The Master Herbalist Limited Company Accounts

THE MASTER HERBALIST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07351974

The Master Herbalist Limited

Filleted Unaudited Financial Statements

31 August 2017

The Master Herbalist Limited

Financial Statements

Year ended 31 August 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The Master Herbalist Limited

Statement of Financial Position

31 August 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	4	6,000	8,000
Tangible assets	5	783	1,044
		-------	-------
		6,783	9,044

Current assets

Stocks		55,000	63,000
Debtors	6	6,480	5,959
Cash at bank and in hand		20,844	10,195
		--------	--------
		82,324	79,154

Creditors: amounts falling due within one year	7	246,198		254,996
		---------		---------
Net current liabilities			163,874	175,842
			---------	---------
Total assets less current liabilities			( 157,091)	( 166,798)
			---------	---------
Net liabilities			( 157,091)	( 166,798)
			---------	---------

Capital and reserves

Called up share capital	20	20
Profit and loss account	( 157,111)	( 166,818)
	---------	---------
Shareholders deficit	( 157,091)	( 166,798)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Master Herbalist Limited

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 28 November 2017 , and are signed on behalf of the board by:

Mr D Leeming

Director

Company registration number: 07351974

The Master Herbalist Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 September 2016 and 31 August 2017	20,000
	--------
Amortisation
At 1 September 2016	12,000
Charge for the year	2,000
	--------
At 31 August 2017	14,000
	--------
Carrying amount
At 31 August 2017	6,000
	--------
At 31 August 2016	8,000
	--------

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 September 2016 and 31 August 2017	5,305	5,305
	-------	-------
Depreciation
At 1 September 2016	4,261	4,261
Charge for the year	261	261
	-------	-------
At 31 August 2017	4,522	4,522
	-------	-------
Carrying amount
At 31 August 2017	783	783
	-------	-------
At 31 August 2016	1,044	1,044
	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	6,207	5,689
Other debtors	273	270
	-------	-------
	6,480	5,959
	-------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	2,260	13,228
Social security and other taxes	5,265	2,595
Other creditors	238,673	239,173
	---------	---------
	246,198	254,996
	---------	---------

8. Directors' advances, credits and guarantees

There are no such transactions for the accounting period.

9. Related party transactions

David Leeming and Geraldine Leeming own 50% of the issued share capital each and are therefore considered the controlling parties. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.