Herc Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05698135 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Herc Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr A Kumar

Mrs N Kumar

SECRETARY:

Mrs N Kumar

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Reston House

Huntingdon Road

Cambridge

Cambridgeshire

CB3 0LH

REGISTERED NUMBER:

05698135 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

17

Tangible assets

6

969

1,313

969

1,330

CURRENT ASSETS

Debtors

7

79,071

79,776

Cash at bank

51,650

61,324

130,721

141,100

CREDITORS

Amounts falling due within one year

8

141,273

143,419

NET CURRENT LIABILITIES

(10,552

)

(2,319

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,583

)

(989

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(9,683

)

(1,089

)

SHAREHOLDERS' FUNDS

(9,583

)

(989

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 24 August 2023 and were signed on its behalf by:

Mrs N Kumar - Director

Dr A Kumar - Director

1.	STATUTORY INFORMATION

Herc 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patent

Patent has been amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

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.

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.

Going concern

The Company incurred a loss for the year and as at the year end has, as disclosed on the balance sheet, net liabilities. The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive sufficient financial support from its shareholders to provide sufficient funds to enable it to meet its liabilities as they fall due.

Covid 19

The Directors have assessed the current and future effects of COVID-19 on the Company. The Company was able to continue to trade during the pandemic, on this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2022

and 28 February 2023

170

AMORTISATION

At 1 March 2022

153

Charge for year

17

At 28 February 2023

170

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

17

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2022

and 28 February 2023

24,016

DEPRECIATION

At 1 March 2022

22,703

Charge for year

344

At 28 February 2023

23,047

NET BOOK VALUE

At 28 February 2023

969

At 28 February 2022

1,313

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

79,071

79,776

Included within other debtors disclosed above is a balance of £79,071 (2022 - £79,301) in relation to the intercompany loan account with Merad Pharmaceuticals Limited, a balance of £nil (2022 - £333) in relation to recoverable Corporation tax and a balance of £Nil (2022 - £142) in relation to prepaid expenses.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,984

128

Taxation and social security

40

6,749

Other creditors

139,249

136,542

141,273

143,419

Included within other creditors disclosed above is a balance of £1,140 (2022 - £1,140) in relation to accrued expenses and a balance of £138,109 (2022 - £135,402) in relation to the directors loan accounts.