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Registration number: 00383620

Humphris Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Humphris Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Humphris Limited

(Registration number: 00383620)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,089

13,861

Investment property

5

7,898,304

7,898,304

Investments

6

100

100

Other financial assets

7

10,000

10,000

 

7,919,493

7,922,265

Current assets

 

Debtors

8

203,235

204,684

Cash at bank and in hand

 

319,083

206,270

 

522,318

410,954

Creditors: Amounts falling due within one year

9

(383,468)

(351,443)

Net current assets

 

138,850

59,511

Total assets less current liabilities

 

8,058,343

7,981,776

Provisions for liabilities

(1,056,927)

(1,057,691)

Net assets

 

7,001,416

6,924,085

Capital and reserves

 

Called up share capital

10

25,000

25,000

Retained earnings

6,976,416

6,899,085

Shareholders' funds

 

7,001,416

6,924,085

For the financial year ending 30 September 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 and 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.

 

Humphris Limited

(Registration number: 00383620)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
H J Humphris
Director

 

Humphris Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 33a Pony Road
Horspath Industrial Estate
Oxfordshire
OX4 2RF

These financial statements were authorised for issue by the Board on 15 January 2025.

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.

Group accounts not prepared

The parent company and group qualify as small in the current period therefore there is no requirement to prepare consolidated financial statements..

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property 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.

 

Humphris Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

A provision is made for deferred tax arising from the revaluation surplus on investment properties.

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.

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

Fixtures and fittings

20% straight line

Motor vehicles

20% reducing balance

Plant and machinery

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

Investments

Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Humphris Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 at the transaction price. 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 at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

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.

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.

 

Humphris Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

70,359

146,365

55,163

271,887

At 30 September 2024

70,359

146,365

55,163

271,887

Depreciation

At 1 October 2023

70,359

146,365

41,302

258,026

Charge for the year

-

-

2,772

2,772

At 30 September 2024

70,359

146,365

44,074

260,798

Carrying amount

At 30 September 2024

-

-

11,089

11,089

At 30 September 2023

-

-

13,861

13,861

5

Investment properties

2024
£

At 1 October and 30 September

7,898,304

The valuations were made by the directors, on an open market value for existing use basis. If investment properties had been accounted for under the historic cost accounting rules the properties would have a historic cost of £1,395,880 (2021: £1,395,880).

 

Humphris Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 October 2023

100

Carrying amount

At 30 September 2024

100

At 30 September 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Humphris (Oxford) Limited

Unit 33a Pony Road, Horspath Industrial Estate, Oxford,
OX4 2RF

England

Ordinary

100%

100%

Subsidiary undertakings

Humphris (Oxford) Limited

The principal activity of Humphris (Oxford) Limited is that of the sale of car parts for Rallysport..

 

Humphris Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

10,000

10,000

At 30 September 2024

10,000

10,000

Carrying amount

At 30 September 2024

10,000

10,000

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

43,572

6,250

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

143,349

188,390

Prepayments

 

16,314

10,044

 

203,235

204,684

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

10,356

(13,246)

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

22,901

37,289

Taxation and social security

 

27,273

2,543

Accruals and deferred income

 

136,415

73,123

Other creditors

 

186,523

251,734

 

383,468

351,443

 

Humphris Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

25,000

25,000

25,000

25,000

       

11

Reserves

The profit and loss account includes revaluation gains and deferred tax on investment properties. This gives rise to an undistributable element of £5,328,083.

12

Related party transactions

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

22,901

2023

Other related parties
£

Amounts payable to related party

37,289

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

188,390

188,390

Advanced

87,279

87,279

Repaid

(137,949)

(137,949)

At end of period

137,720

137,720

2023

Subsidiary
£

Total
£

At start of period

206,252

206,252

Advanced

62,161

62,161

Repaid

(80,023)

(80,023)

At end of period

188,390

188,390