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Registration number: 11990209

Humphreys Removals & Storage Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Humphreys Removals & Storage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Humphreys Removals & Storage Limited

Company Information

Directors

Mr Darrel Baker

Mrs Joanne Baker

Registered office

Unit 1, The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

Accountants

Bracey's Accountants (Stevenage) Limited
Chartered Certified Accountant
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ

 

Humphreys Removals & Storage Limited

(Registration number: 11990209)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,017

5,749

Tangible assets

5

295

372

 

5,312

6,121

Current assets

 

Debtors

6

39,305

28,675

Cash at bank and in hand

 

20,999

32,230

 

60,304

60,905

Creditors: Amounts falling due within one year

7

(43,159)

(44,500)

Net current assets

 

17,145

16,405

Total assets less current liabilities

 

22,457

22,526

Creditors: Amounts falling due after more than one year

7

(18,417)

(21,228)

Provisions for liabilities

(1,009)

(1,163)

Net assets

 

3,031

135

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,931

35

Shareholders' funds

 

3,031

135

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Humphreys Removals & Storage Limited

(Registration number: 11990209)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 3 August 2023 and signed on its behalf by:
 

.........................................
Mr Darrel Baker
Director

.........................................
Mrs Joanne Baker
Director

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1, The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

The principal place of business is:
21 Chester Road
Stevenage
Hertfordshire
SG1 4JX

These financial statements were authorised for issue by the Board on 3 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Development and build of website

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly
through the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Website
 £

Total
£

Cost or valuation

At 1 June 2022

6,000

1,320

7,320

At 31 May 2023

6,000

1,320

7,320

Amortisation

At 1 June 2022

1,450

121

1,571

Amortisation charge

600

132

732

At 31 May 2023

2,050

253

2,303

Carrying amount

At 31 May 2023

3,950

1,067

5,017

At 31 May 2022

4,550

1,199

5,749

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

385

385

At 31 May 2023

385

385

Depreciation

At 1 June 2022

13

13

Charge for the year

77

77

At 31 May 2023

90

90

Carrying amount

At 31 May 2023

295

295

At 31 May 2022

372

372

6

Debtors

Current

2023
£

2022
£

Trade debtors

19,126

8,412

Prepayments

115

96

Other debtors

20,064

20,167

 

39,305

28,675

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

2,811

2,741

Trade creditors

 

25,654

28,523

Taxation and social security

 

11,294

10,791

Accruals and deferred income

 

1,260

1,200

Other creditors

 

2,140

1,245

 

43,159

44,500

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

18,417

21,228

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,417

21,228

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,811

2,741

Also included within bank loans and overdrafts due under one year is £2,811 (2022: £2,741) and over one year is £18,417 (2022: £21,228) relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £335.00 (2022 - £229.50) per each Ordinary shares

 

33,500

 

22,950

         

11

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Darrel Baker

13,763

39,849

(37,362)

16,250

         
       

Mrs Joanne Baker

6,402

10,024

(12,612)

3,814

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr Darrel Baker

9,705

34,081

(30,023)

13,763

         
       

Mrs Joanne Baker

4,159

11,690

(9,447)

6,402

         
       

 

 

Humphreys Removals & Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

At the balance sheet date, the company was owed £16,250 (2022: £13,763) by Mr D Baker, a director of the company. This loan is being charged interest at the market rate and is repayable on demand.

At the balance sheet date, the company was owed £3,814 (2022: £6,402) by Mrs J Baker, a director of the company. No interest is being charged on the loan and is repayable on demand.

The overdrawn Directors Loan balances were repaid in full within 9 months of the year end.

12

Ultimate controlling party

The ultimate controlling party is Mr D Baker, the director and majority shareholder.