Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11677392 2021-04-01 2022-03-31 11677392 2020-04-01 2021-03-31 11677392 2022-03-31 11677392 2021-03-31 11677392 2020-04-01 11677392 c:Director1 2021-04-01 2022-03-31 11677392 d:CurrentFinancialInstruments 2022-03-31 11677392 d:CurrentFinancialInstruments 2021-03-31 11677392 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11677392 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 11677392 d:ShareCapital 2022-03-31 11677392 d:ShareCapital 2021-03-31 11677392 d:RetainedEarningsAccumulatedLosses 2022-03-31 11677392 d:RetainedEarningsAccumulatedLosses 2021-03-31 11677392 c:FRS102 2021-04-01 2022-03-31 11677392 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 11677392 c:FullAccounts 2021-04-01 2022-03-31 11677392 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 11677392 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 11677392 d:TaxLossesCarry-forwardsDeferredTax 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 11677392










HERNE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022



 
HERNE LIMITED
REGISTERED NUMBER: 11677392

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Current assets
  

Stocks
 4 
13,278
88,458

Debtors: amounts falling due within one year
 5 
42,958
20,981

Cash at bank and in hand
 6 
27,128
8,008

  
83,364
117,447

Creditors: amounts falling due within one year
 7 
(225,770)
(216,135)

Net current liabilities
  
 
 
(142,406)
 
 
(98,688)

Total assets less current liabilities
  
(142,406)
(98,688)

Net liabilities
  
(142,406)
(98,688)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(142,506)
(98,788)

  
(142,406)
(98,688)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E C Magor
Director

Date: 25 August 2022

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
HERNE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Herne Limited is a private company, limited by share capital and incorporated in England and Wales. 
The company's registered office is Fawdon Farm, Powburn, Nr Alnwick, Northumberland, England, NE66 4JQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the assumption that the company is able to carry on the buisness as a going concern, and on the basis that the company will continue to have the financial support of its parent company and the directors. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2

 
HERNE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
HERNE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

Page 4

 
HERNE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Stocks

2022
2021
£
£

Raw materials and consumables
-
52,038

Finished goods
13,278
36,420

13,278
88,458



5.


Debtors

2022
2021
£
£

Trade debtors
-
40

Prepayments and accrued income
917
-

Other debtors
841
2,203

Deferred taxation
41,200
18,738

42,958
20,981



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
27,128
8,008

27,128
8,008



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
221,761
210,835

Other taxation and social security
-
640

Other creditors
1,934
2,525

Accruals and deferred income
2,075
2,135

225,770
216,135


Page 5

 
HERNE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

8.


Deferred taxation




2022
2021


£

£



At beginning of year
18,738
21,164


Charged to profit or loss
22,462
(2,426)



At end of year
41,200
18,738

The deferred tax asset is made up as follows:

2022
2021
£
£


Tax losses carried forward
41,200
18,738

41,200
18,738


9.


Related party transactions

At the period end the Company owed £1,907 (2021: £1,948) to a member of key management personnel. This amount is interest free and repayable upon demand.
A balance of £221,761 (2021: £210,835) is due to Rogam Farms Limited (previously named Little Bedywn Estate Limited).  Rogam Farms Limited is the immediate parent company of Herne Limited. This balance is interest free and repayable on demand.  


Page 6