Humphries (Redditch) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00679198

Humphries (Redditch) Limited

Filleted Unaudited Financial Statements

31 January 2025

Humphries (Redditch) Limited

Financial Statements

Year ended 31 January 2025

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

Accountants	BSN Associates Limited
	Chartered accountants
	3B Swallowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG

Humphries (Redditch) Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6		2,188,054	2,228,743

Current assets

Stocks	7	2,453,979	2,064,964
Debtors	8	121,467	112,531
Cash at bank and in hand		52,164	253,281
		------------	------------
		2,627,610	2,430,776

Creditors: amounts falling due within one year	9	794,171		693,183
		------------		------------
Net current assets			1,833,439	1,737,593
			------------	------------
Total assets less current liabilities			4,021,493	3,966,336

Creditors: amounts falling due after more than one year	10		604,550	642,654

Provisions

Taxation including deferred tax	11	18,731	49,419
		------------	------------
Net assets		3,398,212	3,274,263
		------------	------------

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	3,367,878	3,243,929
		------------	------------
Shareholders funds		3,398,212	3,274,263
		------------	------------

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.

For the year ending 31 January 2025 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Humphries (Redditch) Limited

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 28 October 2025 , 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 2025

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.

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 56 (2024: 58 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 February 2024 and 31 January 2025	150,000
	---------
Amortisation
At 1 February 2024 and 31 January 2025	150,000
	---------
Carrying amount
At 31 January 2025	–
	---------
At 31 January 2024	–
	---------

6. Tangible assets

	Freehold property	Leasehold improvements	Fixtures and fittings	Motor vehicles	Classic Motor Vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2024	1,857,545	16,627	557,891	280,163	12,750	2,724,976
Additions	–	–	5,190	–	–	5,190
	------------	--------	---------	---------	--------	------------
At 31 Jan 2025	1,857,545	16,627	563,081	280,163	12,750	2,730,166
	------------	--------	---------	---------	--------	------------
Depreciation
At 1 Feb 2024	–	15,375	300,098	180,760	–	496,233
Charge for the year	–	663	20,365	24,851	–	45,879
	------------	--------	---------	---------	--------	------------
At 31 Jan 2025	–	16,038	320,463	205,611	–	542,112
	------------	--------	---------	---------	--------	------------
Carrying amount
At 31 Jan 2025	1,857,545	589	242,618	74,552	12,750	2,188,054
	------------	--------	---------	---------	--------	------------
At 31 Jan 2024	1,857,545	1,252	257,793	99,403	12,750	2,228,743
	------------	--------	---------	---------	--------	------------

Classic motor vehicles are included within tangible fixed assets. These vehicles bear the company’s name and branding and are used primarily for promotional and advertising purposes. As such, they are considered to provide ongoing economic benefit to the company through brand visibility and marketing exposure.

7. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	2,453,979	2,064,964
	------------	------------

8. Debtors

	2025	2024
	£	£
Prepayments and accrued income	23,444	32,531
Other debtors	98,023	80,000
	---------	---------
	121,467	112,531
	---------	---------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	51,667	65,315
Trade creditors	185,620	238,991
Accruals and deferred income	28,217	27,294
Corporation tax	70,699	109,413
Social security and other taxes	292,020	188,465
Obligations under finance leases and hire purchase contracts	6,518	6,519
Director loan accounts	157,498	54,963
Other creditors	1,932	2,223
	---------	---------
	794,171	693,183
	---------	---------

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

	2025	2024
	£	£
Bank loans and overdrafts	601,291	632,877
Obligations under finance leases and hire purchase contracts	3,259	9,777
	---------	---------
	604,550	642,654
	---------	---------

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 2024	49,419
Charge against provision	( 30,688)
	--------
At 31 January 2025	18,731
	--------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 11)	18,731	49,419
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	18,731	49,419
	--------	--------

13. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 12,182 (2024: £ 11,243 ).

14. Prior period errors

A prior period adjustment has been entered in 2024 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

	2025		2024
	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:

	2025	2024
	£	£
Not later than 1 year	55,000	55,000
Later than 1 year and not later than 5 years	220,000	220,000
Later than 5 years	233,750	275,000
	---------	---------
	508,750	550,000
	---------	---------

18. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D W Humphries	( 27,914)	( 111,620)	108,144	( 31,390)
Mrs C G Humphries	–	( 1,500)	–	( 1,500)
Mr N J Humphries	( 27,049)	( 146,608)	49,049	( 124,608)
Mr H W Humphries	59,813	( 25,000)	38,475	73,288
	--------	---------	---------	---------
	4,850	( 284,728)	195,668	( 84,210)
	--------	---------	---------	---------

	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
	---------	---------	---------	--------

During the year Mr D W Humphries was paid interest of £1,120 (2024: £3,305) for the money owed to him by the company. This is equal to an interest rate of 3.7%. Mr D W Humphries also received a dividend of £25,000 (2024: £25,000) and rental income of £1,500 (2024: £1,500) from the company. During the year Mrs C G Humphries received rental income of £1,500 (2024: £1,500) from the company. During the year Mr N J Humphries was paid interest of £6,608 (2024: £7,811) for the money owed to him by the company. This is equal to an interest rate of 5.6%. Mr N J Humphries also received a dividend of £25,000 (2024: £25,000) from the company. During the year Mr H W Humphries received a dividend of £25,000 (2024: £25,000) from the company.

19. Controlling party

The directors consider that no one person controls the entity.