HUMPHREY & STRETTON GROUP PLC - Limited company accounts 18.2
HUMPHREY & STRETTON GROUP PLC - Limited company accounts 18.2
REGISTERED NUMBER: 04156010 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30th June 2019 |
for |
HUMPHREY & STRETTON GROUP PLC |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Contents of the Consolidated Financial Statements |
for the year ended 30th June 2019 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
HUMPHREY & STRETTON GROUP PLC |
Company Information |
for the year ended 30th June 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
1 Tower House |
Tower Centre |
Hoddesdon |
Hertfordshire |
EN11 8UR |
INSURERS: |
57 Ladymead |
Guildford |
Surrey |
GU1 1DB |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Group Strategic Report |
for the year ended 30th June 2019 |
The directors present their strategic report of the company and the group for the year ended 30th June 2019. |
The directors are responsible for the preparation of the Strategic Report. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the |
period and its position at the balance sheet date. Our review is consistent with the size and non-complex nature of our |
business. |
The directors consider that the key performance indicators are those that communicate the financial performance and |
profitability of the group as a whole, these being the gross and net profit margins. |
The group's gross profit as a percentage of its sales has increased for the year, with this year's showing a gross profit |
margin of 33.5% (2018: 32.9%). This is considered by the board to be quite satisfactory and reflects that good margins |
are still being achieved through strong activity. Its net profit as a percentage of sales has decreased from 9.53% in 2018 |
to 4.71% in 2019. |
The company has adequate finance to take advantage of business opportunities, and the directors anticipate the |
continuation of satisfactory results. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Macro-economic conditions remain challenging for our industry. We have a high quality customer base which we plan to |
build on as mitigation against the risk of a slow recovery of the UK economy, and the uncertainty over trade agreements |
with European member states. Our turnover across the group remains strong despite the existence of this economic |
uncertainty. |
Our mitigating activities include retaining strong levels of working capital within the group. |
We need to comply with laws and regulations governing occupational health and safety matters. Furthermore, accidents |
could happen which might result in injury to an individual, claims against the company and damage to our reputation. |
Our mitigating activities include maintaining appropriate health and safety policies and procedures regarding the need to |
comply with laws and regulations and to reasonably guard our employees against the risk of injury, and induction and |
training programmes that reinforce health and safety policies.This is a risk which we insure against as required by law. |
ON BEHALF OF THE BOARD: |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Report of the Directors |
for the year ended 30th June 2019 |
The directors present their report with the financial statements of the company and the group for the year ended |
30th June 2019. |
DIVIDENDS |
The total distribution of dividends for the year ended 30th June 2019 will be £ 16,250 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2018 to the date of this report. |
MARKET VALUE OF LAND AND BUILDINGS |
The directors are of the opinion that there is no material difference between the market value of the leasehold property |
and the amount at which it is shown in the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the |
directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. |
They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps |
for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the group's auditors are |
aware of that information. |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Report of the Directors |
for the year ended 30th June 2019 |
AUDITORS |
The auditors, Attenboroughs (Accountants) Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
HUMPHREY & STRETTON GROUP PLC |
Opinion |
We have audited the financial statements of HUMPHREY & STRETTON GROUP PLC (the 'parent company') and its |
subsidiaries (the 'group') for the year ended 30th June 2019 which comprise the Consolidated Income Statement, |
Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated |
Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and |
Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant |
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30th June 2019 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the group in accordance with the ethical requirements |
that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have |
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we |
have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
HUMPHREY & STRETTON GROUP PLC |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the |
course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the |
Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's |
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease |
operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
1 Tower House |
Tower Centre |
Hoddesdon |
Hertfordshire |
EN11 8UR |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Consolidated Income Statement |
for the year ended 30th June 2019 |
30/6/19 | 30/6/18 |
Notes | £ | £ | £ | £ |
TURNOVER | 3,375,524 | 3,240,902 |
Cost of sales | 2,244,587 | 2,174,081 |
GROSS PROFIT | 1,130,937 | 1,066,821 |
Distribution costs | 182,048 | 150,591 |
Administrative expenses | 807,252 | 625,160 |
989,300 | 775,751 |
141,637 | 291,070 |
Other operating income | 18,500 | 18,500 |
OPERATING PROFIT | 4 | 160,137 | 309,570 |
Interest receivable and similar income | 3,064 | 2,140 |
163,201 | 311,710 |
Interest payable and similar expenses | 5 | 4,053 | 2,777 |
PROFIT BEFORE TAXATION | 159,148 | 308,933 |
Tax on profit | 6 | 32,917 | 61,505 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 130,170 | 235,976 |
Non-controlling interests | (3,939 | ) | 11,452 |
126,231 | 247,428 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Consolidated Other Comprehensive Income |
for the year ended 30th June 2019 |
30/6/19 | 30/6/18 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 126,231 | 247,428 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
126,231 |
247,428 |
Total comprehensive income attributable to: |
Owners of the parent | 130,170 | 235,976 |
Non-controlling interests | (3,939 | ) | 11,452 |
126,231 | 247,428 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Consolidated Balance Sheet |
30th June 2019 |
30/6/19 | 30/6/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 10,938 | 16,635 |
Tangible assets | 10 | 558,582 | 607,144 |
Investments | 11 | - | - |
Investment property | 12 | - | - |
569,520 | 623,779 |
CURRENT ASSETS |
Stocks | 13 | 78,590 | 78,681 |
Debtors | 14 | 939,296 | 682,313 |
Cash at bank and in hand | 956,908 | 973,850 |
1,974,794 | 1,734,844 |
CREDITORS |
Amounts falling due within one year | 15 | 697,207 | 706,587 |
NET CURRENT ASSETS | 1,277,587 | 1,028,257 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,847,107 |
1,652,036 |
CREDITORS |
Amounts falling due after more than one year | 16 | (115,657 | ) | (24,035 | ) |
PROVISIONS FOR LIABILITIES | 18 | (50,475 | ) | (57,006 | ) |
NET ASSETS | 1,680,975 | 1,570,995 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 560,002 | 560,002 |
Retained earnings | 20 | 1,057,509 | 943,589 |
SHAREHOLDERS' FUNDS | 1,617,511 | 1,503,591 |
NON-CONTROLLING INTERESTS | 21 | 63,464 | 67,404 |
TOTAL EQUITY | 1,680,975 | 1,570,995 |
The financial statements were approved by the Board of Directors on 14th November 2019 and were signed on its behalf |
by: |
D J Humphrey - Director |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Company Balance Sheet |
30th June 2019 |
30/6/19 | 30/6/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 39,418 | 89,171 |
The financial statements were approved by the Board of Directors on by: |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Consolidated Statement of Changes in Equity |
for the year ended 30th June 2019 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1st July 2017 | 560,002 | 720,113 | 1,280,115 | 55,952 | 1,336,067 |
Changes in equity |
Dividends | - | (12,500 | ) | (12,500 | ) | - | (12,500 | ) |
Total comprehensive income | - | 235,976 | 235,976 | 11,452 | 247,428 |
Balance at 30th June 2018 | 560,002 | 943,589 | 1,503,591 | 67,404 | 1,570,995 |
Changes in equity |
Dividends | - | (16,250 | ) | (16,250 | ) | - | (16,250 | ) |
Total comprehensive income | - | 130,170 | 130,170 | (3,939 | ) | 126,231 |
Balance at 30th June 2019 | 560,002 | 1,057,509 | 1,617,511 | 63,465 | 1,680,976 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Company Statement of Changes in Equity |
for the year ended 30th June 2019 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2017 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th June 2018 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th June 2019 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Consolidated Cash Flow Statement |
for the year ended 30th June 2019 |
30/6/19 | 30/6/18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,709 | 491,229 |
Interest element of hire purchase payments paid |
(4,053 |
) |
(2,777 |
) |
Tax paid | (34,457 | ) | (36,093 | ) |
Net cash from operating activities | (35,801 | ) | 452,359 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (15,250 | ) | (196,867 | ) |
Sale of tangible fixed assets | 12,500 | 833 |
Interest received | 3,064 | 2,140 |
Net cash from investing activities | 314 | (193,894 | ) |
Cash flows from financing activities |
Loans advanced in year | (57,250 | ) | 39,021 |
Loan repayments in year | (10,655 | ) | 30,000 |
Capital repayments in year | 103,299 | (18,785 | ) |
Amount introduced by directors | 2,400 | 6,278 |
Amount withdrawn by directors | (2,999 | ) | (13,600 | ) |
Equity dividends paid | (16,250 | ) | (12,500 | ) |
Net cash from financing activities | 18,545 | 30,414 |
(Decrease)/increase in cash and cash equivalents | (16,942 | ) | 288,879 |
Cash and cash equivalents at beginning of year |
2 |
973,850 |
684,971 |
Cash and cash equivalents at end of year | 2 | 956,908 | 973,850 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 30th June 2019 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/6/19 | 30/6/18 |
£ | £ |
Profit before taxation | 159,148 | 308,933 |
Depreciation charges | 58,779 | 66,651 |
Profit on disposal of fixed assets | (1,770 | ) | - |
Change in amounts recovered on contracts | 43,240 | (63,775 | ) |
Change in excess payments on account | (12,388 | ) | 17,290 |
Finance costs | 4,053 | 2,777 |
Finance income | (3,064 | ) | (2,140 | ) |
247,998 | 329,736 |
Decrease/(increase) in stocks | 91 | (21,864 | ) |
(Increase)/decrease in trade and other debtors | (129,223 | ) | 36,360 |
(Decrease)/increase in trade and other creditors | (116,157 | ) | 146,997 |
Cash generated from operations | 2,709 | 491,229 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
Year ended 30th June 2019 |
30/6/19 | 1/7/18 |
£ | £ |
Cash and cash equivalents | 956,908 | 973,850 |
Year ended 30th June 2018 |
30/6/18 | 1/7/17 |
£ | £ |
Cash and cash equivalents | 973,850 | 684,971 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements |
for the year ended 30th June 2019 |
1. | STATUTORY INFORMATION |
HUMPHREY & STRETTON GROUP PLC is a private company , registered in England and Wales. The |
company's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the results of Humphrey & Stretton Group Plc and all of it's |
subsidiary and associated undertakings as at the balance sheet date using the acquisition or merger method of |
accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included |
from the date of acquisition. |
As permitted by section 408 of the Companies Act 2006, Humphrey and Stretton Group Plc has not presented it's |
own profit and loss account as it has not traded during the year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Goodwill |
Goodwill arising on an acquisition of a subsidiary undertaking is the difference between the fair value of the |
consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and |
amortised through the profit and loss account aver the director's estimate of it's useful life of 20 years. Impairment |
tests on the carrying value of goodwill are undertaken: |
- at the end of the first full financial year following acquisition; |
- in other periods if events or changes in circumstances indicate that the carrying value may not be |
recoverable. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme |
are charged to profit or loss in the period to which they relate. |
Accounting standards |
The financial statements comply with all applicable accounting standards. |
Debtors |
It is the group's policy to maintain good relationships with it's customers. Customers are made aware of the terms |
of settlement, which are agreed with them in advance. |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
3. | EMPLOYEES AND DIRECTORS |
30/6/19 | 30/6/18 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30/6/19 | 30/6/18 |
Office and Management | 9 | 8 |
Timber and Joinery | 22 | 23 |
30/6/19 | 30/6/18 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30/6/19 | 30/6/18 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30/6/19 | 30/6/18 |
£ | £ |
Plant hire and loose tools |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/6/19 | 30/6/18 |
£ | £ |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/6/19 | 30/6/18 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
30/6/19 | 30/6/18 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2018 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Movement in deferred tax provision | 6,531 | 27,049 |
Total tax charge | 32,917 | 61,505 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not |
presented as part of these financial statements. |
8. | DIVIDENDS |
30/6/19 | 30/6/18 |
£ | £ |
Interim |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st July 2018 |
and 30th June 2019 |
AMORTISATION |
At 1st July 2018 |
Amortisation for year |
At 30th June 2019 |
NET BOOK VALUE |
At 30th June 2019 |
At 30th June 2018 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st July 2018 | 404,355 | 639,918 | 66,597 | 1,110,870 |
Additions | - | 15,250 | - | 15,250 |
Disposals | - | (54,500 | ) | - | (54,500 | ) |
At 30th June 2019 | 404,355 | 600,668 | 66,597 | 1,071,620 |
DEPRECIATION |
At 1st July 2018 | 106,082 | 337,291 | 60,353 | 503,726 |
Charge for year | 5,320 | 46,197 | 1,565 | 53,082 |
Eliminated on disposal | - | (43,770 | ) | - | (43,770 | ) |
At 30th June 2019 | 111,402 | 339,718 | 61,918 | 513,038 |
NET BOOK VALUE |
At 30th June 2019 | 292,953 | 260,950 | 4,679 | 558,582 |
At 30th June 2018 | 298,273 | 302,627 | 6,244 | 607,144 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1st July 2018 |
and 30th June 2019 | 307,795 |
DEPRECIATION |
At 1st July 2018 | 83,639 |
Charge for year | 33,623 |
At 30th June 2019 | 117,262 |
NET BOOK VALUE |
At 30th June 2019 | 190,533 |
At 30th June 2018 | 224,156 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2018 |
and 30th June 2019 |
NET BOOK VALUE |
At 30th June 2019 |
At 30th June 2018 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
Subsidiary |
Humphrey & Stretton Plc |
Registered office: Pindar Road Industrial Estate, Pindar Road, Hoddesdon, Hertfordshire, EN11 0EU |
Nature of business: Joinery manufacturer |
% |
Class of shares: | holding |
Ordinary | 87.50 |
The results of Humphrey & Stretton Plc have been included in the consolidated statements. |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
12. | INVESTMENT PROPERTY - continued |
12. | INVESTMENT PROPERTY |
Company |
Total |
£ |
FAIR VALUE |
At 1st July 2018 |
and 30th June 2019 |
NET BOOK VALUE |
At 30th June 2019 |
At 30th June 2018 |
13. | STOCKS |
Group |
30/6/19 | 30/6/18 |
£ | £ |
Stocks | 78,590 | 78,681 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/6/19 | 30/6/18 | 30/6/19 | 30/6/18 |
£ | £ | £ | £ |
Trade debtors | 616,514 | 487,634 |
Amounts owed by group undertakings | 113,750 | - |
Amounts owed by participating interests | 152,998 | 95,748 | 215,000 | - |
Amounts recoverable on contract | 41,940 | 85,180 |
Other debtors | 360 | - |
Prepayments | 13,734 | 13,751 |
939,296 | 682,313 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/6/19 | 30/6/18 | 30/6/19 | 30/6/18 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 28,644 | 16,967 |
Payments on account | 4,902 | 17,290 |
Trade creditors | 340,840 | 321,159 |
Amounts owed to group undertakings | 113,750 | - |
Amounts owed to participating interests | 30,151 | 40,805 | - | - |
Tax | 39,448 | 34,457 |
Social security and other taxes | 41,258 | 32,508 |
VAT | 57,274 | 49,481 | 1,667 | - |
Other creditors | 11,637 | 9,653 |
Directors' current accounts | 4,660 | 5,259 | - | - |
Accrued expenses | 24,643 | 179,008 |
697,207 | 706,587 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30/6/19 | 30/6/18 |
£ | £ |
Hire purchase contracts (see note 17) | 115,657 | 24,035 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30/6/19 | 30/6/18 |
£ | £ |
Net obligations repayable: |
Within one year | 28,644 | 16,967 |
Between one and five years | 115,657 | 24,035 |
144,301 | 41,002 |
18. | PROVISIONS FOR LIABILITIES |
Group |
30/6/19 | 30/6/18 |
£ | £ |
Deferred tax | 50,475 | 57,006 |
HUMPHREY & STRETTON GROUP PLC (REGISTERED NUMBER: 04156010) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th June 2019 |
18. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1st July 2018 | 57,006 |
Credit to Income Statement during year | (6,531 | ) |
Balance at 30th June 2019 | 50,475 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/19 | 30/6/18 |
value: | £ | £ |
Ordinary | £1 | 560,002 | 560,002 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st July 2018 | 943,589 |
Profit for the year | 130,170 |
Dividends | (16,250 | ) |
At 30th June 2019 | 1,057,509 |
Company |
Retained |
earnings |
£ |
At 1st July 2018 |
Profit for the year |
At 30th June 2019 |
21. | NON-CONTROLLING INTERESTS |
The consolidated balance sheet shows the aggregate capital and reserves attributable to the Minority Interest in |
accordance with Schedule 4A paragraph 17(2). The consolidated profit and loss account shows the aggregate of |
profit on ordinary activities for the period attributable to the Minority Interest in accordance with Schedule 4A |
paragraph 17(3). |
22. | ULTIMATE CONTROLLING PARTY |
In the directors' opinion the ultimate controlling parties are Mr K W Humphrey and Mrs D W Humphrey. |