Company Registration No. 01150851 (England and Wales)
HERISSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
HERISSE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HERISSE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HERISSE LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -

The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.

"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Herisse Limited for the year ended 31 July 2023 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

Our work has been undertaken solely to prepare for your approval the financial statements of Herisse Limited and state those matters that we have agreed to state to the Board of Directors of Herisse Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Herisse Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Herisse Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Herisse Limited. You consider that Herisse Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Herisse Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

 

 

John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
29 July 2024
HERISSE LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
2
2
Tangible assets
4
65,017
67,706
Investment properties
5
1,300,000
1,300,000
1,365,019
1,367,708
Current assets
Stocks
595,760
348,760
Debtors
6
1,810,946
1,923,296
Cash at bank and in hand
222,626
326,444
2,629,332
2,598,500
Creditors: amounts falling due within one year
7
(399,836)
(485,493)
Net current assets
2,229,496
2,113,007
Total assets less current liabilities
3,594,515
3,480,715
Provisions for liabilities
8
(82,500)
(82,500)
Net assets
3,512,015
3,398,215
Capital and reserves
Called up share capital
9
100
100
Other reserve-non distributable
10
294,019
294,019
Profit and loss reserves
3,217,896
3,104,096
Total equity
3,512,015
3,398,215

The directorstrue of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

HERISSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr R V Patel
Director
Company Registration No. 01150851
HERISSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

Herisse Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Hersham Centre, Hersham, Walton on Thames, Surrey, KT12 4HL.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods dispensed, sales of pharmaceuticals, perfumery products and community pharmacy advisers in the normal course of business and is shown net of VAT and trade discounts.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is amortised over its estimated useful economic life at 5% per annum on a straight line basis.

1.6
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:

Freehold buildings
2% straight line basis
Leasehold buildings
2% straight line basis
Fixtures, fittings & equipment
15-25% straight line basis

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.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

HERISSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.9
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.

1.10
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade, and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transactions, where the debt instruments is measured at the present value of the future payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

1.11
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.

 

HERISSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
61,790
Amortisation and impairment
At 1 August 2022 and 31 July 2023
61,788
Carrying amount
At 31 July 2023
2
At 31 July 2022
2
HERISSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
156,101
341,202
497,303
Additions
-
0
1,292
1,292
At 31 July 2023
156,101
342,494
498,595
Depreciation and impairment
At 1 August 2022
90,551
339,046
429,597
Depreciation charged in the year
3,123
858
3,981
At 31 July 2023
93,674
339,904
433,578
Carrying amount
At 31 July 2023
62,427
2,590
65,017
At 31 July 2022
65,550
2,156
67,706
5
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
1,300,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2023 by the directors. The valuation was made on an open market value basis by market evidence of transaction prices of similar properties.

 

Based on valuation provided by Mr R V Patel,director on 13 June 2023. The valuation is accounted and updated

 

The property was previously used as company warehouse and it was transferred from fixed asset to investment property

The analysis of cost and valuation are as follows

 

Cost 9,125,68.75

 

Revaluation 57,431.00 (year ended 31.7.14)

 

Revaluation 3,30,000.00 ( year ended 31.7.22 & 31.7.23)

 

Rounging 2.25

Total 1,300,000.00

 

Deferred tax on Revaluaiton £82,500

HERISSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
5
Investment property
(Continued)
- 8 -

There is a fixed charge registered on the company's investment property located at 41 Central Avenue, West Molesey, Elmbridge, Surrey. KT8 2QZ.

 

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
509,301
588,202
Other debtors
1,296,527
1,296,078
1,805,828
1,884,280
Deferred tax asset
5,118
39,016
1,810,946
1,923,296
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,719
9,433
Trade creditors
356,486
453,942
Taxation and social security
6,792
7,493
Other creditors
15,839
14,625
399,836
485,493
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Tax losses
-
-
5,118
39,016
Investment property
82,500
82,500
-
-
82,500
82,500
5,118
39,016
HERISSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
8
Deferred taxation
(Continued)
- 9 -
2023
Movements in the year:
£
Liability at 1 August 2022
43,484
Charge to profit or loss
33,898
Liability at 31 July 2023
77,382
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
10
Other reserve-non distributable
2023
2022
£
£
At the beginning of the year
294,019
46,519
Other movements
-
247,500
At the end of the year
294,019
294,019
11
Equity reserve

The only movements in reserves for the year ended 31 July 2023 and 31 July 2022 are profit for the years.

12
Financial commitments, guarantees and contingent liabilities

There is a fixed charge registered on the company's investment property located at 41 Central Avenue, West Molesey, Elmbridge, Surrey. KT8 2QZ.

13
Related party transactions

The directors together with members of their close family control the company. The related party transactions and balances were as follows:

 

a) The company has given a unsecured loan amounting to £700,000 (2022: £700,000) to IPSCO Limited (IPSCO Group) a company in which Mr A D Patel is also a director.

 

b) Rent receivable from Vertical Pharma Resources Limited, a company in which Mr A D Patel is also a director amounted to £124,000 (2022: £124,000).

 

 

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