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Registered number: 00794653
Humphries & Parks Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Ascendis Audit Limited
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 00794653
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 222,048 153,083
Investments 5 31,000 31,000
253,048 184,083
CURRENT ASSETS
Stocks 6 4,991,680 3,121,109
Debtors 7 480,975 442,705
Cash at bank and in hand 317,142 351,266
5,789,797 3,915,080
Creditors: Amounts Falling Due Within One Year 8 (4,854,884 ) (3,146,492 )
NET CURRENT ASSETS (LIABILITIES) 934,913 768,588
TOTAL ASSETS LESS CURRENT LIABILITIES 1,187,961 952,671
Creditors: Amounts Falling Due After More Than One Year 9 (48,750 ) (93,750 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,696 ) -
NET ASSETS 1,111,515 858,921
CAPITAL AND RESERVES
Called up share capital 11 250 250
Profit and Loss Account 1,111,265 858,671
SHAREHOLDERS' FUNDS 1,111,515 858,921
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For the year ending 30 April 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Joy
Director
13th November 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Humphries & Parks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00794653 . The registered office, and principal place of business, is London Road, Addington, West Malling, Kent, ME19 5AN.
The presentational currency of the financial statements is pound sterling (£).
Amounts in the financial statements are rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements (apart from those involving accounting estimates) have had the most significant effect on amounts recognised in the financial statements:
Stock valuation
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.
Consignment stock
Vehicles held on consignment have been included in 'stocks' on the basis that the company has determined that it holds the significant risks and rewards attached to these vehicles.
Incentives and other rebates from brand partner
The company receives income in the form of various incentives which are determined by its brand partner. The amount receivable is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period. 
The company may also receive contributions towards advertising, promotional expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.
2.4. Turnover
Turnover from the sale of goods is recognised in the Income Statement, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.
Commission income is accounted for on a receivable basis.
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2.5. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Over the period of the lease
Plant & Machinery 20% on reducing balance and 10% - 33% on cost
Motor Vehicles 20% straight line
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Investments
Investments are valued at cost less impairment.
2.6. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
2.8. Financial Instruments
The company only has basic financial instruments, which are recognised at amortised cost.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2.11. Borrowing costs
All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.
2.12. Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2023: 32)
38 32
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 May 2023 189,034 432,162 32,405 653,601
Additions 17,625 86,613 - 104,238
Disposals - (4,863 ) - (4,863 )
As at 30 April 2024 206,659 513,912 32,405 752,976
Depreciation
As at 1 May 2023 175,574 318,444 6,500 500,518
Provided during the period 6,483 25,717 - 32,200
Disposals - (1,790 ) - (1,790 )
As at 30 April 2024 182,057 342,371 6,500 530,928
Net Book Value
As at 30 April 2024 24,602 171,541 25,905 222,048
As at 1 May 2023 13,460 113,718 25,905 153,083
5. Investments
Other
£
Cost
As at 1 May 2023 31,000
As at 30 April 2024 31,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 31,000
As at 1 May 2023 31,000
6. Stocks
2024 2023
£ £
Vehicle Stocks 4,838,563 3,026,393
Parts Stocks 102,837 94,716
Work in progress 50,280 -
4,991,680 3,121,109
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 291,035 361,325
Other debtors 55,889 77,979
Deferred tax current asset - 3,401
VAT 134,051 -
480,975 442,705
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,547,271 2,905,820
Bank loans and overdrafts 45,000 45,000
Corporation tax 53,837 -
Other taxes and social security 30,480 57,586
Other creditors 177,036 105,438
Dividend payable 1,000 2,000
Directors' loan accounts 260 30,648
4,854,884 3,146,492
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 48,750 93,750
The bank loan comprises a Coronavirus Business Interruption Loan. The loan has an interest rate of 2.62% per annum over base rate.
10. Secured Creditors
Of the creditors the following amounts are secured on the stock so financed:-
2024 2023
£ £
Trade Creditors 3,422,207 2,505,255
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 250 250
12. Other Commitments
At the year end the company had future payments due under non-cancellable operating leases of £27,181 (2023: £4,007).
13. Pension Commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,290 (2023: £15,259). The outstanding obligations payable to the fund at the year end were £2,792 (2023: £3,272).
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14. Related Party Transactions
During the year the company paid management charges of £78,000 (2023: £30,000) to Autojoy, a business owned by M Joy. At the reporting date a balance of £3,925 (2023: £26,501) was owed to Autojoy.
At the reporting date the company owed the directors of the company £567 (2023: £30,648).
Dividends of £1,000 (2023: £2,000) were payable to the directors in the year.
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