Elemental Herbology Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04615393 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

ELEMENTAL HERBOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

Directors:

Mrs K Hurd

M S C Johnson

Ms L E Riby

W Rollason

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

4

1,953

1,953

Tangible assets

5

1,245

3,171

3,198

5,124

Current assets

Stocks

198,049

273,477

Debtors

6

135,508

134,947

Cash at bank and in hand

6,730

13,031

340,287

421,455

Creditors

Amounts falling due within one year

7

216,115

352,539

Net current assets

124,172

68,916

Total assets less current liabilities

127,370

74,040

Capital and reserves

Called up share capital

9

289,706

254,212

Share premium

2,278,141

2,050,980

Retained earnings

(2,440,477

)

(2,231,152

)

Shareholders' funds

127,370

74,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21 November 2017 and were signed on its behalf by:

Ms L E Riby - Director

1.	Statutory information

Elemental Herbology Limited 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.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

that this is appropriate as;

- The company incurred a loss for the financial year before taxation of £209,325 (2016: £498,978) and the

company's management accounts for the five month period to 31 August 2017 (prepared by the company) show

a net loss of £44,700.

- To cover an appropriate period of review, the directors have prepared a profit and loss forecast for the year to

31 March 2018 which shows a projected loss for the year before tax of £39,700.

- The company's shareholders have introduced £100,000 of funds as part of a fresh issue of share capital

between 1 April 2017 and 30 September 2017 and committed a further £50,000 cash injection to 31 March

2018. The exact amount of funding required will depend upon the company's trading results over that period.

- The directors are of the opinion that the above is sufficient to conclude that the company is a going concern.

The financial statements do not include any adjustments to the value of the balance sheet which would result

should the going concern basis not be valid.

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.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 10 (2016 - 9 ) .

4.	Intangible fixed assets

Other

intangible

assets

£

Cost

At 1 April 2016

and 31 March 2017

1,953

Net book value

At 31 March 2017

1,953

At 31 March 2016

1,953

5.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 April 2016

and 31 March 2017

8,771

Depreciation

At 1 April 2016

5,600

Charge for year

1,926

At 31 March 2017

7,526

Net book value

At 31 March 2017

1,245

At 31 March 2016

3,171

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

129,276

121,611

Other debtors

6,232

13,336

135,508

134,947

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Trade creditors

130,280

137,697

Taxation and social security

14,029

8,685

Other creditors

71,806

206,157

216,115

352,539

8.	Secured debts

The following secured debts are included within creditors:

2017

2016

£

£

Invoice factoring

56,229

38,042

Ultimate Invoice Finance Limited hold a fixed and floating charge over all the assets of the company in respect

of an invoice factoring agreement in place.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

284,644

Ordinary

£1.00

284,644

254,212

5,062

Ordinary A

£1.00

5,062

-

289,706

254,212

The following fully paid shares were allotted during the year at a premium as shown below:

30,432 Ordinary shares of £1.00 each at £6.40 per share

5,062 Ordinary A shares of £1.00 each at £6.40 per share

10.	First year adoption

The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention

and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at

1st April 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.

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

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Directors are not required to be filed with the Registrar of Companies.

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 2017 which comprise the Income

Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elemental Herbology Limited 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

24 November 2017