Caseware UK (AP4) 2024.0.164 2024.0.164 2025-12-31 2025-12-31 2 true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2025-01-01 false Other letting and operating of own or leased real estate 2 true false 08118127 2025-01-01 2025-12-31 08118127 2024-01-01 2024-12-31 08118127 2025-12-31 08118127 2024-12-31 08118127 c:Director2 2025-01-01 2025-12-31 08118127 d:PlantMachinery 2025-01-01 2025-12-31 08118127 d:PlantMachinery 2025-12-31 08118127 d:PlantMachinery 2024-12-31 08118127 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 08118127 d:MotorVehicles 2025-01-01 2025-12-31 08118127 d:MotorVehicles 2025-12-31 08118127 d:MotorVehicles 2024-12-31 08118127 d:MotorVehicles d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 08118127 d:FurnitureFittings 2025-01-01 2025-12-31 08118127 d:ComputerEquipment 2025-01-01 2025-12-31 08118127 d:ComputerEquipment 2025-12-31 08118127 d:ComputerEquipment 2024-12-31 08118127 d:ComputerEquipment d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 08118127 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 08118127 d:FreeholdInvestmentProperty 2025-01-01 2025-12-31 08118127 d:FreeholdInvestmentProperty 2025-12-31 08118127 d:FreeholdInvestmentProperty 2024-12-31 08118127 d:FreeholdInvestmentProperty 2 2025-01-01 2025-12-31 08118127 d:CurrentFinancialInstruments 2025-12-31 08118127 d:CurrentFinancialInstruments 2024-12-31 08118127 d:Non-currentFinancialInstruments 2025-12-31 08118127 d:Non-currentFinancialInstruments 2024-12-31 08118127 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 08118127 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08118127 d:Non-currentFinancialInstruments d:AfterOneYear 2025-12-31 08118127 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 08118127 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-12-31 08118127 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 08118127 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2025-12-31 08118127 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-12-31 08118127 d:ShareCapital 2025-12-31 08118127 d:ShareCapital 2024-12-31 08118127 d:InvestmentPropertiesRevaluationReserve 2025-01-01 2025-12-31 08118127 d:InvestmentPropertiesRevaluationReserve 2025-12-31 08118127 d:InvestmentPropertiesRevaluationReserve 2024-12-31 08118127 d:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 08118127 d:RetainedEarningsAccumulatedLosses 2025-12-31 08118127 d:RetainedEarningsAccumulatedLosses 2024-12-31 08118127 c:OrdinaryShareClass1 2025-01-01 2025-12-31 08118127 c:OrdinaryShareClass1 2025-12-31 08118127 c:OrdinaryShareClass1 2024-12-31 08118127 c:FRS102 2025-01-01 2025-12-31 08118127 c:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 08118127 c:FullAccounts 2025-01-01 2025-12-31 08118127 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 08118127 2 2025-01-01 2025-12-31 08118127 6 2025-01-01 2025-12-31 08118127 f:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08118127 SECOND HORIZON LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
SECOND HORIZON LIMITED REGISTERED NUMBER: 08118127 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 14,064 |  | 7,137
Investment property | 5 |  | 35,990,000 |  | 23,000,000
|  |  | 36,004,064 |  | 23,007,137
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 7,375,039 |  | 1,668,785 |
Current asset investments | 7 | 3,608,288 |  | 3,608,288 |
Cash at bank and in hand | 8 | 1,931,320 |  | 35,779 |
|  | 12,914,647 |  | 5,312,852 |
Creditors: amounts falling due within one year | 9 | (4,070,129) |  | (1,461,049) |
Net current assets |  |  | 8,844,518 |  | 3,851,803
Total assets less current liabilities |  |  | 44,848,582 |  | 26,858,940
Creditors: amounts falling due after more than one year | 10 |  | (14,073,768) |  | (90,000)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (763,899) |  | (333,674) |
|  |  | (763,899) |  | (333,674)
Net assets |  |  | 30,010,915 |  | 26,435,266
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 2,003 |  | 2,003
Investment property reserve | 13 |  | 4,585,288 |  | 3,719,065
Profit and loss account | 13 |  | 25,423,624 |  | 22,714,198
|  |  | 30,010,915 |  | 26,435,266
Page 1
SECOND HORIZON LIMITED REGISTERED NUMBER: 08118127 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A J Joyce
Director
Date: 3 March 2026
The notes on pages 3 to 10 form part of these financial statements. Page 2
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Second Horizon Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08118127 and registered office address is Auberon, Fiddlers Lane, St Florence. The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
In preparing the financial statements, the directors have considered the current financial position of the company and the likely future cash flows. The directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the directors have considered that the company has reported profit in the current financial year and is confident the company will remain in a profit making position in the forthcoming financial year and generate sufficient cash flows in order to meet its financial obligations. Therefore after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 4
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% |
|  |  |  | Motor vehicles | - | 20% |
|  |  |  | Fixtures and fittings | - | 20% |
|  |  |  | Computer equipment | - | 20% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.10 | Investment property
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Page 5
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.17 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 6
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 12,380 | 9,750 | 5,336 | 27,466
| Additions | - | 11,250 | - | 11,250
| Disposals | - | (9,750) | - | (9,750)
| At 31 December 2025 | 12,380 | 11,250 | 5,336 | 28,966
| Depreciation |  |  |  |
| At 1 January 2025 | 8,802 | 9,750 | 1,777 | 20,329
| Charge for the year on owned assets | 1,932 | 1,500 | 891 | 4,323
| Disposals | - | (9,750) | - | (9,750)
| At 31 December 2025 | 10,734 | 1,500 | 2,668 | 14,902
| Net book value |  |  |  |
| At 31 December 2025 | 1,646 | 9,750 | 2,668 | 14,064
| At 31 December 2024 | 3,578 | - | 3,559 | 7,137
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 23,000,000
| Additions at cost | 18,061,035
| Disposals | (7,000,000)
| Surplus on revaluation | 1,928,965
| At 31 December 2025 | 35,990,000
The 2025 valuations were made by the director, on an open market value basis.
Page 7
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 309,151 | 384,248
| Other debtors | 6,950,000 | 1,248,875
| Prepayments and accrued income | 115,888 | 35,662
|  | 7,375,039 | 1,668,785
7. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other | 3,608,288 | 3,608,288
|  | 3,608,288 | 3,608,288
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,931,320 | 35,779
|  | 1,931,320 | 35,779
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,563,265 | -
| Trade creditors | 192,031 | 166,158
| Corporation tax | 371,156 | 340,621
| Other taxation and social security | 229,542 | 244,950
| Other creditors | 150,421 | 44,116
| Accruals and deferred income | 1,563,714 | 665,204
|  | 4,070,129 | 1,461,049
Page 8
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 14,051,757 | -
| Other creditors | - | 90,000
| Accruals and deferred income | 22,011 | -
|  | 14,073,768 | 90,000
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 1,563,266 | -
| Amounts falling due 2-5 years |  |
| Bank loans | 5,833,333 | -
| Amounts falling due after more than 5 years |  |
| Bank loans | 8,218,424 | -
|  | 15,615,023 | -
| The loans of the company are secured by first legal charge over the assets of the company.
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,003 (2024 - 2,003) Ordinary shares of £1.00 each | 2,003 | 2,003
Page 9
SECOND HORIZON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Reserves
Investment property revaluation reserve The investment property revaluation reserve consists of movements in property valuations in excess of historical cost net of deferred taxation and adjustments from disposal of properties. During the year Debit £392,189 (2024 - Credit £101,503) of deferred taxation was recognised in the investment property revalutaion reserve. Profit and loss account Profit and loss account consists of the retained earnings of the company.
14. | Related party transactions
| During the period, consultancy costs of £20,000 (2024 - £17,000) have been charged to the company by the directors. Included in other debtors is an amount of £750,000 (2024 - £550,000) owed by a company in which the director is a shareholder.
Page 10