Herb Lester Associates Limited
Herb Lester Associates Limited
Registered number: 07183338
Unaudited Financial Statements
For The Year Ended
31 March 2021
Craker Business Solutions LTD
Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Herb Lester Associates Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
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| Page | |
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| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
Herb Lester Associates Limited
Accountant's Report
For The Year Ended
31 March 2021
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of
Herb Lester Associates Limited
For The Year Ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
Herb Lester Associates Limited
For The Year Ended 31 March 2021 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of
Herb Lester Associates Limited
, as a body, in accordance with the terms of our engagement letter dated 19 November 2018. Our work has been undertaken solely to prepare for your approval the accounts of
Herb Lester Associates Limited
and state those matters that we have agreed to state to the director of
Herb Lester Associates Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Herb Lester Associates Limited
and its director, as a body, for our work or for this report.
It is your duty to ensure that
Herb Lester Associates Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Herb Lester Associates Limited
. You consider that
Herb Lester Associates Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Herb Lester Associates Limited
. 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 financial statements.
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Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Page 1
Herb Lester Associates Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
07183338
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 29,980 | 17,243 | |||
Page 2
Herb Lester Associates Limited
Balance Sheet (continued)
As at
31 March 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Page 3
Herb Lester Associates Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. In making this assessment the Director reviewed the company's position and expected performance for the coming 12 months, and in particular the affect of the COVID-19 pandemic.
During the year end 31 March 2021, there was an impact on the company's core business from the Covid-19 pandemic due to travel restrictions impacting sales of the company's travel guides and maps. However, new titles in the year were still popular so that sales excluding government grants were maintained in line with 31 March 2020 year end. Therefore the supply and demand for the company's services is not forseen to be materially and adversely affected by the COVID-19 pandemic. It was therefore deemed that the company would continue to apply the going concern basis.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 4
Herb Lester Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
The small business grant fund (SBGF) income received in the year has been treated as revenue based grant income and has been recognised on an accruals basis.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2021 | 2020 | ||
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| Office and administration |
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Herb Lester Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
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| Depreciation | ||||
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| Net Book Value | ||||
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4.
Stocks
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| £ | £ | ||
| Stock - finished goods |
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5.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
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| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT | - |
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6.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Director's loan account |
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Page 6
Herb Lester Associates Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
8.
Post Balance Sheet Events
Since 31 March 2021, no consequences of the COVID-19 pandemic have materially and adversely affected the supply of and the demand for the Company's services. The Company has therefore determined that consequences of the COVID-19 pandemic are non-adjusting post balance sheet events. Accordingly, the financial position as at and results of operations for the year ended 31 March 2021 have not been adjusted to reflect any impact. However, it is noted that the duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of any consequences, as well as their impact on the financial position and results of the Company for future periods.
9.
General Information
Herb Lester Associates Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07183338
. The registered office is 55 Darwin Court , Gloucester Avenue , London, NW1 7BQ.
Page 7