Company registration number 09106234 (England and Wales)
NEW HORIZON TREASURY & TRADE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
NEW HORIZON TREASURY & TRADE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 8
NEW HORIZON TREASURY & TRADE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
Fixed assets
Investments
4
1,000
1,000
Current assets
Debtors
6
2,178,204
2,155,442
Cash at bank and in hand
2,406,410
2,353,424
4,584,614
4,508,866
Creditors: amounts falling due within one year
7
(1,706,267)
(1,588,799)
Net current assets
2,878,347
2,920,067
Total assets less current liabilities
2,879,347
2,921,067
Creditors: amounts falling due after more than one year
8
(2,439,051)
(2,439,051)
Net assets
440,296
482,016
Capital and reserves
Called up share capital
9
141
141
Other reserves
716,725
813,622
Profit and loss reserves
(276,570)
(331,747)
Total equity
440,296
482,016

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

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 year 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.

The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
Shane Kochan
Director
Company Registration No. 09106234
NEW HORIZON TREASURY & TRADE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Balance at 1 July 2022
141
568,770
(234,225)
334,686
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(199,436)
(199,436)
Other movements
-
244,852
101,914
346,766
Balance at 30 June 2023
141
813,622
(331,747)
482,016
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
(41,720)
(41,720)
Other movements
-
(96,897)
-
(96,897)
Balance at 30 June 2024
141
716,725
(276,570)
440,296
NEW HORIZON TREASURY & TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

New Horizon Treasury & Trade Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor De Burgh House, Market Road, Wickford, Essex, England, SS12 0FD.

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 euros, 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has prepared the financial statements on the going concern basis although the balance sheet shows negative shareholders funds. This is considered appropriate as the company's shareholders and creditors will continue to provide financial support to the company for the foreseeable future. Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business

Turnover consists of the provision of professional services on behalf of its customer, for which the company is entitled to a fixed fee for the year, as agreed in the agreement with the customer.

1.4
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.

1.5
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets include debtors and cash and bank balances.     

 

NEW HORIZON TREASURY & TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Other financial assets

Other financial assets, including loans with terms exceeding 12 months, made to companies at non-market rates are recognised initially at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debtors

Other than loans, debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.    

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.        

Other financial liabilities

Other financial liabilities, including loans with terms exceeding 12 months received from companies at non-market rates, are recognised initially at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

NEW HORIZON TREASURY & TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Foreign exchange

Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2024
2023
Investments
1,000
1,000
NEW HORIZON TREASURY & TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
Cost or valuation
At 1 July 2023 & 30 June 2024
1,000
Carrying amount
At 30 June 2024
1,000
At 30 June 2023
1,000
5
Associates

Details of the company's associates at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
GNG Real Estate SS
Italy
Ordinary
20.00
6
Debtors
2024
2023
Amounts falling due within one year:
Other debtors
1,753,325
1,742,938
2024
2023
Amounts falling due after more than one year:
Other debtors
424,879
412,504
Total debtors
2,178,204
2,155,442

Included within other debtors due after more than one year is an unsecured loan of €500,000 provided to Blue Line Trust & Advisors SA. The loan is repayable by yearly instalments of €53.333 which attracts interest at a rate determined by 12 month Euribor plus 1%. The loan has been discounted to €424,879 (2023: €412,504).

NEW HORIZON TREASURY & TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
-
0
4,588
Corporation tax
2,576
3,612
Other creditors
1,680,975
1,576,895
Accruals and deferred income
22,716
3,704
1,706,267
1,588,799
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
2,439,051
2,439,051

 

9
Called up share capital
2024
2023
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
141
141
NEW HORIZON TREASURY & TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
10
Related party transactions

 

Other creditors falling due after one year include loans from the shareholder of €2,439,051 (2023: €2,439,051) which has been discounted to its present value at a market rate of 4% per annum.

Other creditors falling due within one year includes accrued interest on the shareholders’ loan of €481,040 (2023: €371,768).

Other creditors falling due within one year include an amount of €706,159 (2023: €728,852) due to the shareholder, which is interest free and repayable on demand.

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