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 28 February 2021 |
for |
Herc Ltd. |
Herc Ltd. (Registered number: 05698135) |
Contents of the Financial Statements |
for the Year Ended 28 February 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Herc Ltd. |
Company Information |
for the Year Ended 28 February 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
Herc Ltd. (Registered number: 05698135) |
Balance Sheet |
28 February 2021 |
2021 | 2020 |
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 |
28 February 2021 |
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 28 February 2021 |
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 |
Going concern |
The Company has not been effected by restrictions imposed by the UK government in response to the COVID-19 pandemic. The result of this is that the Company has continued to operate and there was no significant loss of income. |
The Directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could impact this assessment. The financial statements do not contain any adjustments that would be required if the Company was not able to continue as a going concern. |
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 28 February 2021 |
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 (2020 - NIL). |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 March 2020 |
and 28 February 2021 |
AMORTISATION |
At 1 March 2020 |
Charge for year |
At 28 February 2021 |
NET BOOK VALUE |
At 28 February 2021 |
At 29 February 2020 |
Herc Ltd. (Registered number: 05698135) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2020 |
and 28 February 2021 |
DEPRECIATION |
At 1 March 2020 |
Charge for year |
At 28 February 2021 |
NET BOOK VALUE |
At 28 February 2021 |
At 29 February 2020 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
Included within other debtors disclosed above is a balance of £79,336 (2020 - £79,370) in relation to the intercompany loan account with Merad Pharmaceuticals Limited and a balance of £355 (2020 - £343) in relation to prepayments. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included within other creditors disclosed above is a balance of £1,140 (2020 - £1,140) in relation to accruals, and a balance of £122,571 (2020 - £119,587) in relation to the directors loan accounts. |