Here Limited
Financial Statements
For the year ended 31 December 2021
For Filing with Registrar
Company Registration No. 05659314 (England and Wales)
Here Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Here Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
56,559
104,725
Current assets
Work in progress
422
Debtors
4
2,137,625
1,337,185
Cash at bank and in hand
1,903,286
1,062,473
4,040,911
2,400,080
Creditors: amounts falling due within one year
5
(2,269,294)
(1,442,625)
Net current assets
1,771,617
957,455
Total assets less current liabilities
1,828,176
1,062,180
Creditors: amounts falling due after more than one year
6
(392,554)
(357,371)
Provisions for liabilities
(40,042)
(50,479)
Net assets
1,395,580
654,330
Capital and reserves
Called up share capital
7
1,200
1,200
Profit and loss reserves
1,394,380
653,130
Total equity
1,395,580
654,330
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 12 September 2022 and are signed on its behalf by:
Mr M Paton
Director
Company Registration No. 05659314
Here Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 2
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 £.
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 £
911,250 (2020 - £339,991),
and had net assets at that date of £
1,395,580 (2020 - £654,330)
.
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds to meet its liabilities as they fall due for that period.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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
it is probable will be
recover
ed
.
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.
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
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:
Leasehold improvements
10 years
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
.
1.5
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 and cash equivalents
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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 4
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 36 (2020 - 39).
2021
2020
Number
Number
Total
36
39
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 5
3
Tangible fixed assets
Land and buildings
Plant and equipment etc
Total
£
£
£
Cost
At 1 January 2021
35,000
470,657
505,657
Additions
18,694
18,694
Disposals
(3,132)
(3,132)
At 31 December 2021
35,000
486,219
521,219
Depreciation and impairment
At 1 January 2021
3,500
397,432
400,932
Depreciation charged in the year
3,500
63,360
66,860
Eliminated in respect of disposals
(3,132)
(3,132)
At 31 December 2021
7,000
457,660
464,660
Carrying amount
At 31 December 2021
28,000
28,559
56,559
At 31 December 2020
31,500
73,225
104,725
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,691,682
1,040,186
Amounts owed by group undertakings
159,521
Other debtors
286,422
296,999
2,137,625
1,337,185
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
138,554
74,117
Amounts owed to group undertakings
5,000
Corporation tax
216,060
111,062
Other taxation and social security
279,851
223,516
Other creditors
1,634,829
1,028,930
2,269,294
1,442,625
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 6
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
392,554
357,371
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Founders shares of £1 each
-
3
-
-
Ordinary shares of £1 each
1,200
1,197
1,200
1,200
8
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 auditor was Moore Kingston Smith LLP.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
1,350,981
1,452,650
10
Related party transactions
Included within other debtors at the year end is amounts due from the directors which amounts to £31,926 (2020 - £32,632 due from the directors).
Included within other creditors at the year end is amounts due to the directors which amounts to £Nil (2020 - £2,491 due to the directors).
11
Parent company
The immediate controlling party is Here 2.0 Limited. There is no ultimate controlling party.