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Registration number: 02530834

G & D Higgins Mechanical Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

G & D Higgins Mechanical Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

G & D Higgins Mechanical Services Ltd

Company Information

Directors

Mrs Linda Rose Higgins

Mr David Higgins

Company secretary

Mr David Higgins

Registered office

MG Group
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
166 College Road
Harrow
Middlesex
HA1 1BH

 

G & D Higgins Mechanical Services Ltd

(Registration number: 02530834)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

505,711

488,991

Current assets

 

Stocks

6

1,185,359

1,155,958

Debtors

7

631,446

1,139,203

Cash at bank and in hand

 

108,974

92,694

 

1,925,779

2,387,855

Creditors: Amounts falling due within one year

8

(859,566)

(1,145,434)

Net current assets

 

1,066,213

1,242,421

Total assets less current liabilities

 

1,571,924

1,731,412

Creditors: Amounts falling due after more than one year

8

(7,578)

(11,207)

Provisions for liabilities

(63,694)

(59,418)

Net assets

 

1,500,652

1,660,787

Capital and reserves

 

Called up share capital

11

100

100

Revaluation reserve

263,412

263,412

Retained earnings

1,237,140

1,397,275

Shareholders' funds

 

1,500,652

1,660,787

For the financial year ending 31 October 2023 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 31 July 2024 and signed on its behalf by:
 

 

G & D Higgins Mechanical Services Ltd

(Registration number: 02530834)
Balance Sheet as at 31 October 2023

.........................................
Mr David Higgins
Company secretary and director

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
MG Group
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the Board on 31 July 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Directors have carefully considered the impact of existing trade conditions on the company's financial position, liquidity and future performance and irrespective of the problems that may have been caused by the existing trade conditions, as set out in the Director's Report, the Directors believe that it is well places to manage its business risks successfully. Where further resources are required, the directors are prepared to provide these.

Accordingly at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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, 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

Buildings

2% on cost

Motor Vehicles

20% Straight Line Method

Office Equipment

Straight Line for 3 years

Furniture and Fittings

10% or 33.33% Straight Line


Impairment of Fixed Assets:

At each reporting period end date, the company reviews the carrying amounts of its tangible assets and investments to determine whether there is any indication that thoe assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 and subsequently measured at amortised cost using the effective interest method.

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.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 25).

4

Pension and other schemes

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal 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.
 

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

467,111

61,292

17,962

183,613

729,978

Additions

-

-

-

50,042

50,042

Disposals

-

-

-

(10,650)

(10,650)

At 31 October 2023

467,111

61,292

17,962

223,005

769,370

Depreciation

At 1 November 2022

38,118

60,846

17,956

124,067

240,987

Charge for the year

4,842

208

-

25,609

30,659

Eliminated on disposal

-

-

-

(7,987)

(7,987)

At 31 October 2023

42,960

61,054

17,956

141,689

263,659

Carrying amount

At 31 October 2023

424,151

238

6

81,316

505,711

At 31 October 2022

428,993

446

6

59,546

488,991

6

Stocks

2023
£

2022
£

Work in progress

1,097,234

1,075,958

Other inventories

88,125

80,000

1,185,359

1,155,958

There is no material difference between the replacement cost of stocks and their balance sheet amounts.

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

533,085

1,032,578

Amounts owed by related parties

10

80,043

96,208

Prepayments

 

18,318

10,417

   

631,446

1,139,203

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

322,835

77,919

Trade creditors

 

351,422

753,581

Taxation and social security

 

113,788

256,161

Accruals and deferred income

 

68,911

57,271

Other creditors

 

2,610

502

 

859,566

1,145,434

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

7,578

11,207

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liability 1 (1-2 yrs)

7,578

11,207

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

310,218

67,711

HP and finance lease liability 1 (under 1yr)

12,617

10,208

322,835

77,919

10

Related party transactions

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

40,000

40,000

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100