The Heroes Journey Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09959463 (England and Wales)

Unaudited Financial Statements

for the year ended

31 March 2022

for

The Heroes Journey Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C A Simpson-Daniel

REGISTERED OFFICE:

Unit 2a Harwood Road

Northminster Business Park

Upper Poppleton

York

North Yorkshire

YO26 6QU

REGISTERED NUMBER:

09959463 (England and Wales)

FIXED ASSETS

Intangible assets

4

10,809

10,757

Tangible assets

5

233,491

15,417

Investments

6

38,839

44,459

283,139

70,633

CURRENT ASSETS

Stocks

7

99,169

-

Debtors

8

873,139

400,372

Cash at bank

283,259

9,495

1,255,567

409,867

CREDITORS

Amounts falling due within one year

9

875,566

271,518

NET CURRENT ASSETS

380,001

138,349

TOTAL ASSETS LESS CURRENT LIABILITIES

663,140

208,982

CREDITORS

Amounts falling due after more than one year

10

(133,333

)

(225,000

)

PROVISIONS FOR LIABILITIES

13

(29,546

)

-

NET ASSETS/(LIABILITIES)

500,261

(16,018

)

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

500,161

(16,118

)

SHAREHOLDERS' FUNDS

500,261

(16,018

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2022 and were signed by:

C A Simpson-Daniel - Director

1.	STATUTORY INFORMATION

The Heroes Journey 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statement are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover

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

Income recognition

Turnover represents the amount derived from the provision of goods and services to customers after deduction of trade discounts and value added tax. Turnover is recognised at the point at which the risks and rewards of the goods are transferred to the customer and the services are rendered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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 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

-

20% straight line

Fixtures and fittings

-

25% straight line

Motor vehicles

-

25% straight line

Computer equipment

-

25% straight line

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 5 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2021

12,000

1,170

13,170

Additions

-

1,503

1,503

At 31 March 2022

12,000

2,673

14,673

AMORTISATION

At 1 April 2021

2,400

13

2,413

Charge for year

1,200

251

1,451

At 31 March 2022

3,600

264

3,864

NET BOOK VALUE

At 31 March 2022

8,400

2,409

10,809

At 31 March 2021

9,600

1,157

10,757

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2021

-

8,583

-

10,172

18,755

Additions

108,303

8,315

122,667

6,169

245,454

At 31 March 2022

108,303

16,898

122,667

16,341

264,209

DEPRECIATION

At 1 April 2021

-

1,727

-

1,611

3,338

Charge for year

8,286

3,095

12,553

3,446

27,380

At 31 March 2022

8,286

4,822

12,553

5,057

30,718

NET BOOK VALUE

At 31 March 2022

100,017

12,076

110,114

11,284

233,491

At 31 March 2021

-

6,856

-

8,561

15,417

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

44,459

Additions

10,254

Disposals

(15,874

)

At 31 March 2022

38,839

NET BOOK VALUE

At 31 March 2022

38,839

At 31 March 2021

44,459

7.

STOCKS

2022

2021

£

£

Stocks

99,169

-

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

352,595

-

Other debtors

503,407

306,962

Directors' current accounts

16,421

80,542

Prepayments

716

12,868

873,139

400,372

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 11)

100,000

75,000

Trade creditors

7,976

21,720

Social security and other taxes

301,444

75,319

Other creditors

464,646

98,729

Accrued expenses

1,500

750

875,566

271,518

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 11)

133,333

225,000

11.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

100,000

75,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

100,000

100,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

33,333

125,000

12.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

233,333

-

Bank loans and overdrafts are subject to a fixed and floating charge over the assets and undertakings of the company.

13.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

29,546

-

Deferred

tax

£

Provided during year

29,546

Balance at 31 March 2022

29,546

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

30

A Ordinary

£1

30

30

40

B Ordinary

£1

40

40

20

C Ordinary

£1

20

20

10

D Ordinary

£1

10

10

100

100

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

C A Simpson-Daniel

Balance outstanding at start of year

80,542

-

Amounts advanced

16,421

80,542

Amounts repaid

(80,542

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,421

80,542

The directors loan account was repaid on 6 April 2022.

16.	FIRST YEAR ADOPTION

The company has adopted FRS 102 - Section 1A for the first time in the year ended 31 March 2022.

No adjustments were required upon transition.