Company Registration No. 11283973 (England and Wales)
HORIZON HOUSING REIT PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
HORIZON HOUSING REIT PLC
COMPANY INFORMATION
Directors
Mr P Casey
Mr H S Griffiths
Secretary
Mr J Sampat
Company number
11283973
Registered office
Eden House
Reynolds Road
Beaconsfield
Buckinghamshire
HP9 2FL
Auditor
Littlestone Golding
17 Cavendish Square
London
W1G 0PH
HORIZON HOUSING REIT PLC
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
HORIZON HOUSING REIT PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2020
- 1 -
The directors present the strategic report for the year ended 30 June 2020.
Fair review of the business
Neither the company nor its subsidiary undertakings have traded since incorporation. The company has net assets of £12,500, as shown in the balance sheet on page 9 which represents its paid up share capital.
As the company is not trading there are no key performance indicators.
Principal risks and uncertainties
The company is not active and therefore no risks and uncertainties have been identified.
Promoting the success of the company
The
directors believe that
they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to stakeholders and matters set out in
Section
172(1)(a-f) of the Companies Act 2006 in the decisions taken during the year.
Mr H S Griffiths
Director
10 June 2021
HORIZON HOUSING REIT PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2020 with comparative information for the period from incorporation on 29 March 2018 to 30 June 2019.
Principal activities
The company has not traded since incorporation.
Results and dividends
The results for the year are set out on page 7.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P Casey
Mr H S Griffiths
Qualifying third party indemnity provisions
The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for
directors and officers of the company in respect of liabilities they may incur in defending certain proceedings
against them.
Business relationships
Whilst the c
ompany
is currently inactive, it
manage
s
relationships with
potential customers,
suppliers
, and those individuals and bodies that it has dealings with
as closely as possible to ensure the services provided meet the
c
ompany’s high standards
.
Future developments
There are no expected future developments in the company's activities at the present time.
Auditor
In accordance with the company's articles, a resolution proposing that Littlestone Golding be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
HORIZON HOUSING REIT PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr H S Griffiths
Director
10 June 2021
HORIZON HOUSING REIT PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HORIZON HOUSING REIT PLC
- 4 -
Opinion
We have audited the financial statements of Horizon Housing REIT PLC (the 'company') for the year ended 30 June 2020 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
Auditor's
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.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
HORIZON HOUSING REIT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HORIZON HOUSING REIT PLC
- 5 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
HORIZON HOUSING REIT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HORIZON HOUSING REIT PLC
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Wright FCA (Senior Statutory Auditor)
For and on behalf of Littlestone Golding
10 June 2021
Chartered Accountants
Statutory Auditor
17 Cavendish Square
London
W1G 0PH
HORIZON HOUSING REIT PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
Year
Period
ended
ended
30 June
30 June
2020
2019
Notes
£
£
Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Profit before taxation
Tax on profit
4
Profit for the financial year
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HORIZON HOUSING REIT PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
Year
Period
ended
ended
30 June
30 June
2020
2019
£
£
Profit for the year
Other comprehensive income
-
-
Total comprehensive income for the year
HORIZON HOUSING REIT PLC
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 9 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
5
Current assets
Debtors
8
12,500
12,500
Creditors: amounts falling due within one year
9
Net current assets
12,500
12,500
Capital and reserves
Called up share capital
10
12,500
12,500
The financial statements were approved by the board of directors and authorised for issue on 10 June 2021 and are signed on its behalf by:
Mr H S Griffiths
Director
Company Registration No. 11283973
HORIZON HOUSING REIT PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 March 2018
Period ended 30 June 2019:
Profit and total comprehensive income for the period
-
Issue of share capital
10
12,500
-
12,500
Balance at 30 June 2019
12,500
12,500
Period ended 30 June 2020:
Profit and total comprehensive income for the year
-
Balance at 30 June 2020
12,500
12,500
HORIZON HOUSING REIT PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
- 11 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
13
(12,500)
Investing activities
Purchase of subsidiaries (2019: £0.03)
Net cash used in investing activities
Financing activities
Proceeds from issue of shares
12,500
Net cash (used in)/generated from financing activities
12,500
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 12 -
1
Accounting policies
Company information
Horizon Housing REIT PLC is a
public
company
limited by shares
incorporated in England and Wales.
The registered office is
Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL.
1.1
Accounting convention
These financial statements have been prepared in accordance with applicable accounting standards in compliance 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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group or would qualify as a small group if the parent company were not a public company
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
These financial statements are prepared
for the year ended 30 June 2020 with comparative information for the period from incorporation on 29 March 2018 to 30 June 2019.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 13 -
1.6
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Judgements and key sources of estimation uncertainty
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.
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 15 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Employees
4
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
Taxation charge in the financial statements
-
-
5
Fixed asset investments
2020
2019
£
£
Investments in subsidiaries (£0.03)
6
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2019 & 30 June 2020
-
Carrying amount
At 30 June 2020
-
At 30 June 2019
-
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 16 -
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2020 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Horizon Investment Holdings (One) Limited
1
Dormant
Ordinary
100.00
0
Horizon Investment Holdings (Two) Limited
1
Dormant
Ordinary
100.00
0
Horizon Investments (One) Limited
1
Dormant
Ordinary
0
100.00
Horizon Investments (Two) Limited
1
Dormant
Ordinary
0
100.00
Horizon (Scotland) GP Limited
2
Dormant
Ordinary
100.00
0
Registered Office addresses:
1
Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL
2
101 Rose Street South Lane, Edinburgh, Scotland, EH2 3JG
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Horizon Investment Holdings (One) Limited
Horizon Investment Holdings (Two) Limited
Horizon Investments (One) Limited
Horizon Investments (Two) Limited
Horizon (Scotland) GP Limited
7
Financial instruments
2020
2019
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
12,500
12,500
Carrying amount of financial liabilities
Measured at amortised cost
-
-
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 17 -
8
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
12,500
12,500
9
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings (£0.03)
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 18 -
10
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of 1p each
-
-
Other share capital
Issued and fully paid
50,000 Restricted shares of £1 each - 25% paid up
12,500
12,500
Other shares classified as equity
12,500
12,500
Total equity share capital
12,500
12,500
Each ordinary share is entitled to one vote, has equal rights to dividends, and equal rights to participate in a distribution arising from a winding up.
The holders of restricted shares do not have the right to receive notice of or vote at any general meeting. The restricted shares carry the right to receive a fixed annual dividend equal to 0.01% of the nominal amount of each of the restricted shares payable on demand. Each restricted share is entitled and has equal rights to participate in a distribution arising from a winding up or return of capital to a sum equal to the amount paid up or treated as paid up on each restricted share. The restricted shares can be redeemed at any time by the company for an amount equal to their nominal value.
The 1 ordinary share has been issued and fully paid. The 50,000 restricted shares have been issued but are not fully paid.
HORIZON HOUSING REIT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 19 -
11
Related party transactions
2020
2019
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence (£0.03)
-
-
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Entities controlled by key management personnel
12,500
12,500
12
Ultimate controlling party
The company's ultimate controlling party is Mr H S Griffiths.
13
Cash absorbed by operations
2020
2019
£
£
Profit for the year after tax
Movements in working capital:
Increase in debtors
(12,500)
Cash absorbed by operations
-
(12,500)
14
Analysis of changes in net funds
1 July 2019
30 June 2020
£
£
Cash at bank and in hand (£0.01 at 30 June 2019)
-
-
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2020-06-30
11283973
core:UKTax
2018-03-29
2019-06-30
11283973
core:Non-currentFinancialInstruments
2020-06-30
11283973
core:Non-currentFinancialInstruments
2019-06-30
11283973
core:Subsidiary1
2019-07-01
2020-06-30
11283973
core:Subsidiary2
2019-07-01
2020-06-30
11283973
core:Subsidiary3
2019-07-01
2020-06-30
11283973
core:Subsidiary4
2019-07-01
2020-06-30
11283973
core:Subsidiary5
2019-07-01
2020-06-30
11283973
core:Subsidiary1
1
2019-07-01
2020-06-30
11283973
core:Subsidiary2
2
2019-07-01
2020-06-30
11283973
core:Subsidiary3
3
2019-07-01
2020-06-30
11283973
core:Subsidiary4
4
2019-07-01
2020-06-30
11283973
core:Subsidiary5
5
2019-07-01
2020-06-30
11283973
core:Subsidiary1
2020-06-30
11283973
core:Subsidiary2
2020-06-30
11283973
core:Subsidiary3
2020-06-30
11283973
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2020-06-30
11283973
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2020-06-30
11283973
bus:PrivateLimitedCompanyLtd
2019-07-01
2020-06-30
11283973
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2019-07-01
2020-06-30
11283973
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2019-07-01
2020-06-30
11283973
bus:FullAccounts
2019-07-01
2020-06-30
xbrli:pure
xbrli:shares
iso4217:GBP