Here Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 05659314 (England and Wales)
Here Limited
Company Information
Directors
Ms D E Gray-Smith
Ms K Marlow
Mr M Paton
Ms L T Wicksteed
Company number
05659314
Registered office
6th Floor, Charlotte Building
17 Gresse Street
London
United Kingdom
W1T 1QL
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
The Ink Works
32 Fortescue Avenue
London
E8 3QB
Here Limited
Contents
Page
Balance sheet
2
Notes to the financial statements
3 - 6
Here Limited
Strategic Report
For the year ended 31 December 2019
Page 1
The directors present the strategic report for the year ended 31 December 2019.
Fair review of the business
The first half of 2020 has largely been defined by the completion of the share purchase from Caz Hildebrand and the impact of Covid–19.
By quickly reducing our costs, making use of the Job Retention Scheme, and establishing the infrastructure for everyone to work from home, we have managed to maintain a good level of profit for H1 2020. The investment in external consultants in 2019 – to redefine and sharpen our offer and restructure to establish an Senior Leadership Team – have proven to be valuable steps as the company has been able to much more easily adapt to the impact of Covid–19.
Despite the commercial headwinds, we are successfully broadening our offer, gaining higher profile projects for our strategic and copy-writing teams, and along with the SLT we have been able to make essential and difficult decisions driven by Covid-19 more inclusive and transparent. We have won a range of new projects with prestigious and international new clients such as Moet Hennessy, Beam Suntory and Jägermeister. Each of these clients presents an opportunity to foster and develop a long term relationship in the way that we have previously managed to do with other clients. As a consequence, the income by client split in 2020 is looking more balanced and sustainable.
Based on current forecasts, and by continuing to keep our costs low, we are building our cash reserves to be in a strong position to continue to adapt to the ongoing impact of Covid-19.
..............................
Ms K Marlow
Director
.........................
Here Limited
Balance Sheet
As at 31 December 2019
31 December 2019
Page 2
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
121,766
167,736
Current assets
Work in progress
2,100
16,687
Debtors
4
1,386,158
1,473,025
Cash at bank and in hand
845,289
510,364
2,233,547
2,000,076
Creditors: amounts falling due within one year
5
(859,771)
(813,531)
Net current assets
1,373,776
1,186,545
Total assets less current liabilities
1,495,542
1,354,281
Provisions for liabilities
(15,479)
10,514
Net assets
1,480,063
1,364,795
Capital and reserves
Called up share capital
6
1,200
1,200
Profit and loss reserves
1,478,863
1,363,595
Total equity
1,480,063
1,364,795
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on
19 November 2020 and are signed on its behalf by:
2020-11-19
Mr M Paton
Director
Company Registration No. 05659314
Here Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 3
1
Accounting policies
Company information
Here Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6th Floor, Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company made a profit for the year of £2
77,268
, and had net assets at that date of £
1,480,063
. Subsequent to the year-end, the company has continued to make a profit to date however, as a result of the impact of coronavirus and the measures taken in the UK, they are anticipating
difficult trading conditions
. The company has sufficient cash reserves at the date of approval of the financial statements, and therefore the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
design and branding
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 4
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Work in progress
Stocks consist of work in progress, which represents unbilled third-party direct costs and is valued at the lower of cost and net realisable value.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 5
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 39
(2018 - 36).
3
Tangible fixed assets
Plant and equipment etc
£
Cost
At 1 January 2019
436,446
Additions
23,704
At 31 December 2019
460,150
Depreciation and impairment
At 1 January 2019
268,710
Depreciation charged in the year
69,674
At 31 December 2019
338,384
Carrying amount
At 31 December 2019
121,766
At 31 December 2018
167,736
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,113,095
1,305,687
Other debtors
273,063
167,338
1,386,158
1,473,025
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 6
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
131,088
90,344
Corporation tax
99,458
54,965
Other taxation and social security
206,954
219,191
Other creditors
422,271
449,031
859,771
813,531
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3 Founder shares of £1 each
3
3
1,197 Ordinary shares of £1 each
1,197
1,197
1,200
1,200
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Esther Carder.
The auditor was Moore Kingston Smith LLP.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
1,587,460
1,722,190
9
Related party transactions
Included within other debtors at the year end is amounts due from the directors which amounts to £65,054 (2018 - £26,208 due to the directors)