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COMPANY REGISTRATION NUMBER: 00679198
Humphries (Redditch) Limited
Filleted Financial Statements
31 January 2024
Humphries (Redditch) Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 11
Humphries (Redditch) Limited
Officers and Professional Advisers
The board of directors
Mr D W Humphries
Mrs C G Humphries
Mrs N F White
Mr N J Humphries
Mr H W Humphries
Company secretary
Mr D W Humphries
Registered office
30-32 Evesham Walk
Redditch
Worcestershire
B97 4HH
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Humphries (Redditch) Limited
Statement of Financial Position
31 January 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
6
2,228,743
2,092,397
Current assets
Stocks
7
2,064,964
2,127,461
Debtors
8
112,531
387,425
Cash at bank and in hand
253,281
40,147
------------
------------
2,430,776
2,555,033
Creditors: amounts falling due within one year
9
693,183
967,876
------------
------------
Net current assets
1,737,593
1,587,157
------------
------------
Total assets less current liabilities
3,966,336
3,679,554
Creditors: amounts falling due after more than one year
10
642,654
581,488
Provisions
Taxation including deferred tax
11
49,419
28,703
------------
------------
Net assets
3,274,263
3,069,363
------------
------------
Capital and reserves
Called up share capital
15
21,000
21,000
Capital redemption reserve
16
9,334
9,334
Profit and loss account
16
3,243,929
3,039,029
------------
------------
Shareholders funds
3,274,263
3,069,363
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Humphries (Redditch) Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr N J Humphries
Director
Company registration number: 00679198
Humphries (Redditch) Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30-32 Evesham Walk, Redditch, Worcestershire, B97 4HH. The principal activity of the company during the year was the retail of footwear.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
12% straight line
Fixtures and fittings
-
7.5% reducing balance and 33% straight line
Motor vehicles
-
25% reducing balance
Freehold property is not depreciated because it is the policy of the board to maintain properties in good condition with costs being charged to revenue as they are incurred. The estimated residual value of the premises would result in any depreciation charge being of little significance.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 58 (2023: 58 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 (as restated) and 31 January 2024
150,000
---------
Amortisation
At 1 February 2023 and 31 January 2024
150,000
---------
Carrying amount
At 31 January 2024
---------
At 31 January 2023
---------
6. Tangible assets
Freehold property
Leasehold improvements
Fixtures and fittings
Motor vehicles
Classic Motor Vehicles
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023 (as restated)
1,857,545
16,627
371,616
280,163
12,750
2,538,701
Additions
186,275
186,275
------------
--------
---------
---------
--------
------------
At 31 Jan 2024
1,857,545
16,627
557,891
280,163
12,750
2,724,976
------------
--------
---------
---------
--------
------------
Depreciation
At 1 Feb 2023
14,712
283,966
147,626
446,304
Charge for the year
663
16,132
33,134
49,929
------------
--------
---------
---------
--------
------------
At 31 Jan 2024
15,375
300,098
180,760
496,233
------------
--------
---------
---------
--------
------------
Carrying amount
At 31 Jan 2024
1,857,545
1,252
257,793
99,403
12,750
2,228,743
------------
--------
---------
---------
--------
------------
At 31 Jan 2023
1,857,545
1,915
87,650
132,537
12,750
2,092,397
------------
--------
---------
---------
--------
------------
7. Stocks
2024
2023
(restated)
£
£
Finished goods and goods for resale
2,064,964
2,127,461
------------
------------
8. Debtors
2024
2023
(restated)
£
£
Prepayments and accrued income
32,531
29,754
Other debtors
80,000
357,671
---------
---------
112,531
387,425
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
65,315
286,705
Trade creditors
238,991
323,585
Accruals and deferred income
27,294
16,575
Corporation tax
109,413
58,396
Social security and other taxes
188,465
66,456
Obligations under finance leases and hire purchase contracts
6,519
6,519
Director loan accounts
54,963
206,203
Other creditors
2,223
3,437
---------
---------
693,183
967,876
---------
---------
The bank loans and overdraft are secured by a legal charge over the freehold premises of the company and by a fixed and floating charge over its assets.
10. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
632,877
565,192
Obligations under finance leases and hire purchase contracts
9,777
16,296
---------
---------
642,654
581,488
---------
---------
The bank loans and overdraft are secured by a legal charge over the freehold premises of the company and by a fixed and floating charge over its assets.
All bank loans are repayable within 5 years.
11. Provisions
Deferred tax (note 12)
£
At 1 February 2023 (as restated)
28,703
Additions
20,716
--------
At 31 January 2024
49,419
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
(restated)
£
£
Included in provisions (note 11)
49,419
28,703
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
(restated)
£
£
Accelerated capital allowances
49,419
28,846
Pension plan obligations
( 143)
--------
--------
49,419
28,703
--------
--------
13. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 11,243 (2023: £ 9,001 ).
14. Prior period errors
A prior period adjustment has been entered to reflect an error relating to rent accrued when it should have been prepaid, which had not been reflected in the original filed set of accounts. The total impact on profit in the prior year was an increase of £30,682 after the related tax impacts.
15. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
21,000
21,000
21,000
21,000
--------
--------
--------
--------
16. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses. Called up share capital - This reserve records the value of the shares held.
17. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
55,000
Later than 1 year and not later than 5 years
220,000
Later than 5 years
275,000
---------
----
550,000
---------
----
18. Summary audit opinion
The auditor's report dated 30 October 2024 was unqualified .
The senior statutory auditor was Hannah Justice FCA FCCA , for and on behalf of BSN Associates Limited .
19. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D W Humphries
( 67,623)
( 26,500)
66,209
( 27,914)
Mrs C G Humphries
( 9,500)
( 1,500)
11,000
Mr N J Humphries
( 129,080)
( 124,200)
226,231
( 27,049)
Mr H W Humphries
357,671
( 375,000)
77,142
59,813
---------
---------
---------
--------
151,468
( 527,200)
380,582
4,850
---------
---------
---------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D W Humphries
( 42,628)
( 49,123)
24,128
( 67,623)
Mrs C G Humphries
( 3,000)
( 11,000)
4,500
( 9,500)
Mr N J Humphries
( 30,000)
( 167,080)
68,000
( 129,080)
Mr H W Humphries
( 228,288)
( 25,000)
610,959
357,671
---------
---------
---------
---------
( 303,916)
( 252,203)
707,587
151,468
---------
---------
---------
---------
During the year Mr D W Humphries was paid interest of £3,305 (2023: £3,279) for the money owed to him by the company. This is equal to an interest rate of 7%. Mr D W Humphries also received a dividend of £25,000 (2023: £25,000) and rental income of £1,500 (2023: £1,500) from the company. During the year Mrs C G Humphries received rental income of £1,500 (2023: £1,500) from the company. During the year Mr N J Humphries was paid interest of £7,811 (2023: £5,100) for the money owed to him by the company. This is equal to an interest rate of 7%. Mr N J Humphries also received a dividend of £25,000 (2023: £25,000) from the company. During the year Mr H W Humphries received a dividend of £25,000 (2023: £25,000) from the company. Mr H W Humphries was also charged £Nil (2023: £7,200) for rental of premises owned by the company as he has now vacated the property.
20. Controlling party
The directors consider that no one person controls the entity.