Registered number:
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
COMPANY INFORMATION
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HERBERT RETAIL LIMITED
CONTENTS
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HERBERT RETAIL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their strategic review of the company for the year ended 31 March 2022.
During the year the Company's principal activities continued to be that of selling and servicing weighing, data capture and labelling solutions together with associated equipment.
The directors report that the Company has reported an Operating Loss of £1,741,578 for the year to 31st March 2022. The impact of Covid continues to be felt by the Company, however our turnaround is well under way. Following the rollout of ESLs (Electronic Shelf Labels) within an independent Co-operative which started in 21/22 and continued throughout the summer and autumn of 2022, Herbert has established itself as the leading ESL installer in the UK. Our turnover in the year to March 2022 reflects the start of this turnaround, increasing by over £1m (14%) compared to the level in 20/21. Building on our success in this rollout, Herbert has now deployed nearly 1m ESLs into the UK Grocery Retail sector, and continues to win significant opportunities both in Grocery Retail and other Retail environments. As this market establishes itself in the UK, we are increasingly able to demonstrate the value we add in providing an end-to-end solution. As proof of this, turnover in 22/23 has reached pre-Covid levels of around £12m.
Whilst the balance sheet in 21/22 continues to be encumbered by the legacy of pension commitments made many years ago, the signs of the turnaround can also be seen here in terms of the continuing strong acid ratio. Whilst debtor days were high at the end of 21/22, they have since reduced and are currently around 55. During the year, the Company was able to use the cashflows provided by the Invoice Discounting facility agreed at the end of 2021 in order to provide sufficient working capital for the period. Since that time, the Group has also divested itself of Herbert In-Building Wireless, providing further working capital whilst the Company returns to profitability. Overall the directors continue to focus upon delivering excellent products and services to our customers. We believe our positioning as a Retail Technology Integrator and a Nationwide Service Provider is good. We continue to be attractive to innovative manufacturers as a sales channel because of our ability to provide an end-to-end solution, and our customers continue to appreciate our ability to listen and respond to their needs.
The Company uses various financial instruments. These include items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.
The existence of these financial instruments exposes the Company to a number of financial risks, primarily interest rate risk and credit risk. The Company finances its operations through a mixture of retained profits, bank borrowings and finance leases. The Company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. The principal credit risk arises from its trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
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HERBERT RETAIL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
The Board monitors the Company’s performance in a number of ways including key performance indicators. The key financial performance indicators together with the information for 2022 and 2021 are as follows:
Loss Before tax as a percentage of turnover -20% (2021 - 19%). Trade debtor days of 96 days (2021 - 63 days) Acid Ratio of 2.8 (2021 - 2.8) Financial performance is reviewed monthly, with expectations for the financial year updated accordingly. This year net losses were £1,741,578 (2021: £,1,438,027 loss). The Company also uses certain non-financial indicators, the most significant of which is the number of employees.
This report was approved by the board
and signed on its behalf.
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HERBERT RETAIL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
The directors who served during the year were:
The loss for the year, after taxation, amounted to £
1,741,578
(2021 -
loss
£
1,438,027
)
.
During the year no dividend (2021 - £Nil) was paid. The directors do not recommend payment of a final dividend.
The directors believe that there are no future developments which should be reported.
The Company keeps employees informed of matters affecting them as employees and the financial economic factors affecting the performance of the Company by the method of ad-hoc internal communications.
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HERBERT RETAIL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
- so far as the directors is aware, there is no relevant audit information of which the Company's auditors are unaware, and - the directors has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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HERBERT RETAIL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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HERBERT RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERBERT RETAIL LIMITED
We have audited the financial statements of Herbert Retail Limited (the 'Company') for the year ended 31 March 2022, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.2 in the financial statements, which describes the directors' assessment of the current and future effects of the Covid-19 pandemic on the Company. As stated in note 2.2, since the pandemic started the Company's trading has been affected due to the restrictions imposed by the UK Government resulting in a delay in cash flows and reduced trading. Mitigating action has been taken with a debt purchase agreement post year end to ease cash flow concerns. Our opinion is not modified in respect of this matter but it does cast significant doubt on the companys ability to continue as a going concern.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HERBERT RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERBERT RETAIL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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HERBERT RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERBERT RETAIL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety. We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiries of management including those responsible for key regulations; and - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
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HERBERT RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HERBERT RETAIL LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
Date:
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HERBERT RETAIL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
REGISTERED NUMBER:
00103897
BALANCE SHEET
AS AT
31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 33 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2022
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Herbert Retail Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is 18 Rookwood Way, Haverhill, Suffolk, CB9 8PD. The principal activity of the company continued to be that of the supply and service of weighing and labeling equipment.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The accounts are presented to the nearest Pound.
The following principal accounting policies have been applied:
The Covid-19 pandemic had a detrimental impact on Company performance, as structural decisions taken by one of the Company’s key customers led to significant and permanent reductions in the value of higher-margin maintenance contracts. There is a high degree of incumbency within the market for scale maintenance, and the company has therefore been unable to replace this lost revenue easily.
New business has therefore been instrumental to the Company’s turnaround. Whilst it effects this turnaround, the Company has put in place strategies to maintain its cashflow at a sufficient level to fund operations. At the end of 2021 the Company entered into an Invoice Discounting facility, which is operating successfully – and with a strong revenue pipeline from new business this will allow the Company to benefit fully from this facility. Additionally this new business is creating a healthy level of recurring revenue to help replace the lost maintenance revenue as above. The sale of HIBW in September 2022 provided the Company with additional funds to support working capital requirements. HIBW was sold at a value reflecting its strategic importance to the acquirer, and these funds have therefore been sufficient to allow the Company to continue trading normally and to give the directors confidence in the ability of the Company to effect the turnaround and return to profitability. The Company was also able to make a one-off payment to the Defined Benefit Pension Scheme in order to reduce the Scheme’s liabilities and ensure the Trustees were satisfied with the deal. The company has the continued support from the Group to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these financial statements. Key sources of estimation uncertainty: The key assumptions about the future noted above, and other key sources of estimation uncertainty at the reporting date, may have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities. We conclude a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern.
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Turnover from the sale of goods is recognised when significant risks and benefits of ownership of the product are transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms. Turnover from services provided by the company is recognised when the company has performed its obligations and in exchange obtained the right to consideration.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company, being a subsidiary undertaking whose parent company prepares consolidated financial statements which are publicly available, is exempt from the requirement to draw up a cash flow statement.
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
ACCOUNTING POLICIES (CONTINUED)
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. The valuation does not include the costs of direct labour and production overheads incurred during the assembly activities or testing of bought in units. The cost of these, or effects of any increase or reduction over the year on profit and of the movement on the stock valuation in the balance sheet is considered immaterial. Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Defined benefit pension plan
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Estimates and judgements Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments in the year ending 31 March 2022 are included in the following notes: - Measurement of defined benefit obligations (note 23). Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of assets. See note 12 for the carrying amount of tangibles assets and note 2.4 for the useful economic lives for each class of assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, and historical experience. See note 15 for the net carrying amount of the debtors.
Analysis of turnover by country of destination:
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Included within deferred tax is £4 thousand (2021: £15 thousand) relating to deferred tax movement on pension liability.
The company has £2,792 thousand tax losses to carry forward (2021 - £1,510 thousand) to use against future trading profits.
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Share premium account
Capital redemption reserve
Profit and loss account
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The company has provided the following guarantees:
- guarantee of £20 thousand to HM Revenue and Customs for the import of goods (2021 - £20 thousand) - an unlimited multilateral guarantee in respect of the bank facilities and borrowings of its parent undertaking and fellow group undertakings. At 31 March 2022 these borrowings amounted to £334 thousand (2021 - £1,975 thousand).
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Defined Contribution Pension Scheme
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Total contributions for the year amounted to £158 thousand (2021: £168 thousand). Contributions totalling £57 thousand (2021 - £29 thousand) were payable to the fund at the balance sheet date and are included in creditors. Defined Benefit Pension Scheme
The Company operates a Defined Benefit Pension Scheme.
The company operates the Herbert & Sons Limited (1974) Retirement Fund (the Scheme), a UK registered trust based pension scheme that provides defined benefits. Pension benefits are linked to the members' final pensionable salaries and service at their retirement (or date of leaving if earlier). The sponsoring employer of the Scheme is considered to be Herbert Retail Limited. The Trustees are responsible for running the Scheme in accordance with the Scheme's Trust Deed and Rules, which sets out their powers. The Trustees of the Scheme are required to act in the best interests of the beneficiaries of the Scheme.
There are two categories of pension scheme members: - Deferred members: Former employees or current employees of the Company who have accrued benefits in the Scheme, but not yet in payment - Pensioner members: in receipt of pension
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
23.
PENSION COMMITMENTS (CONTINUED)
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
23.
PENSION COMMITMENTS (CONTINUED)
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
23.
PENSION COMMITMENTS (CONTINUED)
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HERBERT RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The ultimate parent undertaking of this company is Herbert Group Limited. Copies of the group accounts can be obtained from Herbert Group Limited, 18 Rookwood Way, Haverhill, Suffolk, CB9 8PD.
R J Herbert is the Company's ultimate controlling party by virtue of his majority shareholding in the Company's parent, Herbert Group Limited.
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