Herc Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05698135 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2019

for

Herc Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr A Kumar

Mrs N Kumar

SECRETARY:

Mrs N Kumar

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Reston House

Huntingdon Road

Cambridge

Cambridgeshire

CB3 0LH

REGISTERED NUMBER:

05698135 (England and Wales)

FIXED ASSETS

Intangible assets

4

68

85

Tangible assets

5

4,168

5,560

4,236

5,645

CURRENT ASSETS

Debtors

6

79,713

79,737

Cash at bank

15,359

12,068

95,072

91,805

CREDITORS

Amounts falling due within one year

7

(122,532

)

(118,240

)

NET CURRENT LIABILITIES

(27,460

)

(26,435

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(23,224

)

(20,790

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(23,324

)

(20,890

)

SHAREHOLDERS' FUNDS

(23,224

)

(20,790

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 24 November 2019 and were signed on its behalf by:

Mrs N Kumar - Director

Dr A Kumar - Director

1.	STATUTORY INFORMATION

Herc Ltd. 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patent

Patent is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in

effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a

market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

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.

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2018

and 28 February 2019

170

AMORTISATION

At 1 March 2018

85

Charge for year

17

At 28 February 2019

102

NET BOOK VALUE

At 28 February 2019

68

At 28 February 2018

85

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2018

and 28 February 2019

28,102

DEPRECIATION

At 1 March 2018

22,542

Charge for year

1,392

At 28 February 2019

23,934

NET BOOK VALUE

At 28 February 2019

4,168

At 28 February 2018

5,560

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

79,713

79,737

Included within other debtors disclosed above is a balance of £343 (2018 - £367) in relation to prepayments, and

a balance of £79,370 (2018 - £79,370) in relation to the intercompany loan account with Merad Pharmaceuticals

Limited.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

26

-

Taxation and social security

6,257

5,994

Other creditors

116,249

112,246

122,532

118,240

Included within other creditors disclosed above is a balance of £1,140 (2018 - £1,140) in relation to accruals,

and a balance of £115,109 (2018 - £111,106) in relation to the directors loan accounts.

8.	GOING CONCERN

In determining the appropriate basis of preparation of the financial statements, the directors are required to

consider whether the Company can continue in operational existence for at least the next 12 months.

During the year the company made a net loss of £2,434 and, at the balance sheet date, the company's total

liabilities exceeded its total assets by £23,224.

Having made requisite enquires, the directors are confident that the company has adequate resources to continue

its operations for the foreseeable future. Part of the company's liabilities are monies due to the directors of the

company, amounting to £115,110. They have confirmed that they will not call on these outstanding monies and

will continue their support of the business.

Following a detailed and comprehensive review of the business, the Directors have no reason or intention to

liquidate the company or cease its trading activities over the foreseeable future.

In conclusion, and considering the areas described above, the directors are confident that the Company has

adequate resources to continue in operational existence for the foreseeable future. For these reasons, the

directors consider it appropriate they continue to prepare the financial statements on a going concern basis.

These financial statements do not include any adjustments that would result from the going concern basis of

preparation being inappropriate.