Humphris (Banbury) Limited - Period Ending 2021-03-31
Humphris (Banbury) Limited - Period Ending 2021-03-31
Registration number:
Humphris (Banbury) Limited
for the Year Ended 31 March 2021
Humphris (Banbury) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Humphris (Banbury) Limited
(Registration number: 00706454)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Other financial assets |
494,719 |
430,938 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
60,000 |
60,000 |
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Profit and loss account |
22,606,297 |
22,183,550 |
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Shareholders' funds |
22,666,297 |
22,243,550 |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Humphris (Banbury) Limited
(Registration number: 00706454)
Balance Sheet as at 31 March 2021 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime . The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The financial statements are 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 derived from ordinary activities represents the rents receivable. The company is not registered for VAT. Income is recognised when the right to rent falls due under the terms of the tenancy agreements.
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.
Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
2 |
Accounting policies (continued) |
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost and subsequently measured at cost or valuation, net of 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 |
Office equipment |
15% reducing balance |
Furniture, fittings and equipment |
20% straight line |
Motor vehicles |
25% reducing balance |
Investment property
Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
2 |
Accounting policies (continued) |
Investments
Loans and managed funds in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 tenants in respect of rents due.
Trade debtors are recognised initially at the transaction price and subsequently adjusted for any provisions for impairment. 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 initially at the transaction price.
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.
Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Tangible assets |
Plant and machinery |
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Cost or valuation |
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At 1 April 2020 |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Investment properties |
2021 |
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Fair value |
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At 1 April |
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Additions |
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Disposals |
( |
Fair value adjustments |
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At 31 March |
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Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
5 |
Investment properties (continued) |
The investment properties comprise a portfolio of residential and commercial buildings. The fair value of the investment properties has been arrived at on the basis of a valuation carried out on 31 March 2021 by C J Humphris, a director of the company. The valuation has been made on an open market value basis by reference to market evidence of transaction price for similar properties, and subject to:
1. properties having assured short-hold leases are valued at vacant possession value, discounted by 10% for sitting tenancies.
2.registered rental properties and commercial properties are valued based upon rates of rental return assessed for individual properties.
There has been no valuation of investment property by an independent valuer.
Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Investments |
Other investments
The market value of the listed investments at 31 March 2021 was £494,719 (2020 - £430,938).
2021 |
2020 |
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Fixed asset investments |
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Investments |
494,719 |
430,938 |
Loans |
100,000 |
195,932 |
594,719 |
626,870 |
Other financial assets (current and non-current) |
Investments other than loans |
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Movement in fixed asset investments |
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Valuation |
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At 1 April 2020 |
430,937 |
Fair value adjustments |
74,955 |
Additions |
261,018 |
Disposals |
(272,191) |
At 31 March 2021 |
494,719 |
Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Humphris (Banbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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60,000 |
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60,000 |