Herb U.K. Limited 31/12/2021 iXBRL

Herb U.K. Limited 31/12/2021 iXBRL

HERB U.K. LIMITED - Company Information

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Company registration number: 02478355
Herb U.K. Limited
Unaudited filleted financial statements
31 December 2021
Herb U.K. Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Herb U.K. Limited
Directors and other information
Directors Mr R.J. Perfitt
Mr I. Bishop
Mr L.A. Tybinkowski
Mrs K.A. Crew
Company number 02478355
Registered office 610 Ampress Lane
Ampress Park
Lymington
Hampshire
SO41 8LW
Business address 610 Ampress Lane
Ampress Park
Lymington
Hampshire
SO41 8LW
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Herb U.K. Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 359,040 401,128
Tangible assets 6 120,075 73,393
Investments 7 100 100
_______ _______
479,215 474,621
Current assets
Stocks 704,805 545,780
Debtors 8 1,634,322 1,539,492
Cash at bank and in hand 259,730 291,828
_______ _______
2,598,857 2,377,100
Creditors: amounts falling due
within one year 9 ( 700,825) ( 725,689)
_______ _______
Net current assets 1,898,032 1,651,411
_______ _______
Total assets less current liabilities 2,377,247 2,126,032
Creditors: amounts falling due
after more than one year 10 ( 268,298) ( 137,500)
_______ _______
Net assets 2,108,949 1,988,532
_______ _______
Capital and reserves
Called up share capital 69,675 69,675
Share premium account 118,949 118,949
Capital redemption reserve 8,876 8,876
Profit and loss account 1,911,449 1,791,032
_______ _______
Shareholders funds 2,108,949 1,988,532
_______ _______
For the year ending 31 December 2021 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 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 financial statements.
These 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 Section 1A of 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2022 , and are signed on behalf of the board by:
Mr R.J. Perfitt
Director
Company registration number: 02478355
Herb U.K. Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 610 Ampress Lane, Ampress Park, Lymington, Hampshire, SO41 8LW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses. Any intangible assets carried at a revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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: 10 years for patents, trademarks and licences; 3 years for capitalised software; and 5 years for capitalised web development costs.
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.
Research and development
Research and development expenditure is written off in the year in which it is incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - Straight line over 5 years
Computer equipment - 25 % straight line
Fittings fixtures and equipment - 20% straight line and 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are 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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes 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.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 57 (2020: 59 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 January 2021 199,999 612,980 812,979
Additions - 51,857 51,857
_______ _______ _______
At 31 December 2021 199,999 664,837 864,836
_______ _______ _______
Amortisation
At 1 January 2021 123,333 288,518 411,851
Charge for the year 20,000 73,945 93,945
_______ _______ _______
At 31 December 2021 143,333 362,463 505,796
_______ _______ _______
Carrying amount
At 31 December 2021 56,666 302,374 359,040
_______ _______ _______
At 31 December 2020 76,666 324,462 401,128
_______ _______ _______
6. Tangible assets
Short leasehold property Computer equipment Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2021 - 86,380 601,720 688,100
Additions 2,940 3,138 68,709 74,787
_______ _______ _______ _______
At 31 December 2021 2,940 89,518 670,429 762,887
_______ _______ _______ _______
Depreciation
At 1 January 2021 - 74,524 540,183 614,707
Charge for the year 588 6,433 21,084 28,105
_______ _______ _______ _______
At 31 December 2021 588 80,957 561,267 642,812
_______ _______ _______ _______
Carrying amount
At 31 December 2021 2,352 8,561 109,162 120,075
_______ _______ _______ _______
At 31 December 2020 - 11,856 61,537 73,393
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2021 and 31 December 2021 100 100
_______ _______
Impairment
At 1 January 2021 and 31 December 2021 - -
_______ _______
Carrying amount
At 31 December 2021 100 100
_______ _______
At 31 December 2020 100 100
_______ _______
8. Debtors
2021 2020
£ £
Trade debtors 435,713 223,745
Amounts owed by group undertakings 791,858 995,984
Other debtors 406,751 319,763
_______ _______
1,634,322 1,539,492
_______ _______
9. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 58,000 12,599
Trade creditors 357,322 375,724
Amounts owed to group undertakings 34,456 140,568
Corporation tax - 12,792
Social security and other taxes 32,231 50,283
Other creditors 218,816 133,723
_______ _______
700,825 725,689
_______ _______
10. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans 219,500 137,500
Other creditors 48,798 -
_______ _______
268,298 137,500
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 2,124 (2020 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2021 2020
£ £
Tangible assets 304,601 24,843
_______ _______
12. Other financial commitments
The company has given a debenture, comprising of fixed and floating charges over all of its assets, to HSBC Bank PLC. The company has also given an unlimited composite cross guarantee to its bank securing all liabilities of other group undertakings. The company has granted a fixed charge over some of its fixed assets to the Herb U.K. Limited Retirement Benefit Scheme.
13. Related party transactions
The company's loan borrowings and lease obligations are supported by personal guarantees given by two of the directors.
14. Controlling party
The company's parent undertaking is Herb U.K. (Holdings) Limited, a company incorporated in England, which owns 99.8% of the share capital of the company. The registered office address is 610 Ampress Lane, Ampress Park, Lymington, Hampshire, SO41 8LW.