Elemental Herbology Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 04615393 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2015

for

ELEMENTAL HERBOLOGY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

Directors:

Mrs K Hurd

M S C Johnson

Ms L E Riby

Registered office:

Studio D Tay Building

2a Wrentham Avenue

London

NW10 3HA

Registered number:

04615393 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Fixed assets

Intangible assets

2

1,953

1,953

Tangible assets

3

4,343

4,512

Investments

4

-

1

6,296

6,466

Current assets

Stocks

425,047

446,230

Debtors

118,031

111,289

Cash at bank and in hand

41,888

26,894

584,966

584,413

Creditors

Amounts falling due within one year

5

528,338

100,871

Net current assets

56,628

483,542

Total assets less current liabilities

62,924

490,008

Creditors

Amounts falling due after more than one year

5

-

424,051

Net assets

62,924

65,957

Capital and reserves

Called up share capital

6

191,678

161,127

Share premium

1,603,420

1,317,768

Profit and loss account

(1,732,174

)

(1,412,938

)

Shareholders' funds

62,924

65,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 December 2015 and were signed on its behalf by:

Mrs K Hurd - Director

1.	Accounting policies

Basis of preparing the financial statements

The Directors have prepared the financial statements on the going concern basis. The directors are satisfied

that this is appropriate as;

- The company has put in place further changes to the management team that provide additional staff resources

towards new business development and strengthens the management of existing client relationships.

- The company has prepared forecasts that anticipate achieving break-even on a monthly basis by mid-year

2016 and profitable monthly trading thereafter.

- The management team continues to exercise a tight control over the operating costs, many of which are

outsourced and variable with the extent of commercial activity in terms of production, warehousing and

fulfilment. Changes in working practices have added scalability in handling transactions without the need to

incur additional fixed overheads.

- Additional funds have been raised by the issue of new shares after the year end date.

- In addition to further share capital fund raises there are long term loan funds financing the business which

become due for repayment on 30 January 2016. The Directors have a reasonable expectation that these loan

facilities will be renewed for a further term.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Computer equipment

-

25% on cost

Stocks

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

slow moving items.

Deferred tax

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

balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	Intangible fixed assets

Total

£

Cost

At 1 April 2014

and 31 March 2015

1,953

Net book value

At 31 March 2015

1,953

At 31 March 2014

1,953

3.	Tangible fixed assets

Total

£

Cost

At 1 April 2014

8,499

Additions

2,613

Disposals

(3,367

)

At 31 March 2015

7,745

Depreciation

At 1 April 2014

3,987

Charge for year

2,031

Eliminated on disposal

(2,616

)

At 31 March 2015

3,402

Net book value

At 31 March 2015

4,343

At 31 March 2014

4,512

4.	Fixed asset investments

Investments

other than

loans

£

Cost

At 1 April 2014

1

Disposals

(1

)

At 31 March 2015

-

Net book value

At 31 March 2015

-

At 31 March 2014

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Organic Global Infusions Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2015

2014

£

£

Aggregate capital and reserves

(23,211

)

(23,211

)

Organic Global Infusions Limited was dissolved on 21 July 2015.

5.

Creditors

Creditors include an amount of £ 4,042 for which security has been given.

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

161,127

Ordinary

1

191,678

161,127

During the year 30,551 Ordinary shares of £1 each were allotted and fully paid for cash at a total premium of

£285,652.

On 26 January 2014 the company entered into an Enterprise Management Incentive (EMI) share option plan

under which 28,099 options over Ordinary shares were granted to 4 employees at an exercise price of £2.62 per

share. These options have all since lapsed.

In August 2015, the company issued a further 11,744 Ordinary shares of £1 each at a total premium of

£109,806.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Elemental Herbology Limited for the year ended 31 March 2015 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 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Elemental Herbology Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Elemental Herbology Limited and state those matters that we have agreed to state to the Board of Directors of Elemental Herbology Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Elemental Herbology Limited 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 loss of Elemental Herbology Limited. You consider that Elemental Herbology Limited 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 Elemental Herbology

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 statutory financial

statements.

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

22 December 2015