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Registration number: 04197144

Crawford Higgins Associates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

image-name
 

Crawford Higgins Associates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Crawford Higgins Associates Limited

Company Information

Directors

G I Wakefield

M Murphy

L Riley

Registered office

1 Fore Street
Hexham
Northumberland
NE46 1ND

Accountants

TyneRede Accountancy Ltd
Chartered Certified Accountant
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

 

Crawford Higgins Associates Limited

(Registration number: 04197144)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

90,939

80,289

Investments

6

100

100

 

91,039

80,389

Current assets

 

Stocks

7

65,000

84,000

Debtors

8

727,628

550,017

Cash at bank and in hand

 

184,028

148,382

 

976,656

782,399

Creditors: Amounts falling due within one year

9

(664,250)

(447,082)

Net current assets

 

312,406

335,317

Total assets less current liabilities

 

403,445

415,706

Creditors: Amounts falling due after more than one year

9

(77,993)

(70,174)

Provisions for liabilities

(22,735)

(20,072)

Net assets

 

302,717

325,460

Capital and reserves

 

Called up share capital

10

200

200

Retained earnings

302,517

325,260

Shareholders' funds

 

302,717

325,460

For the financial year ending 30 April 2024 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.

 

Crawford Higgins Associates Limited

(Registration number: 04197144)
Balance Sheet as at 30 April 2024

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 24 October 2024 and signed on its behalf by:
 

.........................................
G I Wakefield
Director

 

Crawford Higgins Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
1 Fore Street
Hexham
Northumberland
NE46 1ND
England

These financial statements were authorised for issue by the Board on 24 October 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 financial statements have been prepared on a going concern basis.

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.

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.

 

Crawford Higgins Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Computer equipment

33.33% straight line basis

Fixtures and fittings

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Crawford Higgins Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Crawford Higgins Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 17).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

15,000

15,000

At 30 April 2024

15,000

15,000

Amortisation

At 1 May 2023

15,000

15,000

At 30 April 2024

15,000

15,000

Carrying amount

At 30 April 2024

-

-

 

Crawford Higgins Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

164,034

95,021

259,055

Additions

16,241

47,293

63,534

Disposals

-

(32,250)

(32,250)

At 30 April 2024

180,275

110,064

290,339

Depreciation

At 1 May 2023

132,659

46,107

178,766

Charge for the year

18,628

20,651

39,279

Eliminated on disposal

-

(18,645)

(18,645)

At 30 April 2024

151,287

48,113

199,400

Carrying amount

At 30 April 2024

28,988

61,951

90,939

At 30 April 2023

31,375

48,914

80,289

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

Provision

Carrying amount

At 30 April 2024

100

At 30 April 2023

100

7

Stocks

2024
£

2023
£

Work in progress

65,000

84,000

 

Crawford Higgins Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

689,442

506,189

Prepayments

28,335

33,977

Other debtors

9,851

9,851

 

727,628

550,017

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

23,062

21,507

Trade creditors

 

12,739

13,671

Amounts owed to group undertakings and undertakings in which the company has a participating interest

210,157

131,554

Taxation and social security

 

365,281

227,341

Accruals and deferred income

 

32,430

32,350

Other creditors

 

20,581

20,659

 

664,250

447,082

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

77,993

70,174

 

Crawford Higgins Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

B Ordinary Shares of £1 each

100

100

100

100

200

200

200

200

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,012

22,006

Hire purchase contracts

63,981

48,168

77,993

70,174

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,992

8,000

Hire purchase contracts

15,070

13,507

23,062

21,507

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £48,000 (2023 - £48,000).