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Registered number: 09947728
Humphrey & Gray Limited
Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09947728
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 184,279 141,124
Tangible Assets 5 59,871 80,399
244,150 221,523
CURRENT ASSETS
Stocks 4,340 10,570
Debtors 6 987,347 1,050,245
Cash at bank and in hand 649,229 225,636
1,640,916 1,286,451
Creditors: Amounts Falling Due Within One Year 7 (1,093,736 ) (852,154 )
NET CURRENT ASSETS (LIABILITIES) 547,180 434,297
TOTAL ASSETS LESS CURRENT LIABILITIES 791,330 655,820
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,327 ) (14,580 )
NET ASSETS 781,003 641,240
CAPITAL AND RESERVES
Called up share capital 8 1,040 1,040
Share premium account 15,960 15,960
Profit and Loss Account 764,003 624,240
SHAREHOLDERS' FUNDS 781,003 641,240
Page 1
Page 2
For the year ending 31 March 2025 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
H Chenery
Director
J Innes
Director
3 June 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Humphrey & Gray Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09947728 . The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements over the term of the lease
Motor Vehicles 20% on cost
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the incomeStatement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to incomeStatement as incurred.
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2.6. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the incomeStatement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2024: 28)
35 28
4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2024 141,124
Additions 43,155
As at 31 March 2025 184,279
Net Book Value
As at 31 March 2025 184,279
As at 1 April 2024 141,124
5. Tangible Assets
Land & Property
Improvements Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 18,123 55,496 21,513 106,806 201,938
As at 31 March 2025 18,123 55,496 21,513 106,806 201,938
...CONTINUED
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Depreciation
As at 1 April 2024 11,395 19,445 14,518 76,181 121,539
Provided during the period 2,244 8,880 1,748 7,656 20,528
As at 31 March 2025 13,639 28,325 16,266 83,837 142,067
Net Book Value
As at 31 March 2025 4,484 27,171 5,247 22,969 59,871
As at 1 April 2024 6,728 36,051 6,995 30,625 80,399
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 957,295 1,005,111
Prepayments and accrued income 27,630 23,196
Other debtors 2,422 2,234
Corporation tax recoverable assets - 19,704
987,347 1,050,245
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 406,630 302,037
Corporation tax 185,977 125,699
Other taxes and social security 22,571 19,550
VAT 166,271 158,977
Other creditors 54,062 34,886
Pension control account 4,249 4,202
Accruals and deferred income 244,451 206,803
Amounts owed to group undertakings 9,525 -
1,093,736 852,154
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,040 1,040
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
£ £
Not later than one year 58,000 58,000
Later than one year and not later than five years 9,667 67,666
67,667 125,666
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