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REGISTERED NUMBER: 08563384 (England and Wales)















Group Strategic Report,

Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 30 November 2023

for

Geering's Holdings Limited

Geering's Holdings Limited (Registered number: 08563384)






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




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17 to 26


Geering's Holdings 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: 08563384 (England and Wales)





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

Geering's Holdings Limited (Registered number: 08563384)

Group Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The principal activity of the company and the group 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. The parent company also manages the rental of investment properties held by the group.

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: £14,675,117 (2022 £10,492,781)
- Gross profit percentage: 7.07% (2022 15.60%)
- Net/pre-tax profit percentage: -2.83% (2022 3.04%)

PRINCIPAL RISKS AND UNCERTAINTIES

The group 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 group 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 group secures a great deal of repeat business, many existing clients having been such for several years. Regular feedback and references are obtained. The group sees maintaining of existing relationships as paramount.

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


Geering's Holdings Limited (Registered number: 08563384)

Group Strategic Report
for the Year Ended 30 November 2023

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

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

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

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

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

FUTURE WORKS/DEVELOPMENTS
The group 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:





Director


29 August 2024

Geering's Holdings Limited (Registered number: 08563384)

Report of the Directors
for the Year Ended 30 November 2023

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

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 is £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 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), 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 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.

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
Geering's Holdings Limited

Opinion
We have audited the financial statements of Geering's Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 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 30 November 2023 and of the group's 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 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
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 group's and the parent 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 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 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 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
Geering's Holdings Limited


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 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 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.

Report of the Independent Auditors to the Members of
Geering's Holdings 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 Group'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 for long-term contracts as a key audit matter related to the potential risk of irregularity including fraud. We assessed the group'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;
- vouching properties to ownership documentation;

Report of the Independent Auditors to the Members of
Geering's Holdings Limited

- enquiring of management concerning actual and potential litigation and claims;
- 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

Geering's Holdings Limited (Registered number: 08563384)

Consolidated Income Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 14,675,117 10,492,781

Cost of sales 13,637,840 8,855,124
GROSS PROFIT 1,037,277 1,637,657

Administrative expenses 1,478,379 1,385,442
(441,102 ) 252,215

Other operating income 27,473 86,550
OPERATING (LOSS)/PROFIT 4 (413,629 ) 338,765

Interest receivable and similar income 503 1,125
(413,126 ) 339,890
Amounts written off investments 5 - 20,600
(413,126 ) 319,290

Interest payable and similar expenses 6 1,484 -
(LOSS)/PROFIT BEFORE TAXATION (414,610 ) 319,290

Tax on (loss)/profit 7 3,719 25,242
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(418,329

)

294,048
(Loss)/profit attributable to:
Owners of the parent (418,329 ) 294,048

Geering's Holdings Limited (Registered number: 08563384)

Consolidated Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (418,329 ) 294,048


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(418,329

)

294,048

Total comprehensive income attributable to:
Owners of the parent (418,329 ) 294,048

Geering's Holdings Limited (Registered number: 08563384)

Consolidated Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 140,442 58,350
Investments 11 - -
Investment property 12 680,000 680,000
820,442 738,350

CURRENT ASSETS
Stocks 13 703,730 3,004,288
Debtors 14 3,639,788 3,857,706
Cash at bank and in hand 717,621 726,958
5,061,139 7,588,952
CREDITORS
Amounts falling due within one year 15 1,876,198 3,743,854
NET CURRENT ASSETS 3,184,941 3,845,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,005,383

4,583,448

CREDITORS
Amounts falling due after more than one
year

16

(70,872

)

-

PROVISIONS FOR LIABILITIES 18 (41,468 ) (37,748 )
NET ASSETS 3,893,043 4,545,700

CAPITAL AND RESERVES
Called up share capital 19 190 190
Fair value reserve 20 106,648 106,648
Retained earnings 20 3,786,205 4,438,862
SHAREHOLDERS' FUNDS 3,893,043 4,545,700

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


Geering's Holdings Limited (Registered number: 08563384)

Company Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 1 1
Investment property 12 680,000 680,000
680,001 680,001

CURRENT ASSETS
Debtors 14 90 90
Cash at bank 89,258 5,789
89,348 5,879
CREDITORS
Amounts falling due within one year 15 565,415 503,251
NET CURRENT LIABILITIES (476,067 ) (497,372 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

203,934

182,629

PROVISIONS FOR LIABILITIES 18 26,662 26,662
NET ASSETS 177,272 155,967

CAPITAL AND RESERVES
Called up share capital 19 190 190
Fair value reserve 20 106,648 106,648
Retained earnings 20 70,434 49,129
SHAREHOLDERS' FUNDS 177,272 155,967

Company's profit for the financial year 255,633 233,583

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


Geering's Holdings Limited (Registered number: 08563384)

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

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 190 4,393,897 46,648 4,440,735

Changes in equity
Dividends - (189,083 ) - (189,083 )
Total comprehensive income - 294,048 - 294,048
Transfer to fair value reserve - (60,000 ) 60,000 -
Balance at 30 November 2022 190 4,438,862 106,648 4,545,700

Changes in equity
Dividends - (234,328 ) - (234,328 )
Total comprehensive income - (418,329 ) - (418,329 )
Balance at 30 November 2023 190 3,786,205 106,648 3,893,043

Geering's Holdings Limited (Registered number: 08563384)

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

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 190 64,629 46,648 111,467

Changes in equity
Dividends - (189,083 ) - (189,083 )
Total comprehensive income - 233,583 - 233,583
Transfer to fair value reserve - (60,000 ) 60,000 -
Balance at 30 November 2022 190 49,129 106,648 155,967

Changes in equity
Dividends - (234,328 ) - (234,328 )
Total comprehensive income - 255,633 - 255,633
Balance at 30 November 2023 190 70,434 106,648 177,272

Geering's Holdings Limited (Registered number: 08563384)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 228,139 (179,611 )
Interest element of finance lease
payments paid

(1,484

)

-
Tax paid (17 ) -
Net cash from operating activities 226,638 (179,611 )

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 117,411 426,667
Amount withdrawn by directors (88,088 ) (390,802 )
Equity dividends paid (234,328 ) (189,083 )
Net cash from financing activities (218,204 ) (153,218 )

Decrease in cash and cash equivalents (9,337 ) (338,216 )
Cash and cash equivalents at
beginning of year

2

726,958

1,065,174

Cash and cash equivalents at end of
year

2

717,621

726,958

Geering's Holdings Limited (Registered number: 08563384)

Notes to the Consolidated 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 (414,610 ) 319,290
Depreciation charges 34,627 15,930
Gain on revaluation of fixed assets - (60,000 )
Finance costs 1,484 -
Finance income (503 ) (1,125 )
(379,002 ) 274,095
Decrease/(increase) in stocks 2,300,558 (1,939,664 )
Decrease/(increase) in trade and other debtors 188,597 (69,857 )
(Decrease)/increase in trade and other creditors (1,882,014 ) 1,555,815
Cash generated from operations 228,139 (179,611 )

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 717,621 726,958
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 726,958 1,065,174


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 726,958 (9,337 ) 717,621
726,958 (9,337 ) 717,621
Debt
Finance leases - (85,247 ) (85,247 )
- (85,247 ) (85,247 )
Total 726,958 (94,584 ) 632,374

Geering's Holdings Limited (Registered number: 08563384)

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

1. STATUTORY INFORMATION

Geering's Holdings 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 General 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 as modified by the revaluation of certain assets.

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

Turnover derived from long-term contracts 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.

Rental income is recognised on a straight line basis.

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

Investment property
FRS 102 requires that properties be measured at fair value with any surplus or deficit arising from changes in fair value recognised in profit or loss. The directors have revalued investment properties to their fair value at the year end in line with recommended practice of FRS 102 using their best estimate.

Stocks
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 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.

Geering's Holdings Limited (Registered number: 08563384)

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

2. ACCOUNTING POLICIES - continued

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.

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.

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 -

Geering's Holdings Limited (Registered number: 08563384)

Notes to the Consolidated 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 25,242
Tax on (loss)/profit 3,719 25,242

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 (414,610 ) 319,290
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25 % (2022 - 19 %)

(103,653

)

60,665

Effects of:
Expenses not deductible for tax purposes 12,066 1,219
Depreciation in excess of capital allowances 4,068 1,241
Utilisation of tax losses - (63,126 )
Deferred tax 3,719 25,243

Losses c/fwd 87,519 -
Total tax charge 3,719 25,242

Geering's Holdings Limited (Registered number: 08563384)

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

8. 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.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 55,000 55,000
A Ordinary shares of £1 each
Final 88,333 53,333
B Ordinary share of £1
Final 35,995 25,750
C Ordinary shares of £1 each
Final 55,000 55,000
234,328 189,083

10. TANGIBLE FIXED ASSETS

Group
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

Geering's Holdings Limited (Registered number: 08563384)

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

10. TANGIBLE FIXED ASSETS - continued

Group

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

11. FIXED ASSET INVESTMENTS

Company
2023 2022
£    £   
Shares in group undertakings 1 1

Additional information is as follows:

Group

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Investment in Crypto assets - 20,600
Movement on Crypto investment - (20,600 )
- -
Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 1
NET BOOK VALUE
At 30 November 2023 1
At 30 November 2022 1

Geering's Holdings Limited (Registered number: 08563384)

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

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

J D Geerings Plumbing and Heating Limited
Registered office: Unit 64 Riverside 3 Sir Thomas Longley Road, Medway City Trading Estate, Rochester, Kent, England, ME2 4BH
Nature of business: Plumbing & heating
%
Class of shares: holding
Ordinary 100.00


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 680,000
NET BOOK VALUE
At 30 November 2023 680,000
At 30 November 2022 680,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2020 35,058
Valuation in 2021 11,590
Valuation in 2022 60,000
Cost 573,352
680,000

Company
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 680,000
NET BOOK VALUE
At 30 November 2023 680,000
At 30 November 2022 680,000

Geering's Holdings Limited (Registered number: 08563384)

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

12. INVESTMENT PROPERTY - continued

Company

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2020 35,058
Valuation in 2021 11,590
Valuation in 2022 60,000
Cost 573,352
680,000

13. STOCKS

Group
2023 2022
£    £   
Work-in-progress 703,730 3,004,288

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,307,593 1,367,660 - -
Other debtors 1,970,716 2,011,542 90 90
Directors' loan accounts 361,479 390,802 - -
VAT - 87,702 - -
3,639,788 3,857,706 90 90

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Finance leases (see note 17) 14,375 - - -
Trade creditors 1,728,053 3,610,276 - -
Amounts owed to group undertakings - - 564,428 503,251
Tax (17 ) - - -
Social security and other taxes 20,985 66,180 - -
VAT 369 - - -
Other creditors 70,270 38,398 - -
Accrued expenses 42,163 29,000 987 -
1,876,198 3,743,854 565,415 503,251

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Finance leases (see note 17) 70,872 -

Geering's Holdings Limited (Registered number: 08563384)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

Group
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

18. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 41,468 37,748 26,662 26,662

Group
Deferred
tax
£   
Balance at 1 December 2022 37,748
Charge to Income Statement during year 3,720
Balance at 30 November 2023 41,468

Company
Deferred
tax
£   
Balance at 1 December 2022 26,662
Balance at 30 November 2023 26,662

Geering's Holdings Limited (Registered number: 08563384)

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

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
75 Ordinary £1 75 75
15 A Ordinary £1 15 15
1 B Ordinary £1 1 1
9 C Ordinary £1 9 9
90 Investment £1 90 90
190 190

Investment shares; Have no voting rights, have the right to participate in dividends, have the right to participate in capital on a winding up, are not liable to be redeemed.

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, are not liable to be redeemed.

20. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2022 4,438,862 106,648 4,545,510
Deficit for the year (418,329 ) (418,329 )
Dividends (234,328 ) (234,328 )
At 30 November 2023 3,786,205 106,648 3,892,853

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2022 49,129 106,648 155,777
Profit for the year 255,633 255,633
Dividends (234,328 ) (234,328 )
At 30 November 2023 70,434 106,648 177,082


Geering's Holdings Limited (Registered number: 08563384)

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

21. RELATED PARTY DISCLOSURES

During the year the group 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 within 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.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Geering.