Herner & Co Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 02540805

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		6,292		524

			6,292		524
CURRENT ASSETS
Stocks	5	438,802		575,461
Debtors	6	203,198		110,274
Cash at bank and in hand		96,070		30,349

		738,070		716,084
Creditors: Amounts Falling Due Within One Year	7	(686,507 )		(527,154 )

NET CURRENT ASSETS (LIABILITIES)			51,563		188,930

TOTAL ASSETS LESS CURRENT LIABILITIES			57,855		189,454

Creditors: Amounts Falling Due After More Than One Year	8		(9,167 )		(19,167 )

NET ASSETS			48,688		170,287

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			48,686		170,285

SHAREHOLDERS' FUNDS			48,688		170,287

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Herner & Co Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 Richard Herner

Director

02/09/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Herner & Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02540805 . The registered office is The Limes, 1339 High Road, Whetstone, London, N20 9HR.

The company's principal activity during the year continued to be that of dealing in works of art and providing consultancy services.

The Financial statements are presented in sterling which is the functional currency of the company and rounded to nearest £.

The significant accounting policies applied in the preparation of this financial statement are set out below.

These policies have been consistently applied to all years presented.

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. 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.

2.3. 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
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

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Herner & Co Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 April 2024	13,519	-	13,519
Additions	1,966	5,900	7,866

As at 31 March 2025	15,485	5,900	21,385

Depreciation
As at 1 April 2024	12,995	-	12,995
Provided during the period	623	1,475	2,098

As at 31 March 2025	13,618	1,475	15,093

Net Book Value
As at 31 March 2025	1,867	4,425	6,292

As at 1 April 2024	524	-	524

5. Stocks

	2025	2024
	£	£
Finished goods	438,802	575,461

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	201,467	109,782
VAT	1,731	492

	203,198	110,274

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	308,196	176,046
Bank loans and overdrafts	10,000	11,395
PAYE/NI control	1,685	2,116
Other creditors	92,967	112,967
Accruals	6,042	7,500
Barclaycard Commercial	3	3
Pension creditors	(101 )	103
Director's loan account	267,715	217,024

	686,507	527,154

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Loans 1-2 yrs	9,167	19,167

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Herner & Co Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

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