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Registered number: 03245070








GOODMAN HICHENS PLC

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
GOODMAN HICHENS PLC
 
 
COMPANY INFORMATION


Directors
J. Tomlin 
A. Mackie 
D. L. Backhouse 
M. E. H. Hoare 




Registered number
03245070



Registered office
30 Orange Street

London

WC2H 7HF




Trading Address
Springwell Lane
Rickmansworth

Herts

WD3 8UX






Independent auditors
Calders (1883) LLP
Chartered Accountants and Statutory Auditors

30 Orange Street

London

WC2H 2HF





 
GOODMAN HICHENS PLC
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 9
Statement of comprehensive income including profit and loss
 
 
10
Statement of financial position
 
 
11
Statement of changes in equity
 
 
12
Statement of cash flows
 
 
13
Notes to the financial statements
 
 
14 - 24


 
GOODMAN HICHENS PLC
 
 
STRATEGIC REPORT
For the Year Ended 30 September 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024.

Business review
 
The company's turnover varies from year to year based on the timing of the completion of large projects which are finalised in each period. Over the last 3 years, turnover has averaged £9.5 million and margins remained competitive. The directors' consider that the company is in a good position to take advantage of opportunities that arise in 2025.

Principal risks and uncertainties
 
The board does not consider that the company faces any unduly significant financial risks as it has good debtors control, significant and adequate cash and bank balances to finance the level of its trade. The company manages its cash flow well and believes that it is in a position to react to any downturn in economic activity without resorting to bank borrowings as it can rely on its existing working capital and healthy bank and cash balances to finance both existing levels of trade and to any short term reduction in those levels.

Other key performance indicators
 
The directors believe that analysis using key performance indicators for the company in isolation is not necessary or appropriate for an understanding of its development, performance or market position.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of Goodman Hichens Plc must act in accordance with a set of general duties, set out in the UK’s Companies Act 2006, which includes a duty to promote the success of the Company. Key matters for the board to consider are:
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly between members of the company.
The following paragraphs summarise how the Director fulfil their duties:
Risk Management
In general terms the firm seeks to mitigate operational risk by:
• recruiting and retaining high-quality professional staff
• adopting robust policies and procedures for all aspects of the company's operations
• reviewing and updating internal policies and procedures on a rolling basis
• continually monitoring the firm’s activities
• ensuring that IT is regularly tested and all systems kept up to date
• maintaining appropriate cash reserves to ensure there is working capital available when required
• holding appropriate insurance cover


 
Page 1

 
GOODMAN HICHENS PLC
 

STRATEGIC REPORT (CONTINUED)
For the Year Ended 30 September 2024


Our Team
The firm operates in a structured manner with jobs managed by specific teams. We believe it is vital that all staff are engaged and involved so as to allow us to work together for the benefit of our clients and the team.
Business Relationships
Our business is built upon long term relationships with clients, suppliers and staff. The company works hard to maintain and develop these relationships and is proud to say that this is a continuing factor in the company's long term success.


This report was approved by the board on 26 March 2025 and signed on its behalf.





A. Mackie
Director

Page 2

 
GOODMAN HICHENS PLC
 
 
 
DIRECTORS' REPORT
For the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company's principal activity during the year was shopfitters and joinery manufacturers.

Results and dividends

The profit for the year, after taxation, amounted to £164,496 (2023 - £170,102).

Dividends of £160,000 (2023 - £200,000) were paid to the holding company during the year.

Directors

The directors who served during the year were:

J. Tomlin 
A. Mackie 
D. L. Backhouse 
M. E. H. Hoare 

Page 3

 
GOODMAN HICHENS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 30 September 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.
The board has prepared prudent budgets for 2025 in view of the continuing general economic climate in the UK and the industry specifically. The board remains convinced that it has sufficient flexibility within its workforce to react to any downturn or increase in business in the coming year which proved to be the case in 2024.

Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 March 2025 and signed on its behalf.
 





A. Mackie
Director

Page 4

 
GOODMAN HICHENS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC
 

Opinion


We have audited the financial statements of Goodman Hichens plc (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
GOODMAN HICHENS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
GOODMAN HICHENS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response:
      •    We obtained an understanding of the legal and regulatory frameworks that are applicable to the company
           and determined that the most significant are those that relate to the reporting frameworks (United 
           Kingdom accounting standards and Companies Act 2006);
      •    We obtained an understanding of the nature of the industry and sector, control environment and business
           performance; 
      •    The outcome of discussions with management and those charged with governance and any matters we
           identified having obtained and reviewed the company’s documentation of their policies and procedures
           related to:   
                 -    Identifying, evaluating and complying with laws and regulations and whether they were aware of 
                      any instances of non-compliance or any actual or potential litigation or claims;
                 -    Detecting and responding to the risks of fraud and whether they have knowledge of any actual, 
                      suspected or alleged fraud;
                 -    The internal controls established to mitigate risks of fraud or non-compliance with laws and
                      regulations;   
      •    The matters discussed during the audit engagement team briefing regarding how and where fraud might 
           occur in the financial statements and any potential indicators of fraud. All engagement team members 
           were advised to remain alert to any indications of fraud or non-compliance with laws and regulations
           throughout the audit;  
      •    Reviewing the financial statement disclosures and testing to supporting documentation to assess
           compliance with provisions of relevant laws and regulations described as having a direct effect on the 
           financial statements;
      •    Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
           risks of material misstatement due to fraud; 
      •    Reviewing correspondence with HMRC and inspection of relevant legal correspondence;
      •    In addressing the risk of fraud through management override of controls, testing the appropriateness of
           journal entries and other adjustments by testing manual journal entries, in particular journal entries
           relating to management estimates and entries determined to be large or relating to unusual transactions;
      •    Assessing whether the judgements made in making accounting estimates are indicative of a potential
           bias; and evaluating the business rationale of any significant transactions that are unusual or outside the
           normal course of business; 
 
Page 7

 
GOODMAN HICHENS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC (CONTINUED)


           
      •    Assessment of the appropriateness of the collective competence and capabilities of the engagement
           team included consideration of the engagement team’s: 
                 -    understanding of, and practical experience with audit engagements of a similar nature and
                      complexity through appropriate training and participation;
                 -    knowledge of the industry in which the client operates; 
                 -    understanding of the legal and regulatory requirements specific to the company including:
                                   •    the provisions of the applicable legislation
                                   •    the applicable statutory provisions;
      •    Regarding profit recognition, ensuring that the company is following their work in progress policy for when
           profit should be recognised and how much profit to recognise at each stage of the job; and
      •    When accessing fraud in revenue recognition, reviewing job files to confirm the job exists and revenue is
           recognised in the correct period.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as recognition of profit and fraud in revenue recognition. We are also required to perform specific procedures to respond to the risk of management override.   
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations and competition and anti-bribery laws. 
With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
GOODMAN HICHENS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





David Gallagher (Senior statutory auditor)
  
for and on behalf of
Calders (1883) LLP
 
Chartered Accountants
and Statutory Auditors
  
30 Orange Street
London
WC2H 2HF

26 March 2025
Page 9

 
GOODMAN HICHENS PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS
For the Year Ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 3 
10,454,903
9,557,835

Cost of sales
  
(9,731,791)
(8,788,995)

Gross profit
  
723,112
768,840

Administrative expenses
  
(522,284)
(563,689)

Operating profit
 4 
200,828
205,151

Interest receivable and similar income
 8 
19,837
13,341

Profit before tax
  
220,665
218,492

Tax on profit
 9 
(56,169)
(48,390)

Profit for the financial year
  
164,496
170,102

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income including profit and loss.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 24 form part of these financial statements.

Page 10

 
GOODMAN HICHENS PLC
Registered number: 03245070

STATEMENT OF FINANCIAL POSITION
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,658
2,762

  
1,658
2,762

Current assets
  

Stocks
 12 
68,441
25,606

Debtors: amounts falling due within one year
 13 
863,581
1,661,154

Cash at bank and in hand
 14 
1,999,722
733,896

  
2,931,744
2,420,656

Creditors: amounts falling due within one year
 15 
(2,544,612)
(2,039,124)

Net current assets
  
 
 
387,132
 
 
381,532

Total assets less current liabilities
  
388,790
384,294

  

Net assets
  
388,790
384,294


Capital and reserves
  

Called up share capital 
 17 
58,000
58,000

Profit and loss account
 18 
330,790
326,294

  
388,790
384,294


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




A. Mackie
Director

The notes on pages 14 to 24 form part of these financial statements.

Page 11

 
GOODMAN HICHENS PLC
 

STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 September 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
58,000
356,192
414,192



Profit for the year
-
170,102
170,102

Dividends: Equity capital
-
(200,000)
(200,000)



At 1 October 2023
58,000
326,294
384,294



Profit for the year
-
164,496
164,496

Dividends: Equity capital
-
(160,000)
(160,000)


At 30 September 2024
58,000
330,790
388,790


The notes on pages 14 to 24 form part of these financial statements.

Page 12

 
GOODMAN HICHENS PLC
 

STATEMENT OF CASH FLOWS
For the Year Ended 30 September 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
164,496
170,102

Adjustments for:

Depreciation of tangible assets
1,104
3,605

Loss on disposal of tangible assets
-
(2,000)

Interest received
(19,837)
(13,341)

Taxation charge
56,169
48,390

(Increase)/decrease in stocks
(42,835)
90,180

Decrease in debtors
797,573
223,838

Increase in creditors
497,708
100,266

Corporation tax (paid)
(48,389)
(61,503)

Net cash generated from operating activities

1,405,989
559,537


Cash flows from investing activities

Sale of tangible fixed assets
-
2,000

Interest received
19,837
13,341

Net cash from investing activities

19,837
15,341

Cash flows from financing activities

Dividends paid
(160,000)
(200,000)

Net cash used in financing activities
(160,000)
(200,000)

Net increase in cash and cash equivalents
1,265,826
374,878

Cash and cash equivalents at beginning of year
733,896
359,018

Cash and cash equivalents at the end of year
1,999,722
733,896


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,999,722
733,896

1,999,722
733,896

The notes on pages 14 to 24 form part of these financial statements.

Page 13

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated    with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure 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.

Page 14

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

1.Accounting policies (continued)


1.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
25% straight line
Motor vehicles
-
25% and 33.3% straight line
Fixtures & fittings
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.4

Stocks and Work in Progress

Stocks and work in progress are stated at the lower of cost and net realisable value after making provisions for expected losses on contracts when appropriate. Cost includes all direct costs. Work in progress and finished goods include labour and attributable overheads.

 
1.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
1.7

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 and loans from related parties normally repayable within one year.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 15

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

1.Accounting policies (continued)

 
1.8

Creditors

Short term creditors are measured at the transaction price.

 
1.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends arerecognised when paid. Final equity dividends are recognised when approved by the shareholders atan annual general meeting.

 
1.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

 
1.11

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for certain senior employees and an auto enrolment scheme for all staff. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.12

Interest income

Interest income is recognised in the Statement of comprehensive income as received.

Page 16

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

1.Accounting policies (continued)

 
1.13

Taxation

Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Material deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The directors consider the calculation of cost accruals for individual jobs, the recognition of profit for work in progress jobs and the provision for bad debts to be accounting policies for which significant judgements, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods.


3.


Turnover

The whole of the turnover is attributable to the one principal activity of the company being shopfitting and joinery manufacturing.

All turnover arose within the United Kingdom.

Page 17

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
22,266
21,000


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
29,500
23,500

Fees payable to the Company's auditor in respect of:

All other services
14,620
5,725


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£



Wages and salaries
2,113,979
1,899,304

Social security costs
261,277
231,720

Cost of defined contribution scheme
28,476
25,495

2,403,732
2,156,519

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4



Production Staff
22
20



Office Administration
4
4

30
28

Page 18

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
526,466
539,016

526,466
539,016


The highest paid director received remuneration of £153,849 (2023 - £145,420).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Key management personnel compensation is considered to be the same as the directors remuneration as shown above.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
19,837
13,341

19,837
13,341


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
56,180
48,400

Adjustments in respect of previous periods
(11)
(10)


56,169
48,390


Total current tax
56,169
48,390
Page 19

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of25% (2023 - 19% and 25% from 1st April 2023) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
220,665
218,492


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19% and 25% from 1st April 2023)
55,166
48,090

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,679
410

Capital allowances for year in excess of depreciation
(669)
(107)

Adjustments to tax charge in respect of prior periods
(7)
(3)

Total tax charge for the year
56,169
48,390


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Dividends
160,000
200,000

160,000
200,000

Page 20

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

11.


Tangible fixed assets





S/Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
4,566
51,724
55,990
36,089
148,369



At 30 September 2024

4,566
51,724
55,990
36,089
148,369



Depreciation


At 1 October 2023
4,566
48,962
55,990
36,089
145,607


Charge for the year on owned assets
-
1,104
-
-
1,104



At 30 September 2024

4,566
50,066
55,990
36,089
146,711



Net book value



At 30 September 2024
-
1,658
-
-
1,658



At 30 September 2023
-
2,762
-
-
2,762


12.


Stocks

2024
2023
£
£

Work in progress
68,441
25,606

68,441
25,606


Stock and work in progress recognised in cost of sales during the year as an expense was £619,238 (2023 - £1,201,165).

Page 21

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

13.


Debtors

2024
2023
£
£


Trade debtors
809,018
1,601,339

Other debtors
48,685
53,258

Prepayments
5,878
6,557

863,581
1,661,154



14.


Cash

2024
2023
£
£

Cash at bank and in hand
1,999,722
733,896

1,999,722
733,896



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
295,746
754,839

Trade creditors
868,296
432,312

Corporation tax
56,180
48,400

Other taxation and social security
823,274
450,277

Other creditors
4,516
1,896

Accruals
496,600
351,400

2,544,612
2,039,124


2024
2023
£
£

Other taxation and social security

PAYE/NI control
78,693
69,874

VAT control
744,581
380,403

823,274
450,277


Page 22

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

16.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
857,703
1,654,597


Financial liabilities


Financial liabilities measured at amortised cost
(1,365,899)
(785,529)


Financial assets comprise trade debtors, staff loans and other loans.


Financial liabilities comprise trade creditors, loan accounts and accruals.


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



58,000 (2023 - 58,000) Ordinary shares of £1.00 each
58,000
58,000



18.


Reserves

Profit & loss account

The profit and loss reserve is fully distributable and includes all current and prior period retained profits and losses. The profit and loss reserves at the year end are £330,790 (2023 - £326,294).


19.


Pension commitments

The company is committed to contribute to the personal pension plans of certain employees including the directors as well as its commitments under an auto-enrolment scheme. The annual charge for the year was £28,476 (2023 - £25,495). 
At the balance sheet date the outstanding contributions were £3,514 (2023 - £79).

Page 23

 
GOODMAN HICHENS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024

20.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
31,000
15,342

Later than 1 year and not later than 5 years
53,561
-

84,561
15,342


21.


Transactions with directors

The directors' maintain loan accounts during the year funded by dividends and bonuses credited but not initially withdrawn from the business. On 30 September 2024, these balances ranged from debit £8,848 - debit £19,000 (2023 - debit £10,000 - debit £19,000). Any overdrawn balances are repaid within 9 months of the year end.


22.


Related party transactions

During the year the parent company received £160,000 (2023 - £200,000) dividends from the company. 


23.


Controlling party

Goodman Hichens Holdings Limited owns the whole of the share capital of Goodman Hichens Plc. 
Goodman Hichens Holdings Limited is incorporated in the United Kingdom.
The consolidated group financial statements are publicly available at Companies House.

 
Page 24