Registered number
00044483
The National Institute of Medical Herbalists
Unaudited Filleted Accounts
31 December 2024
The National Institute of Medical Herbalists
Registered number: 00044483
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 5,100
Tangible assets 4 111,080 116,184
111,080 121,284
Current assets
Stocks 10,587 11,234
Debtors 5 54,152 39,493
Cash at bank and in hand 58,911 85,273
123,650 136,000
Creditors: amounts falling due within one year 6 (4,451) (1,742)
Net current assets 119,199 134,258
Net assets 230,279 255,542
Capital and reserves
Profit and loss account 230,279 255,542
Total Reserves 230,279 255,542
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss N Chidley
Director
Approved by the board on 10 September 2025
The National Institute of Medical Herbalists
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 33 years
Plant and machinery over 9 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Grants
Grants are accounted for under the accruals model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Software:
Cost
At 1 January 2024 25,503
At 31 December 2024 25,503
Amortisation
At 1 January 2024 20,403
Provided during the year 5,100
At 31 December 2024 25,503
Net book value
At 31 December 2024 -
At 31 December 2023 5,100
Software intangibles are written off in equal annual instalments over 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 187,003 9,228 196,231
Additions - 1,715 1,715
At 31 December 2024 187,003 10,943 197,946
Depreciation
At 1 January 2024 72,935 7,112 80,047
Charge for the year 5,610 1,209 6,819
At 31 December 2024 78,545 8,321 86,866
Net book value
At 31 December 2024 108,458 2,622 111,080
At 31 December 2023 114,068 2,116 116,184
5 Debtors 2024 2023
£ £
Trade debtors 47,473 32,679
Other debtors 6,679 6,814
54,152 39,493
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,327 1,177
Taxation and social security costs - 214
Other creditors 1,124 351
4,451 1,742
7 Other information
The National Institute of Medical Herbalists is a private company limited by guarantee and incorporated in England. Its registered office is:
Clover House James Court
South Street
Exeter
Devon
EX1 1EE
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