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Company Registration number: 07147693

J Humphrey & Partners Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

J Humphrey & Partners Ltd

Contents

Statement of Financial Position

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

J Humphrey & Partners Ltd

(Registration number: 07147693)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

134,750

155,750

Tangible assets

5

111,767

40,979

 

246,517

196,729

Current assets

 

Debtors

6

821,996

974,813

Cash at bank and in hand

 

556,386

364,808

 

1,378,382

1,339,621

Creditors: Amounts falling due within one year

7

(282,365)

(287,284)

Net current assets

 

1,096,017

1,052,337

Total assets less current liabilities

 

1,342,534

1,249,066

Creditors: Amounts falling due after more than one year

7

(9,501)

-

Provisions for liabilities

(27,942)

(7,786)

Net assets

 

1,305,091

1,241,280

Capital and reserves

 

Called up share capital

6

6

Retained earnings

1,305,085

1,241,274

Shareholders' funds

 

1,305,091

1,241,280

 

J Humphrey & Partners Ltd

(Registration number: 07147693)
Statement of Financial Position as at 30 November 2023 (continued)

For the financial year ending 30 November 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 Income Statement.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
M B Malt
Director

   
     
 

J Humphrey & Partners Ltd

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

6

1,241,274

1,241,280

Profit for the year

-

123,811

123,811

Dividends

-

(60,000)

(60,000)

At 30 November 2023

6

1,305,085

1,305,091

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

6

963,457

963,463

Profit for the year

-

277,817

277,817

At 30 November 2022

6

1,241,274

1,241,280

 

J Humphrey & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
6 The Bulrushes
Woodstock Way
Boldon Business Park
South Tyneside
NE35 9PF

These financial statements were authorised for issue by the Board on 27 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 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 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 entity. Monetary amounts in these financial statements are rounded to the nearest £.
 

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

J Humphrey & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (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 statement of financial position 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.

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

Plant and machinery

33% straight line

Fixtures and fittings

10% straight line

Property improvements

5% 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

5% straight line

 

J Humphrey & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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 customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision 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.

Work in progress

The cost of work in progress comprises direct labour costs that have been incurred to date on projects. At each reporting date, work in progress is assessed for impairment. If deemed to be impaired, the carrying amount is reduced to its selling price less costs to complete the project; the impairment loss is recognised immediately in profit or loss.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

J Humphrey & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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 18 (2022 - 24).

 

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

420,000

420,000

At 30 November 2023

420,000

420,000

Amortisation

At 1 December 2022

264,250

264,250

Amortisation charge

21,000

21,000

At 30 November 2023

285,250

285,250

Carrying amount

At 30 November 2023

134,750

134,750

At 30 November 2022

155,750

155,750

 

J Humphrey & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Property Improvements
 £

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

13,862

14,223

82,369

110,454

Additions

79,725

1,885

20,622

102,232

Disposals

(13,861)

(2,424)

(36,917)

(53,202)

At 30 November 2023

79,726

13,684

66,074

159,484

Depreciation

At 1 December 2022

3,261

5,186

61,028

69,475

Charge for the year

3,301

1,344

14,590

19,235

Eliminated on disposal

(3,434)

(1,100)

(36,459)

(40,993)

At 30 November 2023

3,128

5,430

39,159

47,717

Carrying amount

At 30 November 2023

76,598

8,254

26,915

111,767

At 30 November 2022

10,601

9,037

21,341

40,979

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

572,743

609,833

Amounts owed by related parties

9

18,722

-

Prepayments

 

49,296

53,227

Other debtors

 

181,235

311,753

   

821,996

974,813

 

J Humphrey & Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

7,570

-

Trade creditors

 

110,082

130,372

Taxation and social security

 

90,240

127,395

Accruals and deferred income

 

63,735

23,712

Other creditors

 

10,738

5,805

 

282,365

287,284

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

9,501

-

Included in the creditors above are amounts due on hire purchase of £17,071 (2023: £nil) which are secured against the assets to which they relate.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

9,501

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

7,570

-

9

Related party transactions

No transactions with related parties were undertaken such as required to be disclosed under FRS 102 Section 1A small entities.