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Registration number: 00706454

Humphris (Banbury) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Humphris (Banbury) Limited

(Registration number: 00706454)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,299

19,059

Investment property

5

27,050,850

26,318,850

Other financial assets

7

530,680

465,334

 

27,596,829

26,803,243

Current assets

 

Debtors

8

125,677

113,125

Cash at bank and in hand

 

340,709

1,165,756

 

466,386

1,278,881

Creditors: Amounts falling due within one year

9

(362,505)

(453,358)

Net current assets

 

103,881

825,523

Total assets less current liabilities

 

27,700,710

27,628,766

Provisions for liabilities

(2,968,147)

(3,004,604)

Net assets

 

24,732,563

24,624,162

Capital and reserves

 

Called up share capital

10

60,000

60,000

Retained earnings

24,672,563

24,564,162

Shareholders' funds

 

24,732,563

24,624,162

For the financial year ending 31 March 2024 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.

 

Humphris (Banbury) Limited

(Registration number: 00706454)
Balance Sheet as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

C J Humphris
Director

M A Humphris
Director

 
     
 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Colin Sanders Business Innovation Centre
Mewburn Road
Banbury
Oxon
OX16 9PA

These financial statements were authorised for issue by the Board on 13 August 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime . The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover derived from ordinary activities represents the rents receivable. The company is not registered for VAT. Income is recognised when the right to rent falls due under the terms of the tenancy agreements.

 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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 and subsequently measured at cost or valuation, net of depreciation and subsequent accumulated impairment losses.

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

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

15% reducing balance

Furniture, fittings and equipment

20% straight line

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investments

Loans and managed funds in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants in respect of rents due.

Trade debtors are recognised initially at the transaction price and subsequently adjusted for any provisions for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price.

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.

 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Plant and machinery
£

Cost or valuation

At 1 April 2023

274,053

Additions

879

Disposals

(137,633)

At 31 March 2024

137,299

Depreciation

At 1 April 2023

254,994

Charge for the year

4,639

Eliminated on disposal

(137,633)

At 31 March 2024

122,000

Carrying amount

At 31 March 2024

15,299

At 31 March 2023

19,059

 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investment properties

2024
£

At 1 April

26,318,850

Additions

1,052,183

Disposals

(170,000)

Fair value adjustments

(150,183)

At 31 March

27,050,850

The investment properties comprise a portfolio of residential and commercial buildings. The fair value of the investment properties has been arrived at on the basis of a valuation carried out on 31 March 2024 by C J Humphris, a director of the company. The valuation has been made on an open market value basis by reference to market evidence of transaction price for similar properties, and subject to:

1. properties having assured short-hold leases are valued at vacant possession value, discounted by 10% for sitting tenancies.

2. registered rental properties and commercial properties are valued based upon rates of rental return assessed for individual properties.

There has been no valuation of investment property by an independent valuer.

6

Investments

Other investments

The market value of the listed investments at 31 March 2024 was £530,680 (2023 - £465,334).

 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Other financial assets (current and non-current)

Investments other than loans
£

Non-current financial assets

Cost or valuation

At 1 April 2023

465,334

Fair value adjustments

61,997

Additions

6,130

Disposals

(2,781)

At 31 March 2024

530,680

8

Debtors

Current

2024
£

2023
£

Trade debtors

112,179

98,563

Prepayments

13,177

12,372

Other debtors

321

2,190

 

125,677

113,125

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

197,103

232,839

Accruals and deferred income

12,022

11,962

Other creditors

153,380

208,557

362,505

453,358

 

Humphris (Banbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

60,000

60,000

60,000

60,000