Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GOODMAN HICHENS PLC
COMPANY INFORMATION
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GOODMAN HICHENS PLC
CONTENTS
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GOODMAN HICHENS PLC
STRATEGIC REPORT
For the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
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.
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.
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.
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
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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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
The directors who served during the year were:
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GOODMAN HICHENS PLC
DIRECTORS' REPORT (CONTINUED)
For the Year Ended 30 September 2024
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.
The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GOODMAN HICHENS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC
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 policies. The 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).
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.
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.
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GOODMAN HICHENS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC (CONTINUED)
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 Report. Our 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.
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.
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.
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GOODMAN HICHENS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC (CONTINUED)
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;
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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.
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GOODMAN HICHENS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODMAN HICHENS PLC (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants
and Statutory Auditors
30 Orange Street
WC2H 2HF
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GOODMAN HICHENS PLC
STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS
For the Year Ended 30 September 2024
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GOODMAN HICHENS PLC
Registered number: 03245070
STATEMENT OF FINANCIAL POSITION
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 24 form part of these financial statements.
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GOODMAN HICHENS PLC
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 30 September 2024
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GOODMAN HICHENS PLC
STATEMENT OF CASH FLOWS
For the Year Ended 30 September 2024
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
1.Accounting policies
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:
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.
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
1.Accounting policies (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:
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.
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.
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.
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
1.Accounting policies (continued)
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.
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.
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
1.Accounting policies (continued)
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. 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.
The whole of the turnover is attributable to the one principal activity of the company being shopfitting and joinery manufacturing.
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
Profit & loss account
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).
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GOODMAN HICHENS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
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.
Goodman Hichens Holdings Limited is incorporated in the United Kingdom. The consolidated group financial statements are publicly available at Companies House.
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