Nicholas Herbert Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02022536 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

NICHOLAS HERBERT LTD

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTOR:

Mr E N D Herbert

REGISTERED OFFICE:

118 Lots Road

London

SW10 0RJ

REGISTERED NUMBER:

02022536 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nicholas Herbert Ltd for the year ended 31 March 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Nicholas Herbert Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nicholas Herbert Ltd and state those matters that we have agreed to state to the director of Nicholas Herbert Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nicholas Herbert Ltd and its director for our work or for this report.

It is your duty to ensure that Nicholas Herbert Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nicholas Herbert Ltd. You consider that Nicholas Herbert Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nicholas Herbert Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Seymour Taylor Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

27 September 2022

FIXED ASSETS

Tangible assets

4

8,483

10,614

Investments

5

81,273

64,263

89,756

74,877

CURRENT ASSETS

Stocks

6

131,761

123,581

Debtors

7

23,611

14,556

Cash at bank and in hand

806,228

675,372

961,600

813,509

CREDITORS

Amounts falling due within one year

8

81,641

51,241

NET CURRENT ASSETS

879,959

762,268

TOTAL ASSETS LESS CURRENT LIABILITIES

969,715

837,145

PROVISIONS FOR LIABILITIES

1,611

2,016

NET ASSETS

968,104

835,129

CAPITAL AND RESERVES

Called up share capital

10

80,805

80,805

Share premium

11

1,124

1,124

Fair value reserve

11

780

-

Retained earnings

11

885,395

753,200

SHAREHOLDERS' FUNDS

968,104

835,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 September 2022 and were signed by:

Mr E N D Herbert - Director

1.	STATUTORY INFORMATION

Nicholas Herbert Ltd is a private company, limited by shares and incorporated in England & Wales. The address of the company's registered office is 118 Lots Road, London, SW10 0RJ. The registered number is .

02022536.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

reducing balance - 15%

Computer equipment

-

straight line - 33%

Investments

Investments are initially recognised at fair value which is usually the transaction price. Subsequently, the investments are measured at fair value through profit or loss except for those investments which cannot be publicly traded or where fair value cannot be reliably measured.

If reliable measurement of fair value cannot be obtained or this measure is no longer available, the investment's cost is deemed to be the fair value at the last point to which a reliable measurement was obtained. These instruments are recognised at cost less impairment until a reliable measure of fair value becomes available.

Government grants

The company receives government grants in respect of the Coronavirus Job Retention Scheme (CJRS) and Coronavirus support grants.

These grants are recognised using the accruals model at the fair value of the asset received or receivable when there is a reasonable assurance that the company will comply with conditions attached to them.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

123,087

DEPRECIATION

At 1 April 2021

112,473

Charge for year

2,131

At 31 March 2022

114,604

NET BOOK VALUE

At 31 March 2022

8,483

At 31 March 2021

10,614

5.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 April 2021

64,263

Additions

18,093

Revaluations

(1,083

)

At 31 March 2022

81,273

NET BOOK VALUE

At 31 March 2022

81,273

At 31 March 2021

64,263

In respect of the fixed assets stated at valuation, the comparable historical cost values are as follows:

2022

2021

£

£

Historical cost

80,492

62,400

6.

STOCKS

2022

2021

£

£

Stocks

131,761

123,581

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

15,944

7,045

Other debtors

7,667

7,511

23,611

14,556

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

38,520

14,927

Taxation and social security

37,170

30,079

Other creditors

5,951

6,235

81,641

51,241

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

25,000

25,000

Between one and five years

33,333

58,333

58,333

83,333

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

68,735

Ordinary

£1

68,735

68,735

9,070

Ordinary A

£1

9,070

9,070

3,000

Ordinary B

£1

3,000

3,000

80,805

80,805

11.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2021

753,200

1,124

-

754,324

Profit for the year

132,975

132,975

Transfer to fair value reserve

(780

)

-

780

-

At 31 March 2022

885,395

1,124

780

887,299