302
70,270 65,694

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
312,500 Ordinary A shares of £ 0.01 each 3,125 3,125
4,687,500 Ordinary B shares of £ 0.01 each 46,875 46,875
50,000 50,000
Allotted, called-up and not yet paid
968,750 Ordinary C shares of £ 0.01 each 9,687 9,687

8. Contingencies

Contingent liabilities

2024 2023
£ £
Total contingent liabilities 13,058,280 0

The Company has provided a guarantee for a bank loan amounting to $16,800,000 (£13,058,280 based on the exchange rate at 29 July 2024) taken by its subsidiary, The Horizons Clinic (Gambia) Limited, for the construction of a hospital in Gambia. The guarantee is in respect of the full loan amount and is valid until the loan is fully repaid.

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Expenses on behalf of the subsidiary 14,830 184,475
Loan converted into shares in the subsidiary (1,732,911) 0
Amount owed by subsidiary 14,830 1,732,911

The Company subscribed for shares in the subsidiary, The Horizons Clinic (Gambia) Limited, in satisfaction of the opening loan balance of £1,732,911.

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to a director 7,392 0

During the year a director settled expenses on behalf of the Company. This loan is repayable on demand and interest free.

10. Ultimate controlling party

The Company is controlled by Horizons Trust (Gambia) Limited, a company limited by guarantee and incorporated in Gambia.