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REGISTERED NUMBER: 11601359 (England and Wales)















HIGGINS MECHANICAL SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024






HIGGINS MECHANICAL SERVICES LTD (REGISTERED NUMBER: 11601359)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 8

HIGGINS MECHANICAL SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: D Higgins
K J Gilchrist





REGISTERED OFFICE: c/o Cox Costello & Horne
Batchworth Lock House
99 Church Street
Rickmansworth
WD3 1JJ





REGISTERED NUMBER: 11601359 (England and Wales)





ACCOUNTANTS: Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

HIGGINS MECHANICAL SERVICES LTD (REGISTERED NUMBER: 11601359)

BALANCE SHEET
31 OCTOBER 2024

31.10.24 31.10.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 160,234 126,154

CURRENT ASSETS
Debtors 5 994,020 753,203
Cash at bank 255,699 224,134
1,249,719 977,337
CREDITORS
Amounts falling due within one year 6 648,039 539,537
NET CURRENT ASSETS 601,680 437,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

761,914

563,954

CREDITORS
Amounts falling due after more than one
year

7

(53,765

)

(36,938

)

PROVISIONS FOR LIABILITIES (28,433 ) (26,670 )
NET ASSETS 679,716 500,346

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 679,616 500,246
679,716 500,346

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





K J Gilchrist - Director


HIGGINS MECHANICAL SERVICES LTD (REGISTERED NUMBER: 11601359)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Higgins Mechanical Services Ltd 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern basis
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises turnover to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This core principle is delivered in a five-step model framework:

1. Identify the contract(s) with the customer;
2. Identify the performance obligations in the contract;
3. Determine the transaction price;
4. Allocate the transaction price to the performance obligations in the contract; and
5. Recognise turnover when (or as) the entity satisfy a performance obligation.

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 etc - 33% on cost

All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The cost of an asset initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

HIGGINS MECHANICAL SERVICES LTD (REGISTERED NUMBER: 11601359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an
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.

a) Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

b) Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

c) Cash at bank
Cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Cash and bank balances are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.

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.

HIGGINS MECHANICAL SERVICES LTD (REGISTERED NUMBER: 11601359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

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
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company contributes towards personal pension schemes of staff. The contributions payable by the company and staff are deposited in the respective pension funds within the statutory prescribed days following the deduction. Once the contributions have been paid, the company as employer, has no further payment obligations.

The company's contributions are charged to the profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 November 2023 266,280
Additions 97,408
Disposals (3,000 )
At 31 October 2024 360,688
DEPRECIATION
At 1 November 2023 140,126
Charge for year 61,837
Eliminated on disposal (1,509 )
At 31 October 2024 200,454
NET BOOK VALUE
At 31 October 2024 160,234
At 31 October 2023 126,154

HIGGINS MECHANICAL SERVICES LTD (REGISTERED NUMBER: 11601359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
COST
At 1 November 2023 69,750
Additions 67,403
At 31 October 2024 137,153
DEPRECIATION
At 1 November 2023 20,889
Charge for year 37,510
At 31 October 2024 58,399
NET BOOK VALUE
At 31 October 2024 78,754
At 31 October 2023 48,861

5. DEBTORS
31.10.24 31.10.23
£ £
Amounts falling due within one year:
Trade debtors 833,194 473,123
Amounts recoverable on contract - 233,000
Other debtors 31,271 47,080
864,465 753,203

Amounts falling due after more than one year:
Other debtors 129,555 -

Aggregate amounts 994,020 753,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£ £
Hire purchase contracts 26,285 14,273
Trade creditors 533,622 389,165
Taxation and social security 75,960 105,007
Other creditors 12,172 31,092
648,039 539,537

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.24 31.10.23
£ £
Hire purchase contracts 53,765 36,938

HIGGINS MECHANICAL SERVICES LTD (REGISTERED NUMBER: 11601359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£ £
Hire purchase contracts 80,050 51,211

Hire purchase contracts are secured over the assets concerned.

9. RELATED PARTY DISCLOSURES

At the reporting date, related parties owed the company loans totalling £129,555 (2023: £nil). Some of the company directors are common key management personnel. Outstanding amounts are unsecured, attracts no interest, have no fixed terms of repayment and considered payable on demand.

At the reporting date, the company owed the directors £10,196 (2023: £10,196). Outstanding amounts are unsecured, attracts no interest, have no fixed terms of repayment and considered payable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HIGGINS MECHANICAL SERVICES LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Higgins Mechanical Services Ltd for the year ended 31 October 2024 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Higgins Mechanical Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Higgins Mechanical Services Ltd and state those matters that we have agreed to state to the Board of Directors of Higgins Mechanical Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Higgins Mechanical Services Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Higgins Mechanical Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Higgins Mechanical Services Ltd. You consider that Higgins Mechanical Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Higgins Mechanical Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ


13 March 2025