REGISTERED NUMBER: |
M. HIGGINS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 JUNE 2024 |
REGISTERED NUMBER: |
M. HIGGINS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 JUNE 2024 |
M. HIGGINS LIMITED (REGISTERED NUMBER: 01426000) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
M. HIGGINS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
M. HIGGINS LIMITED (REGISTERED NUMBER: 01426000) |
ABRIDGED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
M. HIGGINS LIMITED (REGISTERED NUMBER: 01426000) |
ABRIDGED BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
M. HIGGINS LIMITED (REGISTERED NUMBER: 01426000) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
M. Higgins Limited is a |
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The accounts have been prepared on the going concern basis as in the directors opinion this is the most appropriate basis for their preparation on the assumption of the ongoing support of the group's principal creditors, including its bankers and their overdraft facility. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
The directors consider that the estimated useful economic life of certain land and buildings exceeds 50 years; consequently, no depreciation has been charged. An impairment review is not required as an annual valuation of land and buildings is performed by the directors. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. The cost of growing crops and finished goods includes all production overheads and depreciation and the attributable proportion of indirect overheads based on a normal level of activity. Net realisable value is based on estimated selling price less estimated cost of disposal. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
M. HIGGINS LIMITED (REGISTERED NUMBER: 01426000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Reserves are adjusted to include the differences arising from the restatement of opening net assets at period end rates of exchange. All other gains and losses on exchange are included in the result on ordinary activities before taxation. |
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. |
Investments |
Investments are included at cost less provision for any impairment. |
Research and development |
Expenditure on research and development is written off in the period in which it is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Impairments |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
M. HIGGINS LIMITED (REGISTERED NUMBER: 01426000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 June 2024 is represented by: |
Totals |
£ |
Valuation in 2017 | 883,810 |
Cost | 2,858,547 |
3,742,357 |
Freehold property was valued on an open market basis on 25 January 2018 by Peter Horne FRICS of Merryweathers on the 2 March 2018 by Guy Rusling FRICS of Guy Rusling commercial surveyors. Plant and machinery was revalued during the year ended 30 June 2017, by the directors, using a market value basis. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 July 2023 | 192,580 |
Additions | 243,678 |
At 30 June 2024 | 436,258 |
DEPRECIATION |
At 1 July 2023 | 6,420 |
Charge for year | 20,647 |
At 30 June 2024 | 27,067 |
NET BOOK VALUE |
At 30 June 2024 | 409,191 |
At 30 June 2023 | 186,160 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 300 |
NET BOOK VALUE |
At 30 June 2024 | 300 |
At 30 June 2023 | 300 |
M. HIGGINS LIMITED (REGISTERED NUMBER: 01426000) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Other Investments | Class of Share | Proportion Held | Principal Activity |
MIDAK LLP | Ordinary | 1% | Land Rental |
In the opinion of the directors, the aggregate value of the investments in subsidiary and associated undertakings and other investments is not less than the amounts shown in the balance sheet. |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
The loans and overdraft facilities provided by the company's bank are secured by debentures with the company and charges over land owned by the directors and shareholders. |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2023 |
Transfer | (165,756 | ) |
At 30 June 2024 |
8. | RELATED PARTY DISCLOSURES |
Included in debtors is a loan of £5,024 (2023: £77,571) due from Midak LLP, a partnership in which three of the directors have an interest. |
Included in debtors is an amount of £30,789 (2023: £1,838) due from Bury Farm Partnership, a partnership in which the directors have an interest. |
Included in debtors is £nil (2023: £10,849) due from one of the directors. |
Included in other creditors is £1,680,694 (2023: nil) due to the directors. The loans have no formal repayment terms. |