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Registered number: 11724021
Herd Instincts Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Herd Instincts Limited for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Herd Instincts Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Herd Instincts Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Herd Instincts Limited and state those matters that we have agreed to state to the directors of Herd Instincts Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Herd Instincts Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Herd Instincts Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Herd Instincts Limited . You consider that Herd Instincts Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Herd Instincts 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 financial statements.
Signed
24/09/2024
Charlton Baker
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Page 1
Page 2
Balance Sheet
Registered number: 11724021
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,903 24,598
Tangible Assets 5 4,297 5,730
14,200 30,328
CURRENT ASSETS
Debtors 6 - 99
Cash at bank and in hand 3,548 5,512
3,548 5,611
Creditors: Amounts Falling Due Within One Year 7 (235,703 ) (242,959 )
NET CURRENT ASSETS (LIABILITIES) (232,155 ) (237,348 )
TOTAL ASSETS LESS CURRENT LIABILITIES (217,955 ) (207,020 )
NET LIABILITIES (217,955 ) (207,020 )
CAPITAL AND RESERVES
Called up share capital 8 104 102
Share premium account 39,998 39,998
Profit and Loss Account (258,057 ) (247,120 )
SHAREHOLDERS' FUNDS (217,955) (207,020)
Page 2
Page 3
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K Blick
Director
24/09/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Herd Instincts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11724021 . The registered office is 7-7c Snuff Street, Devizes, Wiltshire, SN10 1DU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on the going concern basis as the director continues to provide financial support to allow the company to meet its liabilities as they fall due and this will continue for the foreseeable future until the company is profit making.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are Patents. It is amortised to the profit and loss account over its estimated economic life of 4 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 January 2023 67,198
Additions 525
As at 31 December 2023 67,723
...CONTINUED
Page 4
Page 5
Amortisation
As at 1 January 2023 42,600
Provided during the period 15,220
As at 31 December 2023 57,820
Net Book Value
As at 31 December 2023 9,903
As at 1 January 2023 24,598
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 7,279 5,565 12,844
As at 31 December 2023 7,279 5,565 12,844
Depreciation
As at 1 January 2023 4,277 2,837 7,114
Provided during the period 751 682 1,433
As at 31 December 2023 5,028 3,519 8,547
Net Book Value
As at 31 December 2023 2,251 2,046 4,297
As at 1 January 2023 3,002 2,728 5,730
6. Debtors
2023 2022
£ £
Due within one year
Other debtors - 99
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 235,703 242,959
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 104 102
Page 5