Here Limited
Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 05659314 (England and Wales)
Here Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Here Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
69,551
56,559
Investments
4
11
69,562
56,559
Current assets
Debtors
5
1,895,059
2,137,625
Cash at bank and in hand
716,636
1,903,286
2,611,695
4,040,911
Creditors: amounts falling due within one year
6
(1,179,800)
(2,269,294)
Net current assets
1,431,895
1,771,617
Total assets less current liabilities
1,501,457
1,828,176
Creditors: amounts falling due after more than one year
7
(309,347)
(392,554)
Provisions for liabilities
(47,172)
(40,042)
Net assets
1,144,938
1,395,580
Capital and reserves
Called up share capital
8
1,200
1,200
Profit and loss reserves
1,143,738
1,394,380
Total equity
1,144,938
1,395,580
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 29 September 2023 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 2022
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 amounts 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 £49,358 (2021 - £911,250), and had net assets at that date of £1,144,938 (2021 - £1,395,580). 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 recovered.
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 2022
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
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.
1.6
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 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.
1.8
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.
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
1.9
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 is 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.
1.10
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 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 45 (2021 - 36).
2022
2021
Number
Number
Total
45
36
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
3
Tangible fixed assets
Land and buildings
Plant and equipment etc
Total
£
£
£
Cost
At 1 January 2022
35,000
486,219
521,219
Additions
37,438
37,438
At 31 December 2022
35,000
523,657
558,657
Depreciation and impairment
At 1 January 2022
7,000
457,660
464,660
Depreciation charged in the year
3,500
20,946
24,446
At 31 December 2022
10,500
478,606
489,106
Carrying amount
At 31 December 2022
24,500
45,051
69,551
At 31 December 2021
28,000
28,559
56,559
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
11
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2022
-
Additions
11
At 31 December 2022
11
Carrying amount
At 31 December 2022
11
At 31 December 2021
-
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 6
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,114,959
1,691,682
Amounts owed by group undertakings
406,500
159,521
Other debtors
25,156
44,536
Prepayments and accrued income
348,444
241,886
1,895,059
2,137,625
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
89,024
138,554
Corporation tax
12,906
216,060
Other taxation and social security
143,816
279,851
Other creditors
781,599
1,284,963
Accruals and deferred income
152,455
349,866
1,179,800
2,269,294
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
309,347
392,554
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,200
1,200
1,200
1,200
9
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.
Senior Statutory Auditor:
Esther Carder
Statutory Auditor:
Moore Kingston Smith LLP
Here Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 7
10
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:
2022
2021
£
£
1,219,714
1,350,981
11
Related party transactions
Included within other creditors at the year end is amounts due to the directors which amounts to £81,541 (2021 - £31,926 due from the directors).
12
Parent company
The immediate controlling party is Here 2.0 Limited. There is no ultimate controlling party.