ACCOUNTS - Final Accounts preparation

Capital commitments

At 31 December 2024 the Company had capital commitments as follows:

Registered number: 04932748

Horizon Hobby Limited

Financial statements

For the Year Ended 31 December 2024


Horizon Hobby Limited

Company Information

Directors	C Dickerson
	K Howard (resigned 7 March 2024)


Registered number	04932748


Registered office	Unit B Cedar Court
	Walker Road
	Forest Business Park
	Coalville
	Leicestershire
	LE67 1TU


Independent auditor	Dains Audit Limited
	2 Chamberlain Square
	Paradise Circus
	Birmingham
	B3 3AX


Horizon Hobby Limited

Contents

	Page
Balance sheet	1
Notes to the financial statements	2 - 7


Horizon Hobby Limited Registered number:04932748

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		217,268		156,415
Current assets
Debtors: amounts falling due within one year	5	96,966		135,568
Cash at bank and in hand	6	97,314		172,923
		194,280		308,491
Creditors: amounts falling due within one year	7	(2,365,945)		(2,233,018)
Net current liabilities			(2,171,665)		(1,924,527)
Total assets less current liabilities			(1,954,397)		(1,768,112)

Net liabilities			(1,954,397)		(1,768,112)

Capital and reserves
Called up share capital	8	1	1
Profit and loss account	9	(1,954,398)	(1,768,113)
		(1,954,397)	(1,768,112)

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 income and retained earnings 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 on 29 April 2026.

___________________________

C Dickerson

Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1


Horizon Hobby Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

Horizon Hobby Limited is a private company, limited by shares and registered in England and Wales. The Cmpany's registered number and registered office address can be found on the Company Information page. The principal activity of the Company continued to be the provision of design, research and development services in respect of radio-controlled products to the group.

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 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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

These financial statements have been prepared on the going concern basis, the validity of which relies on the continued support of the parent company, Horizon Hobby LLC, who in turn has confirmation from its majority stakeholders of its intention to continue to provide sufficient funding and financial support to the company for a period of at least twelve months from the date of approval of the financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2


Horizon Hobby Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

2.5

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3


Horizon Hobby Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.7

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.

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:

Short-term leasehold property	-	10%	Straight line basis
Office equipment	-	20%	straight line basis
Computer equipment	-	33%	straight line basis
Other fixed assets	-		not depreciated

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 the Statement of Income and Retained Earnings.

Other fixed assets relate to assets in the course of construction. No depreciation is charged until these assets are brought into use by the company.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.9

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.

2.10

Creditors

Short-term creditors are measured at the transaction price.

2.11

Employee benefits

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 4


Horizon Hobby Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 14).

4.	Tangible fixed assets

	Leasehold improvement	Office equipment	Computer equipment	Total
	£	£	£	£
Cost
At 1 January 2024	47,626	33,427	144,357	225,410
Additions	111,529	-	11,969	123,498
At 31 December 2024	159,155	33,427	156,326	348,908
Depreciation
At 1 January 2024	-	17,392	51,603	68,995
Charge for the year on owned assets	15,915	5,307	41,423	62,645
At 31 December 2024	15,915	22,699	93,026	131,640
Net book value
At 31 December 2024	143,240	10,728	63,300	217,268
At 31 December 2023	47,626	16,035	92,754	156,415

Debtors

					2024	2023
					£	£


Trade debtors	-	4,446
Other debtors	59,593	74,053
Prepayments	37,373	57,069
	96,966	135,568

Page 5


Horizon Hobby Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

6.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	97,314	172,923

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	1,267	17,269
Amounts owed to group undertakings	2,334,663	2,179,205
Other creditors	2,170	8,698
Accruals	27,845	27,846
	2,365,945	2,233,018

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	1	1

Reserves

Profit and loss account

Profit and loss accounts represents accumulated profits and losses, net of any dividends paid.

Contracted for but not provided in these financial statements

96,567

Page 6


Horizon Hobby Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

11.	Pension commitments

The pension cost charge represents contributions payable by the Company to the fund and amounted to £105,558 (2023 - £83,420). At the balance sheet date the amount of contributions outstanding was £NIL (2023 - £NIL)

Not later than 1 year	69,000	72,853
Later than 1 year and not later than 5 years	138,000	207,000
	207,000	279,853

13.	Related party transactions
	The Company has taken advantage of exemption available in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between group entities.

14.	Controlling party

The Company's parent undertaking is Horizon Hobby LLC, a company registered in the United States of America. Their registered office is 2904 Research Road, Champaign, Illinois, 61822.

15.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 1 May 2026 by Julian Townsend FCA FCCA (Senior statutory auditor) on behalf of Dains Audit Limited.

Page 7