David Horn Communications Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01916932 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DAVID HORN COMMUNICATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S R Horn

Mr B Hansen

Mr D M Brown

Mr T P Bakken

REGISTERED OFFICE:

Comtec House

Enterprise Way

Luton

Bedfordshire

LU3 4BU

REGISTERED NUMBER:

01916932 (England and Wales)

AUDITORS:

FKCA Limited

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

4

87,546

58,932

CURRENT ASSETS

Stocks

362,363

341,390

Debtors

5

1,952,334

2,021,710

Cash at bank and in hand

766,568

867,230

3,081,265

3,230,330

CREDITORS

Amounts falling due within one year

6

617,330

772,676

NET CURRENT ASSETS

2,463,935

2,457,654

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,551,481

2,516,586

PROVISIONS FOR LIABILITIES

12,527

4,009

NET ASSETS

2,538,954

2,512,577

CAPITAL AND RESERVES

Called up share capital

8

1,100

Retained earnings

2,537,854

2,511,477

SHAREHOLDERS' FUNDS

2,538,954

2,512,577

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr B Hansen - Director

Mr D M Brown - Director

1.	STATUTORY INFORMATION

David Horn Communications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are 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.

The company holds intercompany balances that bear interest below market rates. In measuring these amounts at amortised cost, the directors have discounted the expected future cash flows using a market rate of interest. Key assumptions in this calculation include the expected timing of repayments and the market rate applied.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

- 15% on reducing balance

Fixture and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents include cash in hand and monies held in the bank accounts.

Debtors

Trade and other debtors are initially recognised at the transaction price and subsequently measured using the amortised cost method which uses the effective interest method. At each balance sheet date, the directors assess trade and other debtors for evidence of indicators of impairment and where the directors conclude that amounts in respect of trade and other debtors are not recoverable, a specific bad debt provision is recognised.

Creditors

Trade and other creditors are initially recognised in the financial statements at transaction price. Trade and other creditors are then subsequently measured at amortised cost using the effective interest method, unless the effects of discounting would be considered immaterial. If the effects of discounting are judged to be immaterial, trade and other creditors are stated at cost. Trade creditors are not interest-bearing.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

All research and development expenditure is recognised in the profit and loss account as incurred. The company does not capitalise development costs.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2024

113,587

70,811

158,772

154,956

498,126

Additions

-

20,987

16,081

10,862

47,930

At 31 December 2024

113,587

91,798

174,853

165,818

546,056

DEPRECIATION

At 1 January 2024

109,672

69,740

115,697

144,085

439,194

Charge for year

587

813

11,774

6,142

19,316

At 31 December 2024

110,259

70,553

127,471

150,227

458,510

NET BOOK VALUE

At 31 December 2024

3,328

21,245

47,382

15,591

87,546

At 31 December 2023

3,915

1,071

43,075

10,871

58,932

5.

DEBTORS

2024

2023

as restated

£

Amounts falling due within one year:

Trade debtors

395,182

374,834

Amounts owed by group undertakings

508

12,855

Other debtors

100,950

401,982

Tax

36,369

-

Prepayments and accrued income

19,696

76,564

552,705

866,235

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,399,629

1,155,475

Aggregate amounts

1,952,334

2,021,710

Amounts owed by group undertakings falling due after more than one year relate to two unsecured loan facilities, maturing on 31 December 2028 and 31 December 2029 respectively. Interest is receivable at rates of NIBOR plus a margin of 2.0% and NIBOR plus a margin of 2.5%.

PRIOR YEAR ADJUSTMENTS

During the preparation of the current year’s financial statements, it was identified that an intercompany loan made to the parent entity in the previous financial year was not accounted for in accordance with FRS 102. The loan was provided at a below-market interest rate and was not discounted to its present value using a market rate of interest. This led to the following misstatements:

- the carrying amount of the intercompany loan balance was overstated by £189,675.

- distributions to parent were understated by £184,818

- interest income earnt was overstated by £4,857.

The adjustment has been applied retrospectively, and comparative amounts for the prior year have been restated.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

Trade creditors

56,867

64,144

Corporation tax

-

118,147

Taxation and social security

2,793

3,825

VAT

78,510

101,248

Other creditors

114,534

81,568

Deferred income

197,784

261,910

Warranty provision

54,312

54,801

Accrued expenses

112,530

87,033

617,330

772,676

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

as restated

£

Within one year

84,000

Between one and five years

84,000

168,000

252,000

Following the end of the financial year, the company entered into a 3 year leasing agreement for an additional premises at a cost of £7,750 per annum.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

1,000

Ordinary

£1

1,000

100

Ordinary 'A'

£1

100

1,100

The ordinary 'A' shares hold no voting rights, but in all other aspects rank pari passu with the ordinary shares of the company.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We were not appointed as auditors of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the prior year. We were unable to obtain sufficient appropriate audit evidence regarding the inventory quantities held on 31 December 2023, which are included in the balance sheet at £341,390, as we were unable to verify these by alternative audit procedures. As a result, we were unable to determine whether any adjustment to this amount was necessary or whether there was a consequential effect on the cost of sales for the year ended 31 December 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Tara Aldwin ACA (Senior Statutory Auditor)

for and on behalf of FKCA Limited

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.

During the year, rent was paid to the David Horn Communications Limited Directors Pension Scheme totalling £84,000 (2023: £79,000).

At year end, there was a balance due to the scheme in trade creditors totalling £8,400 (2023: £7,903). Mr J Horn and Mr S Horn are trustees of the scheme.

11.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Davidhorn AS, a company incorporated in Norway.

The ultimate holding company is Kernel AS, a company incorporated in Norway. Kernel AS prepare consolidated financial statements which include the results of David Horn Communications Limited. Their registered office address is c/o DIPS AS, Jernbaneveien 85, 8006 BODØ.