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Registration number: 02808177

D R and A Higgins & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

D R and A Higgins & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

D R and A Higgins & Son Limited

Company Information

Directors

D R Higgins

D N Higgins

Company secretary

C P Higgins

Registered office

Bentley Ford Farm
Longnor
Shrewsbury
Shropshire
SY5 7QH

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

D R and A Higgins & Son Limited

(Registration number: 02808177)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

232,688

237,581

Tangible assets

5

1,625,045

1,463,052

 

1,857,733

1,700,633

Current assets

 

Stocks

6

379,377

345,297

Debtors

7

77,165

76,972

Cash at bank and in hand

 

-

29,759

 

456,542

452,028

Creditors: Amounts falling due within one year

8

(351,983)

(1,356,847)

Net current assets/(liabilities)

 

104,559

(904,819)

Total assets less current liabilities

 

1,962,292

795,814

Creditors: Amounts falling due after more than one year

8

(1,496,685)

(325,026)

Provisions for liabilities

(60,973)

(43,766)

Net assets

 

404,634

427,022

Capital and reserves

 

Called up share capital

9

232,462

232,462

Share premium reserve

130,171

130,171

Retained earnings

42,001

64,389

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:

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.

 

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 Board on 30 January 2025 and signed on its behalf by:
 


D N Higgins
Director

 

D R and A Higgins & Son 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:
Bentley Ford Farm
Longnor
Shrewsbury
Shropshire
SY5 7QH

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

D R and A Higgins & Son Limited

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

4

Intangible assets

Milk quota
£

Total
£

Cost or valuation

At 1 May 2023

330,548

330,548

At 30 April 2024

330,548

330,548

Amortisation

At 1 May 2023

92,967

92,967

Amortisation charge

4,893

4,893

At 30 April 2024

97,860

97,860

Carrying amount

At 30 April 2024

232,688

232,688

At 30 April 2023

237,581

237,581

 

D R and A Higgins & Son Limited

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

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

1,004,506

784,876

1,789,382

Additions

86,890

167,450

254,340

Disposals

-

(51,500)

(51,500)

At 30 April 2024

1,091,396

900,826

1,992,222

Depreciation

At 1 May 2023

-

326,330

326,330

Charge for the year

1,721

54,022

55,743

Eliminated on disposal

-

(14,896)

(14,896)

At 30 April 2024

1,721

365,456

367,177

Carrying amount

At 30 April 2024

1,089,675

535,370

1,625,045

At 30 April 2023

1,004,506

458,546

1,463,052

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.
 

6

Stocks

2024
£

2023
£

Other inventories

379,377

345,297

 

D R and A Higgins & Son Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

71,565

68,003

Prepayments

121

615

Other debtors

5,479

8,354

 

77,165

76,972

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

268,108

1,283,686

Trade creditors

 

73,861

67,077

Taxation and social security

 

492

-

Accruals and deferred income

 

6,120

6,084

Other creditors

 

3,402

-

 

351,983

1,356,847

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,496,685

325,026

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

118,556

118,556

118,556

118,556

Ordinary B shares of £1 each

113,906

113,906

113,906

113,906

232,462

232,462

232,462

232,462

 

D R and A Higgins & Son Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,365,044

232,364

Finance lease liabilities

131,641

92,662

1,496,685

325,026

Current loans and borrowings

2024
£

2023
£

Bank borrowings

56,696

1,223,346

Bank overdrafts

137,262

-

Finance lease liabilities

74,150

60,340

268,108

1,283,686

The bank borrowings and the finance lease liabilities are secured.

11

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.