The Master Herbalist Limited Filleted accounts for Companies House (small and micro)

THE MASTER HERBALIST LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of The Master Herbalist Limited have consented to the preparation of the abridged statement of financial position for the year ending 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07351974

The Master Herbalist Limited

Filleted Unaudited Abridged Financial Statements

31 August 2019

The Master Herbalist Limited

Abridged Statement of Financial Position

31 August 2019

	2019	2018
Note	£	£

Fixed assets

Intangible assets	5	2,000	4,000
Tangible assets	6	440	587
		-------	-------
		2,440	4,587

Current assets

Stocks	50,000	50,000
Debtors	3,909	9,184
Cash at bank and in hand	45,244	46,249
	--------	---------
	99,153	105,433

Creditors: amounts falling due within one year	239,638	256,546
	---------	---------
Net current liabilities	140,485	151,113
	---------	---------
Total assets less current liabilities	( 138,045)	( 146,526)
	---------	---------
Net liabilities	( 138,045)	( 146,526)
	---------	---------

Capital and reserves

Called up share capital	100	20
Profit and loss account	( 138,145)	( 146,546)
	---------	---------
Shareholders deficit	( 138,045)	( 146,526)
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

The Master Herbalist Limited

Abridged Statement of Financial Position (continued)

31 August 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 20 January 2020 , and are signed on behalf of the board by:

Mr D Leeming

Director

Company registration number: 07351974

The Master Herbalist Limited

Notes to the Abridged Financial Statements

Year ended 31 August 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).

5. Intangible assets

	£
Cost
At 1 September 2018 and 31 August 2019	20,000
	--------
Amortisation
At 1 September 2018	16,000
Charge for the year	2,000
	--------
At 31 August 2019	18,000
	--------
Carrying amount
At 31 August 2019	2,000
	--------
At 31 August 2018	4,000
	--------

6. Tangible assets

	£
Cost
At 1 September 2018 and 31 August 2019	5,305
	-------
Depreciation
At 1 September 2018	4,718
Charge for the year	147
	-------
At 31 August 2019	4,865
	-------
Carrying amount
At 31 August 2019	440
	-------
At 31 August 2018	587
	-------

7. Directors' advances, credits and guarantees

There are no such transactions for the accounting period.