Company Registration No. 01735439 (England and Wales)
Human Factors (UK) Limited
Unaudited accounts
for the year ended 31 July 2023
Human Factors (UK) Limited
Unaudited accounts
Contents
Human Factors (UK) Limited
Company Information
for the year ended 31 July 2023
Directors
C L Atkinson
A P Atkinson
Company Number
01735439 (England and Wales)
Registered Office
North Hatley
Halls Lane
Waltham St Lawrence
Berkshire
RG10 0JB
United Kingdom
Accountants
Serena Bowe FCCA
MyFiscal Limited
North Hatley, Halls Lane
Waltham St Lawrence
Reading
RG10 0JB
Human Factors (UK) Limited
Statement of financial position
as at 31 July 2023
Intangible assets
383,570
392,103
Cash at bank and in hand
96,617
63,468
Creditors: amounts falling due within one year
(156,202)
(183,705)
Net current liabilities
(28,993)
(85,794)
Total assets less current liabilities
354,577
306,309
Creditors: amounts falling due after more than one year
(55,744)
(80,213)
Net assets
298,833
226,096
Called up share capital
320,002
320,002
Profit and loss account
(21,169)
(93,906)
Shareholders' funds
298,833
226,096
For the year ending 31 July 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by
C L Atkinson
Director
Company Registration No. 01735439
Human Factors (UK) Limited
Notes to the Accounts
for the year ended 31 July 2023
Human Factors (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 01735439. The registered office is North Hatley, Halls Lane, Waltham St Lawrence, Berkshire, RG10 0JB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and hats its cost can be reliable measured. The capitalised development costs are subsequently amortised on a straight line basis over their economic lives, which range from 3 to 10 years. Amortisation commences upon completion of the project.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Human Factors (UK) Limited
Notes to the Accounts
for the year ended 31 July 2023
4
Intangible fixed assets
Other
Charge for the year
44,335
The intangible assets consist of the following:
Patents
Cost £6,000 (2022 £6,000)
NBV £1,200 with amortisation for the year of £1,200
Development Costs
Cost £ 461,306 (2022 £ 387,703).
There is no amortisation.
Amounts falling due within one year
Trade debtors
29,058
18,383
Deferred tax asset
1,534
8,170
Accrued income and prepayments
-
7,890
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Taxes and social security
5,838
7,969
Other creditors
122,303
128,075
Bank Loans are secured by way of government guarantee under the Coronavirus Bounce Back Loan Scheme.
Human Factors (UK) Limited
Notes to the Accounts
for the year ended 31 July 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
31,648
46,046
Bank Loans are secured by way of government guarantee under the Coronavirus Bounce Back Loan Scheme.
8
Transactions with related parties
At the year end, the company owed £151,624 (2022 - £166,022) to A P Atkinson, a director and shareholder of the company. No interest was chargeable on the loan.
9
Average number of employees
During the year the average number of employees was 1 (2022: 3).