Here Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2018
Company Registration No. 05659314 (England and Wales)
Here Limited
Company Information
Directors
Ms D E Gray-Smith
Ms C Hildebrand
Ms K Marlow
Mr M Paton
Ms L T Wicksteed
(Appointed 31 January 2018)
Secretary
Ms C Hildebrand
Company number
05659314
Registered office
27 Mortimer Street
London
W1T 3BL
Auditor
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
1
Notes to the financial statements
3 - 8
Here Limited
Balance Sheet
As at 31 December 2018
Page 1
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
167,736
42,279
Current assets
Work in progress
16,687
-
Debtors
4
1,473,025
1,066,875
Cash at bank and in hand
510,364
697,440
2,000,076
1,764,315
Creditors: amounts falling due within one year
5
(813,531)
(881,500)
Net current assets
1,186,545
882,815
Total assets less current liabilities
1,354,281
925,094
Provisions for liabilities
10,514
(5,349)
Net assets
1,364,795
919,745
Capital and reserves
Called up share capital
6
1,200
1,200
Profit and loss reserves
1,363,595
918,545
Total equity
1,364,795
919,745
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 5 July 2019 and are signed on its behalf by:
Ms C Hildebrand
Mr M Paton
Director
Director
Company Registration No. 05659314
Here Limited
Statement of Changes in Equity
For the year ended 31 December 2018
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2017:
Balance at 1 January 2017
1,200
1,163,584
1,164,784
Effect of change in accounting policy
-
(490,023)
(490,023)
As restated
1,200
673,561
674,761
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
664,984
664,984
Dividends
-
(420,000)
(420,000)
Balance at 31 December 2017
1,200
918,545
919,745
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
685,064
685,064
Dividends
-
(240,014)
(240,014)
Balance at 31 December 2018
1,200
1,363,595
1,364,795
Here Limited
Notes to the Financial Statements
For the year ended 31 December 2018
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
27 Mortimer Street, London, W1T 3BL.
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
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.
1.3
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
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
.
1.4
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.
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
1
Accounting policies
(Continued)
Page 4
1.5
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.
1.6
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.
1.7
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.
1.8
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.
1.9
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.
1.10
Leases
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.
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
1
Accounting policies
(Continued)
Page 5
1.11
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 36 (2017 - 30).
3
Tangible fixed assets
Plant and equipment etc
£
Cost
At 1 January 2018
245,235
Additions
191,211
At 31 December 2018
436,446
Depreciation and impairment
At 1 January 2018
202,956
Depreciation charged in the year
65,754
At 31 December 2018
268,710
Carrying amount
At 31 December 2018
167,736
At 31 December 2017
42,279
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1,305,687
679,001
Other debtors
167,338
387,874
1,473,025
1,066,875
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 6
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
90,344
48,843
Corporation tax
54,965
49,744
Other taxation and social security
219,191
194,877
Other creditors
449,031
588,036
813,531
881,500
6
Called up share capital
2018
2017
£
£
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 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:
2018
2017
£
£
1,722,190
1,849,500
9
Related party transactions
Included within other debtors at the year end is amounts due from the directors which amounts to £26,208 (2017 - £7,611 due to the directors)
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 7
10
Prior period adjustment
The financial statements have been restated for the following adjustments to the comparative year figures:
The work in progress and accrued income balance pertaining to periods prior to accounting year ended 31 December 2017 were restated by £594,757 and £13,944 respectively. This being on the basis that revenue recognition on jobs were not being correctly stated at each year end. As a result of these adjustments, the tax charge has reduced for the same accounting year ends by a total of £118,678. The net impact of £490,023 can be seen in the Statement of Changes in Equity.
During the year ended 31 December 2017, the profit and loss account was restated for the following adjustments:
-
£51,563 decrease to turnover, £255,562 decrease to cost of sales relating to the incorrect treatment of revenue recognition as at 31 December 2017.
-
£63,641 increase to administration costs relating to the recognition of a bad debt write off against irrecoverable debtor balances.
-
£27,014 being the net increase to the to the tax charge as a result of the above adjustments.
The impact of the restatements above has resulted in the corresponding adjustments to the balances as at 31 December 2017:
-
Work in progress has decreased by £280,786 to £nil.
-
Debtors due within one year have decreased by £129,148 to £1,066,875.
-
Creditors have increased by £58,409 to £243,733.
-
Taxation, included within creditors due within one year, has decreased by £91,664 to £244,621.
Therefore, the impact to net assets as at 31 December 2017 was a reduction of £376,679.
Changes to the balance sheet
At 31 December 2017
As previously reported
Adjustment at 1 Jan 2017
Adjustment at 31 Dec 2017
As restated
£
£
£
£
Current assets
Stock
280,786
(594,757)
313,971
-
Debtors due within one year
1,196,023
(13,944)
(115,204)
1,066,875
Creditors due within one year
Taxation
(336,285)
118,678
(27,014)
(244,621)
Other creditors
(185,324)
-
(58,409)
(243,733)
Net assets
1,296,424
(490,023)
113,344
919,745
Capital and reserves
Profit and loss
1,295,224
(490,023)
113,344
918,545
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
10
Prior period adjustment
(Continued)
Page 8
Changes to the profit and loss account
Period ended 31 December 2017
As previously reported
Adjustment
As restated
£
£
£
Turnover
4,065,509
(51,563)
4,013,946
Cost of sales
(806,453)
255,562
(550,891)
Administrative expenses
(2,553,824)
(63,641)
(2,617,465)
Taxation
(154,638)
(27,014)
(181,652)
Profit for the financial period
551,640
113,344
664,984
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
10 July 2019
This audit opinion is unqualified
Ms D E Gray-Smith
Ms K Marlow
Mr M Paton
Ms L T Wicksteed
Ms L T Wicksteed
Ms C Hildebrand
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