REGISTERED NUMBER: SC155389 (Scotland)

Horn Imports Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J K Farquharson

SECRETARY:

R J Strathie

REGISTERED OFFICE:

Burnside of Monorgan

Longforgan

Dundee

DD2 5HT

REGISTERED NUMBER:

SC155389 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

The Direct Business Bank

PO BOX 17235

Edinburgh

EH11 1YH

FIXED ASSETS

Tangible assets

4

101,649

153,485

Investment property

5

100,000

-

201,649

153,485

CURRENT ASSETS

Stocks

35,678

45,208

Debtors

6

400

-

Cash at bank

196,709

113,413

232,787

158,621

CREDITORS

Amounts falling due within one year

7

65,907

40,205

NET CURRENT ASSETS

166,880

118,416

TOTAL ASSETS LESS CURRENT LIABILITIES

368,529

271,901

CREDITORS

Amounts falling due after more than one year

8

(24,705

)

(7,681

)

PROVISIONS FOR LIABILITIES

(5,846

)

(138

)

NET ASSETS

337,978

264,082

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

9

17,715

-

Retained earnings

9

320,262

264,081

SHAREHOLDERS' FUNDS

337,978

264,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 December 2025 and were signed by:

J K Farquharson - Director

1.	STATUTORY INFORMATION

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

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 as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents net invoiced sales of life size animal models, excluding value added tax. Turnover is recognised when the goods are delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2024

152,760

6,494

159,254

Additions

-

32,969

32,969

Reclassification/transfer

(76,380

)

-

(76,380

)

At 31 January 2025

76,380

39,463

115,843

DEPRECIATION

At 1 February 2024

-

5,769

5,769

Charge for year

1,528

6,897

8,425

At 31 January 2025

1,528

12,666

14,194

NET BOOK VALUE

At 31 January 2025

74,852

26,797

101,649

At 31 January 2024

152,760

725

153,485

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

32,969

At 31 January 2025

32,969

DEPRECIATION

Charge for year

6,594

At 31 January 2025

6,594

NET BOOK VALUE

At 31 January 2025

26,375

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Revaluations

23,620

Reclassification/transfer

76,380

At 31 January 2025

100,000

NET BOOK VALUE

At 31 January 2025

100,000

Fair value at 31 January 2025 is represented by:

£

Valuation in 2025

23,620

Cost

76,380

100,000

If Investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

76,380

-

Aggregate depreciation

(1,528

)

-

Investment property was valued on a market value basis on 31 January 2025 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by associates

400

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

5,121

5,121

Hire purchase contracts

4,397

-

Taxation and social security

30,869

14,771

Other creditors

25,520

20,313

65,907

40,205

Included within other creditors is a loan from the director. The loan is unsecured, interest-free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

2,560

7,681

Hire purchase contracts

22,145

-

24,705

7,681

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 February 2024

264,081

-

264,081

Profit for the year

73,896

73,896

Property revaluation

(17,715

)

17,715

-

At 31 January 2025

320,262

17,715

337,977

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.