Company registration number 08987476 (England and Wales)
R AND S HIGGINS AND SONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
R AND S HIGGINS AND SONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
R AND S HIGGINS AND SONS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,057
5,960
Tangible assets
4
1,579,597
1,253,337
Biological assets
5
353,491
341,235
1,943,145
1,600,532
Current assets
Stocks
176,530
143,492
Debtors
6
153,192
173,962
Investments
7
120
120
329,842
317,574
Creditors: amounts falling due within one year
8
(1,165,379)
(727,033)
Net current liabilities
(835,537)
(409,459)
Total assets less current liabilities
1,107,608
1,191,073
Creditors: amounts falling due after more than one year
9
(573,359)
(627,605)
Provisions for liabilities
(186,863)
(175,203)
Net assets
347,386
388,265
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
347,382
388,261
Total equity
347,386
388,265
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
R AND S HIGGINS AND SONS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
Mrs Sally Higgins
Mr Mark Higgins
Director
Director
Mr Robert Higgins
Mr Russell Higgins
Director
Director
Company registration number 08987476 (England and Wales)
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
R and S Higgins and Sons Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Maltravers House, Petters Way, YEOVIL, Somerset, BA20 1SH. The business address is Church Farm, Maiden Bradley, Warminster, Wiltshire, BA12 7HN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Prior period error
Share capital was previously stated as £100 at 31 March 2023 instead of £4. A correction has been made to restate share capital to £4 at 31 March 2023 to reflect the correct share capital.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
BPS Entitlements
7 years straight line basis
Stamp Duty on Tenancies
25 years straight line basis
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
2% straight line basis
Plant and machinery
15% reducing balance basis
Fixtures, fittings & equipment
2% straight line basis
Motor vehicles
15% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at lower of cost and estimated selling price less costs to complete and sell.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Dairy
20% straight line basis
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stock is measured at the lower of cost and net releasable value. Home grown produce has been valued in accordance with HM Revenue & Customs guidance HS232.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
The company has taken out a Bounce Back loan, to ensure business continuity during the Covid-19 crisis. At the year end, £22,500 (2023 - £32,500) was outstanding. In line with all such loans, 100% of this loan is guaranteed by the UK Government.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Intangible fixed assets
BPS Entitlements
Stamp Duty on Tenancies
Total
£
£
£
Cost
At 1 April 2023
23,770
-
23,770
Additions
10,476
10,476
Disposals
(23,770)
-
(23,770)
At 31 March 2024
10,476
10,476
Amortisation and impairment
At 1 April 2023
17,810
-
17,810
Amortisation charged for the year
419
419
Disposals
(17,810)
-
(17,810)
At 31 March 2024
419
419
Carrying amount
At 31 March 2024
10,057
10,057
At 31 March 2023
5,960
-
5,960
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,021,761
325,434
7,496
210,749
1,565,440
Additions
311,202
36,383
94,000
441,585
Disposals
(85,232)
(85,232)
At 31 March 2024
1,332,963
361,817
7,496
219,517
1,921,793
Depreciation and impairment
At 1 April 2023
34,828
146,473
1,050
129,752
312,103
Depreciation charged in the year
26,199
30,338
150
10,875
67,562
Eliminated in respect of disposals
(37,469)
(37,469)
At 31 March 2024
61,027
176,811
1,200
103,158
342,196
Carrying amount
At 31 March 2024
1,271,936
185,006
6,296
116,359
1,579,597
At 31 March 2023
986,933
178,961
6,446
80,997
1,253,337
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Biological assets
Dairy
£
Cost
At 1 April 2023
378,104
Additions - procreation or planting
104,500
Disposals
(91,830)
At 31 March 2024
390,774
Depreciation and impairment
At 1 April 2023
36,871
Depreciation charged for the year
13,275
Disposals
(12,863)
At 31 March 2024
37,283
Carrying amount
At 31 March 2024
353,491
At 31 March 2023
341,235
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
126,609
141,956
Other debtors
26,583
32,006
153,192
173,962
7
Current asset investments
2024
2023
£
£
Other investments
120
120
R AND S HIGGINS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
299,959
165,085
Trade creditors
514,027
233,203
Other creditors
351,393
328,745
1,165,379
727,033
The hire purchase liabilities of £34,733 (2023 - £46,280) are secured on the assets to which they relate. The bank loans and overdrafts of £289,960 (2023 - £150,918) are secured by way of a debenture charge over the company.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
519,310
590,797
Other creditors
54,049
36,808
573,359
627,605
The hire purchase liabilities of £40,583 (2023 - £21,559) are secured on the assets to which they relate. The bank loans of £506,810 (2023 - £568,297) are secured by way of a debenture charge over the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
241,386
484,507
10
Related party transactions
At the year end the company owed the directors £305,121 (2023 - £273,370). The loan is repayable on demand and interest-free.
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.00
16,244
36,927
187
(42,852)
10,506
16,244
36,927
187
(42,852)
10,506
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