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REGISTERED NUMBER: 03340467 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 November 2023

for

J D Geering's Plumbing & Heating Limited

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 8

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15 to 21


J D Geering's Plumbing & Heating Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: D Geering
D Nurthen





REGISTERED OFFICE: Unit 64 Riverside 3
Sir Thomas Longley Road
Medway City Trading Estate
Rochester
Kent
ME2 4BH





REGISTERED NUMBER: 03340467 (England and Wales)





AUDITORS: Charcroft Baker LLP
Statutory Auditors
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The principal activity of the company remains and continues to be the supply, installation and testing/commissioning of mechanical services. Services offered cover demands in both domestic and commercial sectors. Whilst the vast majority of business and revenue comes via new-build residential/dwellings, there have been further offers and diversifying into other sectors with substantial work secured in sectors such as office fit-out and hotels.

With some of the delayed progress from 2022 having filtered through, revenue increased in 2023 by approximately 40% against 2022 and running costs/overheads remained at a steady level.

Despite the positive increase to company turnover, gross profit reduced. This was largely a result of market conditions and severely increased labour and material costs suffered on fixed price lump sum contracts. Certain long-running projects were priced and commenced many years ago. Suppliers largely refrained from contract-fixed price agreements and insisted on supply at 'todays rates', meaning direct costs exceeded that originally anticipated. There remains far more certainty and stability with current schemes and those secured over recent time.

The company continues to receive a high number of tender opportunities and continues to provide a high number of returns. Several prospective clients have been in contact over recent time and JD Geerings are positive in widening their client base over coming months/years.

With material price increases and limited availability in areas, the company has worked closely with new and existing suppliers to seek cost effective and readily available alternatives. There are several occasions where alternative and more competitively priced materials have been obtained and successfully installed.

Key performance indicators:
- Turnover: £14,676,098 (2022 £10,509,425)
- Gross profit percentage: 7.07% (2022 15.58%)
- Net/pre-tax profit percentage: -2.97% (2022 2.45%)

PRINCIPAL RISKS AND UNCERTAINTIES

The company continues with advanced forecasting and planning to mitigate risks. Risks are assessed on an ongoing basis, subject to regular Director review in conjunction with Senior Management. Below are some key risks and brief mitigation and management summary within:

COMPETITION
The market can be very competitive. Whilst the company competes with competitors of various sizes and capabilities, it ensures attractiveness by differentiating from competitors and offering quality in terms of pre-contract support and assistance, quality and reliability. The company secures a great deal of repeat business, many existing clients having been such for several years. Regular feedback and references are obtained. The company sees maintaining of existing relationships as paramount.

The company has seen a number of competitors cease trading over recent time and this has, in areas, resulted in an increased number of enquiries/opportunities.

LIQUIDITY
There are various mechanisms implemented by the company to ensure management of assets and liabilities. The balance sheet will assist in demonstrating the position as positive.

REGULATION
The company regularly review and obtain specialist advice/consultation concerning regulatory changes and requirements, to ensure the company is in full compliance with such.

PRICE
The company regularly completes cost-comparisons to ensure materials are sourced at competitive rates. This, in turn, assists in enabling the company to produce a competitive offering on project tenders.


J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Strategic Report
for the Year Ended 30 November 2023

CREDIT
The company mitigates risk with credit, particularly with carrying out checks and establishing credit insurance against all key clients.

CASH FLOW
The company manages creditors and debtors effectively, with no bank debts, overdraft or loans in place.

FUTURE WORKS/DEVELOPMENTS
The company is positive concerning future works and developments. A high volume of tender enquiries has continued to be received from both existing and prospective clients.

ON BEHALF OF THE BOARD:





D Geering - Director


29 August 2024

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 will be £ 234,328 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

D Geering
D Nurthen

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Charcroft Baker LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Geering - Director


29 August 2024

Report of the Independent Auditors to the Members of
J D Geering's Plumbing & Heating Limited

Opinion
We have audited the financial statements of J D Geering's Plumbing & Heating Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2023 and of its loss 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 company 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 this gives rise to a material misstatement in the financial statements themselves. 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 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 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
J D Geering's Plumbing & Heating Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
J D Geering's Plumbing & Heating Limited


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having enquired into the policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud was in relation to revenue recognition, work in progress calculations and the safe guarding of assets. We are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included FRS102, the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included compliance with laws and regulations concerned with data protection laws (Including UK GDPR).

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of irregularity including fraud. We assessed the company's policy for recognising revenue in accordance with FRS102. We substantively tested the source data and challenged assumptions used to recognise revenue ensuring consistent treatment.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;

Report of the Independent Auditors to the Members of
J D Geering's Plumbing & Heating Limited

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.




Michael Baker BA FCA (Senior Statutory Auditor)
for and on behalf of Charcroft Baker LLP
Statutory Auditors
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

30 August 2024

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Income Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 14,676,098 10,509,425

Cost of sales 13,638,821 8,871,767
GROSS PROFIT 1,037,277 1,637,658

Administrative expenses 1,472,210 1,361,191
OPERATING (LOSS)/PROFIT 4 (434,933 ) 276,467

Interest receivable and similar income 503 1,125
(434,430 ) 277,592
Amounts written off investments 5 - 20,600
(434,430 ) 256,992

Interest payable and similar expenses 6 1,484 -
(LOSS)/PROFIT BEFORE TAXATION (435,914 ) 256,992

Tax on (loss)/profit 7 3,719 7,444
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(439,633

)

249,548

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (439,633 ) 249,548


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(439,633

)

249,548

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 140,442 58,350

CURRENT ASSETS
Stocks 10 703,730 3,004,288
Debtors 11 4,204,126 4,360,867
Cash at bank and in hand 628,363 721,169
5,536,219 8,086,324
CREDITORS
Amounts falling due within one year 12 1,875,211 3,743,854
NET CURRENT ASSETS 3,661,008 4,342,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,801,450

4,400,820

CREDITORS
Amounts falling due after more than one
year

13

(70,872

)

-

PROVISIONS FOR LIABILITIES 15 (14,805 ) (11,086 )
NET ASSETS 3,715,773 4,389,734

CAPITAL AND RESERVES
Called up share capital 16 1 1
Capital redemption reserve 17 50 50
Retained earnings 17 3,715,722 4,389,683
SHAREHOLDERS' FUNDS 3,715,773 4,389,734

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





D Geering - Director


J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 1 4,329,218 50 4,329,269

Changes in equity
Dividends - (189,083 ) - (189,083 )
Total comprehensive income - 249,548 - 249,548
Balance at 30 November 2022 1 4,389,683 50 4,389,734

Changes in equity
Dividends - (234,328 ) - (234,328 )
Total comprehensive income - (439,633 ) - (439,633 )
Balance at 30 November 2023 1 3,715,722 50 3,715,773

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Cash Flow Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 144,670 (141,882 )
Interest element of finance lease
payments paid

(1,484

)

-
Tax paid (17 ) -
Net cash from operating activities 143,169 (141,882 )

Cash flows from investing activities
Purchase of tangible fixed assets (18,274 ) (6,512 )
Purchase of fixed asset investments - (20,600 )
Sale of fixed asset investments - 20,600
Interest received 503 1,125
Net cash from investing activities (17,771 ) (5,387 )

Cash flows from financing activities
Capital repayments in year (13,199 ) -
Amount introduced by directors 117,411 120,145
Amount withdrawn by directors (88,088 ) (84,280 )
Equity dividends paid (234,328 ) (189,083 )
Net cash from financing activities (218,204 ) (153,218 )

Decrease in cash and cash equivalents (92,806 ) (300,487 )
Cash and cash equivalents at
beginning of year

2

721,169

1,021,656

Cash and cash equivalents at end of
year

2

628,363

721,169

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (435,914 ) 256,992
Depreciation charges 34,627 15,930
Finance costs 1,484 -
Finance income (503 ) (1,125 )
(400,306 ) 271,797
Decrease/(increase) in stocks 2,300,558 (1,939,664 )
Decrease/(increase) in trade and other debtors 127,419 (29,830 )
(Decrease)/increase in trade and other creditors (1,883,001 ) 1,555,815
Cash generated from operations 144,670 (141,882 )

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 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 628,363 721,169
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 721,169 1,021,656


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank and in hand 721,169 (92,806 ) 628,363
721,169 (92,806 ) 628,363
Debt
Finance leases - (85,247 ) (85,247 )
- (85,247 ) (85,247 )
Total 721,169 (178,053 ) 543,116

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

J D Geering's Plumbing & Heating Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no judgements in relation to specific accounting policies that have a material effect on the amounts recognised within these financial statements.

There are no key sources of estimation or key assumptions concerning the future that carry a significant risk of resulting in a material adjustment to the carrying amounts of any assets or liabilities within the next financial year.

It is the case, however, that the Company's income is derived from long-term construction contracts for which the Company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of goods and services supplied by the Company, net of value added tax and trade discounts.

Turnover is derived from long-term contracts. Turnover in respect of rendering of these services is recognised with reference to the stage of completion of the contract. Stage of completion is measured by the value of work completed by the end of the financial year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 33% on cost and 20% on reducing balance

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 910,426 900,163
Social security costs 81,710 92,376
Other pension costs 119,323 17,782
1,111,459 1,010,321

The average number of employees during the year was as follows:
2023 2022

Administration 14 13
Tradesmen 14 16
28 29

2023 2022
£    £   
Directors' remuneration 22,500 43,358
Directors' pension contributions to money purchase schemes 50,000 -

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 4,715 5,705
Other operating leases 69,697 73,689
Depreciation - owned assets 14,983 15,930
Depreciation - assets on finance leases 19,645 -
Auditors remuneration 7,000 7,000

5. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amounts written off
investments - 20,600

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Leasing 1,484 -

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Deferred tax 3,719 7,444
Tax on (loss)/profit 3,719 7,444

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:

2023 2022
£    £   
(Loss)/profit before tax (435,914 ) 256,992
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25% (2022 - 19%)

(108,979

)

48,828

Effects of:
Expenses not deductible for tax purposes 12,067 12,620
Depreciation in excess of capital allowances 4,068 1,241
Utilisation of tax losses - (62,689 )
year
Deferred tax 3,719 7,444

Surrendered as group relief 5,326 -
Losses carried forward 87,518 -
Total tax charge 3,719 7,444

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. DIVIDENDS
2023 2022
£    £   
Ordinary share of £1
Final 234,328 189,083

9. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2022 82,855 65,995 148,850
Additions 12,402 104,318 116,720
At 30 November 2023 95,257 170,313 265,570
DEPRECIATION
At 1 December 2022 66,742 23,758 90,500
Charge for year 7,129 27,499 34,628
At 30 November 2023 73,871 51,257 125,128
NET BOOK VALUE
At 30 November 2023 21,386 119,056 140,442
At 30 November 2022 16,113 42,237 58,350

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
Additions 103,318
At 30 November 2023 103,318
DEPRECIATION
Charge for year 19,645
At 30 November 2023 19,645
NET BOOK VALUE
At 30 November 2023 83,673

10. STOCKS
2023 2022
£    £   
Work-in-progress 703,730 3,004,288

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,307,593 1,367,660
Amounts owed by group undertakings 564,428 503,251
Other debtors 1,970,626 2,011,452
Directors' loan accounts 361,479 390,802
VAT - 87,702
4,204,126 4,360,867

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Finance leases (see note 14) 14,375 -
Trade creditors 1,728,053 3,610,276
Tax (17 ) -
Social security and other taxes 20,985 66,180
VAT 369 -
Other creditors 70,270 38,398
Accrued expenses 41,176 29,000
1,875,211 3,743,854

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Finance leases (see note 14) 70,872 -

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 14,375 -
Between one and five years 70,872 -
85,247 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 84,250 86,278
Between one and five years 72,329 84,957
156,579 171,235

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 14,805 11,086

Deferred
tax
£   
Balance at 1 December 2022 11,086
Charge to Income Statement during year 3,719
Balance at 30 November 2023 14,805

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

Ordinary shares; are entitled to one vote per share, have the right to participate in dividends, have the right to participate in capital on a winding up, not liable to be redeemed.

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 4,389,683 50 4,389,733
Deficit for the year (439,633 ) (439,633 )
Dividends (234,328 ) (234,328 )
At 30 November 2023 3,715,722 50 3,715,772

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
D Geering
Balance outstanding at start of year (390,801 ) (426,667 )
Amounts advanced (88,089 ) (84,279 )
Amounts repaid 117,411 120,145
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (361,479 ) (390,801 )

The above loan is included within other debtors and is unsecured, interest free and repayable on demand.

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

19. RELATED PARTY DISCLOSURES

Included in other debtors is £564,428 (2022 : £503,251) due from Geering's Holdings Limited, the parent company.This amount is unsecured, interest free and repayable on demand.

During the year the company loaned G & N Property Developments Limited £76,497 (2022 : £334,381) and G & N Property Developments Limited repaid £100,000 (2022 : £Nil). Included within debtors is £1,811,901 (2022 : £1,835,404) due from G&N Property Developments Limited, a company also owned by D Geering and D Nurthen. This amount is unsecured, interest free and repayable on demand.

Included in turnover is an amount of £64,047 (2022 : £286,438) in relation to services provided to G & N Property Developments Limited.

Included in other debtors is £11,182 (2022 : £11,182) due from The J D Geerings Directors Pension Scheme, in which D Geering and D Nurthen are the trustees. This amount is unsecured, interest free and repayable on demand.

Included in debtors is £466 (2022 : £Nil) due from Spray Decorating Ltd, a company controlled by the daughter of the ultimate controlling party.

Included in administration expenses is an amount of £3,105 (2022 : £Nil) in relation to costs recharged to Spray Decorating Ltd.

During the year the company loaned NSG Services Limited £10,200 (2022 : £Nil). Included within other debtors is £10,200 (2022 : £Nil) due from NSG Services Limited, a company under common control. This amount is unsecured, interest free and repayable on demand.

Key Management Personnel

Key management personnel consists solely of the Directors. The Directors receive salaries, benefits in kind, pension contributions and dividends.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Geering.

21. IMMEDIATE PARENT COMPANY

The immediate parent company is Geering's Holdings Limited which owns 100% of the share capital.