Registration number:
D R and A Higgins & Son Limited
for the Year Ended 30 April 2024
D R and A Higgins & Son Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
D R and A Higgins & Son Limited
Company Information
Directors |
D R Higgins D N Higgins |
Company secretary |
C P Higgins |
Registered office |
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Accountants |
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D R and A Higgins & Son Limited
(Registration number: 02808177)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
232,462 |
232,462 |
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Share premium reserve |
130,171 |
130,171 |
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Retained earnings |
42,001 |
64,389 |
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Shareholders' funds |
404,634 |
427,022 |
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
D R and A Higgins & Son Limited
(Registration number: 02808177)
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
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D R and A Higgins & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Tax
The tax expense for the period comprises 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.
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.
D R and A Higgins & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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 |
Plant and machinery |
10% reducing balance |
Freehold buildings |
2% straight line |
Freehold land |
Not depreciated |
Intangible assets
The acquired milk quota is shown at historical cost.
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 |
Milk quota |
Equal instalments over useful economic life. |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the company.
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 over the useful life of the asset. 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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
D R and A Higgins & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Intangible assets |
Milk quota |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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Amortisation charge |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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D R and A Higgins & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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Disposals |
- |
( |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Included within the carrying value of £1,625,045 are assets under finance leases with a net book value of £378,276 (2023 - £330,277). The depreciation charge for the year on these assets amounted to £37,028 (2023 - £33,668).
Included within the net book value of land and buildings above is £1,089,675 (2023 - £1,004,506) in respect of freehold land and buildings.
Stocks |
2024 |
2023 |
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Other inventories |
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D R and A Higgins & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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118,556 |
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118,556 |
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113,906 |
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113,906 |
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D R and A Higgins & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Finance lease liabilities |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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- |
Finance lease liabilities |
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The bank borrowings and the finance lease liabilities are secured.
Related party transactions |
At 30 April 2024 a balance of £3,402 was due to / (from) the directors (2023 - (£229)), which is included in Other creditors (2023 - Other debtors). This balance is unsecured, interest free and with no fixed terms of repayment.