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Registration number: 02859266

Humphreys Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Humphreys Electrical Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Humphreys Electrical Limited

(Registration number: 02859266)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

71,725

104,396

 

71,726

104,397

Current assets

 

Stocks

5,500

4,500

Debtors

6

273,706

291,852

Cash at bank and in hand

 

71,842

265,783

 

351,048

562,135

Creditors: Amounts falling due within one year

7

(296,659)

(341,798)

Net current assets

 

54,389

220,337

Total assets less current liabilities

 

126,115

324,734

Creditors: Amounts falling due after more than one year

7

(21,406)

(55,596)

Provisions for liabilities

(17,931)

(26,099)

Net assets

 

86,778

243,039

Capital and reserves

 

Called up share capital

100

100

Retained earnings

86,678

242,939

Shareholders' funds

 

86,778

243,039

 

Humphreys Electrical Limited

(Registration number: 02859266)
Balance Sheet as at 30 September 2024

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 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 Profit and Loss Account.

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

.........................................
M D Willis
Director

 

Humphreys Electrical 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 England and Wales.

The address of its registered office is:
Unit 21 Shrivenham Hundred
Business Park
Majors Road, Watchfield
Swindon
Wiltshire
SN6 8TZ

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.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Contract revenue recognition

Revenue from contracts for the provision of contracting services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Government grants

Government grants are accounted for as revenue based grants under the accrual model in the period in which they are receivable.

Tax

The tax expense for the period comprises current tax payable and deferred taxation.

The current 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.

 

Humphreys Electrical Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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 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

Plant and equipment

10% - 40% straight line basis

Fixtures, fittings and equipment

10% straight line basis

Office equipment

10% - 40% straight line basis

Motor vehicles

20% straight line basis

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.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Humphreys Electrical Limited

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

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 Profit and Loss Account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).

 

Humphreys Electrical Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

91,358

91,358

At 30 September 2024

91,358

91,358

Amortisation

At 1 October 2023

91,357

91,357

At 30 September 2024

91,357

91,357

Carrying amount

At 30 September 2024

1

1

At 30 September 2023

1

1

 

Humphreys Electrical Limited

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

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

1,200

12,294

264,436

277,930

Additions

-

-

16,635

16,635

Disposals

-

-

(50,956)

(50,956)

At 30 September 2024

1,200

12,294

230,115

243,609

Depreciation

At 1 October 2023

1,195

8,923

163,416

173,534

Charge for the year

-

1,539

47,765

49,304

Eliminated on disposal

-

-

(50,954)

(50,954)

At 30 September 2024

1,195

10,462

160,227

171,884

Carrying amount

At 30 September 2024

5

1,832

69,888

71,725

At 30 September 2023

5

3,371

101,020

104,396

 

Humphreys Electrical Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

231,414

240,154

Prepayments

15,698

41,655

Other debtors

26,594

10,043

 

273,706

291,852

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

34,190

32,604

Trade creditors

 

38,305

36,210

Taxation and social security

 

21,979

41,909

Other creditors

 

202,185

231,075

 

296,659

341,798

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the relevant assets of £24,190 (2023 - £22,604). Also included is £10,000 (2023 - £10,000) relating to a bounce back loan that is secured by H M Government.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

21,406

55,596

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the relevant assets of £10,573 (2022 - £34,763). Also included is £10,833 (2023 - £20,833) relating to a bounce back loan that is secured by H M Government.

 

Humphreys Electrical Limited

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

8

Related party transactions

Rent of £24,000 per annum is paid in respect of premises owned by the directors K Humphreys and M D Willis.

Creditors: amounts falling due within one year include director current accounts. There are no fixed terms of repayment and no interest is charged.

At the balance sheet date, the amount owed to the directors were as follows:

K Humphries - £69,051 (2023 - £74,461)
M D Willis - £77,419 (2023 - £90,567)
P R Hanrahan - £2,992 (2023 - nil)
R J Davis - £2,992 (2023 - nil)