Herc Ltd. - Accounts to registrar (filleted) - small 18.2
Herc Ltd. - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2020 |
for |
Herc Ltd. |
Herc Ltd. (Registered number: 05698135) |
Contents of the Financial Statements |
for the Year Ended 29 February 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Herc Ltd. |
Company Information |
for the Year Ended 29 February 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
Herc Ltd. (Registered number: 05698135) |
Balance Sheet |
29 February 2020 |
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Herc Ltd. (Registered number: 05698135) |
Balance Sheet - continued |
29 February 2020 |
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. |
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 and authorised for issue on |
Herc Ltd. (Registered number: 05698135) |
Notes to the Financial Statements |
for the Year Ended 29 February 2020 |
1. | STATUTORY INFORMATION |
Herc Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Patent |
Patent is being amortised evenly over its estimated useful life of ten years. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
Herc Ltd. (Registered number: 05698135) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
3. | ACCOUNTING POLICIES - continued |
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. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 March 2019 |
and 29 February 2020 |
AMORTISATION |
At 1 March 2019 |
Charge for year |
At 29 February 2020 |
NET BOOK VALUE |
At 29 February 2020 |
At 28 February 2019 |
Herc Ltd. (Registered number: 05698135) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2019 |
Disposals | ( |
) |
At 29 February 2020 |
DEPRECIATION |
At 1 March 2019 |
Charge for year |
Eliminated on disposal | ( |
) |
At 29 February 2020 |
NET BOOK VALUE |
At 29 February 2020 |
At 28 February 2019 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
Included within other debtors disclosed above is a balance of £79,370 (2019 - £79,370) in relation to the intercompany loan account with Merad Pharmaceuticals Limited and a balance of £343 (2019 - £343) in relation to prepayments. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included within other creditors disclosed above is a balance of £1,140 (2019 - £1,140) in relation to accruals, and a balance of £119,587 (2019 - £115,109) in relation to the directors loan accounts. |
Herc Ltd. (Registered number: 05698135) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
9. | 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 profit of £4,631 and, at the balance sheet date, the company's total liabilities exceeded its total assets by £18,593. |
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 £119,587. 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. |